Quote:
Originally Posted by
bionicarm http:///t/387779/president-s-speech#post_3414584
Guess you didn't listen to the speech. The plan will not add one more dollar to the deficit. He plans on asking Congress to add more spending cuts to the already $1.5 trillion over the next 10 years to pay for it. He's also looking at modifying Medicare in some shape or form. Payroll tax breaks for small businesses. Giving $4,000 tax credit to any business that hires a military veteran. Extend the middle class tax breaks, including providing a $1,500 tax credit to all Americans next year. He mirrored several of Romeny's little proposals he pushed out the other day. The only thing that will hold it back is him wanting to raise corporate and wealthy tax rates. Modify our current income tax rates so that every taxpayer pays the same amount. The plan would make last year's cut in the individual Social Security tax rate, from 6.2 percent to 4.2 percent, permanent
Of course the Republicans will do everything they can to railroad it. Their only mission in life is to keep our economy in the dumps, and keep unemployment high so that Obama will be unelectable next year. This statement pretty much summed it up:
"Members of Congress, it is time for us to meet our responsibilities," he said, complaining that "already, we're seeing the same old press releases and tweets flying back and forth."
"But know this," he added: "The next election is 14 months away. And the people who sent us here — the people who hired us to work for them — they don't have the luxury of waiting 14 months."
OH PA-LEEZE!!!
"I'm going to pay for it" equals "I don't have a clue how to pay for it, that's congress' job".
"We need to fix medicare because it's going broke, But I am increasing and extending the cut in taxes that pays for it" HELLO?
Military vet hiring credit. This is the most laughable of all. Do you SERIOUSLY think anyone is going to be looking to get out with this economy now that the wars are winding down? This ain't like Korea or Vietnam where people were drafted and discharged from the service when they get home. Most of the people in the military are there because they want to be. Unless the government starts forcing people out, which might come this is meaningless except for being a nice gesture.
The credit for hiring people off unemployment makes sense. Still not a magic bullet that's going to move the needle.
Closing corporate loopholes? Depends. One person's loophole is anothers legitimate business expense. Increasing taxes on corporations takes money out of the pockets of consumers when the increased cost are passed along. Isn't the point of the payroll tax cut to put more money in the hands of the consumer?
Hiring more teachers..... How is this going to spur job growth? I am not aware of a single school that has closed for lack of enough teachers. So there are no bus drivers, custodians or lunch ladies that will be hired as a result of this. It isn't worth adding to the debt right now. We can't risk another credit downgrade.
Infrastructure projects. Again done right makes sense. Repairing existing infrastructure is going to have to be done at some point and once funded can happen really fast. They should stipulate this is only for repair and maintenance, no new projects. We already learned that lesson with the stimulus.