Barack Obama Retreats On Another Key Policy

[Tug McGroin]

Obama acknowledged in an interview on ABC that rescinding the Bush tax cuts in a recession “would be destructiveâ€￾. Obama just eliminated a significant amount of the funding needed for his $300 billion in new government spending. If he can’t raise taxes, all of that becomes deficit spending. Nevertheless, Obama has no plans to extend the Bush tax cuts beyond their 1 January 2011 expiration date.

Obama has accused McCain of fiscal irresponsibility for supporting the extension of the Bush tax cuts, but his spending plans now have no revenue. Essentially Obama has conceded the Republican argument on those extensions.

Obama has already stated he’ll use his middle-class tax cut as a balance, but will raise taxes on corporations and employers, all of which will indirectly hit middle-class buying power. It will also result in lower revenues overall as the dynamic effect of these tax increases will curb economic growth, resulting in lower profits and less tax revenue.

http://apnews.myway.com/article/20080907/D93228880.html

 

[Gilding the Lily]

Obama acknowledged in an interview on ABC that rescinding the Bush tax cuts in a recession “would be destructiveâ€￾. Obama just eliminated a significant amount of the funding needed for his $300 billion in new government spending. If he can’t raise taxes, all of that becomes deficit spending. Nevertheless, Obama has no plans to extend the Bush tax cuts beyond their 1 January 2011 expiration date.

Obama has accused McCain of fiscal irresponsibility for supporting the extension of the Bush tax cuts, but his spending plans now have no revenue. Essentially Obama has conceded the Republican argument on those extensions.

Obama has already stated he’ll use his middle-class tax cut as a balance, but will raise taxes on corporations and employers, all of which will indirectly hit middle-class buying power. It will also result in lower revenues overall as the dynamic effect of these tax increases will curb economic growth, resulting in lower profits and less tax revenue.

http://apnews.myway.com/article/20080907/D93228880.html

I agree with you, Tug. I have alluded to this "moving-towards-center" approach by Obama in past threads. He is taking a much "softer" tone on these types of issues. As I noted earlier, like many dems, they talk that talk to get the dem nomination, but once it is wrapped up, they come back to earth to consider sound policies.

As you mentioned Tug, he is acknowledging the problems with "taking out" the bush tax cuts during this period of time. Moreover, he has toned down his previous message about NAFTA and free trade. All those Social Security taxes that he wanted to impose on "wealthier" americans... he wants to delay it for 10 years now (Uhm... after his presidency).

I am confident that he will become more center-oriented in the next 6 weeks, too. I am glad to hear that he is listening to certain of his economic advisors.

 

[Cosworth]

I saw T Boon Pickens on Lou Dobbs last night while I was at work. I don't really
know too much about Mr Pickens but given that he seems to be the only only one coming up with some actual ideas and he seems to be putting him self on the line I tend to believe what he is saying (or at least give it some serious thought).

He said the the US government is nuts if they think there is 100 billion barrels of oil in AK and the off shore sites. He said that the Dept of interior, Geological dept. and the other government agencies who have been predicating reserves are so far off base that you would be an idiot to believe them. He estimates that there might be 10 billion barrels to pump out.

I believe the Dems caved again. People are idiots and they do not look past tomorrow. They want cheap oil now to they can continue their bad habits. Then when the oil prices start to go up again and there is no more oil to drill then they will get pissed at government for not doing something to fix it. The peopl are idiots and the dems/republicans are leading the way.