Obama is contemplating a stimulus package for the flagging economy in the neighborhood of $850 billion dollars. Some have even advised him that he should plan to spend upwards of $1 trillion dollars to help the economy.
While this news is hardly surprising the main question that I have is, where in the world is he going to get this money? Not only does the proposed package include tax cuts for middle and low income earners, it also proposes no tax increases on the wealthy. I would really like to know where this money is supposed to come from when we are already in debt well beyond our means and there are no new taxes to fund it?
Can anybody tell me?
Check out the article:
http://news.yahoo.com/s/ap/20081217/ap_on_go_pr_wh/obama_stimulus
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Comments: 35
From the tax revenues.. That means he has to raise taxes.
Or he could do away with many funded programs to save money..
I hope it doesn't come to that.
These people work part time and have incredible pay and benefits. Reduce it to minimum wage by the hour as documented by a time clock. During recesses, they can be Walmart greeters or create jobs for themselves. If autoworkers have to take big concessions, so should their elected representatives.
The first lump of money will come from the money we're currently spending on killing people (ours and others) in Iraq. With any luck, this will stimulate the economy to pay for itself.
Obama wants to close tax loopholes for corporations. That will give him some more money to spend. Again, with any luck, the economy will pick up, and generate some more revenue.
I don't know where else he'll get money, and right now, I'd bet he doesn't either. But the bottom line is that what we've been doing isn't working, so it's time to do something different.
Thanks for sharing
HH
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