Charles Schwab, founder of the investment company that bears his name, took to the pages of The Wall Street Journal Wednesday to denounce stimulus spending and raising taxes on the rich, writing, “We must knock down all hurdles that create disincentives for investment in business.”
“We cannot spend our way out of this,” Schwab (left) writes. “We cannot tax our way out of this. We cannot artificially stimulate our way out of this. We cannot regulate our way out of this. Shaming the successful or redistributing income won’t get us out of this. We cannot fund our government coffers by following the “Buffett Rule,” i.e., raising taxes on Americans earning more than $1 million a year.”
He notes he founded Charles Schwab in 1974, when America was confronting a crisis of confidence similar to what the country is experiencing today.
“We had rapidly rising inflation and unemployment, economic growth grinding into negative territory, and paralyzed markets. The future looked pretty bleak.