Taxes.....

I am amazed that anyone is offering to raise taxes as Obama is. The foundation of the American as well as the developed worlds economic problems is that there is too much consumption relative to savings. Savings flow into investment and this is what creates innovation, productivity and jobs. Savings creates wealth. No savings creates risk. Raising taxes on the 'rich' and giving it to the 'middle-class' is just turning savings into consumption. What the economy has needed this past 10 years is savings not consumption. This kind of tax policy coupled with the socialization of people's risk is a recipe for disaster.