Monday, February 1, 2010
Obama Vows to Press Health Care, Act to Boost Economy (Update2)
This article is about Obama's plan from his state of the union address. President Obama focused on many economic issues, but said that jobs must be the number one focus in 2010. He also focused on our nations deficit spending problem, saying that he will not accept second place for our nation behind others such as China. He proposed a tax incentive for businesses as well. The republican response to what he had to say was that they were happy to hear of his desire to create more jobs, and that we should not be "piling on taxation, regulation, and litigation that kill jobs and hurt the middle class." Obama made note that giving tax cuts to the wealthy, which is what Bush proposed, was not a plausible answer, as in practice it wont work. Giving tax incentives to businesses to promote growth and hiring by hopefully making their cost of production and real wages down, would be a good answer, but this tax incentives have to be funded with the growing national debt kept in mind and in control.
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2 comments:
The unemployment rate is still quite high and if Obama's number one focus is jobs then maybe more jobs will be created and lower the unemployment rate. Obama's aim of not taxing the wealthy may be beneficial for the current economy because the economy could really use that tax money to help recover from the recession.
An article posted here talking about job growth said that even if the economy hits 5% growth every quarter, we'd still be at 9% unemployment by Christmas...if, in addition to stimulating growth, we also reduced the cost of doing business (via health care reform), there'd be a lot more money for hiring.
Second, we've tried not taxing the wealthy and when the tax cuts expire this year, I think America will find out the extra taxes on the wealthy isn't so bad after all.
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