Obama Begins 'Tax Cuts' For 95% Of Americans

In his weekly radio address to the nation today, Obama announced that he was fulfilling his campaign promise to provide tax relief to 95% of Americans. This is rather disingenuous since 40% of Americans do not pay income taxes.

So what he is really doing is providing tax relief to 55% of Americans and another form of welfare to the other 40%. This is to begin April1, 2009.

"I'm pleased to announce that this morning the Treasury Department began directing employers to reduce the amount of taxes withheld from paychecks, meaning that by April 1st, a typical family will begin taking home at least $65 more every month," Obama said in his weekly radio address.


"Never before in our history has a tax cut taken effect faster or gone to so many hard-working Americans," he said.

The measures have received a mixed early reaction from gloomy financial markets uncertain whether they will succeed in arresting the downward economic spiral. Since Obama has been leading America's economic efforts, the market has hit lows that surpass that obtained after the attacks of 9/11.

His announcement on the tax cuts capped a week that saw him sign the stimulus package into law and announce new measures to help families facing foreclosure and those struggling to make mortgage payments. The latter is Obama's life-line to reward poor judgement.

In essence, Obama is telling me that if I exercised good judgement in acquiring a mortgage that I could afford and saved for, make my mortgage payment, and live within my means; I am now expected to pay for those who did not.

Obama will kick it up a notch next week when he holds a summit at the White House on Monday to look at how to rein in the country's ballooning deficit and bring government spending under control as the economy starts to recover. While not an economist, I might suggest that he take the approach my family follows. If you do not have it, do not spend it.

Many Americans fail to recognize that you do not spend yourself out of a recession. FDR and Japan demonstrated that years ago.

As we continue to borrow money from communist China (with their false economy), we continue to reduce the value of the dollar. In other words, that foreign made Television that costs $1500 today, will cost $1700 after you borrow more money from foreign investors. All the money in the stimulus/spending bills has to be borrowed, and the more we borrow, the lower the value of the dollar.

My friends here in DC tell me all this spending and talk of doom and glom is not so much about the economy as it is about the administrations social agenda. Granted the economy is in recession. The talk of Depression is a bit of a stretch.

During the Depression, unemployment was well into the 20+% levels. Interest rates were sky high. Even when Reagan came into office, unemployment and interest rates were double-digit. That is not the case now.

Obama is a polished speaker and persuader. However, his talk of "stimulus" is a smoke-screen. How else do you explain the fact that his "stimulus bill" was more social engineering than stimulus?

He is a masterful politican and knew that Americans would not support his social agenda were they not sold on the idea that the sky was falling and massive spending was the only way to the promised land of recovery. He does not speak of hope today. He plays on our fear and foreboding of what lies ahead.

If you take time to look closer at the Stimulus Bill that was passed, you will find a social agenda bill passed off as a much sought after economic stimulus.

The Charltan of Chicago is playing Americans like a drum!!