Weekly Columns
Facing declining polls and an all but certain electoral disaster in November, President Obama recently indicated a willingness to extend the Bush tax cuts for taxpayers with income under $250,000 -- while letting massive tax increases go into effect for American small businesses. Although extending a portion of the Bush tax cuts is good news -- and, not coincidentally, good politics -- the decision to allow tax hikes on businesses demonstrates that the Obama administration has learned nothing after a year of failed economic policy.
On a recent visit to Afghanistan, I was privileged to meet with a number of Oklahomans whose service and dedication should make us all proud. It was an honor to thank them on behalf of our state for their courage and hard work. Many of them have served repeated tours of duty, sacrificing months of time with their families and the comforts of their daily lives to put themselves in harm's way to make America safer.
A car bomb explosion. Seventy-two civilians shot to death. We typically associate such tragic events with war torn countries halfway around the world. But both of these incidents occurred on the Mexican border in just the past two weeks. While the car bomb that exploded days ago in front of the offices of a television station did not cause casualties, a previous bomb in July killed three people, including a federal police officer.
Distressing new economic headlines just keep coming. Unemployment claims reached a nine-month high in early August. Existing home sales tumbled by 27 percent from June to July, representing the largest one-month drop ever recorded. Sales of new homes reached the lowest levels recorded since 1963. The stock market is down 11 percent, and new GDP numbers are dismal. The Wall Street Journal described these sobering developments as "signs that the economy is losing momentum." The Associated Press agreed, calling the housing numbers "the latest sign that the economic recovery is fading."
One year ago this month, the overwhelming public opposition to President Obama's health care agenda erupted in dozens of spirited town hall meetings across the nation. Many Oklahomans joined the debate, turning out in record numbers to protest the government health care takeover.
Budget-conscious Americans were able to breathe a sigh of relief when Congress adjourned for the August recess. With lawmakers leaving Washington to spend a few weeks back home, taxpayer dollars seemed temporarily safe from the months-long Democratic spending rampage. After the failed $787 billion stimulus and $1 trillion health care takeover, a few weeks without passage of new legislation were set to provide welcome relief from President Obama's deficit-busting spending requests.
Now that the Gulf of Mexico oil spill appears to be contained, the next great challenge is recovery. Although experts have concluded that the oil is disappearing from the water more quickly than anticipated, the spill will remain a significant threat to the environment long after the well is permanently capped. The Gulf Coast economy faces a long road to recovery, as well. Unfortunately, congressional Democrats recently passed a bill that will make rebounding even more difficult.
The American people are communicating loudly and clearly to Congress that out-of-control spending is unacceptable. Recent polls rank government debt as the top threat to the future well-being of our country. With a public more vigilant than ever about monitoring the national deficit, big-spending liberals are taking action -- but not by reducing spending. Instead, Speaker Pelosi and company are looking for creative ways to hide their deficit-growing policies.
The Obama administration has devoted an extraordinary amount of time and effort to convincing the American people that the president's big spending agenda is working. According to the Wall Street Journal, President Obama and White House officials have visited 172 cities in the past year and a half to argue -- incorrectly -- that the 2009 "stimulus" plan has helped our struggling economy. But no number of speeches can disguise the fact that the president's flawed economic policies have failed to reverse the persistently high unemployment rate.
With the popular Bush tax cuts set to expire at the end of the year, House and Senate Democrats scheduled a meeting last week to begin discussing tax policy. Given that the majority party never met a tax hike it didn't like, it's always cause for anxiety when they talk taxes. Predictably, early indications are that congressional Democrats support tax increases totaling over $200 billion next year and $3.8 trillion over the next 10 years.
