Barack Obama’s proposed stimulus package promises me, a single man earning less than $200,000 a year, a tax break of Five Hundred Dollars. That’s $41.66 per paycheck.
The phrase “stimulus package” makes me think of sex toys, and $41.66 falls $3.33 short of what a jelly vibe strap-on dildo costs.
Now, if I were a business I could get $3000 tax credit for every new employee I hired—at whatever wages a new employee could expect in 2009. Imagine my joy if, in addition to my $500, I would get a minimum-wage job with a company that pays less in taxes than I do.
Nancy Pelosi reports that, according to the Congressional Budget Office, the current Bush tax cuts, which mainly benefit the rich, is largely responsible for the great big deficit that appeared out of nowhere in the past eight years. That depends on whether you think having a $450,000 minimum annual income makes a person rich (from where I stand, I’d say I do) … and whether $10.6 trillion strikes you as great big.
Obama’s people are considering not pulling the plug on the Bush tax cuts, but rather let them expire naturally, in 2011. Pelosi wants them repealed “as early as possible”—whatever “as possible” means.
Every indication is that Barack “So Help Me God” Obama puts a lot of faith in both God and Reagan-era “trickle-down” economics. The truth is the money never did manage to trickle down … not under Reagan, not under Clinton or the Bushes, and probably not under Obama.
Somewhere high up there’s a clog. Perhaps Obama can unclog it, perhaps all we need is to dribble some Drano at Dick Cheney’s armpits—might work, might be good for laughs anyway.
Pumping government money into American corporations is not the answer—especially in the absence of adequate oversight to where the money’s going and how it’s being used. Every attempt so far to resolve the world financial crisis has been motivated more by panic than by thoughtful analysis leading to sound judgment.
The state where I live and work is currently experiencing its own financial crisis, and states, unlike corporations, are promised nothing in the package, so, forgive my lack of optimism here, I don’t think the $500 the federal government is willing to let me keep this year will go unclaimed for long.