At a news conference this afternoon Barack Obama announced his economic team. They have plans to spend a great deal of money. While not promising immediate tax increases, it does appear we will all see our taxes go up by 2011.
But the president-elect didn’t detail how large his stimulus proposal would be, and shed no light on whether he would repeal the Bush administration’s tax cuts or let them expire in 2011. Any stimulus plan would greatly exceed the $175 billion price tag Mr. Obama had suggested as a candidate.
He said the stimulus should be large enough to “jolt” the economy back to life.
“I want to see it enacted right away,” Mr. Obama said. “It is going to be of a size and scope that is necessary to get this economy back on track.” Read full story.
You may want to plan accordingly. If you are able to keep your job during this economic downturn it’s going to cost you.
The financial experts agree, middle class tax cuts would be stimulative, but does not creates real wealth.
As far as I have seen, nothing obama has planned would create wealth. The bottom line to his plans would be massive long term debt, inflation beyond imagination from excessive monetary expansion.
That’s change we can believe. Spells disaster, sounds like the democrats are back at the helm.
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Something to read to your children, after putting the last piece of “government-issued” wood on the fire.
http://www.groundbreaking.com/Good_Sam/Rhyme007.htm
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