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Obama: Recession Could Delay End to Bush Tax Cuts

Discussion in 'Political Debate & Discussion' started by Revmitchell, Sep 8, 2008.

  1. Revmitchell

    Revmitchell Well-Known Member
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    WASHINGTON — Democrat Barack Obama says he would delay rescinding President Bush’s tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession, suggesting such an increase would further hurt the economy.

    More Here
     
  2. Revmitchell

    Revmitchell Well-Known Member
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    So Obama admits taxes are a burden on the economy.
     
  3. StefanM

    StefanM Well-Known Member
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    This is an implicit admission that his tax increase will harm the economy.
     
  4. Andy T.

    Andy T. New Member

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    Too funny. This messiah, ur, I mean...man...does not have a clue of what it takes to lead a country.
     
  5. donnA

    donnA New Member

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    humm, there are people here(BBers) counting on him do exactly opposite, making the rich bear more burden and them(BBers) less burden on taxes. And now he says the rich will continue with less taxes, and the rest of with too much taxes.
    He has no idea what he's doing. And some see logic in this junk he presents.
     
  6. dragonfly

    dragonfly New Member

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    Not hardly, but nice attempt at spinning!
     
  7. Pastor Larry

    Pastor Larry <b>Moderator</b>
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    So how would you spin it?
     
  8. LeBuick

    LeBuick New Member

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    Not everyday you see a politician admit he was wrong. I think that's a good thing... :thumbs:

    Now there is another candidate who said poor was less than 5 mil and the economy was solid who has stolen the platform of change from Obama. Did he realize American's are hurting? That's his new message... If the economy is so solid, why do we need change?
     
  9. StefanM

    StefanM Well-Known Member
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    If it will not harm the economy, pray tell, why would he delay the increase?
     
  10. Revmitchell

    Revmitchell Well-Known Member
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    And yet he still plans to pursue them at the expiration date. Now there is leadership I tell ya!:thumbs:
     
  11. JustChristian

    JustChristian New Member

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    I think the economy is beyond repair now. The nationalization of Fannie Mae and Freddie Mac will DOUBLE the national debt about 2 years before the first of the Baby Boomers start to retire. But you say that we're only allocating $200 B for the bailout? That's just the tip of the iceburg. These companies own about 50% of the mortgage loans in the country. The first wave of foreclosures was bad but it's estimated that the second wave (prime rate mortgages) will be twice as devastating to our economy. Of course we HAVE to keep the wars going and we HAVE to spend more and more on the military. It doesn't look good for Uncle Sam.

    http://www.informationclearinghouse.info/article20707.htm
     
  12. LeBuick

    LeBuick New Member

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    Agreed, and we are borrowing the money from China. What happens if China demands payment?
     
  13. North Carolina Tentmaker

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    Sounds like you are advocating a war with China. Would that solve your problems?
     
  14. North Carolina Tentmaker

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    There is one big difference between the mortgage crisis and these other financial problems you mention - billions of dollars in real estate.

    While Freddie and Fannie may be short of capital, they hold mortgages on real estate worth billions. OK, with the housing bubble collapse they may not be worth as much as people owe, but they are still worth most of it. Much of the loss in foreclosures are added interest and penalties, not initial capital.
     
  15. LeBuick

    LeBuick New Member

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    With hot head McCain in office he just might do that. There are too many Chinese for me to want to fight them.

    When my brother and I were young we were out numbered and someone called him a sissy. We knew we couldn't walk away or it would prove their point so we took our licking like men. I later learned it takes a bigger man to walk away which is my solution for fighting China... :laugh: :wavey:
     
  16. North Carolina Tentmaker

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    I think I will make it a policy to eat Chinese food at least once a week. That way I will be ready.

    Do you think if I study really hard I can learn Chinese from the fortune cookies?
     
  17. JustChristian

    JustChristian New Member

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    i don't see anything that was said about war. We're talking about economic catastrophe. Maybe your solution would be war.
     
  18. LeBuick

    LeBuick New Member

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    You want me to switch the lettering on the machine to Chinese?
     
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