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After listening this past week to all the press accounts praising Obama’s grasp of the economy and how everyone thinks its a better way, I figured a bit of my own investigation might be warranted.
Obama’s credentials in economics are really thin–from what we can tell of his academic and professional history. He has advisors, such as Frank Raines, Laura D’Andrea Tyson and others that are clearly not on the A list from the Chicago School of Economics. So it’s not surprising that Obama’s plan for the economy is nothing short of massive re-distribution of wealth.
From his own website, he plans to ‘jump start the economy’ by giving ‘working families’ a $1000 Emergency Energy Rebate to offset the high cost of energy. While this might have been important when oil was at nearly $150 per barrel, it becomes way less relevant when oil is below $80, as it is this week. Even so, if we assume that ‘working families’ make less than $50,000 per year, then by IRS data for 2006, there are over 89 million tax returns representing those families. If each is given $1000 from ‘windfall profits’ taken from the oil companies, it will take the ENTIRE amount of profit from the 5 largest US oil companies to pay this bill. They will have no resources to plan for more refineries, build more pipelines or drill more wells. By the way, according to the IRS, those 89 million tax returns contributed a bit more than $12 Billion in tax revenues; giving them $89B back seems to be an over correction.
Obama also plans to cut income taxes on seniors. Again, from IRS data for 2006, I found over 33 million individual income tax filings reporting income from IRA distributions or pensions–about the best I could do for determining how many seniors there were. They reported income from those pensions and distributions of just shy of $600 Billion dollars. If we assume that they are in the 15% tax bracket, then approximately $100B would owed in taxes from that income. Reducing that tax burden by 20% would mean roughly another $20B in tax revenue lost.
But the really interesting part here is that Obama is promising something to the people representing over 120 million tax filers, out of a total population of 139 million….in other words, he’s promising something for nearly everyone.
So who’s gonna pay for all this? Corporate taxes alone won’t do it. Corporations already contribute $330 Billion and we have the second highest tax rate in the industrialized world. Doubling the tax burden on corporations will only cause more of them to go out of business, out of the country or raise their prices on the rest of us.
In short, there is no way to do any of this without plunging the country into even more massive levels of debt.
We simply cannot allow this man to be President. He will do irretrievable damage to our country in the name of making things better for the ‘working families.’