Obama Tosses Some Shekels to the Peons
Unless Bloomberg is doing some awful reporting and leaving out critical elements of Obama's new tax proposals, to call these proposals weak tea would be an insult to faintly tinted brown water. It's a bunch of peripheral tax credits that have no bearing on incentives to work, save or invest. (Actually the tax credits create a disincentive to work - if you trip the $85,000 annual income threshold, the new credits go away, so better work only up to that 85K number.) Student loan aid? Elderly care aid? Fine, but this does nothing, and I mean nothing, to juice the economy. Right now the policy landscape and rhetoric emanating in tidal waves from this President and his Democrat allies in the Congress is engendering absolute paralysis among investors and businesspeople. Nobody wants to take risks, expand and hire given the beating that DC Democrats have been dishing out and would love to keep dishing out to American business. Businesses are, in fact, shrinking by design. With this gambit, Obama is just tossing some meaningless handful of shekels and dressing it up for the MSM. This plan employs too little of the wrong ammo targeting the mere edges of the economy rather than the core. Stupid and disgraceful, but what is new.