How moronic is this move? Even the Obama Administration is essentially saying, “Yeah…thanks, but no thanks.”

And yet, very powerful Democrats in the U.S. Senate are pushing this measure. Because we all know nothing stimulates the economy like government taking even more money away from companies and investors.

Iowa Senator Tom Harkin, Oregon Representative Peter DeFazio and five other House Democrats proposed the measure, designed to raise $150 billion a year to fund a new jobs bill and help close the federal budget deficit.

“Let me be blunt: We need new revenue,” Harkin said at a news conference today in Washington. He called a tax the “most painless way” to raise revenue and stop risky market speculation. “Ask not what America can do for Wall Street, but what Wall Street can do for America,” Harkin said.

Ooh, ooh, let’s play, “Quote/Paraphrase President Kennedy”. This is gonna be fun.

Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget just as it will never produce enough jobs or enough profits… 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.

Which is all to say you raise tax revenues by cutting taxes. Because, you see, cutting taxes allows investors to invest more in companies and consumers to spend more each week at the store. That creates jobs, which in turn increases federal income tax revenue. Not really that difficult of a concept.

In fact, as the Heritage Foundation points out, Kennedy cut taxes significantly across the board in 1961. Result? Tax revenue increased by 62% over the next seven years. Keeping in mind Kennedy was, oh yes, a Democrat. But Harkin isn’t just a Democrat; he’s a modern far-left liberal with strong socialist tendencies.

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Let’s be honest. If we agreed to raise taxes and suddenly found a large increase in tax revenue, against all historical findings, Congress wouldn’t use the funds to pay down the national deficit. It’d use the increase as an excuse to pass even more deficit-exploding legislation. The legislative body is drunk on taxpayer money, and giving it even more funds would only result in more money being wasted.

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Where’s the notoriously liberal Obama Administration on this issue? Even the pinkos in the White House can’t swallow this stupidity.

Treasury Secretary Timothy Geithner said during a Nov. 7 meeting of Group of 20 finance ministers in St. Andrews, Scotland, that a “day-by-day” tax on speculation is “not something we’re prepared to support.”

Geithner was speaking in response to U.K. Prime Minister Gordon Brown, who said a transaction tax might prevent excessive risk-taking and compensate for the billions of dollars the public has spent on bank bailouts.

Yes, by all means let’s discourage risk-taking by investors. Let’s concentrate on the recent bailouts, which really should never have occurred under free market standards, rather than the fact our economy became the strongest in the world — and remains so even in this recession — because investors took major risks throughout our history.

Modern Democrats still don’t understand that jobs aren’t created by increasing taxes and regulations. That only strangles the economy and forces more layoffs. Our nation’s workforce will suffer because of that lack of understanding. Such a shame.