Barack Obama has presented his economic "plan" which includes things like a tax credit for new jobs, penalty-free withdrawals from retirement accounts, bailouts for state and local governments, and 3-month freezes on homeowners in process of being foreclosed. The use of tax credits for new jobs is sort of like the cart in front of the horse. You create jobs to accommodate planned growth; the costs of overregulation and overtaxation dis-incentivize job creation; you aren't going to decide to create a $50K new functional analyst job just to pick up the $3K. (If anything, you might get some suboptimal game playing like postponing hiring decisions.) The bottom line is that the way to grow jobs is not by maintaining an uncompetitive business tax structure and dangling carrots in front of companies; rather, it's to create a more favorable environment for growing companies and hiring workers, not to grab an undue share of profits for financing Obama's socialist/income redistribution agenda. As for prolonging a foreclosure against people whom knowingly bought more house than they could afford, I don't see the point in postponing the inevitable or in setting this kind of a precedent. Liquidating a retirement account for purposes of a recession? This is a farce; what you should be doing is promoting a taxable rainy day fund, not making people even more dependent on a shaky social security system. I might be more receptive to seeing a collateralized hardship loan. Bailouts for state and local governments? Why are we allowing a precedent allowing governors and mayors to defer making politically unpopular cuts in budgets and simply offload their obligations to the federal government? Tell me, is there any limit to the liberals' appetite to spend taxpayer money on behalf of politicians not doing their job? I'm telling you, if this is just a taste of what we're in for in an Obama administration, the US economy is going to get hosed.
The September/October edition of Chief Executive shows that, in a survey of 751 chief executives, responsible for much new job creation, 80% prefer McCain over Obama, and a stunning 74% fear the consequences of an Obama administration. When asked what was needed to help grow jobs, over 90% specify lower taxes and lower regulations, 75% speak of privitizing education, and over 70% say less restrictive trade: all of which are strong McCain positions. When asked what factors contributed to job creation, they list sales growth, profitability, and the economic outlook, once again all of which improve under a perceived McCain economic policy.
