Obama's Economic Plan

Obama's economic plan is a case study in socialism and income redistribution. There are some good points in it such as requiring prompt and fair crediting of payments and prohibiting interest on fees under his Credit Card Bill of Right. However most of the rights listed would affect the bottom line of credit card companies while making consumers less responsible for their decisions.
His expansion of FMLA, encouraging states to adopt paid leave, expanding after school opportunities, protecting against caregiver discrimination and expanding flex work arrangements smacks of government control over business. There are currently numerous laws on the books that protect the employee discrimination, business are offering flex work arrangements. Kids need to be allowed to be kids and not be organized to death while adopting paid leave at the expense of taxpayers (1.5 billion) is ridiculous when most jobs already offer paid leave. On taxes he proposes a cut for working families which would eliminate taxes for 10 million families (3.2% of US pop), eliminating taxes for seniors who make less than 50K per year (8.9% pop) and simplify tax filings for the middle class by letting the IRS fill out your forms for you thereby cutting 2 billion dollars out of the tax preparer industry (resulting in lost jobs without creating jobs in a different part of the financial sector). He will provide stimulus checks of $500.00 for a single person to $1000.00 for a family at a cost of $20 billion dollars, establish a foreclosure prevention fund costing $10 billion dollars and extend/expand unemployment insurance at a cost of $10 billion dollars all while raising taxes on people who make $250k or more. Yet it has been proven through the Bush tax cuts that when taxes are cut on all segments of the population tax revenues go up. Obama's plan will surely cut tax revenues while also cutting job creation. Higher income people provide the jobs for this country. He has no plan to reduce corporate income taxes which are the second highest in the world. Furthermore, he intend to raise taxes on capital gains, dividend and regular income for those people making $200k or more. His tax increases on capital gains and dividend income could adversely affect the very people he is trying to help as most people in the middle class would also have capital gains and dividend revenue. Although he has some good points in his economic plan most is badly thought out. The impact on companies would be immense and could cause harm to industry in this country. Specifically his stance on labor and labor unions. He is a strong proponent of Employee Free Choice Act which is intentionally misleading as it would disallow secret balloting for union organization forcing people to make public their vote and thereby forcing them into a position to vote for unionization when they do not believe in it. There are plenty of laws on the books that protect workers the days of good and productive unions has long passed. Today they do nothing but protect the lazy worker and make good workers unproductive. This is only a brief synopsis of his economic plan but at the end of this plan on the Obama website he has listed his economic accomplishments in the US Senate and the Illinois State Senate: 1. Sponsor of the Stop Fraud Act, 2. Predatory Lending bill which he sponsored in IL to combat payday lenders and 3. Co-sponsor of Patriot Employer Act of 2007 which is still in committee and is actually harmful to business.
I thought that conservative talk radio was being too harsh on Obama's economic policy and not giving it a fair review. However, now that I have had a chance to review his policy, I realize that they were giving it a fair review. Just the economic policy would lead us down a dangerous path of government control over financial options/free market and it is a policy that we cannot afford.