Obama Economic Team Considering New Stimulus Heavy On Tax Breaks For Business

Washington Post:

With the recovery faltering less than two months before the November congressional elections, President Obama's economic team is considering another big dose of stimulus in the form of tax breaks for businesses - potentially worth hundreds of billions of dollars, according to two people familiar with the talks.

Read the whole story: Washington Post

Comments

[rory talbot]

01:42 PM on 09/06/2010

Alright! Finally we are going to try stimulating the economy by giving tax breaks to the wealthy and big corporations!!! It's about time someone thought of this. It's not as this hasn't been happening since Reagan. Given enough time, trickle down WILL work. Or it will finally put the dea th nail on the middle class. How in the world was I fooled into voting for Obama!!!

[George Robertson]

11:27 PM on 09/05/2010

New US tax cuts will subsidize growth in China.

President Obama is premature with his proposed research and development positive tax policy. The massive value leak that is impoverishing us, is in our industrial and trade policy. The “globalized” US industrial trade policy will promptly export our newly subsidized R&D straight to China, to new factories sitting on their polluted riverbanks, alongside all the other vanished wealth of America.

Tax cuts that stimulate more corporate R&D will do little for the hollowed out US economy, leaving the millions of US workers not employed directly in research and development stateside, with no new jobs. The problem with new tax cuts for R&D is that US industrial and trade policies don't recognize and serve the national interest in creating robust employment in the US. Until they do, it is premature and probably actually harmful to cut taxes to stimulate R&D.

If all the intellectual property our benevolent tax policy created remained at work inside the US, we might be onto something. But it won't. There is nothing to keep it here. That makes investment in the domestic manufacturing jobs we need, very unlikely.

Before President Obama starts exempting transnational corporations from paying taxes in return for doing their US based R&D, the President needs to create some patriotic industrial and trade policy changes. We need legislation and enforcement tools to retain much more of the value of new R&D inside the US borders.

[munki]

07:07 PM on 09/05/2010

Another saga by the team... why are they still there?

[SaneThoughts]

06:06 PM on 09/05/2010

This is where I strongly disagree with the Obama Administration. We need clear definitions for corporations. Any corporation that takes a little as one Dollar of public money must be considered a public company and therefore provide transparency of their operations. Any operation not benefiting the public must not be permitted. If corporations defraud the public they must not only be shut down but prosecuted and the perpetrators get a harsh sentence, no exceptions. As far as giving even more money away to the very same corporations that caused the problems in the first place is lunacy. Too big to fail doesn't work for me. Why are we trying to prove Bin Laden correct when he states that America is corrupt?

[oped1961]

06:45 PM on 09/05/2010

good point

[munki]

07:08 PM on 09/05/2010

because... our corporate runs this country - "Corporate America", in another word if I may say is Privatized Socialism.

[castlerider]

05:33 PM on 09/05/2010

"Since Fannie and Freddie are at risk if those borrowers default, it makes sense for them to allow borrowers to refinance to a lower rate, reducing both their payments and the risk that they will be unable to pay"

The fact that the Obama administration has not focused on the housing market with a micro-lens is the most predominant telling indicator his economic team is a group of pansies that are scared to get their hands dirty, not willing to fight their way out of tight spots, and come out swinging to get their way all over again....
Truth be told, it's not glamorous, not jet-set working to get the housing industry turned around, like working with bankers in their nice fancy offices, but THIS IS WHERE THE MOST JOBS WILL DEVELOP IN THE HIGHEST PROPORTIONS. This alone shows them to be so inexperienced, incapable, and inept.

Every economic turnaround this country's ever had has always centered with the home industry. Why? because it brings so many jobs, in every direction, right smack dab in the center of the economy. From vendors to suppliers, office workers, title offices, to all the services each of these workers require from day care to grocery stores, nothing brings more jobs.
Obama's team has shown themselves to be completely blind to this fact, and it truly is as tragic as it is unacceptable.

Mr. President, PLEASE... For the good of this country hire a new economic team NOW.

[PhilipTaylor]

09:27 PM on 09/04/2010

Why should a SPECIAL CLASS OF PEOPLE BE ALLOWED THE RIGHT TO STEAL USING USURY INTEREST WHEN THEY PAY NEAR ZERO% ON THAT MONEY FROM OUR GOVERNMENT?

WERE THEY CHOSEN IN SOME SPECIAL LOTTERY OR WERE THEY JUST THIEVES FROM THE BEGINNING PULLING OFF THIS LONG TIME SCAM?

ANSWER by Lonngfello: They were allowed not chosen, because they had enough money to BUY politicians.

WHO 0WNS THEM: R0THSCHILD + R0CKEFELLER!

And they STILL OWN “OUR” POLITICIANS!

[oped1961]

06:46 PM on 09/05/2010

low interest rates harm savers to benefit banks
NYTimes, business section

[sparkobuzzer]

07:37 AM on 09/06/2010

i think i agree with you.

[TruEngineHearing]

07:30 PM on 09/04/2010

Gad! The Obama team is looking pretty anemic all of a sudden....it's like WMCA summer camp where you all learn how to make those beaded bracelet things, except you all knew it was ridiculous - except there were these 2 or 3 guys that stuck to the belief that this skill was a part of the creation of something beneficial. You know where those guys are now? You got it...

[Raccoon1]

04:04 PM on 09/04/2010

They'll keep flailing around until one day they will realize that it jobs that drive the economy. Maroons.

[scottymac11]

09:24 PM on 09/05/2010

Not the ecomomy level they are legislating for. It seems if either party befefits the working stiff it's coincidental.

[Kassandra]

12:31 PM on 09/04/2010

They already don't pay taxes.
In fact, WE subsidize them!
There goes the expiration of the largest deficit producer; the repeal of the tax cuts for the rich too, I guess/know. Instead, the plan is to steal Social Security/medicare/ SSI/Medicaid.
Obama also has this wonderful new idea to further gut SS by using a FICA "tax holiday which will further decrease available funds
How much more are these vampires going to suck out of all of US while insulting us at the same time?
Lazy; spoiled;drug addicted; no account worthless nanny state expectees. that's us.

they hate us for our freedoms.

When the nanny state exists only for The Corporation and the rich.
Who ARE these "people"?????

[punkin14]

09:53 PM on 09/03/2010

Geez..When will they get it. Tax breaks, payroll tax freeze, etc. These so called breaks will not encourage small business or large to start hiring. Bottom line demand has to come back for me to hire more employees. Lets spend a few hundred billion on this crap and next year we'll still have 10% unemployment at a minimum. C'mon November.

[lipps]

08:52 PM on 09/03/2010

But according to ALL the Democratic posters here on HUFPO tax cuts dont work... So which is it?

[Kassandra]

12:32 PM on 09/04/2010

It's your government being drowned in a bathtub.

[Appleton]

03:07 PM on 09/03/2010

Most rational people will agree that the initial stimulus package has been beneficial, but many of us argued at the time that it was not nearly large enough given the scope and breadth of the economic collapse. The difficulty for Pres. Obama at this point is that going to the well a second time will be tougher than if he had simply pushed for a larger stimulus the first time around. He will face strong opposition given the virtual hysteria Republicans have attempted to create over the first stimulus. Moreover, had it been done properly the first time, the benefits to the economy would likely have been visible by now. Voters are much more apt to agree with a stimulus when they see its positive effects. It is a much harder sell to convince people that but for the original stimulus, an additional 3 million or more jobs would have been lost. And it is that very argument which will now have to be made in order to garner support for even more spending.

[1313]

03:37 PM on 09/03/2010

The word "rational" gets thrown around a lot these days........

[lff]

04:51 PM on 09/03/2010

No one throwing it at you I would guess.

lff

[Broderick Crawford]

02:56 PM on 09/03/2010

Who is driving the budget car now...

http://www.youtube.com/watch?v=v5fL469k9qc&playnext_from=TL&videos=YdRuOf4VZSs&feature=grec_index

[Kassandra]

12:34 PM on 09/04/2010

Yeah, media always gets it right....right...right...right

[scottymac11]

09:25 PM on 09/05/2010

10-4

[KenClay]

02:48 PM on 09/03/2010

We Were Desperate for 8 years and don't want to regress!

[Marcelo Munoz]

02:43 PM on 09/03/2010

Conservative quote of the day:

Obama is just a puppet, but no one is holding the strings.

[Kassandra]

12:34 PM on 09/04/2010

Sure they are.

[castlerider]

05:31 PM on 09/05/2010

Wrong.... So wrong.

Bankers not only have 'im by strings, but on a short leash, too.