Letter to the Star Ledger: Gov. Jon Corzine's $29 billion fiscal 2010 budget contains more than $1 billion in tax hikes. Virtually all New Jerseyans will be paying more taxes during a period of rising unemployment, foreclosures and bankruptcies. There is one word to describe this policy: dumb. During the Great Depression, President Herbert Hoover raised income and other taxes, helping turn the economic downturn into a deep depression. After running on a fiscal conservative platform during the 1932 presidential campaign, FDR too raised taxes during the 1930s, turning the Great Depression into a multi-year slump. Corzine is making the same mistake of both Hoover and FDR. Raising taxes during a major economic downturn is the wrong medicine to deal with the slumping economy. Read full Star Ledger article here.
Showing posts with label Letter To Star Ledger Corzine Making Big Mistake. Show all posts
Showing posts with label Letter To Star Ledger Corzine Making Big Mistake. Show all posts
Monday, July 6, 2009
Letter To Star Ledger : Corzine Making Big Mistake
Letter to the Star Ledger: Gov. Jon Corzine's $29 billion fiscal 2010 budget contains more than $1 billion in tax hikes. Virtually all New Jerseyans will be paying more taxes during a period of rising unemployment, foreclosures and bankruptcies. There is one word to describe this policy: dumb. During the Great Depression, President Herbert Hoover raised income and other taxes, helping turn the economic downturn into a deep depression. After running on a fiscal conservative platform during the 1932 presidential campaign, FDR too raised taxes during the 1930s, turning the Great Depression into a multi-year slump. Corzine is making the same mistake of both Hoover and FDR. Raising taxes during a major economic downturn is the wrong medicine to deal with the slumping economy. Read full Star Ledger article here.
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