Monday, October 13, 2008

Obama: A Day Late and a Deficit Short

Barack Obama finally showed up with a plan spend more dollars in the financial crisis. The crisis started over three weeks ago and Obama is just now coming up with a plan. During the entire crisis Obama sat on the sidelines and clinged to his tax giveaway plan. Obama claimed it was McCain that was erratic but it was McCain providing leadership while Obama rode the pine.

McCain got everyone to the bargaining table and ensured everyone had a voice even though Nancy Pelosi conveniently forgot to tell the Republicans in the house she was having meeting. John McCain was the one that pushed for middle class relief. Where was Obama? He told everyone to call him if needed.

Today Obama released his deficit spending plan for the financial crisis. The problem is that it may have been a day late. Why? Well the markets just rebounded over 11%. The 900+ point gain doubled the previous highest gain ever. It was the fifth best day on the market ever in terms of percentage gain. As more of the bailout money flows into the financial market the better the economy will be.

Obama no longer has the wind fall profits tax to pay for his bailout plan. Obama is offering nothing more than a future of deficit spending. Obama will go further in debt to the Chinese. Obama is proposing over a trillion dollars in new spending. He palns to offset this through increased taxes on those making over $250,000. The problem is that increasing taxes on corporations and people making over $250,000 will only result in lower revenues and higher deficits. Yes Obama is a day late and a deficit short.

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