CEI’s Hans Bader suggests there is an eerie parallel between current and proposed policies and a Depression-era President:
In the Great Depression, President Herbert Hoover raised marginal tax rates to 63%, and went on a deficit spending binge. He also signed the Smoot-Hawley tariff, which helped turn a recession into the Great Depression by triggering a trade war with other countries.
Under President Obama, we have a budding trade war with Mexico over the exclusion of Mexican trucks (in violation of NAFTA), a proposed budget that will explode the deficit and increase marginal tax rates, and new legislation to tax bonuses at AIG and other companies at 90 percent (which could actually cause some folks to receive negative pay). And, to top it off, the administration is suggesting it wants to regulate executive compensation across the board.