Methinks all that anger about being overtaxed yesterday is a wee bit misplaced (unless you just happen to be cashing a bonus check from a Wall Street Firm). From President Obama’s speech yesterday:
First, we passed a broad and sweeping tax cut for 95 percent of American workers. This tax cut was a core focus of my campaign, it was a core component of the American Recovery and Reinvestment Act, and it is the most progressive tax cut in American history. And starting April 1st, Americans saw this tax cut in the extra money that they took home with each paycheck.
Make no mistake: This tax cut will reach 120 million families and put $120 billion directly into their pockets, and it includes the most American workers ever to get a tax cut. This is going to boost demand and it will save or create over half a million jobs.
And the Congressional Budget Office has found that tax cuts like these for American workers are more than three times more effective in stimulating recovery than tax breaks for the very wealthiest Americans.
This tax cut also keeps a fundamental promise: that Americans who work hard should be able to make a decent living. It lifts more than 2 million Americans out of poverty, and together with the child tax credit, it ensures that a working parent will be able to support their family.
Second, we are helping small businesses keep their doors open so they can weather this economic storm and create good jobs. Instead of the normal two years, small businesses are now allowed to offset their losses during this downturn against the income they’ve earned over the last five years. This could provide a record number of refunds for small businesses, which will provide them with the lifeline they need to maintain inventory and pay their workers.
But, hey, what do I know? I’m a filthy lieberal fascist. I’m sure all those tea-bagging patriots yesterday understand this stuff so much better than I do. They watch Fox News, after all, and I don’t.
just a bunch of superdummies acting like fools for the suits.
You forgot: “well-paid” superdummies.
I have a whole new respect for any police negotiators who have to reason with these idiots as they stand poised to dive off office buildings. The negotiators need a raise as I’m sure this particular breed of divers will be intent on taking people with them.
regarding Obama’s “tax break” for the middle class and economic recovery: it’s not working.
again, everyone knows 70% of our economy is driven by consumer spending, i.e. houses, cars, etc.
I voted for Obama and have great respect and hope for him, but I’m sorry, an extra $30 in your paycheck every two weeks is useless in terms of getting the economy moving again.
this “savings” is eaten up by increases in gas taxes, etc. it’s gone.
the middle class MUST have a much larger tax break, reduction in payroll deductions for medicare, sales tax holidays, etc., IF Obama is serious.
throwing trillions at AIG and the banksters, while giving us pennies indicates he is not serious about fixing the problem.
>>>70% of our economy is driven by consumer spending, i.e. houses, cars, etc.
All of the examples you cite for economic recovery are (normally) debt driven. I am not interested in taking on more debt right now, are you? I think (really hope) that more than anything there has been a fundamental shift in the way the American people view debt and purchasing.
If consumer sentiment regarding debt is truly changed (not likely, but definitely economically healthier), we will have to re-think the way our economy functions.
I wonder if the Fed came to the conclusion that as the economy began to contract because of the people’s lack luster enthusiasm for a debt based economic household, that our government could fulfill the new role of ‘significant borrower’ as the people were either unwilling or unable to sustain the role.
The only interesting thing to point out about this is, if the people were unwilling or unable to sustain the debt load through personal purchasing habits, how will we sustain the debt load through the taxation necessary to support the governments tax and spend agenda as an added burden to our finances.
Any thoughts?
long term vs. short term thinking..
the fundamental shift you’re talking about can’t happen overnight– if it does, then disaster looms.
I’m not implying consumer spending at the rate we’ve had is a good thing; I’m stating we can’t shut it down overnight– unless of course there’s something(s) to replace it.. there isn’t.
the “green jobs” numbers don’t add up. renewable energy by its nature is high tech; the manufacturing processes are high tech as well, and thus are not labor intensive.