Just when you thought the economy couldn't get any worse, markets plunged this week in the latest ominous sign that the global economy may be heading back into a recession. Not helping matters was the Federal Reserve's announcement that it sees "significant downside risks" in the economy. Meanwhile, President Obama continues to push the "American Jobs Act," better known as Stimulus II.
A central element driving global economic worries is the perception that the world's leading economic superpower is not exhibiting the kind of leadership the rest of the world has come to expect. President Obama has had countless opportunities to put forward credible economic plans, but each time he takes the most politically expedient route.
Instead of proposing real entitlement reforms that tackle our massive debt burden, the President offers token half-measures that don't even begin to address the problem. Instead of pursuing pro-growth tax reform that lowers rates and brings more taxpayers into the system, the President calls for one of the largest tax increases in American history. Instead of providing fresh ideas or bold solutions that both parties can rally behind, the President is championing stale proposals that didn't work the first time and have no chance of passing either chamber of Congress.
It's time for President Obama to put presidential politics aside and recognize that he has an economic crisis on his hands. We can work together right away, but tax hikes--no matter how the Administration tries to spin them--are not going to happen.
On a much lighter note, Tiffany and I are thrilled to announce the birth of our first child. Our daughter, Everett Marie Quayle was born last Friday, September 16th in Arizona. Evie is named after her grandfather, Dale Everett Crane who passed away earlier this year. Evie and Tiffany are both happy and healthy at home in Phoenix.
Have a great weekend.