US News and World Report article, Obama’s Trillion-Dollar Spending Plan lays out Senator Obama’s spending plan.
- A $65 billion-a-year health plan
- $15 billion in green energy spending
- $85 billion in tax cuts and credits
- A $25 billion-a-year increase in foreign aid
- $18 billion a year in education spending
- $3.5 billion for a national service plan
Put it all together, and we are talking about a $200 billon plan, $800 billion over four years. And that does not even include fixing the alternative minimum tax, a $50 billion-a-year item that will assuredly get passed.
Big spending isn’t the only hole in the Obama economic plan. His plan to cover this spending plan is to raise taxes on those making more than $250,000 a year. He also plans on raising corporate taxes and capital gains taxes. However, raising taxes, particularly in a struggling economy, is known to hinder economic growth, and could have severe effects on the overall health of the economy. Also, Obama promises that 95% of American’s will have their income taxes reduced, yet approximately 30% Americans don’t pay income tax. Senator Obama’s record shows consistent suport for tax increases, and his economic plan does not add up.
Filed under: McCain, Obama | Tagged: obama economics, obama economy, obama spending, obama taxes
—people do not believe he won’t tax anyone who makes less than $250,000…the more contact he has with the public re saddleback re conventions etc the more people do not trust him….and frankly while the flip flop label has not worked…with the help of the media he is the Teflon candidate….the more he accuses mccain of changing his position (which he has but not for the polls for good reasons…I too have changed my views on energy and the markets as reality has changed) the more he opens himself up to discussions about his record on voting for tax increases left right and center…I saw an interview with Rothchild by a CNN obama fan Campbell and Rothchild took her apart with facts and a smile…mccain will be able to do that …I don’t care how low in his class he finished the truth has to count for something and I think mccain is sharper on his feet than obama…obama will be ready with some prepacked cutting statements about mccain being dishonest, how he will not raise taxes etc etc and bed with bush etc etc but soon as it gets to ground where obama has to think for himself then mccain will outshine obama bring on the debates
Your scenario leaves out a few facts. When Obama’s plan was originally laid out, the events of the last few weeks had not happened yet.
He has stated in the last couple of weeks that tax increases would be reconsidered based on market conditions.
You state, “Also, Obama promises that 95% of American’s will have their income taxes reduced, yet approximately 30% Americans don’t pay income tax.” What you miss here is that Obama says he will give tax cuts to WORKING families. You really have to listen to the candidate speak before you just start spouting out McCain’s speaking points.
Also, please show me where Bush’s tax cuts to big business has shown grown in the work force. More jobs have been sent overseas since he started them. McCain wants to continue the same horrific path. Someone said about a month ago, our country will soon be owned by foreineers and they are right. Many of our large businesses are owned by foreign companies including Cindy McCain’s beer empire.
Glad to hear he’s thinking of spending less, but big taxes and big spending still don’t work. Taxing businesses impedes economic growth, and his math just doesn’t add up.
Have read where Obama was considering an aid package to the UN to that body’s international economic development office.,for poor countries. If true that would add 10’s of billions of dollars to spending.
He may have altered his stance since I read the article,because of the financial crisis and the bailout costing hundreds of billions of dollars.
What steps will Obama or McCain take to balance the budget ?
McCain has been a longtime fiscal hawk and Obama does not have much of a record.
Working families include the working poor, so that percentage might not be as far off as LT seems to assume.
This post didn’t include Social Security, which Obama plans to keep solvent by raising payroll taxes. So that one tends to fly under the radar because it is not included in figuring income taxes. And that though it is itself taxed since the money taken still must be included in one’s gross income.
I didn’t see a word in the article about raises in gasoline, electricity and other such taxes which will likely be raised under an Obama administration on various pretenses. Of course Obama has committed himself to cutting taxes by Cutting the military budget by “tens of billions” of dollars. He promised to shrink the size of the military, cut existing weapons progams, and slow down future weapons developement.
The afore mentioned is just the same old democratic policies, so reminiscent of Carter and Clinton. The same policies which made it where Bush didn’t have the troops he needed to get the job done in Afghanistan and Iraq. Some “change.” Isn’t it?
By the way.
Anybody remember how Pelosi and Company, including Obama, came to power in 06? They did so by promising to reform Congress. Yep, they were going to eliminate corruption, enforce good ethics, clean up the lobbyists, and get things done for the public.
Since then the corruption has gotten even more egregious, as evidenced by the way Dodd, Obama, Kerry, and even Pelosi herself took money from Freddie Mac and May to look the other way while they were going down the toilet. and how about good ole Rangel with his tax evasioon, and him chairing the committe which oversees the tax code? Yes, they brought about real “change”!
My point is that those who listen to that mantra about “change” from Obama, and sadly to say, McCain, may well be in for a very big disappointment. Starting with Carter the american public has elected the candidate advocating real “change” in Washington. And sadly enough none delivered.
For Obama “change” is a code word for “progressive,” i.e. radical left-wing policies and government. He is, after all, an acolyte of the Alinsky school of activism. I don’t doubt that McCain and Palin will truly try to affect real change to a less corrupt government. However, special interest money is too bound up with the needs of professional politicians to ever see real reform. Simply put, those dogs will never bite the hand that feeds them the money they need to get reelected.
The best we can hope for is that McCain will shake things up enough for the right gains on behalf of the public.