To renew our economy — and to ensure that we are not doomed to repeat a cycle of bubble and bust again and again — we need to address not only the immediate crisis in the housing market; we also need to create a 21st century regulatory framework, and pursue a bold opportunity agenda for the American people,” Obama
“We do American business — and the American people — no favors when we turn a blind eye to excessive leverage and dangerous risks,” he added.
A regulatory framework sounds nice, but what it likely means is a massive new bureaucracy that will make business transactions even more difficult to procure. This latest proposal comes mere weeks after he said this about jobs.
Democrat Barack Obama said Wednesday that as president he would spend $210 billion to create jobs in construction and environmental industries, as he tried to win over economically struggling voters. Obama's investment would be over 10 years as part of two programs. The larger is $150 billion to create 5 million so-called "green collar" jobs to develop more environmentally friendly energy sources...
Sixty billion would go to a National Infrastructure Reinvestment Bank to rebuild highways, bridges, airports and other public projects. Obama estimated that could generate nearly 2 million jobs, many of them in the construction industry that's been hit by the housing crisis.
This agenda is paid for," Obama said as the Republican National Committeepromoted an "Obama Spend-O-Meter" online to track his proposals and portray him as a tax-and-spend liberal. Obama explained that the money for his spending proposals will come from ending the Iraq war, cutting tax breaks for corporations, taxing carbon
pollution and raising taxes on high income earners.
in other words, Barack Obama wants to achieve job growth through government spending, and he will pay for this increased spending by increasing taxes on the wealthy, capital gains, and corporations. So, between the two plans, what we have is boiler plate old school tax, spend and regulate classic liberal policies.
Now, Obama has promised a one thousand dollar tax break for "working families" (his term without any sort of definition beyond that), however he refuses to make the tax cuts permanent. If the tax cuts expire, then these same "working families" will have one tax cut be replaced by a tax increase. He has already promised to re institute the death tax, raise the capital gains tax and the corporate tax.
He has promised two hundred billion in new spending on jobs. He wants another $30 billion dollar "stimulus". We haven't even talked about his behemouth of a spending plan for health care.
Now, we find out that he also wants to call on a plethora of new regulation. Apparently, Barack Obama thinks we can stimulate the economy by increasing a bunch of taxes, increasing the size of government, and adding all sorts of new regulations. Now, I am just curious when the last time those cures actually stimulated the economy.