creators.com opinion web
Liberal Opinion General Opinion
Lawrence Kudlow
Lawrence Kudlow
24 Jan 2015
The GOP Cannot Outbid Dems for the Middle Class

It's too easy to label President Obama's State of the Union as more tax-the-rich and redistribution. We know that.… Read More.

17 Jan 2015
Jindal's Brilliant Take on Radical Islam

"Let's be honest here. Islam has a problem." Those are key sentences in an incredibly hard-hitting speech … Read More.

10 Jan 2015
Corker's Folly

What can Sen. Bob Corker be thinking? On his first Sunday-news-show appearance of the year, right at the … Read More.

Mike Bloomberg's Irresponsible Riot Tactic

Comment

New York City Mayor Mike Bloomberg, in a radio interview on Friday, warned that high unemployment could lead to widespread rioting. That's right. He actually said that. At a time when European cities have suffered massively from hooliganism, and at a time when U.S. towns like Philadelphia and Kansas City have suffered huge human and commercial tolls from so-called flash riots.

For Bloomberg to come out with this statement is irresponsible and incendiary. But you know what? He's got a personal agenda. This is a desperate talking point to sell President Obama's jobs plan, which Bloomberg favors as a solution to high unemployment and zero growth.

There's a whole history here of liberals threatening riots if they don't get their way. WABC radio host Mark Simone reminded me that back in 1994, Matilda Cuomo warned there would be race riots in New York if her husband Mario weren't re-elected governor in his race against George Pataki.

So now the liberal Mike Bloomberg is trying to go to bat for his pal Obama. And he's doing so in a very clumsy and inappropriate way.

In fact, Bloomberg is pitching for the whole Obama jobs package — the $450 billion stimulus plan and the $470 billion tax hike. The package is totally unpopular. A recent Bloomberg poll (how ironic) showed that voters disapprove of more Obama stimulus by 51 percent to 40 percent, and that 56 percent of independents oppose it. Other polls show that more than 60 percent of Americans disapprove of Obama's handling of the economy.

Memories are long. The $800 billion stimulus package nearly three years ago didn't work. So why do it again? Large dollops of government spending combined with temporary tax cuts do not promote investment or entrepreneurship, which are the true job-creators.

Tax-rate incentives must be permanent in order to grow the economy. Digging holes for infrastructure may be necessary, but it's no job-creator for the private sector.

And that $470 billion tax-hike bill, due in 2013, comes on top of other scheduled tax hikes, such as higher personal tax rates on successful earners and small businesses and the Obamacare payroll-tax increases that encompass investors.

The Wall Street Journal's Steve Moore calls this a steep tax cliff. It's exactly what the economy doesn't need for the simple reason that businesspeople today have at least a three- to five-year time horizon when it comes to making decisions to invest and employ. They know a temporary tax cut red herring when they see one.

As a formerly successful entrepreneur, Mike Bloomberg should know this. But he supports Obama's tax increases along with the rest of the futile stimulus package. And he has taken to the radio airwaves to support these policies in an incendiary and self-defeating fashion.

Some political insiders I spoke to believe Bloomberg desperately wants Obama to win a second term. They say the New York City mayor wants to be Obama's new treasury secretary. Therefore, Bloomberg is hammering Republicans today and absolving Obama from taking any blame or ownership of the current economic mess, which has placed the nation on the front end of yet another recession.

Riots are not the answer to our economic problems. Promoting private-sector investment is. As Bloomberg well knows from his own experience, businesses create the jobs that provide incomes for families and consumers. And businesses require capital investment. But if we keep raising taxes on investment, we will get less of it.

The American economy will continue to stall until we get a right-thinking new administration.

To find out more about Lawrence Kudlow and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate web page at www.creators.com.

COPYRIGHT 2011 CREATORS.COM



Comments

0 Comments | Post Comment
Already have an account? Log in.
New Account  
Your Name:
Your E-mail:
Your Password:
Confirm Your Password:

Please allow a few minutes for your comment to be posted.

Enter the numbers to the right:  
Creators.com comments policy
More
Lawrence Kudlow
Jan. `15
Su Mo Tu We Th Fr Sa
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31
About the author About the author
Write the author Write the author
Printer friendly format Printer friendly format
Email to friend Email to friend
View by Month
Authorís Podcast
Laura Hollis
Laura HollisUpdated 29 Jan 2015
Deb Saunders
Debra J. SaundersUpdated 29 Jan 2015
R. Emmett Tyrrell
R. Emmett Tyrrell Jr.Updated 29 Jan 2015

18 Sep 2010 A Bullish Tea-Party Revolt

24 Mar 2012 The Reagan in Romney

17 Aug 2011 Perry's Red-Hot Bernanke Slam