Quote from piezoe:
You apparently do not understand that if spending is not cut, low taxes are worse than high taxes, because on low taxes you pay interest on borrowed money. Obama will cut military spending and that will eventually return tremendous amounts of money to your pocket. You have been duped into thinking that inflation and devaluation is better than taxation. In fact, it is worse. Again, because of the interest you have to pay on borrowed money. Obama will cut overall expenditures and you will benefit tremendously.
I don't see anywhere in his platform that he is intent on cutting any spending. He talks about making this and that more efficient, which in my experience with politicians means throwing more money at it and making no significant difference at all.
I am ALL for spending cuts and if Obama was saying I will raise income taxes back to pre Bush levels and cut spending drastically I would even vote for the guy on that alone. But he isn't just talking about rolling back the Bush tax cuts, he is talking about rolling them back and raisng by an additional 6.2% and raising corporate taxes and hitting employesrs with the raise in SS tax, and cap gains, and taxes on dividends, and no doubt anything else he can think to tax. On the flip side he has all these lofty programs in mind, massive public money investment, he wants to start interferring with the markets as they set thing like interest rates etc. Its doomed to fail just like the great society programs failed.
What we need is a lean government and you only get that by reducing the size of the federal budget not by increasing it, and you only reduce the size of the federal budget by reducing federal revenue sources AND institute debt caps. It is the only way to make politicians adhere to any type of fiscal discipline. So you want a government that spends as little as possible (because it is has little to spend in the first place) and puts as much money back in to the pockets of its citizenry so that they can use it to grow the economy. A good step would be to get rid of the paroll tax altogether as a start, cut corporate taxes and then maybe we wouldn't see GE moving to London (they probably see what is coming on the tax horizon), if Obama is elected stories like that will become du jour. Create an environment that is business friendly, that encourages investment rather than Obama's plan that discourages it. That is the only way that we can get out of the mess we are in fiscally, first and foremost we need to grow the economy, incentivize investment in general and in particular in innovative technologies (with tax incentives), end subsidies on old industries that obviously need no help from the taxpayer, and cut cut cut everywhere that is possible in the federal budget.
Obama is a great speaker and certainly inspirational with an inspiring story but he is exactly what this country can not afford, another war against poverty program that ends up doing more harm than good and cripples economic growth for the duration.
As far as Bush goes, while I never voted for him it is unfair to say that his tax cuts did nothing for the economy. The question to ask yourself is where would we be now if Bush had cut taxes and we hadn't gone to Iraq and we hadn't had to deal with 9/11 and Katrina and 90+ oil, oh, and if Bush had actually been a fiscal conservative and limited all the other pork barrel spending. My guess is Dow 16K at least and enjoying the best of times.