Obamas Tax Cut for 95% of Working Americans is Full of Crap
With the Dow Jones showing its worst performance in so many years, it doesn't compare to the Carter Administration and the horrific economy of 1980, 1981, and 1982. Double digit inflation, 18% mortgage interest rates, and double digit unemployment was what I could remember during that time and wish never to see it ever again.
All I can say is not to panic. The market will rebound. Don't fall prey with today because the near future will be very promising. I saw how the market rebounded during the 1987 mini market crash and September 11. Just hang in there and don't do anything drastic. We are experiencing the fear factor among the gutless investors in Wall Street. This is an artifical drop, and as fast the market can drop, it will always rebound back past the pre-fall numbers.
I have noticed something that would be worth mentioning. Have you notice when Obama poll number jump higher, the market drops? It is known that over 74% of Wall Street is dreading of an Obama presidency. They know what the economy will be like when we have Pelosi in the House, Reid in the Senate, and Obama in the White House. There wouldn't be any check and balance. You will have Liberals run wild in Washington. As an example, this can be seen with the ineffective Democrat majority, who took over in 2006. They found a way to bring down the price of gas and the barrel of oil. Democrats saw that screwing up the economy will decrease the price of oil and strengthen the dollar. Well, they are right and it just happened. Price of oil dropped below $80 per barrel, and conversely, the dollar strengthened over the Euro. I call it a drastic means, but at the end, the American people still suffer. Ironically, the American people still feel Democrats could do better with the economy than Republicans. ROLMFAO! People! Wake up!
I always insist that raising any taxes during these tough time is foolish and naive. Therefore, i want to point out Obamas plan in cutting taxes for 95% of working families, which is a full of crap, and to restart the economy.
An article by Kimberly Strassel pays tribute to Obama's magic in a column that usefully summarizes the internal contradictions of Obamanism:
To kick off our show tonight, Mr. Obama will give 95% of American working families a tax cut, even though 40% of Americans today don't pay income taxes! How can our star enact such mathemagic? How can he "cut" zero? Abracadabra! It's called a "refundable tax credit." It involves the federal government taking money from those who do pay taxes, and writing checks to those who don't. Yes, yes, in the real world this is known as "welfare," but please try not to ruin the show.
For his next trick, the Great Obama will jumpstart the economy, and he'll do it by raising taxes on the very businesses that are today adrift in a financial tsunami! That will include all those among the top 1% of taxpayers who are in fact small-business owners, and the nation's biggest employers who currently pay some of the highest corporate tax rates in the developed world. Mr. Obama will, with
a flick of his fingers, show them how to create more jobs with less money. It's simple, really. He has a wand.
Just think what we would endure if Obama is president. You don't need to go far and see what the current state the market is doing now. It would take us back to the Jimmy Carter era, but worst.