Wednesday, August 6, 2008
Obama And His Great Rebate Debate
Those who understand history, know that there is an inherent danger in electing leadership that is intent upon the overuse of populist rhetoric. Any politician can address a crowd, play upon there economic or social woes and promise them brighter days; but true political leadership understands that opportunity is built upon self-reliance and that government intervention in our individual lives typically comes with a high price. Politicians will always pander and they will always use populist issues to further their pursuit of higher office, but there is a fine line that most politicians will not cross.
Barack Obama has taken populist rhetoric and pandering to new heights this election, literally promising ever increasing rebates and credits to solve the economic and social problems that plague each group he talks too. While critics have attacked and outlined the costs of each his new government proposals, few people recognize the extent of his promises, his overall abuse of populist rhetoric, and his overuse of rebates and tax credits as ways of securing votes.
Here is an overview of the promises Obama has made and their associated ANNUAL Costs:
Energy Rebate: $500 per individual, applying to 150 million workers - COST: $75 Billion
Additional Economic Stimulus Rebate - COST: $20 Billion
Individual "Making Work Pay" Tax Credit: $500/individual, applying to 150m COST: $75 Billion
Eliminate Tax On Seniors Up To $50,000 Income - Cost: $9.8 Billion
Immediate Tax Rebate To Seniors Under $50,000 - Cost: $10 Billion
Expand Existing "Savers" Tax Credit - COST $3 Billion
Expand Earned Income Tax Credit - Cost $3 Billion
Eliminate Federal Employee Windfall Provision - Cost $6 Billion
Universal Mortgage Credit: $500 per family making under $50,000 - COST: $5 Billion
Extend Child Care Tax Credit to a Refundable Rebate Covering Up To 50% of Child Care Costs - COST: Over $40 Billion
Zero To Five Initiative - Cost: $10 Billion
Free First Year Of College Up To $4,000 - Cost: $5.8 Billion
Expansion Federal Pell Grants - Cost: $7.1 Billion
Teaching Service Scholarships - Cost: $1 Billion
Immediate Federal Relief Payment To Urban Areas Impacted By Housing Crisis - Cost: $10 Billion
Increase Urban Community Development Block Grant - Cost: $1.7 Billion
Urban Promise Neighborhoods Progam - Cost $60 Million per year
Extension Of Unemployment Benefits - Cost $30 Billion
Advanced Manufacturing Fund - Cost $100 Million
Disadvantaged Community Business Incubators - Cost $250 Million
Increase In Small Business Capital For Minority-Owned Business - Cost $342 Million
Affordable Housing Initiative For 'Mixed-Income Neighborhoods - Cost $540 Million
5- E Youth Service Corps - Cost $78 Million
Foreclosure Prevention Fund - Cost: $10 Billion
Federal Initiative For Mandatory Paid-Leave - Cost $300 Million
Trade Adjustment Assistance - Cost $250 Million
Urban Poverty Transitional Jobs Program - Cost: $200 Million
Increase General Sciences Funding - Cost: $6 Billion
Cap & Trade - Cost: $57 Billion
Autism Assistance - Cost: $625 Million
Health Care Plan - Cost: $65 Billion
Reimportation of Prescription Drugs - Cost: $500 Million
MedicAid Extension - Cost: 5.6 Billion
Medicare Prescription Drug Extension - Cost: $29 Billion
Estimates of Obama's Proposed Spending Have Ranged Up To $1 Trillion Dollars Per Year In New Federal Spending.
That Amount is by no means unimaginable considering that the taxpayer advocacy groups and the Obama campaign have only been able to attain cost estimates for less than half of Obama's proposed programs.
Obama And His Great Rebate Debate
Those who understand history, know that there is an inherent danger in electing leadership that is intent upon the overuse of populist rhetoric. Any politician can address a crowd, play upon there economic or social woes and promise them brighter days; but true political leadership understands that opportunity is built upon self-reliance and that government intervention in our individual lives typically comes with a high price. Politicians will always pander and they will always use populist issues to further their pursuit of higher office, but there is a fine line that most politicians will not cross.
Barack Obama has taken populist rhetoric and pandering to new heights this election, literally promising ever increasing rebates and credits to solve the economic and social problems that plague each group he talks too. While critics have attacked and outlined the costs of each his new government proposals, few people recognize the extent of his promises, his overall abuse of populist rhetoric, and his overuse of rebates and tax credits as ways of securing votes.
Here is an overview of the promises Obama has made and their associated ANNUAL Costs:
Energy Rebate: $500 per individual, applying to 150 million workers - COST: $75 Billion
Additional Economic Stimulus Rebate - COST: $20 Billion
Individual "Making Work Pay" Tax Credit: $500/individual, applying to 150m COST: $75 Billion
Eliminate Tax On Seniors Up To $50,000 Income - Cost: $9.8 Billion
Immediate Tax Rebate To Seniors Under $50,000 - Cost: $10 Billion
Expand Existing "Savers" Tax Credit - COST $3 Billion
Expand Earned Income Tax Credit - Cost $3 Billion
Eliminate Federal Employee Windfall Provision - Cost $6 Billion
Universal Mortgage Credit: $500 per family making under $50,000 - COST: $5 Billion
Extend Child Care Tax Credit to a Refundable Rebate Covering Up To 50% of Child Care Costs - COST: Over $40 Billion
Zero To Five Initiative - Cost: $10 Billion
Free First Year Of College Up To $4,000 - Cost: $5.8 Billion
Expansion Federal Pell Grants - Cost: $7.1 Billion
Teaching Service Scholarships - Cost: $1 Billion
Immediate Federal Relief Payment To Urban Areas Impacted By Housing Crisis - Cost: $10 Billion
Increase Urban Community Development Block Grant - Cost: $1.7 Billion
Urban Promise Neighborhoods Progam - Cost $60 Million per year
Extension Of Unemployment Benefits - Cost $30 Billion
Advanced Manufacturing Fund - Cost $100 Million
Disadvantaged Community Business Incubators - Cost $250 Million
Increase In Small Business Capital For Minority-Owned Business - Cost $342 Million
Affordable Housing Initiative For 'Mixed-Income Neighborhoods - Cost $540 Million
5- E Youth Service Corps - Cost $78 Million
Foreclosure Prevention Fund - Cost: $10 Billion
Federal Initiative For Mandatory Paid-Leave - Cost $300 Million
Trade Adjustment Assistance - Cost $250 Million
Urban Poverty Transitional Jobs Program - Cost: $200 Million
Increase General Sciences Funding - Cost: $6 Billion
Cap & Trade - Cost: $57 Billion
Autism Assistance - Cost: $625 Million
Health Care Plan - Cost: $65 Billion
Reimportation of Prescription Drugs - Cost: $500 Million
MedicAid Extension - Cost: 5.6 Billion
Medicare Prescription Drug Extension - Cost: $29 Billion
Estimates of Obama's Proposed Spending Have Ranged Up To $1 Trillion Dollars Per Year In New Federal Spending.
That Amount is by no means unimaginable considering that the taxpayer advocacy groups and the Obama campaign have only been able to attain cost estimates for less than half of Obama's proposed programs.