After reading "Obama's Magic", Kimberly Strassel, gives her insight about how Obama's policies does not add up to helping the economy or foreign relations and calls these feats that he supposedly will fix, magic. From the higher taxes and bigger regulations to businesses to leaving Iraq as soon as possible fixed or not fixed, Strassel points outs how Obama's policies are flawed. At the end, she also gives credit to McCain for not being as aggressive about bringing up these points.
The biggest issue on the minds of most Americans today is the economic recession and how the next elected president will attempt to fix this problem. The article also goes on to add in Obama's income tax policies and how 95% of Americans will have a tax cut at the sacrifice of the other 5% of Americans. Currently there 40% of Americans that don't pay income taxes at all. So my question is how do these Americans actually pay lower income taxes, unless they're actually getting paid by the government. The article also talks about the foreign policies and how If you want to figure out how much money you're going to save or pay under Obama's plan check out Obama Tax Cut.
Although the media currently brings up the idea that deregulation was the main reason why all these financial companies are in distress, Strassel brings up the point that during this current presidency, we had to actually put forth more regulations, such as Sarbanes and Oxley into effect due to the Enron fallout. So all this call of deregulation seems to be fabricated. Check out this video and see where a good deal of this whole housing situation started.
Although the article does not discuss capital gains tax, the increase of this will only continue to divert people away from investing their money. Although he does state that it won't effect people who earn over 250k, people who bought houses before this housing scheme has heavily invested money in their homes and come the day that they sell their houses they have to pay an extra 10% in taxes if the profits exceed 250k. Although 250k does sound like a lot of money in the United States, cities such as New York City has such a high cost of living 250k for a family who has 2 earners and 1 or 2 kids in private college does not have as disposable income as people would perceive them to have. During a democratic primary debate he is asked about this same topic his here is his reply:
Also, the fact that Obama wants to leave Iraq as soon as possible, even though the presence of insurgents and terrorist are still lingering in a country that is neighboring one of the biggest funder of terrorist activities could lead the country into another turmoil state with all the effort the US put forth lost. Even though much progress has occured in Iraq due to the surge strategy of General Petraeus, the seceding commander, General Odierno, is quoted in this news article that even he feels as that the violence has decreased their now needs to be a politically, diplomatic, and economic strategy enacted in Iraq to make sure a lasting stability. Obama fails to mention anything about helping restructure the country of Iraq. Obama also is mentioned that he promises to capture Osama Bin Laden but fails to understand the fact that there are several countries that will prohibit the US from entering their borders such as Pakistan could create even a bigger mess than we are currently involved in.
What is more important more for America today, jobs or more a couple hundred dollars to the people who don't pay taxes already? Should we leave a county knowingly that we destroyed their government, lost US lives, even though the country is not proven to be stable for a even a year? This November 4th, make an informed decision and support the candidate that you believes has better policies.
5 comments:
Senator Obama doesn't understand that even though he's giving 95% of Americans a tax cut, unless you actually have a job, then it will be just another paycheck from the Government. I don't know about any hard worker, but I personally don't want my money being taken away and given to those that aren't working. It all falls back under the source of revenue. If you don't have one, then you shouldn't get any type of tax cut break, period. Obama also plans on letting the Bush's tax cut plan's end, and that will raise taxes big time.
OK ...Here is my major beef with Senator Obama... How can you cut taxes for those who are paying NOTHING?! SIMPLE ANSWER, you can’t. What you can do, is take away an enormous portion of tax paying America’s income, and “SPREAD IT AROUND” to those who are NOT PAYING INTO THE SYSTEM! Obama has a clever way of saying tax cuts for Main St. when the program he has planned for is a reimbursement check to ALL Americans.
That’s right...spread that money around, Robin Hood. How could we forget the virtues of steeling from the rich and giving to the poor?
Now if we are spreading the money around, what incentive do we have to work for it? I could just receive a check from the government without even paying into the community chest! At one point in time, we called this welfare...I guess Obama has just cleverly changed the term to “tax cuts”.
ALSO, Obama’s plan to nearly DOUBLE the capital gains tax...wow...and he is supposedly the more prepared candidate for the economic crisis? That just goes to show where this country is going. The majority of Americans actually support this! I fail to understand how decreasing incentive to invest would improve our economic standing.
Thank you, Paul, for writing this blog, because I’ll tell you what, sometimes....the average American’s grasp of basic economics amazes me. It’s good to know there are others out there who have some grasp of the situation.
This blog does a great job of showing that the sensationalism of Obama and the celebrity that he is made out to be has flaws, and if you look past the glamor of his speech you find holes in his promises. Personally, I'm still an undecided voter because there are plenty of things in McCain's policies that I disagree with, but on the subject of the economy, I think McCain will head us in a better direction. The fact that Obama wants to spread the money around sounds like a good idea when he is speaking in the context of big businesses, but people do forget that some of this money will be given to citizens that did not work for it. I'm sure Joe the Plumber wouldn't appreciate that.
Lets forget about the people who are not paying taxes and look at the economy as a whole and how it would be affected by Obama’s tax cut. First of all the his plan like other democratic candidates we have seen in the past (which I will talk about later)will not only lower the unemployment but also allow for an economic output and income growth. Shown here in the post http://news.yahoo.com/s/csm/20081021/cm_csm/ybartels;_ylt=AoBNN0rYXnbkQaPkLIxo8JWs0NUE . The article will show you that over the past 60 years the Democrats have shown to provide less unemployment and income growth. Why is it that with Bill Clinton we were left with a surplus and with Bush leaving us we need to borrow money from China? In the end it’s all up to congress. The president has little to affect the success of the economy. All the talk they give are nice ideas but most of them like McCain’s I believe will not pass.
What's to stop socialism in the United States, if you have a far leaning liberal president, a majority in both the senate and the house that could possibly get enough seats to prevent a filibuster? The problem with taxing the rich is the fact that these people have people find ways to pay the least amount of taxes that they can. What's going to happen now since these oil companies were going to get tax for their windfall profits when currently the price of a barrel of oil is continually declining?
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