Are White House Economic Proposals “Jaw-Dropping” Ignorance and “punishing success"?

Sen. Ron Johnson, a successful businessman serving his first term in the Upper
House, tells Newsmax that President Barack Obama’s “economic ignorance” is
“jaw-dropping” — and charges that he wants to “punish success.”

The
Wisconsin Republican also says that a victory in the campaign to recall Gov.
Scott Walker in his battle with public employee unions would send a terrible
message to Washington lawmakers that political “courage” will be penalized.




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Ron Johnson: White House Economic Proposals Are “Jaw-Dropping” Ignorance

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“It’s not pretty,” Johnson declares. “Financially it’s going to be a real
disaster because it’s not only the fact that he’s not addressing our budget, but
take a look at what his agencies are doing. Since 2008, 11,000 new rules and
regulations have been issued. We’re crushing business’ ability to expand and
that’s what we need to do. We need to grow our economy.

“This president
is hostile to businessmen, to business owners and entrepreneurs. He wants to
punish success. That’s not what made American great. What made American great is
people taking personal responsibility, the entrepreneurial spirit that’s been
the hallmark of this country.

“This president doesn’t understand it
because he’s never operated in the private sector. He doesn’t understand
economics. His solution to gas prices? Increase taxes on oil companies. How does
that lower the price of gas? He’s done the same thing with Obamacare. His
economic ignorance is quite honestly jaw-dropping.”

Asked if America’s
fiscal situation is the defining issue of the 2012 election, Johnson responds:
“I believe it is. It certainly was in 2010. And it’s going to continue to be the
defining issue until the credit markets define it for us.

“That’s what we
need to avoid. If we don’t address this seriously, at some point in time you’ll
have the real day of reckoning here, when world credit markets and creditors
take a look at the United States and say we’re not going to loan you money and
we’re certainly not going to loan you money at these incredibly low interest
rates. Then those rates [will] start increasing.

“For every one percent
our average borrowing cost goes up, that adds $160 billion to our annual
deficit. That will start crowding out spending rapidly, and you’ll end up with
not only a fiscal crisis but a political crisis.”

Read more on
Newsmax.com: Sen
Ron Johnson: White House Economic Proposals Are “Jaw-Dropping” Ignorance

Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!