Ouch! The centrist Capital Gains and Games blog dissects Obamanomics—with a vengeance. Here are the key excerpted points:
1) [Obama] would also impose a truly massive Social Security payroll tax increase on those with incomes over $250,000 by lifting the income cap. These tax increases would have some negative effects upon the economy, as would his protectionist trade proposals.
2) Obama would remove U.S. combat troops from Iraq within 16 months. Although that would have significant long-run savings, in the first two years or so, it would actually increase costs as the relocation costs were piled upon war costs that will be slow to decline. Meanwhile, he would increase the Army by 65,000 troops and the Marines by 27,000 troops.
3) Obama's plan for mandatory health insurance for children and expansion for adults may be half as expensive as the war.
4) Obama also proposes spending increases for infrastructure investment, green jobs, and other job creation, fighting global disease, and increase veterans' benefits.
5) Obama pledges to adhere to PAYGO, paying for new initiatives, but PAYGO often gets waived for "emergencies" and high priority appropriations for the war and for natural disasters. Here, too, I would add additional interest expense on the public debt with higher deficits.
Reader Comments Read all comments (2)
Lana of TX 11:56AM June 30, 2008
Norman Imes MD of OK 1:40PM June 13, 2008