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Reality check: Taxes Up, Growth Down

Wednesday, August 22, 2012

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President Obama’s claim that “we tried our plan and it worked” is not as ludicrous as it sounds. According to White House Press Secretary Jay Carney, by “our plan,” Obama didn’t actually mean his plan – in place for the past three-and-a-half years – but a different plan, tried 20 years ago.

The President, explained Carney, was “talking about the Clinton plan”–the tax hike of 1993, signed by then-President Bill Clinton.

As Obama put it, he is asking “anybody making over $250,000 a year to go back to the tax rates they were paying under Bill Clinton, back when our economy created 23 million new jobs — the biggest budget surplus in history and everybody did well.”

According to President Obama, hiking taxes caused the boom of the 1990s; therefore, if we raise taxes today, we’ll experience another boom.

BUNK.

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