Obama to Allow Bush Tax Cuts to Expire on Schedule

Al Reuters ^ | February 21, 2009 | Staff Writer

[Truth29]

"I?m going to say 6998 for Monday?s close. That will be the Market?s warning shot to the Dem House, Senate and WH. The new spending bill and the tax increases are the Dem?s complete and all out declaration of war on the U.S. economy and we, the sheeple. Gosh, you?d think the Dem?s would get a clue at the record drops on Nov. 5th and 6th. Those were the ?Oh $hit? days when the Market realized that we, the Sheeple are really THAT Stupid and elected the Zero Man to lead us through the Hurricane Cat 5 weather dead ahead. Neidermeyer, I?ll be watching the final half hour to see if the Floor puts in the uptick trades to rescue the day."

One of the real skills of the Democrats, if you can call it a skill, is the ability to convince the majority of the people that they are trying to help when they are doing the exact opposite. An example is the misnamed Employee Free Choice Act, which is the exact opposite; or a stimulus bill which is actually the liberal payoff bill. Marxists want to create more dependency and privation while stating that they intend the opposite. A weak, poor, and dependent population which looks to the Democrats to save them will continue to vote for them never understanding the strategy.

[Religion and Politics]

Mainly, the fact that he’s going to let them expire bodes darkly for the future. When things are totally in the tank in the future, and then on TOP of it, the tax cuts that have helped so many are allowed to expire...that’s really going to put the final nail in the economy’s coffin.

It really depends on what you consider the starting point is. The starting point is what Obama campaigned on which was rescinding the Bush tax cuts on the most wealthy when he took office. Everyone was already figuring that the dead were going to be taxed retroactively again like they were by Bill Clinton. Regardless, these tax increases were the assumption.

Many advised Obama late last year to publically announce that he wasn't going to rescind the Bush tax cut early but he did not relent. Now Obama relents and decides that now isn't the time for a tax increase, even for the most wealthy. The Obama tax increases will not even take effect until we have another election in 2010. The whole makeup of the house could change by then. Do you think the house is going to want to run for office just after raising taxes? Let them try.

I think everyone is a little jittery these days, LOL!

Read this thread. The market is now going to crash? There is no way to avoid the greater than the great depression? We need to go buy guns and ammo now? We need to all just quit working? IMO, if someone yelled "hang him" there would be a mad rush to the hardware store to get rope.

To me, conservatism has always represented the optimistic viewpoint and liberalism the pessimistic viewpoint. Things to me are now completely upside down. We have bought into their fear and panic and are even embracing it. Why is it that the republic only works when our side wins? What is the deal with that? As McCain offered, sometime in the last many years we (republicans) have lost our way. I don't think we fix ourselves by pitching tantrums because we lost. For now, the Liberals are the monopolists of hope and we are content to counter with despair. To me, Obama is making more sense (being more rational) then a lot of my own flesh and blood. lol

JMHO.

[CottonBall]

I think it’s more that he will allow the tax cuts to expire. That way, he will raise taxes on everyone and there won’t be a single MSM article linking the tax increases to him. They just ‘happened’.

[CottonBall]

I hope your son is able to weather this storm. Good for you to help him!

[petercooper]

bttt

[Religion and Politics]

I think it’s more that he will allow the tax cuts to expire. That way, he will raise taxes on everyone and there won’t be a single MSM article linking the tax increases to him. They just ‘happened’.

Regardless, that is still part of the best case scenario based on how he campaigned. We will have to wait and see what he plans for those he promised not to raise taxes on. I believe him. I don't think he is going to do it. I DO think he is going to punish those he thinks didn't need a tax cut. Where that line is drawn will creep down IMO. Bush's tax cut will cease and then the Obama tax cuts and tax increases will be proposed. But that eventuality is now two years in our future instead of NOW. In any event, we will know much more about the state of our economy before any real contemplation of tax iincreases occurs.

[Cementjungle]

As far as I can remember, Bush's cuts helped every single person paying taxes.

Precisely what is meant by "wealthy".

[CottonBall]

To me, conservatism has always represented the optimistic viewpoint and liberalism the pessimistic viewpoint. Things to me are now completely upside down.

Although you have a point, I do not think people here are having a knee-jerk reaction. Well, not everyone anyway. We're looking at the economic policies been instituted and cannot fathom how this economy could possibly survive. Spending trillions of dollars that we do not have on projects that, for the most part, will not stimulate the economy will only leave us with a pile of huge debt and without the means to pay it off. It also doesn't make sense that other countries would want to buy our debt because the risk of inflation with so much extra money being put into the system will make those dollars worth less. And even if they foolishly do fund our irresponsible behavior, being in debt to others isn't the answer to a healthy economy.

Obama is attempting to fix the consequence of the irresponsible people borrowing more than they could reasonably pay off (i.e., the housing crisis) by having the government borrow more than it can reasonably pay off. I for one, do not see how our economy can sustain itself at the levels previously experienced. It will certainly degrade, the only question is how much. We don't have manufacturing jobs here anymore. We do not have the intellect any longer either -- the liberals have seen to it that our kids are so dumbed down that we come in last or near last in international math and science tests, even below many Third World countries. The baby boomers were the last generation to have been well educated, for the most part, and they are now retiring. And our confiscatory tax structure will not encourage new businesses, even if we had qualified manpower.

The market has already lost close to 50% from its peak. Therefore, I do not think it unreasonable for anyone to call that a "crash". Or to speculate that it will go further down. And especially in light of large business failures, bankruptcies, and bail outs that do nothing more than keep union members paid (until the next bailout is asked for).

[GWMcClintock]

“You had better get a significant number of those voters, that voted for him in the last election “unhappy with him”.”

How many fraudulent ACORN voters does that include?

[Religion and Politics]

The market has already lost close to 50% from its peak. Therefore, I do not think it unreasonable for anyone to call that a "crash". Or to speculate that it will go further down. And especially in light of large business failures, bankruptcies, and bail outs that do nothing more than keep union members paid (until the next bailout is asked for).

Dwelling on this for a moment, all of the above are valid concerns. However, to read the article of this thread and then state that the market isn't going to like that is "kneejerk" IMO. It is almost a desire for bad news. Do you remember when liberals seemed to live for bad news out of Iraq? I REFUSE TO HOPE FOR BAD NEWS REGARDING OUR ECONOMY. I might expect it as consequences to what is happening, but I will not be part of hoping for it. AND, I am willing to be wrong about my current opinion also.

[pillut48]

America simply won’t last that long!!

I’m thinking the expiration/impeachment date oughta be around the time Smilin’ Joe predicted we’ll be attacked again, so by August 20th or so-—God help us all!

[Star Traveler]

You asked — “How many fraudulent ACORN voters does that include?”

Correspondingly, I’ve said this before, too There better be a voter-ID card with a picture on it, across the country, and a database maintained and updated when someone votes, to make sure it’s only one vote.

In other words, I would work on that voter-ID card and national database of who has voted, updated in “realtime”... (and checked at the polls).

[lilylangtree]

Well of course he will. He’s made up for in the Porkulus Bill or so he tells everyone. He doesn’t want Bush’s name or credit on anything. Gotta remember—obozo WAS elected president or so he told the Congressional Republicans.

[Munz]

>>My point is that he is clueless about history. <<

But is he really?

I somehow can not imagine that all the people he has for advisers don’t actually realize exactly what this is going to do. I think he knows exactly what he is doing.

I’ll go one step further. After the decay of the economy, people out of jobs, people taking to the streets, he will have a national crisis on his hands.

That is what he wants. EXACTLY.

He wants complete anarchy within the USA. At that time only can he implement what he really wants to do and what they are setting us up for. Why else would he start such sweeping changes to the left, leaving in place such things as the patriot act, the new camps under national security designed for American Citizens etc.?

And just who is going to deny him his right to declare a national emergency and begin martial law? Nancy Pelosi who jumped on his latest bandwagon of the “worst depression in 80 years”?

Do you really think that Joe Binden is going to step up and tell him “hey your out of line”?

He is on a roll. Watch and see. It is up to us to make sure that we make people aware yet keep it all legitimate, peaceful and on the up and up. Let them be the aggressors if they must. It is okay, I can defend my position as i am sure most of us can.

[Jacquerie]

many self righteous fools sat on their asses on election day.

The McCain Deranged who infect this forum told us there was no difference between the candidates.

[CottonBall]

However, to read the article of this thread and then state that the market isn't going to like that is "kneejerk" IMO. It is almost a desire for bad news.

Well, I disagree. Liberals tend to reaction from emotion, conservatives from logic and reasoning (which is taking place before statements are made here). The market, however, IS emotion-driven. The day after O's election was the largest one day drop in its history (not by a percentage, but just numerically). It does react to policy - and then later might correct itself.

[Star Traveler]

You said — “It would probably starve off this depression long enough for business to pick up and trade to begin again. The dollar would certainly become stronger and the sting wouldn’t be as bad.”

You’re right in what you said (prior to this paragraph) in that I don’t agree with what you’re saying here. I believe that when the economy (and it’s the world economy, too, and not just related to the U.S.) enters a contraction/deflation phase and that has gathered “steam” (so to speak) that nothing is going to stop that contraction/deflation phase until it *hits the bottom*. And that’s what we’re going to be waiting for now.

All the stimulus and “moves” and/or “tax breaks” will not change this, but only alleviate some very small aspect and/or area of the economy for only a limited number of people (who are affected by that stimulus or tax break) and will do *absolutely nothing* to stop this “whole thing” from crashing down hard.

So, one can do stimulus, relief, tax breaks and so on — if they want to — as it’s only going to affect small numbers of people in limited ways — but do absolutely nothing to stop the big contraction/deflation phase of the Great Depression.

That’s what I think about it, and I guess the “proof is in the pudding” — as they say. In other words, we’re going to *see* if that is what happens. I’ll let the results speak for themselves, after the course of about two years passes by, and then you can see if my words are correct, in terms of the overall economy....

[servantboy777]

When the republicans were in control of both houses of Congress and the White House, they NEVER advanced their agenda as quickly and meticulously as the liberals are now.

The Pubs had it all and just pissed it away. Now look at us.

Beginning with Bush. Gotta have it, gotta pass this stimulus bill, if we don't, Americas gonna collapse. Now, now now...gotta pass it now. Billions of dollars just pissed away.

Then comes Barry. Gotta have it, gotta pass this stimulus bill, if we don't, Americas gonna collapse. Now now now...gotta pass it now. Billions of dollars more just being pissed away.

See any similarities folks???

It's time for change y'all and we ain't gonna find it in either of the two major parties.

It's now time for a conservative party. Stop voting for the lesser of two evils.....look what it's gotten us.

Bush, Clinton, Clinton, Bush, Bush, Obama. Nice, very nice.

If we keep fishin from the same ol pond, were gonna keep catchin the same ol big mouth bass.

[PISANO]

It is just business as usual for Reuters to identify the Bush era tax cuts as tax cuts for the WEALTHY, rather than a marginal tax rate CUT FOR all taxpayers!!

Is it any wonder the uphill fight any member of the GOP has in getting the conservative message out, when dealing with such a biased media.

[PISANO]

Exactly!

It is a sham, the extra 13 or 8 or whatever you will be receiving is NOT matched up a marginal tax rate cut. So come April 15 you will pay more in taxes [if you owe], [because less was withheld] get back less [because less was withheld] or if you are really unlucky be penalized for not paying enough in the first place.

Such is the miracle that is OBAMANOMICS!!