We haven't paid much attention to the Joe Sestak/Pat Toomey Senate race in Pennsylvania, if only because Sestak is a ham-fisted bungler, who hasn't had a lead in the polls since...well, never. But even buffoons have their uses, as Sestak inadvertently has an honest moment when discussing the recent economic proposals of the ham-fisted bunglers in the Obama administration:
Senate hopeful Rep. Joe Sestak (D) of Pennsylvania today backed President Obama’s call on Labor Day for $50 billion in new stimulus spending to create infrastructure jobs – and, anticipating the president’s speech in Cleveland on Thursday, another $200 billion in research-and-development tax credits for business....
“Why now? We’re doing it for the polls, we should be doing it because it’s the right thing to do,” he said in a speech on the economy at Carnegie Mellon University.
Well, your party should have done it over a year ago, Joe, and if you really believed in it, you should have been campaigning on it from the start, not weakly applauding it after the fact.
But that's the crux of the matter - Obama and the Democrats are not offering a tax cut on business investment (a lame one) or R&D because they believe in it, or because it is the right thing to do. They are doing it out of desperation, as a sop to the independents and even the media.
I would go so far as to say they don't even understand economically what they are doing - an investment tax break for 2011 will spur a short period of minimal growth, as most business build-outs for 2011 have already planned & budget for (or not). Furthermore, the government making it cheaper to expand your business is in no way a guarantee of higher profitability. Only lower unemployment does that.
What do the Democrats believe in, then? Tax hikes on the rich, and this I guarantee you will not change. Despite the fact that businesses need customers more than tax breaks, the Democrats will increase the amount of money they confiscate from the nation's top spenders. To pay for their new $50 billion stimulus,and for tax breaks to nowhere.
Somebody tell Barack Obama that the polls are not going to react the way he thinks they are...are the other hand, tell him nothing. It's fun to watch a puissant president melt down...