President Barack Obama is proposing a tax package aimed at appealing to middle-income Americans, including an increased tax credit for child care and an expansion of tax credits to match retirement savings.
The proposals are intended to fit within the main themes — the economy, jobs and tackling the deficit — the president plans to sound in his State of the Union address on Jan. 27, according to an administration statement.
If at first tax cuts don’t succeed, or the second time, or the tent time, why then, suggest more tax cuts!
One more time, repeat after me. If you pursue bad policy, then you will reap bad results. The job market will not be improved significantly (if at all) by tax cuts, since every dollar a middle class schmuck gets, someone with pricing power (aka, the banks, healthcare industry, etc…) will take away.
Anything that by some miracle isn’t taken away, will be used to pay down debts or saved, and if a few cents are spent, they’ll be spent on crap from China and will generate no appreciable demand for US goods.
Tax cuts do not make the economy better, they certainly do not create jobs worth mentioning, and no, Virginia, they don’t improve the deficit either.
Schmuck. He still thinks he’s Reagan for the 21st century.
jo6pac
Amazing, I guess they’ll work this time because O is doing and not king g or ronnie ray-gunn. I don’t think this going to help us that are unemployed. This will be like the Health Care plan in that will take effect in 2020:( Change we can believe in.
BDBlue
He is Reagan, building a new conservative movement and helping it come to power. Without Obama and his shitty policies, would we have gotten Scott Brown? Chris Floyd (internal links omitted, I recommend reading the entire thing):
Although as always, I guess the real question is winning for whom?
Lori
Someone needs to say that we backed the wrong horse. We should have backed Clinton. Hillary wouldn’t be perfect but she would be light years better than this. Remember, the DNC took delegates away from her to give to him – delegates that she won.
It’s the one thing that can be said that they will absolutely hate. And I want them as miserable as my unemployed friends who are losing their homes.
Sean Paul Kelley
And now this: http://agonist.org/sean_paul_kelley/20100125/just_privatize_everything Further proof the bus is on its way into a ditch. I just don’t have any bandwidth for outrage any longer.
lambert strether
As I keep saying: Obama is not “incompetent” or weak.
For the banksters: $22 trillion
For the banksters: No reform at all, big banks bigger
For health insurance companies: Failure to buy junk insurance becomes a federal crime
For the military industrial complex: A whole new war
For Versailles: Consolidating Bush’s authoritarian gains in torture, state secrets, warrantless surveillance, etc.
Obama has been doing quite well with his agenda. We really do need to surrender the idea that the legacy parties are responsive to the electorate in any way. And I’m very surprised to see you fall for the incompetence meme, Ian. Looked at in the right light, Obama is very competent indeed, as was Bush.
Sean Paul Kelley
Politico is reporting that Obama will call for a freeze on all non-military dsicretionary spedning.
Fuck it. It’s all over now. I’m never voting Democrat again.
BDBlue
He is so much worse than even I thought he’d be and I thought he’d be pretty damned bad.
I guess Bill Clinton will get to keep the title of best Republican president of my lifetime (as I believe Ian put it). It’s apparently not even going to be close. Damn.
anonymous
Personally I’m taking a bit of comfort in this kind of news. The doom overtaking the US seems at least more certain now. No more fretting about whether someone can pull us back from the brink of disaster. Obama has decided to take us over the edge, but instead of diving headlong, we’re gonna rapel (sp?) down the side of the cliff to a nice soft landing. If the rope doesn’t break (that’s a big if), we might even have a swift but soft landing.
whiskyrebellion
we are so fucked, the progressive shot their wad with Obama, now when shit policies fail, the crazy right will be the only ones left to pick up the pieces. Most democrats i know and especailly the ones who are engaged in politics in my college, are still in the sack for obama. there is no hope.
Ian Welsh
Not getting reelected is incompetence. And at this rate, he ain’t getting reelected.
SP – a freeze? hahahahahahaha. Even Republicans are smart enough to know you only talk about doing such things. hahahaha
sporkovat
first time commenting here . . . I’ve become a regular reader both of Ian Welsh and of Corrente since the summer of health insurance reform and am a great admirer of your trenchant writing.
great places to hang out as the de-legitimization of the Legacy Parties proceeds!
Formerly T-Bear
Ian needs do an essay on the economic phenomena of diminishing utility in regard to: 1. value, the basis for graduated progressive taxation on income. 2. leverage, the diminishing ability to obtain desired results from a given input. 3. a review of Thorstein Veblin’s opus (for perspective). 4. a projection of diminishing returns available for governmental effectiveness, the eroding of politico-economic authority from repeated economic failures (bankrupt economic strategy/theory).
There, I’ve done the easy part ……
Ian Welsh
hahaha. If you want to write it T-Bear, I’ll post it. That’s major work, and I currently have clients paying me for writing. (Granted, in one case, for writing I hate doing. But, well, money.)
selise
spending freeze, privatization, cat food commission. time to review what neoliberalism did to russia in the early ’90s especially since larry summers was involved that time too.
3 million dead.
lancet, jan 2009, mass privatisation and the post-communist mortality crisis: a cross-national analysis
….
impeach obama.