Raising Taxes Will Hinder Economic Recovery, Steve Forbes Says

By Kevin Mooney | October 24, 2008 | 7:02 PM EDT

Republican presidential candidate John McCain and Democratic presidential candidate Barack Obama

(CNSNews.com) – Given current economic conditions, if Americans elect a presidential candidate who will raise taxes instead of lower them, the economy probably will not rebound by spring 2009 as it otherwise would, Steve Forbes, editor-in-chief of Forbes magazine and a former presidential candidate, told CNSNews.com in an exclusive interview on Friday.
 
“If we continue with the recovery programs, and if we don’t do anything foolish like raising taxes or another round of trashing the dollar, by spring we should start to see the signs of recovery,” Forbes said.
 
But Forbes added that in the upcoming election, the issue of whether or not to raise taxes is one of the most important choices Americans will make.
 
“What’s at stake on the nation’s economy [concerning the next election] is enormous,” Forbes told CNSNews.com. “Will we cut taxes like Ronald Reagan or will we raise them like Jimmy Carter and Bill Clinton did early in his term? If you look at what the Democrats propose, they make this Congress look stingy.”
 
On Feb. 2, 2008, Forbes, who ran for president as a Republican in 1996 and 2000, announced he was endorsing Sen. John McCain (R-Ariz.).
 
Forbes spoke with CNSNews.com on the campus of Regent University in Virginia Beach, Va., where he was preparing to participate in a university sponsored debate entitled “Clash of the Titans: Which Party is Best Suited to Lead America?”

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