Mort Zuckerman: Tax Reform Needed to End Illusion of Prosperity

Wednesday, 14 Mar 2012 08:00 AM

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Tax reforms are needed to end the illusion of prosperity and recovery the Democrats have created via stimulus spending as well as ultra-loosed monetary policies, and Republicans would be wise to end campaign bickering to provide lasting improvements, writes billionaire publisher Mort Zuckerman.

With nearly 50 million Americans on foods stamps, 7 million receiving unemployment benefits while stimulus programs and Federal Reserve easing programs inject liquidity into the economy, stocks are up and the economy appears stronger.

"The prospect of prosperity all this engenders is an illusion. The U.S. economy has never really emerged from the Long Recession," Zuckerman writes in a Chicago Tribune column.

Editor's Note: Obama Donor Banned This Video But You Can Watch it Here

"It was much sharper than anyone comprehended, including the administration."

To fix the economy, the country needs tax reform that broadens the base and eliminates loopholes, more improvements to infrastructure and human capital via education and research and development investment and lastly, fiscal reforms outlined in the Bowles-Simpson plan are needed, which the president ignored, Zuckerman writes.

"Despair has opinion in its grip — despair about leadership, especially the no-no, party-line Congress, which has no room for an independent-minded centrist like Sen. Olympia Snowe of Maine, who recently announced her retirement," Zuckerman writes.

"Nor does the public have the faith it had nearly four years ago in the ability of the man with the ultimate responsibility: the president. As Harry Truman said of his presidency, and he meant it, 'the buck stops here.'"

Economic fundamentals aside, more and more Americans disapprove of the president's handling of rising gasoline prices, which are crimping household finances, a new poll finds.

Disapproval of President Barack Obama’s handling of the economy is heading higher — alongside gasoline prices — as a record number of Americans now give the president “strongly” negative reviews on the 2012 presidential campaign’s most important issue, according to a Washington Post-ABC News poll.

"Nearly two-thirds of Americans say they disapprove of the way the president is handling the situation at the pump, where rising prices have already hit hard. Just 26 percent approve of his work on the issue, his lowest rating in the poll," The Washington Post reports.

Editor's Note: Obama Donor Banned This Video But You Can Watch it Here



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