Obama's economic policy.

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Obama's economic policy.

Postby Vince » Sat Nov 08, 2008 6:18 pm

what is it? as far as I can see its big deficits - tax cuts AND government spending.

Is this a great plan?
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Postby brettyb » Sat Nov 08, 2008 6:52 pm

As stated in the campaign, it is financial suicide riddled populist economic demagoguery. Where do I start?

1. Anti free trade, including threats to unilaterally renegotiate NAFTA

2. Increased power for unions, in spite of their (justifiably) dwindling importance to the vast majority of Americans.

3. Failure to address an area in which the US is getting left behind by the rest of the developed world--decreasing our excessive corporate income taxes. In fact, Obama proposed idiocy like a "windfall profits tax" on the oil companies. With what the price of oil has done, will this become a "reverse windfall loss credit"?

4. Increased taxes on the "rich" (i.e. the most productive); with the threshold moving around to points that would encompass far more than the truly rich.

5. The magic of income tax cuts for those that don't pay income taxes.

6. Eliminating the cap on the social security tax, further punishing those in higher brackets. As it is, social security is a wasteful Ponzi scheme. Obama's proposals will turn it into an overt welfare program.

7. Hundreds of billions in new spending (sold as "investments") on such bottomless pits as "universal health care".

I'm sure I'm forgetting something.
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Re: Obama's economic policy.

Postby Electrolyte » Mon Nov 10, 2008 11:07 am

Vince wrote:Is this a great plan?

According to the vast majority of economists polled by The Economist magazine, including a majority of republican economists, it is better than the McCain plan.

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Postby simon_in_exile » Mon Nov 10, 2008 11:17 am

1. Anti free trade, including threats to unilaterally renegotiate NAFTA

That was one of the only issues on which I really disagreed with Obama and Hillary, when they both announced it during the primaries towards the beginning of 2008. But is it actually still part of Obama's economic plans, or was it one of these pledges that's brought out to counter an opponent at the beginning of the campaign but which later falls by the wayside? When is the last time that he mentioned it in a campaign speech?

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Postby Polardude » Mon Nov 10, 2008 11:54 am

4. Increased taxes on the "rich" (i.e. the most productive); with the threshold moving around to points that would encompass far more than the truly rich.

5. The magic of income tax cuts for those that don't pay income taxes.


you lost me here
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Postby ToadBrother » Mon Nov 10, 2008 3:06 pm

simon_in_exile wrote:
1. Anti free trade, including threats to unilaterally renegotiate NAFTA

That was one of the only issues on which I really disagreed with Obama and Hillary, when they both announced it during the primaries towards the beginning of 2008. But is it actually still part of Obama's economic plans, or was it one of these pledges that's brought out to counter an opponent at the beginning of the campaign but which later falls by the wayside? When is the last time that he mentioned it in a campaign speech?


It certainly got Canadians hopping, and as I recall, Obama's team quietly backed away from that a bit.

With manufacturing jobs getting shed like nuts on both sides of the Detroit River, I wonder if Canada may be interested in reopening NAFTA. Of course, the Mexicans, as usual, will be fucked.

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Postby Lost Soul » Mon Nov 10, 2008 4:14 pm

Nice post brettyb.

Here's hoping he breaks all his campaign promises.
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Re: Obama's economic policy.

Postby brettyb » Sun Jan 15, 2012 4:30 am

Vince wrote:what is it? as far as I can see its big deficits - tax cuts AND government spending.

Is this a great plan?


Now we have the perspective of three plus years.

Sure enough, we've seen massive increases in government spending, to levels unseen since WW2. He has implemented some tax cuts, but only of the non-growth-stimulating variety. These keep failing, but Obama and company are undeterred and keep repeating these mistakes.

It's almost as if he'll try everything to stimulate the economy except what will work.

He has succeeded, however, in putting more people on the dole.
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Re: Obama's economic policy.

Postby Gogo » Thu Apr 17, 2014 4:07 pm

Bock!
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