The Fear-Based Economy by Tom Blumer

Further tax increases could bring an already frightened, sputtering economy to a standstill.

Finally, someone has publicly said what everyone has long known.

On Monday, during his company’s second quarter earnings call with investors, Wynn Resorts CEO Stephen Wynn ended the three-year truth embargo over who is holding back the U.S. economy.

In July 2008, yours truly christened the economic conditions America began facing roughly a month earlier as the POR (Pelosi-Obama-Reid) Economy, named after its primary creators: House Speaker Nancy Pelosi, Democratic presidential nominee Barack Obama, and Senate Majority Leader Harry Reid. In a comment at that original post, I noted that the economy’s job and wealth creators were “genuinely frightened by the lack of seriousness and presence of abject irresponsibility in Congress and in Obama.”

This fright went viral long ago but remained whispered in carefully chosen company until Wynn broke the silence. When an earnings call participant asked why his firm hasn’t expanded its meeting space in Las Vegas, Wynn responded:

    I’m afraid to do anything in the current political environment in the United States.

    … my customers and the companies that provide the vitality for the hospitality and restaurant industry, in the United States of America, they are frightened of this administration. And it makes you slow down and not invest your money.

    … this is Obama’s deal, and it’s Obama that’s responsible for this fear in America.

Why shouldn’t the economy’s key players be afraid? In 2-1/2 years, Barack Obama and his administration have shown that they will do anything in their power — even if not in their constitutional power — to further their far-left redistributionist and science-free environmental goals.

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