What are the consequences of Obama's $3.6 trillion overspending plan?
*Houston Chronicle, by U.S. Sen. John Cornyn, March 16, 2009:
"I had hoped that President Obama would send us a budget plan that
would hasten our economic recovery — and keep the promises he made last
year. I appreciated his pledge to go line by line through the federal
budget to eliminate wasteful spending. I welcomed his commitment to
eliminate capital gains taxes for new small businesses. And I agreed
that we must reduce our dependence on foreign oil.
Yet the president’s spending plan reflects far different priorities
that I cannot support. Instead of eliminating wasteful spending, the
omnibus bill funded 122 programs we already covered in the stimulus
bill. Overall, the president’s $3.6 trillion budget will double the
national debt over the next five years, and triple it over the next
decade. But the biggest disappointments in his budget are the tax
increases. Over the next ten years, the president will raise net taxes
by $1.4 trillion, with devastating consequences for job creation and
economic growth.
First, President Obama wants to raise taxes on small businesses. Small
businesses create two-thirds of the new jobs in our economy, and most
pay taxes on their small business income as individuals. Raising taxes
on the most successful small businesses will force layoffs or reduce
new investment across Texas. And President Obama has now proposed
delaying the implementation of his capital gains tax pledge until 2014,
while actually raising capital gains taxes over the next several years
on many small businesses."
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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