Obama takes over and the stock market falls 300 points (Dodd, Kerry, independent)
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But, but, obama has already flip-flopped on proposed tax increases for the wealthy, he said so much because of our economic situation. and, you're smart, rich don't create jobs, well, almost not, but you're correct, demand creates jobs. had to rep ya again.
Quote:
Originally Posted by saganista
Tax increases proposed would take rich people back to approximately where they were at the end of the Clinton administration. Is it anybody's recollection that rich people were in big time trouble back then?
Rich people do not create jobs. Demand creates jobs.
That's right chumley.
it's now time to steal from the rich and give to the poor.
and about time too. rich have been getting rich off the poor peoples backs for a long time. big businesses paying low minimum wages, hiring illegals, the gravy train for the rich folk has ended as you know it. start getting used to seeing the rich get poorer. that's what I call justice. who needs wall st anyway? they can't even come up with how they spent their bailout money. wonder how many bush chronies received some or most of those $$$.?
The rich will NOT get poorer, they will just hide their money somewhere, and I don't blame them. They didn't get rich by being stupid!
True but a lot of damage was done during the last 1.5 yrs. Most people I know did not have the foresight to pull their money out of 401ks. This includes me . Even most actively managed funds did not sell stocks to park money in cash. Our collective past actions caught up with us. Anway, we need to give Obama some time (2-3 yrs?) to see how he can dig us out of this mess.
To many people will not be able to make it for 2 or 3 years.
The rich will NOT get poorer, they will just hide their money somewhere, and I don't blame them. They didn't get rich by being stupid!
They are pretty stupid if they have income exposed now that they could suddenly hide if their tax rate went up. The current rate isn't 0%, you know...plenty enough incentive to shield as much income as possible from taxes right now...
Okay for starters rich people may start to feel the pinch of taxes (ie those making only 220k), but the wealthy won't feel any such pinch. Let's take a quick review of where the top 1/10 of 1% makes and earns their money.
Quick review this group of the American lexicon owns more than 50-60% of all the assets in the US. Their chief income comes from ....drum roll please....DIVIDENDS, which are currently taxed at a rate of 15%, so they are not hurting from an income tax one bit. However, having that said the Obama administration could raise the dividend tax back to 20% (although in all honesty i'm not in favor of this tax for the simple reason it does represent a slight form of double taxation.)
You really have to keep in mind if you're wealthy you're not a wage earner and 99% percent of Americans are wage earners and that is where they recieve thier chief income.
Currently the Obama administration is sounding more like a "true" conservative administration in terms of financial policy, more so than a typically socialist leaning liberal adminstration. I mean tax cuts, less spending, cutting excessive waste in the government, and using the government to spend the economy back into jobs. Um, sounds a lot like Reganomics. The irony is the last Administration, which was actually supposed to be conservative ran more like a democratically liberal Admin when it came to financial policy.
Government spending could easily create jobs over night.
Quote:
Originally Posted by truthhurts3
Now will it create three million we all shall see, but it could clearly create a millon or so jobs by spending our tax money to create them.
According to some financial guru on the news last evening, america needs to create twice as many as you've posted, nearly or more than 6 million within the next year, because the end of job losses is not over as yet, it is continual, and will go on through the year 2009, into the year 2010.
Stock market is down again today....down 243 points as of a few minutes ago.
But I am sure throwing another couple of hundred BILLION dollars of our money at the problem will help.
Because if we don't do that something bad might happen....
'might happen'? where YOU been?
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. Even most actively managed funds did not sell stocks to park money in cash. Our collective past actions caught up with us. Anway, we need to give Obama some time (2-3 yrs?) to see how he can dig us out of this mess.
no jobs
