He’ll be accused of offering the typical Democratic tax and spend plans, but with the housing market tanking because of free market loopholes and the prices of basic goods skyrocketing due in part of out of control war spending, I’m thinking the middle class would appreciate some fiscal attention refocused on their needs.
Speaking to about 200 people in Wayne, a Philadelphia suburb, Obama made no new proposals but emphasized earlier ones in light of rising gas prices, inflation and job losses. They include a $1,000 tax cut for most working families; a new Social Security tax on incomes above $250,000; a “windfall profits” tax on oil companies; a $4,000 annual college tuition credit for those who commit to national or community service programs; and an end to income taxes for elderly people making less than $50,000 a year.
Where would he get the money? Well, first he’d roll back the tax levels for the wealthy to about where they were during the Clinton years. And then there’s Iraq. The quicker we get out of there, the quicker we can refocus some of those dollars elsewhere.
And then there are savings due to investments in alternative energy…
He also vowed to spend $150 billion over 10 years to establish a “green energy sector.” It would require greater fuel efficiency in cars and devote more money to solar, wind, and biodiesel energy.
Personally, I wish we’d spend the amount we poured into Iraq ($600 billion and counting) on green energy innovations alone. This IS the next space race, and the quicker we can realize an oil-free society, the quicker we’ll see an end to this “war” we currently find ourselves in. Because while I know it’s not important to many who support the war, at least we’d see a type of return on green investments, as opposed to the big fat question mark we’re getting out of Iraq.
So what do you think? Good plan? Bad plan? Don’t care either way?
And, if you had to do it differently, what would your economic plan look like?
This entry was posted on Saturday, June 14th, 2008 and is filed under Barack, Democrats, Economy, Education, Money, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.