BOOM VS. GLOOM

July 11, 2008

According to the nonpartisan National Taxpayers Union, Ill. Sen. Barack Obama's fiscal agenda will cost $344 billion a year.  The Illinois senator's plans include:

  • A government health care system that would likely cost more than $100 billion a year.
  • A $1.7 billion Community Development Block Grant program featuring a full range of housing, job training, and community development services.
  • An "Affordable Housing Trust Fund" costing $2.7 billion over five years.
  • A "Making Work Pay" tax credit to offset Social Security taxes costing $308 billion over five years.

In addition, Obama plans to spend:

  • Some $2.5 billion over 10 years in trade adjustment assistance for service workers.
  • Some $90 billion over five years for early and K-12 education.
  • Some $29 billion over five years for a new college tax credit program.
  • Some $35 billion to expand Pell grants for poor college students.

All this federal "assistance" will be of little aid to those it seeks to help if we have an economy crushed under the weight of hundreds of billions in new taxes, especially taxes on those who invest in the private sector, says Investor's Business Daily.  That will mean the have-nots will not have jobs.

Source: "Boom Vs. Gloom," Investor's Business Daily, July 9, 2008.

 

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