A long-term trend?

1993:  Bill Clinton raised taxes for the richest 9% of Americans and cut taxes somewhat for the remaining 91%.

2009:  Barack Obama raises taxes for the richest 5% and cuts taxes somewhat (on top of Dubya's cuts!) for the remaining 95%.



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And your point is?

Coaster's picture

You're not jealous because the majority of us have a lower tax rate than do most of you in the Frozen North, are you?  I think what Obama is doing, tax wise, falls under the heading of fixing things George W. Bush f'd up. 

Obama's budget from a liberal point of view

Dan_in_Cincinnati's picture

From MoveOn.org the liberal organization:10 things you should know about Obama's plan (but probably don't)

The plan:

  1. Makes a $634 billion down payment on fixing health care that will go a long way toward paying for a more efficient, more affordable health care system that covers every single American.3
  2. Reduces taxes for 95% of working Americans. And if your family makes less than $250,000, your taxes won't go up one dime.4
  3. Invests more than $100 billion in clean energy technology, creating millions of green jobs that can never be outsourced.5
  4. Brings our troops home from Iraq on a firm timetable, finally bringing the war to a close—and freeing up almost ten billion dollars a month for domestic priorities.6
  5. Reverses growing income inequality. The plan lets the Bush tax cuts for the wealthiest Americans expire and focuses on strengthening the middle class.7
  6. Closes multi-billion-dollar tax loopholes for big oil companies. 8
  7. Increases grants to help families pay for college—the largest increase ever.9


  8. Halves the deficit by 2013. President Obama inherited a legacy of huge deficits and an economy in shambles, but his plan brings the deficit under control as soon as the economy begins to recover.10
  9. Dramatically increases funding for the SEC and the CFTC—the agencies that police Wall Street.11
  10. Tells it straight. For years, budgets have used accounting tricks to hide the real costs of the wars in Iraq and Afghanistan, the Bush tax cuts, and too many other programs. Obama's budget gets rid of the smokescreens and lays out what America's priorities are, what they cost, and how we're going to pay for them.12

{;-) Dan in Miami

PS:  The devil is in the details.  We shall see.

PPS:  Most of the above 10 points are from articles in the liberal NY Times.

Not reassured

FearlessFreep's picture

"His plan brings the deficit under control as soon as the economy begins to recover." And if it doesn't recover any time soon?

Inflation + more jobs is better than...

Dan_in_Cincinnati's picture

... deflation + fewer jobs.

{;-) Dan in Miami

Inflation Destroys savings

jazzdrive3's picture

Which in turn destroys future capital which would be used to create jobs inject money into the economy in the future.

And what kind of jobs are actually being "created"(transerred) from another sector of the economy?

What if...

Wulfgar's picture

...the Earth gets devoured by a giant mutant Star-Goat?


~No, my young padawan; this one is mine.~


Inflation is bad but deflation is worse

Dan_in_Cincinnati's picture

That's what happened during the Great Depression.  Prices went lower and lower as demand for goods and services went down.  This led to lower production which meant that more people were fired.  Since fewer people had jobs demand went even lower.  This meant even lower demand and lower prices.  It was a downward spiral that only massive government intervention was able to reverse.

{;-) Dan in Miami


It's wasn't a that much of a

jazzdrive3's picture

It wasn't a that much of a downward spiral. It was a market correction that would have reallocated production where true demand remained and grew.

The same thing happened in 1920-1921. Nearly the EXACT same thing. It was even worse than the beginning of the Great Depression. How come we never really hear about it? Because it was over in less than a year, and no big deal in the long run. Why? Because the government didn't do anything and let capital reallocate itself rather than try to prop up dead horses and misallocation.

And contrary to popular belief, consumer spending is not what drives the economy.

President Hoover gave the economy 3 years to self correct

Dan_in_Cincinnati's picture

It didn't work.

{;-) Dan in Miami

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