• If you are having problems logging in please use the Contact Us in the lower right hand corner of the forum page for assistance.

Obama's "Emergency" Economic Plan

Mike

Well-known member
Obama's 'emergency' economic plan
By MIKE ALLEN | 8/1/08 9:38 AM EST Text Size:



Sen. Barack Obama (D-Ill.) on Friday announced an “Emergency Economic Plan” that would give families a stimulus check of $1,000 each, funded in part by what his presidential campaign calls “windfall profits from Big Oil.”

Details are in his six-page policy paper.

The first part of Obama’s plan is an emergency energy rebate ($500 to individual workers, $1,000 to families) as soon as this fall.

“This rebate will be enough to offset the increased cost of gas for a working family over the next four months,” Obama said. “Or, if you live in a state where it gets very cold in the winter, it will be enough to cover the entire increase in your heating bills. Or you could use the rebate for any of your other bills or even to pay down debt

Separately, Obama’s plan includes a $50 billion stimulus package that his campaign claims would save more than 1 million jobs.

Half of the money would go to state governments, which are facing big budget shortfalls, and half would be used for national infrastructure, including replenishing the Highway Trust Fund, rebuilding roads and bridges, and repairing schools.

Obama announced his plan 27 minutes after a Labor Department report showed unemployment hit a four-year high of 5.7 percent in July — the highest rate since March 2004, when it was 5.8 percent.

“We need to do more,” Obama said in a statement. “That’s why today I’m announcing a two-part emergency plan to help struggling families make ends meet and get our economy back on track.

McCain reacted to the surprisingly dour jobs report with a two-paragraph statement: "Across this country, Americans are hurting and today's job numbers are just the latest reminder of the economic challenges we face. ... Unlike Sen. Obama, I do not believe that raising taxes is the answer to our economic problems. There is no surer way to force jobs overseas than to raise taxes on businesses.”

Obama announced his plan for a windfall profits tax on oil companies on June 9 in Raleigh, N.C., as he launched a two-week economic tour after clinching the Democratic nomination.

Friday’s proposal says Obama “is proposing to offset the cost of his emergency energy rebates over the next five years by enacting a windfall profits tax on big oil companies.”

“Obama simply asks that big oil companies contribute a reasonable share of the windfall profits they receive from high oil prices over the next five years to pay for emergency assistance for families right now,” the campaign says.

http://obama.3cdn.net/0035b25f3b7e0a7fe3_w0kdmvrq8.pdf
 

Mike

Well-known member
Sandhusker said:
Tell me again that this flipping idiot is not a Marxist! :mad: What in the hell is wrong with people who support this clown? :mad: :mad: :mad: :mad:

The "less fortunate", for lack of a better word, will perceive him as Robin Hood.

A true leader of those less fortunate people would denounce the free give-away programs and encourage them to reach for their bootstraps, in order to lift themselves from poverty instead of relying on government.

I guess those years as a "Community Organizer" where he applied for free government grants and other such schemes to trap voters will never go away.
 
A

Anonymous

Guest
Tell me again how the current economic policy is working so well--that is the almost identical policy to "I'm the Biggest FreeTrader in the World" McSame-- except McSame wants to give us a gas tax holiday and let the coutries roads and infrastructure fall into more disarray- while we keep filling the pockets of big oil.....

sack-1-1.jpg


Real hard to believe that McCain can/will do anything positive for the economy when he has said he will rely heavily on the advice of his good friend scandalized ex Senator Foreclosure Phil Gramm- who is now being accepted as the author of most the deregulation laws that got our economy into the mess its in--allowing elitist profiteering to run rampant- at he expense of the US taxpayer thats now being forced to bail these greed run corporations out......
 

Mike

Well-known member
Tell me again how the current economic policy is working so well

The U.S. has employed the same economic policy for a long time.

Work hard and make smart decisions and the sky is the limit.

Tell us how increasing give-away/take-away programs will make anything better.
 

aplusmnt

Well-known member
Mike said:
Friday’s proposal says Obama “is proposing to offset the cost of his emergency energy rebates over the next five years by enacting a windfall profits tax on big oil companies.”

Just a back door tax on the poor, oil companies pass along any new taxes to the consumer. Obama taxes oil companies more, they raise prices more and the average American gets the shaft while Washington gets more tax money to play with.

Only one that wins here is the Politicians who now have more tax money to use to buy more votes, by offering more gifts.
 
A

Anonymous

Guest
As Lou Dobb's said- a High School kid come up with a better economic policy and is more "fiscally conservative" than this Bush bunch.......
 

aplusmnt

Well-known member
Oldtimer said:
As Lou Dobb's said- a High School kid come up with a better economic policy and is more "fiscally conservative" than this Bush bunch.......

I think I have you figure out OT, I will now call you the Rainman! You are just now answering questions about politics that someone asked you a few years ago about Bush.

You see we are trying to talk about Obama here, and you keep answering Bush questions someone asked you 5 years ago.

OT the Rainman! :wink: :roll:
 

Sandhusker

Well-known member
I am no fan of the oil companys, but to put a windfall profits tax on them when they have earned that money legally is STEALING from them. The Llama is showing his colors - he's a gawd****d Marxist where the sucessful get penalized and the trash get rewarded. You study his "career" and that's what he's about - penalizing success and rewarding sloth. Washington has been having problems with catering to big business, but this is better? You've got to be flipping kidding me.

This guy is going to chase more companies off shore by stealing from them. He's saying that successful business is not allowed and you will be fined - and MORONS are cheering this guy! I don't get it. Don't they teach basic economics anymore?

If you look at how much money this clown has made on his book, you'll see a hell of a lot bigger margin than any oil company ever dreamed of. I think we need to put a windfall profits tax on him!
 
A

Anonymous

Guest
Mike said:
Tell me again how the current economic policy is working so well

The U.S. has employed the same economic policy for a long time.

Work hard and make smart decisions and the sky is the limit.

Tell us how increasing give-away/take-away programs will make anything better.

I disagree-- Reagan believed in and supported small business-- knowing this is what historically made America strong....In the last few years- ( from Bush #1 on) that philosophy has evolved into a support big and corporate business (most because of Lobbyist monies)- with the emphasis going to allow more integration and monopolization and the policies being centered around the huge multinationals taking precedent over small and domestic business....

And thats one of the reasons we're in the mess we're in...There is little national and no world impact when one or two little regional corporates/companies falls- but when you get these huge conglomerates going under or having financial problems- it can shake up the entire world economy...

Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States.
Ronald Reagan

We need another Teddy Roosevelt trust buster President....

Our goal is to spread prosperity-and see that that prosperity is spread around...
Teddy Roosevelt
 

cutterone

Well-known member
What would be the difference between taxing them on wind falls and corn farmers this year? I suppose OT if you get much better returns on your cattle this fall you will expect to pay a wind fall tax. :roll: :wink:
 

Sandhusker

Well-known member
To be fair, the Obama folks will need to let businesses know what is the acceptable level of profits that they can make before it is stolen from them. Will it be based on margin, ROE, or just a certain dollar threshold?
 
A

Anonymous

Guest
cutterone said:
What would be the difference between taxing them on wind falls and corn farmers this year? I suppose OT if you get much better returns on your cattle this fall you will expect to pay a wind fall tax. :roll: :wink:

If I don't reinvest it back into the business- and its considered income- I do pay a higher tax now.....

And if the price of calves rose like gas did from $1.46 in 2001 to $4.20 it is today-- I wouldn't even mind a windfall profits tax.... :wink:

Sounds like there is a bipartisan bill released today that will include a windfall profits tax or removal of tax subsidies if the Oil boys don't reinvest it back into development and alternative energy... Just heard a brief spiel on it....Also opens up offshore....
 

aplusmnt

Well-known member
Its just so ironic that we have a business in America that is successful and we are trying to punish them. Obama wants to redistrubte their success while at the same time trying to destroy them by helping develop other means of energy.

Why would the oil companies not make all the money they can? Government is looking for other means to make them obsolete, rather it is battery, hydrogen, or wind.

I wonder what will happen to all those high paying jobs with the oil companies if Obama gets his way? What will happen to all those 401K's and retirement funds that have oil stock if Obama gets his way.

Never seen something so stupid in my life, punish success to keep their profits lower until you can make them completely obsolete by funding other means of energy.

I say let them charge whatever they want, let consumers get fed up with it and drive less and let entrepreneurs invent a cheaper means of energy to compensate for over pricing. Let the market work.

As I have said before, Chevy and Toyota are already on the verge of releasing plug in hybrids especially the Chevy volt that runs 100% on Battery for the first 40 miles or so and then switches to gas. Most of the drivers in the world something like 90% will never need to put gas in that car in a days time. Most people are not like us and live in rural, most people drive less than 40 miles a day to and from work.
 
Top