As September ended Congress scurried out of town hoping they had time to convince enough voters to support them during the mid-term election Nov. 2. In doing so they left the specter of the largest tax hike in history hitting a fragile U.S. economy on Jan. 1, 2011.
Unable to agree on which Americans should receive how much, the Democrat majority punted, leaving President Barack Obama to defend his notion of redistributing the wealth of those he considers rich — that is anyone making $250,000 or more a year.
In addition to taxing the “rich,” Obama wants to practice a little social engineering. He’s advocating tax incentives for businesses that hire and inserting other benefits and penalties for certain behaviors, rather than trusting businesses to act in their own best interests and hire when it’s economically feasible.
But the Founders believed government should get out of the way of business. During his first inaugural address in 1801, Thomas Jefferson said, "[A] wise and frugal government…shall restrain men from injuring one another, shall leave them otherwise free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned. This is the sum of good government."
Will we ever again see a wise and frugal government?