Return of Bowles-Simpson

Here is a new story that shows the absurdity of Obamanomics or the Obama class warfare strategy of economic growth. Great Britain reported the number of millionaires dropping by two-thirds and revenues expected from those millionaires dropping by half after raising tax rates to 50%. While the goal was to raise revenues to lower the budget deficits, revenues fail to meet expectations and worse, the Britain's weak economy took a hit.