Raising Tax Rates Will Slow Down the Economy

In his first press conference after the election, President Barack Obama said, “What I’m not going to do is extend the Bush tax cuts for the wealthiest 2 percent that we cannot afford and according to economists will have the least positive impact on the economy.”[1]

The good news is that President Obama apparently truly believes what he is saying. The bad news is that what he is saying is flat-out false.