To imitate Glenn Reynolds: They told me that if I voted for John McCain we'd get four more years of Bush-like tax cuts and spending increases... and they were right!
Aiming to foster bipartisan support for his record-setting economic stimulus, President-elect Barack Obama plans to propose huge tax cuts for businesses and middle-class workers that will total about 40 percent of the package, or up to $310 billion, congressional officials said.The revelation is part of an intricately orchestrated rollout of the plan that includes an appearance by Obama on Capitol Hill on Monday and a major speech about the economy later in the week.
Obama plans to ask Congress for a stimulus package of $675 billion to $775 billion, so the planned tax cuts will total about $270 billion to $310 billion, the officials said.
Didn't the Democrats criticize President Bush for such an unsustainable strategy? Did Bush's strategy mitigate the current economic crisis, or precipitate it? Either way, I'm not sure that "more of the same" is the best way to deal with the problem.
I think the tax cuts Obama are proposing are ok -- though too transient and immediate to do lasting good -- but the spending increases are counterproductive and will burden our society for decades to come. Republicans should be careful not to fall into Obama's trap.
