Obama's Trillion-Dollar Spending Plan

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Obama Economic Plan

Where is the money coming from? Duh! It's coming from the increase in social security taxes! The CATO institute estimates the Obama payroll tax increase will raise $1.3 trillion over 10 years. The system is collecting more money than it pays out in benefits currently, and that is supposed to continue until 2017. The additional funds collected, as all social security taxes collected since the 1960's, will be spent, leaving more IOU's in the famous "lock-box." Interestingly, the bills start coming due just as a second term Obama leaves office. The only way to meet social security obligations remains to cut benefits, raise taxes, up the retirement age or privatize the system so that funds are used for income producing assets instead of government spending.

Charles Johanns of IL @ Feb 15, 2008 15:05:15 PM

Everyone is Not Equal

oh, do they? I suppose we will put you on top of the new socialist state you call for. Good idea, lets tell families that generations of hard work were for nothing. Lets tell poor people that they will never have a chance to get rich now, because once they have any money they will have to give it to the government. Basically the democrats are espousing a system where nobody wins and nobody loses. Rich people this, rich people that. Get real and look at the world we live in. Try to do something for yourself, and stop whining that you don't get everything you want. Chris of AZ is right: anyone with any business or financial sense immediately recognizes that the liberals have nothing but a weathervane to see which way the wind blows. Government didn't build this country. Independent thinking and hard work built this country, not handouts. The US Government is the biggest waster of money in this country already.

Why do people think that a sprawling government magically knows what to do with private citizens money, rather than the people themselves? However this is the central issue for liberals. Redistribution of wealth is not progress.

Ryan of TX @ Feb 15, 2008 12:57:31 PM

Anywhere is better than here

People who are not concerned about their own financial situation or repairing the planet for future situations will find it easy to criticize any financial plan that includes trying to provide health care for people who don't have it, funds for green energy, and an increase in foreign aid. After eight years of the most shamelessly irresponsible administration throwing money out the window on a war designed to make the rich richer and put on the tab of future administrations I find it hard to believe there's anything wrong with any plan that tries to redirect money to places where it's really needed. The two percent have had their moment in the sun and it's been proven time and again that they don't let that money get back into the economy once they have it. And they have enough.

of @ Feb 15, 2008 08:57:38 AM

It should be obvious to anyone with a lick of financial sense that Obama's economic plan cannot simply be paid for by ending the war in Iraq, ending Bush's tax cuts and raising taxes only on the wealthy. When the government spends, eventually it is the middle class that is left holding the tab. Of course, Obama's supporters are too caught in the wind of change and hope to notice this.

Chris of AZ @ Feb 14, 2008 15:38:24 PM

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Capital Commerce

U.S. News business reporter Matthew Bandyk examines the issues, people, and debates that shape the nexus of political and economic life in the nation's capital.

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