Will Obama policy look like Reaganomics?

Discussion in 'Politics' started by Common Sense, Dec 10, 2010.

  1. Common Sense

    Common Sense BANNED

    Nov 2, 2010
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    Will Obamanomics end up looking like Reaganomics?
    Clearly, Obama comes from the exact opposite philosophical starting point from Reagan and his supporters. If the decision were his alone to make, the president would adopt a tax cut for 98% of Americans and let the upper-income tax cuts from the Bush era expire.
    However, if he refuses to fight against extending the high-income tax cuts, then the effect will be the same: leaving our senior citizens, our young people, our disabled, our uninsured and our veterans out in the cold when we cut the programs they need.

    What's the alternative? First, we should enact a middle- and low-income tax cut. Those Americans are more likely to spend the extra money they will have in their pockets, making the economic impact of that targeted tax cut stimulative. The House has passed such a bill. The Senate should follow suit.

    Next, we should take the amount that would have been spent on the high-income tax cut -- nearly $800 billion -- and invest that in a Works Progress Administration-like jobs program that would put Americans back to work.
    What's more likely to boost the economy -- a $75,000 tax break to somebody who makes $1 million, or a $75,000-a-year job for an unemployed American worker who has a family to feed?

    The re-employed person would put that money to use feeding his family, buying Christmas presents and paying rent. The re-enriched person would put the money to use in his investment portfolio or in his kids' trust fund. There is nothing wrong with that, of course, but it will not do much to help today's troubled economy.

    Will Obama policy look like Reaganomics? - CNN.com

    id like to here some commentary on the bolded out part, and then apply that to why cutting taxes for the top 2% is a good idea? (for the argument lets assume the top 2% make over $1,000,000 annually, which is where the bar should be set for the tax hikes)

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