WSJ.com reported What if I told you that a prominent global political figure in recent months has proposed: abrogating key features of his government's contracts with energy companies;
It sounds like someone that does not understand the Rule of Law, at least Contract Law.unilaterally renegotiating his country's international economic treaties;
Certainly not something that would improve how other contries think of us.dramatically raising marginal tax rates on the "rich" to levels not seen in his country in three decades (which would make them among the highest in the world);
Sounds like a stupid Democrat.and changing his country's social insurance system into explicit welfare by severing the link between taxes and benefits?
And after it works so good (NOT!!!).... From the property rights and rule of (contract) law foundations of a successful market economy to the specifics of tax, spending, energy, regulatory and trade policy, if the proposals espoused by candidate Obama ever became law, the American economy would suffer a serious setback.
True, but would not trigger a recession. It would trigger a depression....History teaches us that high taxes and protectionism are not conducive to a thriving economy, the extreme case being the higher taxes and tariffs that deepened the Great Depression. While such a policy mix would be a real change, as philosophers remind us, change is not always progress.