When I was Treasurer of the United States and was helping to promote President George W. Bush's tax cuts, I frequently used the phrase “a rising tide lifts all boats” to promote the notion that improvements in the general economy would be beneficial to everyone.
This phrase is largely attributed to President John F. Kennedy, who used it in remarks in Heber Springs, AK back in 1963.
I wholeheartedly believe that a strong thriving economy, while helping the entire country, would help the Hispanic community in particular.
According to today’s Bureau of Labor Statistics report, sadly, three out of every 10 Hispanic teenagers are unemployed, more than 2.7 Million Hispanic workers are out of a job and -- worse yet -- more than half a million more Hispanic workers are unemployed today than when President Obama took office.
I often wonder why the so-called leaders of the Hispanic community, and even the Hispanic media, do not share the tragic information with the community as a whole. Otherwise, how could they explain the level of support they claim Obama enjoys within that community?
A solid expanding economy would strengthen Hispanic small businesses.
We have seen that even in a difficult economic climate the entrepreneurial spirit of the Hispanic community shines through.
Regrettably, it is these small entrepreneurs that stand to lose the most with Obama’s tax increases.
Few Latino leaders take the President to task for the negative impact his tax increases would have on the Hispanic small entrepreneur.
Ironically, on the day of worsening economic statistics for Hispanics, Vice President Joe Biden, while addressing the audience at the National Council of La Raza convention in Las Vegas on Tuesday, asked them to imagine what will happen if Obama does not get reelected.
I challenge them to imagine what would happen if Obama gets reelected!
We have already witnessed how his damaging economic policies during his four years in office have made it worse for our community. I believe this community can ill afford another four years of an economic nightmare.
In his speech back in 1963, President Kennedy said: “In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now.”
President Obama should heed Kennedy’s advice -- right now is not the time to increase taxes on anyone. Otherwise I am afraid the economic situation sweeping our nation not only is not a tide that will lift us all, but rather a sinkhole that severely threatens our prosperity.
Rosario Marin was the 41st Treasurer of the United States and is co-chair of the American Competitiveness Alliance.