But then in mid to late June, along came the POR (Pelosi-Obama-Reid) economy. The Democratic triumvirate’s intent to starve the nation of energy, regardless of the consequences, and newly minted presidential nominee Barack Obama’s designs on punitively taxing 5% of the nation’s most productive in the name of redistributing money to everyone else, both became crystal clear. As a result, paraphrasing what I wrote at the time, businesses, investors, and entrepreneurs responded to the trio’s total lack of seriousness by battening down the hatches and preparing for the worst.
They haven’t stopped, which is why the POR economy is now the POR recession as normal people define it. It is also why tax collections have taken a dive.