Mr. Obama has all but admitted that his stimulus plan won't work. From wsj.com:
"Potentially we've got trillion-dollar deficits for years to come, even with the economic recovery that we are working on at this point," Mr. Obama said. "We're going to have to stop talking about budget reform. We're going to have to totally embrace it. It's an absolute necessity."
Most of the "tax cuts" he's proposing will be in the form of rebates to people who don't pay taxes to begin with. That's not a tax cut, it's deficit spending. I also read somewhere about a federal proposal to raise the gasoline tax by $1.00 a gallon per year in 2010 and 2011 and then give it back to taxpayers in the form of a rebate.
Regards,
Scott Perry
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