Jul 31
Gingrich: Obama repeating mistakes from Great depession
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- Tags: Gingrich and Obama, Great depression repeating itself!
Gingrich: Obama Repeating Mistakes From the Great Depression
29 Jul 2010
By: David A. Patten
Former GOP House Speaker Newt Gingrich warned Thursday that President Obama and congressional Democrats appear to be on the verge of repeating the same mistakes that aggravated the Great Depression, adding that letting the Bush tax cuts expire would prove “very dangerous” for the nation’s economy.
Speaking in an exclusive Newsmax interview, Gingrich sounded the alarm that raising taxes could cause serious damage to the economic recovery.
“If we have large tax increases in January,” Gingrich told Newsmax.TV, “this economy will sink deeper into recession. There will be higher unemployment. The recovery will be longer.
“This was exactly the mistake made in 1937 and 1938, and it created a second mini-depression. I think it’s very dangerous, and I think the simple battle cry ought to be no tax increase in 2011, period. Keep current tax law exactly as it is through 2011,” Gingrich said.
Gingrich charged that the high unemployment that continues to plague the economy stems from “an administration which consistently has been destroying American jobs.”
He cited the financial reform legislation that the president recently signed into law as an example of “one more job-killing bill” Democrats have passed.
“The financial reform law increased the power of Washington, D.C., increased the power of bureaucracies, increased the amount of uncertainty, killed American jobs, and made it easier for Frankfurt, London, Tokyo, and Shanghai to become the financial centers of the world,” Gingrich said.
When asked to give his recommendations for curing the nation’s ongoing economic woes, the former speaker pointed to the five-point agenda on his AmericanSolutions.com Web site, which is included in the Economic Freedom Act recently submitted to Congress by Reps. Jim Jordan, R-Ohio, and Jason Chaffetz, R-Utah.
………………………..Read more and view video go to News Max
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