Obama Plans to Revive Economy With Tax Hikes & Socialized Medicine
The One announced a two year plan to revive the economy with tax hikes and socialized medicine.
Obama also committed to free the country from foreign oil by building wind farms and solar panels… There was no mention of coal, oil or nuclear energy development.
That comes as no surprise.
The New York Times reported, via Free Republic:
President-elect Barack Obama said Saturday that he had started work on a sustained, two-year economic stimulus plan designed to create or save 2.5 million jobs, funnel money toward public works programs to repair the country’s failing infrastructure and invest in alternative energy programs…
“The news this week has only reinforced the fact that we are facing an economic crisis of historic proportions,” Mr. Obama said. “We now risk falling into a deflationary spiral that could increase our massive debt even further.”
The announcement by Mr. Obama is seen as an effort to calm the tumultuous financial markets. The stock market fell last week to lows not seen in a decade, before swelling on Friday with news that Timothy F. Geithner, president of the Federal Reserve Bank of New York, would be nominated as Treasury secretary.
…Though few details were provided, Mr. Obama’s proposal would most likely require the new administration to go back to Congress for approval of a significant jobs and infrastructure program beyond the money it has already authorized for the financial bailout.
…As part of a stimulus package, his advisers have discussed letting the Bush tax cuts for the wealthiest Americans expire after 2010 as scheduled…
Politically, by simply letting the tax cuts expire, Mr. Obama would get the benefit of higher revenues in 2011 and beyond to help finance his proposed health care plans without having to take any action himself, and without the Democratic majorities in Congress having to take a vote.