Day 15: Is President Obama's Honeymoon Over?
The Obama Administration received some bad news today when Tom Daschle decided to withdraw his nomination for head of the Health & Human Services Department.
However, the most troubling news for the new president is watching his near trillion dollar stimulus package (a.k.a Massive, Unsustainable Spending Bill) plummet in popularity.
According to the latest Gallup Poll ...only 38% of Americans support the bill in its current form...including just 13% of Republicans.
Also...only a meager 10% of those polled say that the stimulus plan will improve the economy in 2009.
This puts Senate Republicans and Minority Leader Mitch McConnell in a great position to present alternatives to public...such as a decrease in the corporate tax rate, which would free up companies to hire additional workers.
Tax cuts are crucial to stimulating the economy. Ronald Reagan demonstrated this in 1980 by implementing across the board tax cuts that helped create 35 million new jobs and led to the longest period of peacetime growth (1982-1990) in American History.
If President Obama doesn't follow this model...and raises taxes on corporations and high wage earners during a recession...he may follow in the disastrous footsteps Herbert Hoover after the stock market crash of 1929.