Tweet2nd Great Depression? Obama Tax Plan Mirrors Herbert Hoover's
Economic analysts in government and in the media have stated that the present financial crisis in America is 'the worst since the Great Depression.'

Maybe, maybe not.

It depends on what we do now.

The Great Depression began in the early 1930s following a deep recession resulting from the infamous Stock Market crash in 1929. From 1929 until 1932 the U.S. suffered from a recession, not a depression. But that recession was nothing compared to what would follow when President Herbert Hoover made one fatal mistake in 1932.

Most historians and economists trace the beginning of The Great Depression to a program initiated by the administration of President Herbert Hoover to place a hefty tax surcharge on all those making over $100,000 per year.

Remember, this was 1932, and $100,000 was considered wealthy.

The act put the economy in an immediate tailspin from which it never recovered until the U.S. entered World War II. From 1932 until the U.S. joined the War in 1941, America was held in the death-grip of a deep economic depression that threw millions out of work and onto the long bread lines.

In many ways the U.S. is presently in circumstances greatly similar to those of 1929-1932. We are on the brink of recession; some would maintain that recession has already begun.

Further, we have a Presidential candidate who proposes massive tax increases on capital and those who create wealth and jobs, similar to Herbert Hoover's tax policy in 1932.

It is a simple fact of economics that you cannot avoid economic meltdown during a recession if you hit capital and those who create wealth and jobs with hefty tax increases.

In the name of giving a tax cut to '95% of Americans,' 40% of whom have been shown to pay no taxes at all to begin with, Barack Obama would place a hefty tax burden on the very ones who are in a position to help the country dig out of a recession and avoid a possible depression.

To tax those who use their wealth to fuel the economy is tantamount to economic suicide for the nation. If Obama and the Democrats are allowed to raise those taxes we could well see the beginning of the 2nd Great Depression within the next year.

In other words, if you think it's bad now, 'you ain't seen nothing yet.'


I beg of everyone that is going to vote to at least research this further.

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