Thread: How bad could the U.S. economy get?

Originally Posted by ScottS

Boy, then we should be jumping for joy that just the opposite of these policies have been going on for the last 7 years, or we'd really be screwed up now. Maybe instead of just killing GM, the oil companies would have released plagues to kill all our wheat, too!!

I'll take the opportunity to point out that Obama's economic plans include cutting the govt's revenue by 10%-- i.e., an overall tax cut.

1. He plans for an overall tax cut while also planning for government expansion. Which one will happen once he is elected? Will these tax cuts include those who don't pay taxes, like the last few rounds of tax rebates? Democrats don't cut taxes, it is political suicide.

2. He proposes a tax increase on the rich who, by IRS standards, make 70K+ as individuals. For those who find themselves in the highest tax bracket the marginal tax rate will reach 58%. This alone is enough to stall the economy at the best of times.

3. While I am by no means an advocate of how our government has been run the past seven years, Obama's programs, plans and policies in aggregate represent a devolution not an evolution. Nearly every thing he would seek to accomplish has been tried and failed.

4. GM killed itself, not Washington. Its been dying slowly for decades. If any one thing has killed it, that would be GMs inability to swiftly adapt to changing consumer demand.

5. Yes, the oil companies have made a lot of money recently. You are, however, aware that the Federal government makes more from each gallon of gas sold than any given oil company, aren't you? If oil company profits have been "obscene," how do you describe Washington? At least oil companies bear some risk. Uncle Sam just takes.

If an Obama presidency results in lower taxes, smaller government, a healthy economy and more individual freedom, I will be the first to admit I am wrong. Gladly. Unfortunately, I suspect it will result in social malaise and unrest, a stagnant economy and rampant political correctness.