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Tell Obama He Needs to Take the Tax Cuts Out of the Stimulus Plan

Posted by libhom Wednesday, January 21, 2009

People who thought that the GOP lost the last two elections handily must be surprised that President Obama is embracing one of the most dangerous and irresponsible GOP policies: tax cuts. It's as if McCain is in the White House.

Tax cuts have had a dismal place in our nation's economic history. The Reagan tax cuts led to the worst recession in our country since the Great Depression. Only an effort by Congress to raise taxes, led by Bob Dole of all people, got our economy moving again and helped to reelect Reagan.

Bush's tax cuts have been disastrous. The small checks for middle class and poor people did nothing to help our economy. They might have stimulated China's economy marginally, but China doesn't buy much anything from us.

Bush's enormous tax cuts for the rich have played a key role in our desperate economic situation. They contributed significantly to our government and foreign debt while doing nothing to create jobs here in the US. The wealthy used these unearned windfalls in an orgy of speculation, creating bubble after bubble (stocks, subprime mortgages, oil, gold, etc.) leading to crash after crash. Our treasury was looted to a huge extent to create money which mostly disappeared in 2008.

Now, Barack Obama actually wants more tax cuts?

A stimulus package should stimulate the economy, not slow it down. But, tax cuts will do just that. People aren't spending money because they are lusting after $500 checks. They are holding back on spending because they are afraid of losing their jobs. Only direct job creation will revive the economy.

The stimulus package also includes education, energy, and infrastructure spending with money thrown in to prevent layoffs of state and local government employees. There's even a bit for public transportation, a bit which should be much, much more. However, the beneficial effect of this spending will basically be wiped out be the damaging effects of the tax cuts.

Obama's stimulus package is a short term economic wash that vastly increases the federal debt. Oops!

Tell Obama that there should be no tax cuts in the stimulus package!

Contact President Obama Now!

 

2 comments

  1. Christopher Says:
  2. I agree.

    Frankly, I don't see how Obama can pay for his legislative agenda if he doesn't RAISE taxes on people making more than $200,000 a year.

    Clinton did it and the rest, as they say his history. Like 24 million new jobs.

     
  3. Jimmy Says:
  4. I know I don't get to just not pay my bills. Pay/go must come back to the federal budget.

     

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