The Latest on Bush's Third Term
In the latest effort by the Obama administration to continue the worst policies of the Bush administration, White House press secretary Robert Gibbs announced increased tariffs on Chinese tires of an extra 35 percent in the first year, 30 percent in the second, and 25 percent in the third. The Bush steel tariffs of 2002 contributed mightily to the destruction of the US auto industry. Now instead of pursuing the sensible, pro-growth course of “removing all tariffs on their raw materials” and other inputs the Obama administration intends to add insult to the injury of the taxpayer bailout of GM and Chrysler with further tariffs on auto industry input. Look for the losses of the companies you now own to grow still larger and, if the Third Term policies continue, for Ford to end up on the dole yet.
Stay tuned for more reading on The Third Term.