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Story Archives: 'Obama Deal' cometh
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'Obama Deal' cometh
A Democratic-controlled U.S. House of Representatives approved a more than $800-billion bill Wednesday, which President Barack Hussein Obama says is needed to jumpstart an ailing economy.
Every Republican member of the House, including 5th District Congressman Rodney Alexander, voted against the so-called economic stimulus bill. Eleven Democrats voted against the $819-billion measure, too, which is on its way to the Senate for consideration.
Congressional leaders say the Congress will approve an economic stimulus bill by mid February. Obama is expected to sign it.
The House version of the economic stimulus bill, or the "Obama Deal," would add close to $1 trillion to the country's deficit. That's the case because the legislation would generate some $544 billion in federal spending while individuals and businesses would receive a $275 billion tax cut.
Some of the federal largesse that will flow from Washington sooner than later would include tens of billions of dollars for highway construction and mass transit projects. Tens of billions of dollars would be directed to states to help them with budgetary problems.
But far more money—more than the "Obama Deal" directs to highway construction projects and the like—would be spent on unemployment benefits, health care and food stamps.
Meanwhile, the "Obama Deal's" idea of a tax cut could best be described as a slap in the face to the American people. Either that's the case or the Obama administration believes its call for a $500 tax cut for individuals and $1,000 for couples should be taken seriously. We aren't laughing.
At the same time, the so-called tax cut the "Obama Deal" calls for could be described as nothing but a government handout, or welfare. At least that's how we describe giving people a government check when they do not make enough money to pay additional income taxes each year. And that's exactly what the "Obama Deal" would do if and when the president signs it into law.
The sad irony of it all surfaced when the Congressional Budget Office, which is controlled by Democrats these days, disclosed that only 12 cents of every dollar the "Obama Deal" would appropriate will serve as a direct stimulus for the economy. Only 12 cents.
That speaks volumes.
It also confirms what we've always known—massive government spending will not pull an economy out of a recession.
Instead, the Obama administration could serve the American people well if it would lead the charge to slash income tax rates for all wage earners, slash corporate taxes and all but abolish the capital gains tax. That's what we would describe as an aggressive tactic to jumpstart the economy since the people and the business community would possess more of their own money to spend as they see fit.
However, we realize an Obama administration will never entertain an aggressive tax policy that allows individuals and businesses to keep more of their hard-earned money.
Why?
Because the Obama administration and Democratic congressional leaders made it clear long ago. They intend to do their best to create an environment in America in which the American people are dependent upon government whether they want it or not. Thank you but no thank you.
Yet, the time will come in the not-too-distant future when the American people will realize the massive government spending the "Obama Deal" brought about was a mistake.
And we will quickly say we told you so. |
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