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All Da King's Men

The Economics of John Edwards

By Da King Published: September 26, 2007

john edwards

On John Edwards website, he says he wants to get rid of those Two Americas he's always talking about. The site says "Building One America will take strong, bold steps, not incremental steps and half measures. Edwards has proposed detailed plans to put Washington back on the side of regular families".

Okay. So what are these "detailed plans" ?

Here are Edwards' proposals to eliminate poverty and make schools better:

- Force every american to buy health insurance, and
have the government subsidize those who can't afford it.
- Increase the minimum wage to $9.50 per hour.
- Triple the earned income credit.
- Eliminate the marriage tax penalty
- 'Invest' in rural community colleges
- Create a new Labor Taskforce to oversee business
- Create a million voucher for low-income people to move into good neighborhoods
- Phase out housing projects
- 'Invest' in refurbishing decaying neighborhoods
- Create a new $500 tax credit for low-income people
- Expand the child care tax credit up to $5000 per year
- Subsidize bank accounts for working families (I have no idea what this means)
- Create a home rescue fund for borrowers that get behind on their mortgages
- Shed 'excessive' mortgage debt through bankruptcy
- Create a new Family Savings and Credit Commission to protect families from abusive
financial products
- Create a late charge penalty grace period for credit cards
- Cap interest rates on payday loans
- Encourage low or no-interest loans
- Create a million jobs for the poor
- Enact universal government preschool
- Shrink classroom size
- Pay teachers more
- Make curriculum more challenging (finally !, something that doesn't cost taxpayers or
the business sector money)
- Giving bonuses to middle class schools that enroll low-income students
- Double federal magnet school funding to attract middle-class suburban students to
high-poverty urban neighborhoods
- Create second chance schools for high school dropouts
- Enact a College for Everyone program to pay public-college tuition, books and fees for
students who agree to work part-time during their first year at a school
- Encourage father responsibility by increasing child support collections
by $8 billion over the next decade
- Fight teen pregnancy
- 'invest' in home visits by registered nurses to low-income parents
- 'invest' in family literacy programs
- enact the Employee Free Choice Act to increase union membership

And how is Edwards going to raise the trillions and trillions of dollars
required to do all this ? Well, let's go to his tax reform plan and find out:

Edwards will:
- Raise the capital gains tax to 28%
- Repeal the Bush tax cuts for the highest income people
- Keep the estate tax
- Crackdown on offshore tax havens
- Improve IRS service
- Audit corporations and wealthy people more
- Increase taxes on hedge funds, private equity firms, and executive pensions

Wow. I guess those million new jobs for the poor will all be government jobs, because this would be the biggest government increase since the Russian Revolution. When I think of the net effect of all Edwards' policies on our economy, one word comes immediately to mind: CATASTROPHE. Edwards' policies will increase the price of every good that every consumer buys, stifle investment, raise unemployment, drastically expand government spending, drastically increase government bureaucracy, make US business less competitive..........If you wanted to draw up a recipe to destroy the US economy, I doubt you could do much better than John Edwards has, unless your last name was Castro, or maybe Kucinich. Now I understand why Edwards pays $1200 for a haircut you can get anywhere in the country for $20. That adds up about the same as his economic designs for the rest of us. Keep your hands on your wallets, and don't elect John Edwards.



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