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Obama asks $450B to lift economy mostly tax cuts

Obama asks $450B to lift economy mostly tax cuts
Posted by Dexter Nelson: Friday, September 9, 2011 (12:16 PM)

Obama asks $450B to lift economy mostly tax cuts


Obama asks $450B to lift economy mostly tax cutsThere's been a lot of speculation and predictions made about President Obama's speech last night, but nobody expected this.


President Barack Obama last night unveiled a much-larger-than-expected $450 billion plan to boost jobs and put cash back into the pockets of the American People.


To me, it came off as a direct challenge to Congress who have seemed to be fighting President Obama at almost every turn.


He urged Republican skeptics to embrace an approach heavy on the tax cuts they traditionally love, and with millions of voters who are already skeptical of Washington watching, it will be very interesting to see how this plays out.


This new plan would slash the Social Security payroll tax both for tens of millions of workers and for employers. For individuals, that tax has been shaved from 6.2 percent to 4.2 percent for this year but is to go back up again without action by Congress. Obama wants to deepen the cut to 3.1 percent for workers.


I have to say that it's a very bold move, however it looks like President Obama knows how the economy works, despite what most others say. He seems to know that governent is spending way too much, and that the American people are suffering.


He also seems to know that our economy is driven by spending, and that by putting money back into our pockets, spending will increase and that will stimulate the economy. It remains to be seen if congress will play ball.


Either way it's becoming more clear that President Obama is meeting more opposition about changes than anyone realizes. The "he can't get it done" idea people have is quickly turning into "they won't let it be done" really fast.


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