Tweet Are Any Democrats Longing For The Old Days Yet?
This is a look at a snapshot of the Obama budget proposal which will most likely endure changes along the way but that gives us an idea of the sectors and citizens that have the potential to feel the most pain.
Will The Democrats Find A Way To Blame This Budget Proposal And Move Towards Socialism On The Bush Administration? I Am Sure We Will Find Out As Everything Obama Does Is Reported To Be In Response To "The Failed Policies Of The Last Eight Years."
For all of you Obama apologists and Bush antagonists out there, the sand is slowly running out of the egg timer. We know the drill. Eight years of failed policies and spending and an inherited budget deficit and banking/financial crisis. All the result of Washington business as usual and Change that hadn't arrived until Obama did. Is the change that we were waiting for: Jimmy Carter 2? Can a windfall profits tax on any industry still making money be far behind?
The Question: Is This Budget The Change That We Need?
The markets don't seem to think so as the Dow, NASDQ and S&P all fell after the details came out.
Student Loans - We have a proposal to end federal subsidies to private companies providing student loans - Sallie Mae -36% Thursday
Health Insurers - A proposal to trim medicare payments to firms such as United Healthcare -13% Thursday
Drug Company's - A proposal to allow more cheaper overseas purchases. Merck -7% Thursday
The budget also calls for a heavier tax burden on the "wealthiest" Americans, those making over $250,000 a year as a couple and $200,000 for single people. These are the same people who tend to be the entrepreneurs creating new jobs and who do the most consumer spending who may now lose any incentive to do either.
The Obama budget assumes that the country will enjoy economic growth of 3.2% in 2010 and 4% the three years after that. All well above the estimates of the private sector economists.
This is just a quick look at what we heard Thursday.
That honeymoon is just getting closer and closer to its' end!