Tax hikes hurt job creation

With the nation's unemployment rate still troubling at 9.5 percent, Treasury Secretary Timothy Geithner believes it is time to kill more of the country's job-creation ability.

Geithner did not put it that way, of course. He and his boss, President Barack Obama, continue to insist their actions are lifting the United States out of recession.

While some economic indicators have trended upwards, the unemployment rate remains unacceptably high. In some states, it exceeds the national rate. Ohio, for example, is suffering from 10.5 percent unemployment.

Economists warn the recovery is a very fragile one. Missteps could plunge us back into a more severe downturn. Geithner, Obama and other policy makers do not seem to understand that. On Sunday, the treasury secretary suggested tax increases may be a good idea.

He cited the federal capital gains tax, with a top rate of 15 percent. Increasing that to 20 percent would be "the responsible thing to do," Geithner commented.

No, it would not. Increasing the capital gains tax would discourage investment in business and industry. It would make it even more unlikely the economy could generate new jobs.

In the current climate, increasing taxes on the very people whose money creates new jobs is among the most irresponsible ideas we have heard. Congress should not go along.