Friday, October 06, 2006

“Long on promises but short on strategy”

That was the comment this morning by the Financial Times (only the best financial paper in the world) in reference to Nancy Pelosi’s economic platform, which she presented at Georgetown University yesterday.

If you recall it was only three days ago where I said if Democrats take control in November they will want to raise the minimum wage and how it won’t help you. Sure enough the top priority on her list yesterday was to raise the minimum wage.

Pelosi’s “populist economic platform”, as the FT put it, is purely there to just get votes from a public that doesn’t understand markets and the invisible hand that makes them work. Unsurprisingly the FT reporter stated how Pelosi “avoided giving a clear diagnosis” of what economic problems were present in the economy. The reason she “avoided” it is because Pelosi knows that her platform is not the right medicine to make our economy stronger.

If Democrats take control in November and a typical liberal economic platform is put in place that would include a minimum wage hike, nationalized healthcare, tariffs on China and an expiring of the presidents tax cuts, the slowdown that will take place in our economy will be drastic.

As usual the FT nails it right on the head with their comment and synopsis of Pelosi’s plan, it’s just to bad that most American’s don’t read it.

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