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Taxmageddon Looms

June 22, 2012 by  

Another recession coming? The non-partisan Congressional Budget Office confirmed something I wrote about in Are You Ready For Taxmageddon. The CBO estimates that if the George W. Bush-era tax cuts aren’t renewed at the end of this year, our economy will contract by 1.3 percent in the first half of 2013. Gross domestic product is already pretty anemic, increasing just 2.2 percent for the first quarter of this year.

Another Democrat abandons Obama. Artur Davis, a four-term Congressman from Alabama who was one of Barack Obama’s earliest supporters, shocked the Democratic establishment by announcing that he was becoming a Republican. Quoting a phrase first popularized by Ronald Reagan, Davis said that the Democratic Party had left him, not the other way around. But the national media, which loved to publicize any Republican dissent with George Bush, has been conspicuously silent when a Democrat jumps ship.

Mitt Romney is raising some big bucks. Last month, the Mitt Romney campaign raised more money than the Barack Obama campaign. According to official accounts, some $77 million poured into coffers of Romney and the Republican Party in May. This was some $17 million more than Obama raised, even counting the big bucks fundraiser at George Clooney’s house.

The quote of the week. Actually, this one comes from a Peggy Noonan column in The Wall Street Journal two weeks ago: “Any president will, in a presidential election year, be political. But there is a startling sense with Mr. Obama that that’s all he is now, that he and his people are all politics, all the time, undeviatingly, on every issue. He isn’t even trying to lead, he’s just trying to win.” Indeed, he is.

–Chip Wood

Chip Wood

is the geopolitical editor of He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

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