Sorry to say, but as a born-again semi-Republican (that's Republican - not Reptilian), Obama's efforts to get rid of LIFO accounting is not exactly appealing.
And apparently, he's doing it to finance National Healthcare Reform. Healthcare is certainly important. At the same time, I don't necessarily agree with nationalising healthcare. I just don't believe in the government interfering so much in our daily lives. Why can't people just take care of themselves and buy their own health insurance? If they can afford two cars and two TVs, why can't they afford health insurance? It's really a matter of prioritising.
I feel the whole Anti-LIFO concept is a bit penny wise, pound foolish. Anti-LIFO is definitely anti small business. So many small businesses will be adversely affected by an Anti-LIFO policy, and many will simply not survive. A wave of small business bankruptcies and more unemployment would definitely slow down the economic recovery. We cannot afford to let this happen.
I just bought a copy of FDR's Folly: How Roosevelt and His New Deal Prolonged the Great Depression. I seriously need to start reading it. And so does Obama.
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