Socialist-elect unveils plan to ‘spread the wealth.’
In his first major policy speech since being elected, Mr Obama urgedCongress to act quickly to pass his $800bn (£526bn) stimulus plan.
“I don’t believe it’s too late to change course, but it will be if we don’t take dramatic action as soon as possible,” he said.
“If nothing is done, this recession could linger for years.”
“This is a crisis unlike any we have seen in our lifetime,” he said in a speech in Virginia.
“A world that depends on the strength of our economy is now watchingand waiting for America to lead once more, and that is what we willdo.”**
Mr Obama said that, with US interest rates near zero, andeconomic activity and lending still shrinking, it was up to thegovernment to act.
“Only the government can provide the short-term boost necessary to lift us from a recession this deep and severe,” he said.
<snip>
“I understand that some might be sceptical of this plan. Our governmenthas already spent a good deal of money, but we haven’t yet seen thattranslate into more jobs or higher incomes or renewed confidence in oureconomy,” Mr Obama said.
**Here’s how it is:
1] The “tax cuts” Obama is proposing for his stimulus package, like the rest of his stimulus package, are not going to “stimulate” anything except the welfare class which, on a percentage basis, is largely non-white.
2] It doesn’t work, because it doesn’t do anything to change the basic (real) incentives governing the economy. Why? Just borrowing money and then sending it out to people, in “tax rebate” checks or welfare checks (which he calls tax cuts) doesn’t add anything to the economy.
3] When “tax cuts” involve reductions in tax rates, that reduction improves REAL incentives for savings, investment, business creation and expansion, job creation, entrepreneurship, and work. A solid reduction in tax rates allows people to keep a greater percentage of the reward (paychecks, capital gains, etc) they have produced by these activities.
4] The VERY successful Kennedy tax cuts of the 1960s were based on reducing tax rates, and were successful for the reasons above.
5] Obama and the Republicrats think that the way to increase economic growth is to increase deficits and government spending (Keynesian). It failed spectacularly in the 1970s, giving us inflation and ever worsening recessions. How many know we tried it in the 1930s, and we got the Great Depression which lasted for over 10 years. It doesn’t work.
6] American “voters” had a chance in 2008 to disperse the smoke screen imposed by the media by electing either Dr. Ron Paul or Pastor Chuck Baldwin, both of whom favored the Fair Tax and abolishing the IRS, two positions European Americans United.org fully support. (copy this list and distribute freely)