Obama's tax credits won't stimulate the economy

[The Paperboy]

From the Wall Street Journal by Newt Gringich.

Let's Have a Real Middle-Class Tax Cut

President-elect Barack Obama is right: America needs a real and meaningful middle-class tax cut. Unfortunately, despite the rhetoric, that is not what his proposals offer.

Mr. Obama's tax plan includes creating or expanding nine or more federal income tax credits mostly focused on low- and moderate-income earners, with an estimated cost of $1.3 trillion over 10 years. These tax credits are provided for certain social purposes, such as child care, health care, education, housing and retirement. Buried amid these is Mr. Obama's purported tax cut for the middle class.

For the bottom 40% of income earners, who pay no federal income taxes on net today, these refundable income tax credits will not reduce tax liability but instead result in new checks from the federal government for the targeted social purposes. That's not a tax cut. It's welfare.

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[DavidS]

Since when was Newt Gingrich an economic expert? That's laughable.

Good to see you, Papes!

 

[DiamondDave]

And Obama is?

 

[DavidS]

And Obama is?

Being advised by some of the biggest economic minds in America.

 

[DiamondDave]

Being advised by some of the biggest economic minds in America.

And newt wasn't as speaker of the house?

 

[DavidS]

And newt wasn't as speaker of the house?

He hasn't been the Speaker of the House in over a decade. We haven't had an economy like we do today in decades. He has no idea what's going on.

 

[Kevin_Kennedy]

Being advised by some of the biggest economic minds in America.

Are these the same economic minds that urged him to support the $700 billion bailout, which didn't work? The same economic minds that are telling him another stimulus package is a good idea, when it isn't?

Obama needs to listen to some Austrian economists if he really wants to solve our financial woes.

 

[DiamondDave]

He hasn't been the Speaker of the House in over a decade. We haven't had an economy like we do today in decades. He has no idea what's going on.

And Obama does with his vast national economy experience...?

Again... Newt has done it and understands what is behind the economic forces... yet is not currently in Federal politics.... Obama has never done it and is now just putting together the advise of others....

Yet you inherently take the word of Obama and inherently dismiss the word of newt...

not very good reasoning there

I would at least say that Newt does have valid insight and experience with it.... but as for an Obamabot, no.... Obamabot must dismiss anything not associated with Obama or Obama's stances

 

[DavidS]

And Obama does with his vast national economy experience...?

Again... Newt has done it and understands what is behind the economic forces... yet is not currently in Federal politics.... Obama has never done it and is now just putting together the advise of others....

Yet you inherently take the word of Obama and inherently dismiss the word of newt...

not very good reasoning there

I would at least say that Newt does have valid insight and experience with it.... but as for an Obamabot, no.... Obamabot must dismiss anything not associated with Obama or Obama's stances

So which committees was Newt the chairman of during his tenure in the 1990s?

 

[DiamondDave]

So which committees was Newt the chairman of during his tenure in the 1990s?

Which budget was he not deeply involved in during his time as speaker?

What has Obama done again?

 

[DavidS]

Are these the same economic minds that urged him to support the $700 billion bailout, which didn't work? The same economic minds that are telling him another stimulus package is a good idea, when it isn't?

The stimulus package IS a good idea. It gives consumers money. The GDP is defined by consumer spending. The only reason our GDP in the 2nd quarter this year was positive was because of the stimulus checks we received. Did you receive one, Kev? If you're so against these stimulus checks, did you return yours to the government or tear yours up?

Obama needs to listen to some Austrian economists if he really wants to solve our financial woes.

Archaic.

 

[DiamondDave]

Spoken like the true Obamabot, DS

Right in lockstep

 

[DavidS]

Which budget was he not deeply involved in during his time as speaker?

A budget for the government during an economic recovery time of the mid 1990s vs. the worst financial crisis we have ever seen. Gee. It doesn't take a genius to slash government programs to save money.

What has Obama done again?

He has been elected President of the United States of America. Something Gingrich would never be.

 

[DavidS]

Spoken like the true Obamabot, DS

Right in lockstep

So I guess you have nothing to counter my argument, nor did you answer my question about what you did with your stimulus check. You are the weakest link. Goodbye.

 

[DiamondDave]

So I guess you have nothing to counter my argument, nor did you answer my question about what you did with your stimulus check. You are the weakest link. Goodbye.

I received no stimulus check... thanks for asking

You have made no valid argument to counter

 

[DiamondDave]

A budget for the government during an economic recovery time of the mid 1990s vs. the worst financial crisis we have ever seen. Gee. It doesn't take a genius to slash government programs to save money.

Ever hear of the great depression... but way for an Obamabot to go right in lockstep again

He has been elected President of the United States of America. Something Gingrich would never be.

So winning a popularity contest inherently qualifies one as a financial expert to be taken seriously... gotcha

 

[DavidS]

I received no stimulus check... thanks for asking

Do you pay taxes?

You have made no valid argument to counter

I postulated that the stimulus check was the only reason our GDP was in positive territory in the second quarter. Now, if you have evidence to counter that, I'm all ears.

 

[DavidS]

Ever hear of the great depression... but way for an Obamabot to go right in lockstep again

Gingrich wasn't born during the Great Depression, nor did he enact legislation that cured it.

So winning a popularity contest inherently qualifies one as a financial expert to be taken seriously... gotcha

I love how you're so quick to dismiss Obama being elected by more people than have ever elected a president before as a popularity contest. That's hilarious.

 

[DiamondDave]

Do you pay taxes?



I postulated that the stimulus check was the only reason our GDP was in positive territory in the second quarter. Now, if you have evidence to counter that, I'm all ears.

Yes.. I pay taxes... received no check.... again, thanks for asking... my ex received one, and I did not... no biggie... don't need it

I submit that it is NOT the only reason why we had positive GDP growth.... stocks may be in the shitter, but in Q2 we were not all that bad... and your little $300 checks or whatever, as government's little helper, is not a magic life vest... it's like saying that the only reason a kid in NJ beat leukemia was because of the $20 bill I stuffed in the jerry's kid jar in MD

 

[DiamondDave]

Gingrich wasn't born during the Great Depression, nor did he enact legislation that cured it.

Didn't say he was or did, moron... but nice try at misdirection... countering your point that this is the 'worst economic dissaster in American history'... a typical strategy by the Obamabots to prop up Obama as the freakin' messiah

I love how you're so quick to dismiss Obama being elected by more people than have ever elected a president before as a popularity contest. That's hilarious.

And it is not an election which is a popularity contest? Again, winning an election inherently makes you a financial and economic genius how?

I'll be waiting

freaking Obamabot