Re: [Pen-l] Obama , getting money to the working class pronto

[raghu <mraghu01@xxxxxxxxx>]

On Wed, Mar 4, 2009 at 3:39 AM, Max B. Sawicky <sawicky@xxxxxxxxxxx> wrote:
> I've started looking at the O-budget numbers, which are pretty
> remarkable overall.  I mean the humongous jump in non-defense
> spending.  Some kool stuff on the tax side too (cap and trade,
> tax on hedge funds, cap deductions at 28%).  It makes me think
> of the LBJ mix -- big growth in domestic spending, and sliding
> into a potential foreign policy morass (in Afghanistan).



I thought there was a lot to like in the Obama budget: elimination of
Bush tax cuts including I assume reinstating the estate tax; reduced
war spending; removing subsidies for pharma companies; removing the
hedge-fund/private equity tax loophole; tax hikes for the wealthy; tax
cuts for the poor; some health-care spending etc. Unlike the financial
bailout which sounds entirely awful and the stimulus package which is
only so-so.

Sure the budget makes exaggerated noises about deficit reduction, but
it is coming from soaking the rich and auctioning carbon credits -
which in principle would leave a lot of fiscal ammunition in reserve
for progressive policies in future.
-raghu.

--
"I have the heart of a child... in a jar on my desk." - Stephen King
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