Just weeks in office, Obama tarnishes his legacy

Buster wrote:

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What do you have against keeing your own money?
It worked for John F. Kennedy. I quote him:
"It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now ... Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus."

Yes, it worked for the Kennedy Administration. The tax cuts, however, were much smaller in relation to the size of the economy. The goal was to stimulate an economy that was a tad slower than what was considered optimal. But the Kennedy tax cuts were not anything on the scale of the so-called "supply-side" tax cuts of the Reagan era.

And although the Kennedy tax cuts worked to some degree, the 1981 Reagan tax cuts did not. After the massive 1981 Reagan tax cuts, the country plunged into the deepest recession since the Great Depression. It recovered only after Reagan signed TEFRA, otherwise known as the largest tax increase in the history of the United States. Roughly a year after TEFRA took effect, the economy took off, producing some of the highest GDP growth rates ever (although the magnitude of the growth rates was to some extent magnified by the depth of the 1981-83 recession). Similarly, after Bill Clinton signed the 1993 tax increases, the economy took off for a sustained period of rapid growth, culminating in the first budget surpluses in decades.

We are in the fix we are in today because of eight years of keeping too much money in private hands. Those policies are what got us here. No more please.

Hey Republican CPA you should spend more of your time making sure Sarah Palin is paying all her taxes, before you worry about the US economy or Obama.

Once again we have the kool-aid drinkin' Obamatons crying that people are criticizing him. Oh the horror. The guy's an idiot, even dumber than GW & John Kerry (that other great D student).
Mike in MD, how is keeping money in private hands a bad thing? The gov't just gives it aways or blows it. Typical socialist.

Dems. to the rescue. Again

By the end of 2010, caps on electricity rates for some of the biggest power companies in Pennsylvania will be no more. That means you could be in for a shock when you open your electric bill and see increases high enough to bust any budget in these tough economic times.



That's why House Democratic leaders are introducing a bill that would prevent power companies from raising rates more than 15 percent per year on homeowners and small businesses after the caps expire.



This measure would also allow you to pre-pay some of the increases and accrue 6 percent interest on those pre-payments applied after the caps come off.