Quote Originally Posted by texaspackerbacker
MadScientist, what evidence do you have that Obama intends to continue the Bush tax cuts as you say? This runs contrary to everything I've ever heard. Since you make so much use of these "truth squad" websites, some assurance from something with a reputation for objectivity would be nice.
http://money.cnn.com/2008/06/11/news..._tpc/index.htm
If you scroll down a bit, you will find:
Obama's plan would keep the 2001 and 2003 tax cuts in place for everyone except those making more than roughly $250,000
What's your source?

As for your other point, you stated you would prefer that the government take the massive money grabbed by the government from his "redistribution" tax increase for people earning over $250,000, and NOT use it to decrease taxes for people of income less than $250 or 200,000. First of all, regardless of what you or other "deficit hawks" want, it's safe to say it ain't gonna happen. Far more likely, given the rotten and liely to get worse DEm/lib majority in Congress is the scenario of that money going for massive new social programs--as that, after all, is what Obama-esque liberals are all about.

If you DID get your way, however, the result could be even worse. Paying down the debt has a dampening/deflationary effect on the economy. That would definitely be the third best of the three scenarios: tax cut--best, spending--second best, pay down debt--third.
1) I agree that something closer to straight tax increase (to levels that were not disastrous when they were in place) won't get passed in this climate. Note, don't bother blathering about dem spending, repubs spend just as much, they just like to go into debt (or deeper into debt) to do it.
2) In my post I recognized the need for stimulus with the tanking economy, which is why I mentioned keeping the cuts on the below 75K group, where most of the additional cash is likely to be spent, and spent right away.
3) My take is that the staggering debt and huge deficits are also a drag on the economy (higher interest rates, weaker dollar which is like a tax increase, without the benefit of potentially usful government spending). You act like debt and deficits are ways of getting free money. It also puts us at a huge risk - if China ever decides they can survive a collapse of the US economy, we are dead. Even if they don't do it, they'll own us.