The Economics of Obama

I am not an economist by any measure, but I can balance my checkbook.  That puts me light years ahead of the government.  It also gives me some insight when looking over Obama’s new plans for government spending.  Here is a run down of his goals for just his first year in office.  Keep in mind as well, that these are new programs and do not include any of the hundreds of other programs that both sides of the aisle have laid on us.

  1. National Infrastructure Reinvestment Bank – $6 billion
  2. Health Care Plan – $65 billion
  3. Energy Plan – $15 billion
  4. Tax cuts & credits for those making under $ 50,000 – $85 billion
  5. Economic Stimulus Package – $75 billion
  6. Education – $18 billion
  7. Universal Voluntary Citizen Service – $3.5 billion
  8. Foreign Assistance Fund increase – $25 billion
  9. Iraqi Refugees – $2 billion
  10. Paid Leave Start-Up – $1.5 billion
  11. Transitional Jobs & Career Pathways – $200 million
  12. International Atomic Energy Agency – $50 million

On my calculator that comes to $296,250,000,000.00.  And how will he pay for all this?  Ending the Iraq War (I’m sure one of his advisors reminded him that the funding for this has been set up as temporary and so he will be making this permanent spending) and sticking it to the rich.  Of course he would also end tax breaks for corporations.  As one of those people who makes less than $ 50,000.00, I would actually benefit from Mr. Obama’s plan – or would I?  I run my own service business and am employed by these “horrible” rich people.  I’ve also been employed by corporations in some of my past employment.  Tax them more and maybe they won’t have the incentive to employ more people here.  Tax the rich some more so they won’t be so apt to employ me.  Now you might be saying, “They’re rich, they can afford you no matter what”, but when we are talking “rich” what are we talking about exactly?  It would appear to be anyone who makes more than $ 50,000.00 a year since they won’t get tax rebates.  I know that’s not true, but in reality the government considers anyone making over $ 100,000 rich.  More taxes could cause them to re-think using me, especially if the economy tanks.  I also am an investor and Obama will be raising capital gain taxes as well which will sting me.  And finally, as someone who has to pay my own income taxes since I am my employer, I can’t afford more taxes.  I already pay over 25% in taxes.  When you make less than $ 30,000 that really stings!

Here’s something mind blowing for all the candidates – a Flat Tax!  This would benefit everyone and give the people back control over the spending of our money.

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