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August 2nd, 2010 1:26 pm
AP Headline: “Economy Weakens as Wealthy Spend Less”
Posted by Print

Seems like someone at the Associated Press read our commentary “Raising Taxes on ‘The Rich’ Will Harm the Economy” from last week’s Liberty Update.  Either way, we couldn’t help but note an AP headline “Economy Weakens as Wealthy Spend Less” released today.

The AP story begins, “Wealthy Americans aren’t spending so freely anymore.  And the rest of us are feeling the sqeeze.”  The story goes on to lament that the economy appears to be slowing as “the rich” spend less:

Think of the wealthy as the main engine of the economy:  When they buy more, the economy hums.  When they cut back, it sputters.  The rest of us mainly go along for the ride.”

Noting that the Obama Administration seeks to increase tax rates on that critical income segment, the AP report states ominously that, “the wealthy may be keeping some money on the sidelines due to uncertainty over whether or not they will soon face higher taxes.”

The good news is that there’s still time for the Obama Administration to wake up and smell the same coffee the AP is smelling.

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