red states rule
04-17-2008, 01:35 PM
Last nights debate shows neither Hillary or Obama have a clue on what is good for the economy
They say how rotten the economy is, yet they want to tax the hell out of workers and companies - out of "fairness"
Obama-Clinton Debate in Philadelphia Spawns Weird Economics
April 17, 2008 11:15 AM ET | James Pethokoukis | Permanent Link
Hey, if you thought you could afford to miss the 537th Democratic presidential debate of 2008, you were wrong. Last night's shootout in Philly was extremely illuminating. A few thoughts and observations on the economic talking points from Barack Obama and Hillary Clinton:
1) If Obama is correct and the economy (where the current jobless rate is 5.1 percent vs. recessionary peaks of 8.8 percent in 1975, 10.8 percent in 1982, 7.8 percent in 1992, and 6.3 percent in 2003) is "in a shambles" and "teetering not just on the edge of recession, but potentially worse," why would he want to nearly double the capital-gains-tax rate, which is a tax on savings, investment, and, yes, housing?
In the YouTube moment of the debate, comoderator Charlie Gibson of ABC News asked Obama twice why he wanted to raise capital-gains taxes since such a move would both 1) hit the middle class and 2) produce less government revenue. Obama—who didn't seem to know that middle-class people pay capital-gains taxes, since he had just moments earlier promised not to raise taxes on people making under the $200,000-to-$250,000 range—gave this answer:
Well, Charlie, what I've said is that I would look at raising the capital-gains tax for purposes of fairness....[And as to higher rates bringing in less revenue], well, that might happen or it might not. It depends on what's happening on Wall Street and how business is going.... ...And if we can stabilize that market and we can get credit flowing again, then I think we'll see stocks do well, and once again I think we can generate the revenue that we need to run this government and hopefully to pay down some of this debt.
OK, let me get this straight: Obama thinks we may be heading into a near depression, and he wants to double a tax that might or might not, as he sees it, have a negative effect on economic activity, all for the sake of "fairness." Now that is a man of principle.
for the complete article
http://www.usnews.com/blogs/capital-commerce/2008/04/17/obama-clinton-debate-in-philadelphia-spawns-weird-economics.html
They say how rotten the economy is, yet they want to tax the hell out of workers and companies - out of "fairness"
Obama-Clinton Debate in Philadelphia Spawns Weird Economics
April 17, 2008 11:15 AM ET | James Pethokoukis | Permanent Link
Hey, if you thought you could afford to miss the 537th Democratic presidential debate of 2008, you were wrong. Last night's shootout in Philly was extremely illuminating. A few thoughts and observations on the economic talking points from Barack Obama and Hillary Clinton:
1) If Obama is correct and the economy (where the current jobless rate is 5.1 percent vs. recessionary peaks of 8.8 percent in 1975, 10.8 percent in 1982, 7.8 percent in 1992, and 6.3 percent in 2003) is "in a shambles" and "teetering not just on the edge of recession, but potentially worse," why would he want to nearly double the capital-gains-tax rate, which is a tax on savings, investment, and, yes, housing?
In the YouTube moment of the debate, comoderator Charlie Gibson of ABC News asked Obama twice why he wanted to raise capital-gains taxes since such a move would both 1) hit the middle class and 2) produce less government revenue. Obama—who didn't seem to know that middle-class people pay capital-gains taxes, since he had just moments earlier promised not to raise taxes on people making under the $200,000-to-$250,000 range—gave this answer:
Well, Charlie, what I've said is that I would look at raising the capital-gains tax for purposes of fairness....[And as to higher rates bringing in less revenue], well, that might happen or it might not. It depends on what's happening on Wall Street and how business is going.... ...And if we can stabilize that market and we can get credit flowing again, then I think we'll see stocks do well, and once again I think we can generate the revenue that we need to run this government and hopefully to pay down some of this debt.
OK, let me get this straight: Obama thinks we may be heading into a near depression, and he wants to double a tax that might or might not, as he sees it, have a negative effect on economic activity, all for the sake of "fairness." Now that is a man of principle.
for the complete article
http://www.usnews.com/blogs/capital-commerce/2008/04/17/obama-clinton-debate-in-philadelphia-spawns-weird-economics.html