What does the story below really mean to Americans! Our nation is going to go so far into debt during Obama's term in office we may never recover.
If a family faces financial difficulty shout it go out and rack up additional bills and go futher into debt? It doesn't take an economist with a PHD to understand how stupid this idea is! Common since dictates that additional debt will hurt in the long run!
Additional American debt means that more of our hard earned tax revenue will go towards paying the bill. Which in turn means less for the government and all its programs.
What will be the next step... the famous path always taken by Liberally Controlled Governments... raise taxes! Again... simple math right? just raise taxes and the money will pour in! No thought that businesses will fire more people because of the additional taxes.
Look at New Jersey and Michigan. Two states that went down this Liberal road! They have driven business out of their respective states by the never stopping tax increases. Both states are now begging our Federal Government for a bailout along with many other liberal states!
Because we Americans are using LESS gas the Federal governement is loosing federal gax taz revenue... thier answer; increase the gas tax by 50 percent!
Liberals will never learn... high taxes kill productivity and job creation!
Government made jobs are not the answer... sure, rebuild a road or a bridge because it is needed but this type of job creation is temporary! Once the road or bridge is completed the jobs will be lost again!
What is needed is long term job creation. Non-government jobs that manufacture or provide services to the people of the world. Successful businesses create jobs, provide tax revenue which in turn drive the economy forward!
History is clear... Roosevelt's liberal plan was a failure! It was World War II that ended the great depression not government projects!
Obama is heading down the Roosevelt road... in a couple of years I will be able to say, "I TOLD YOU SO!"
Taxes will be raised, unemployment will raise, interest on a home purchase will go into the double digits, inflation will be near ten percent! Can you spell JIMMY CARTER?
NEW YORK (Reuters) – President-elect Barack Obama and Congressional Democrats are considering a major expansion of government-assisted health care insurance and unemployment benefits as part of a two-year economic recovery program, The New York Times reported in its Sunday editions.
Proposals included extending unemployment compensation to part-time workers, subsidizing employers who must continue health insurance benefits temporarily for laid-off and retired employees and allowing workers who lose jobs that did not include insurance to apply for Medicaid, the Times said.
The proposals would be included with other economic measures like ramping up spending on infrastructure and other public works projects meant to stimulate job growth, the Times said.
Democratic aides said the House of Representatives is not expected to vote until next week at the earliest on any stimulus plan, with final action now unlikely before February, the newspaper reported.
Citing Obama advisers, the newspaper said the package, which could face resistance from Republicans and conservative Democrats, would cost at least $775 billion.
"This has really forced people to think outside the box," the Times quoted a House Appropriations Committee aide as saying, "because this is more money than anybody expected to be spending."
Obama is also likely to propose a tax credit of $500 for eligible individuals and $1,000 for couples, the newspaper said. Those earning too little to pay federal income tax would receive a check meant to offset Social Security retirement and Medicare payroll taxes.
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