It’s not hard to understand this stuff: (1) President Obama threatens tax hikes on companies that buy private planes. (2) Companies cut back on purchases of private planes. (3) The economy suffers:
Orders for durable goods drop 2.1 percent in June with weakness led by fall in aircraft demand
Obama’s much-vaunted manufacturing initiative will do little to promote manufacturing (although it will succeed in spending money, which is probably its real aim). He could have a much greater (and much quicker) effect simply by not attacking manufacturing.
(Via Instapundit.)
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