Mark Moyer - 1976 Is Back: Obama as Carter
Alan Reynolds - How's Obama Going to Raise $4.3 Trillion? The Democrat's tax and spending plans deserve closer examination
"What did the majority of 1976 get in return for its votes? Carter’s campaign vow to avoid increasing payroll taxes went out the window: He and Congress raised Social Security taxes through the roof. They also slapped large new taxes on oil and gas. Meanwhile, Carter canceled his plan for a tax refund to Americans earning under $30,000. Casting aside more campaign pledges, Carter and Congress increased annual federal spending from $403 billion to $579 billion and grew the national debt from $709 billion to $914 billion. Tens of billions of dollars went to new jobs programs, urban aid, and mushrooming entitlements, and Carter’s promise to stop Democratic pork-barrel spending was abandoned. Carter and the Democratic Congress generated 18 percent inflation and economic stagnation at the same time. Unemployment rose. Americans came to regret the votes they had cast — Carter’s approval rating sank to 21 percent in 1980, the lowest in the history of polling."
"A trillion here, a trillion there, and pretty soon you're talking about real money. Altogether, Mr. Obama is promising at least $4.3 trillion of increased spending and reduced tax revenue from 2009 to 2018 -- roughly an extra $430 billion a year by 2012-2013."Rich Lowery - Barack Obama, False Moderate
"How is he going to pay for it? Raising the tax rates on the salaries, dividends and capital gains of those making more than $200,000-$250,000, and phasing out their exemptions and deductions, can raise only a small fraction of the amount. Even if we have a strong economy, Mr. Obama's proposed tax hikes on the dwindling ranks of high earners would be unlikely to raise much more than $30 billion-$35 billion a year by 2012."
"Obama’s tax cut for 95 percent of working people is one of the reasons he has a 2-1 advantage on “helping the middle class,” according to the latest Washington Post/ABC News poll. Obama’s proposal doesn’t actually cut income or payroll tax rates. Overall, John McCain’s proposal cuts taxes more than Obama for typical families. But Obama sounds more zealous about middle-class tax cuts."In response to: Abbreviated Pundit Round-Up