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Obama should cut capital gains tax

If Congress is about to draft an economic stimulus spending proposal that could cost as much as $700 billion, why not “rescue” the auto industry, resort developers, fast-food franchises and the likes of Citigroup? Free money.

U.S. Sen. Charles Schumer (D-N.Y.) said Sunday that an effective plan would require spending $500 billion to $700 billion, about four times the size of the $1.75 billion proposal President-elect Barack Obama put forth in the campaign.

The stimulus, with a large chunk of spending on infrastructure and “green jobs,” would be “a little like having a New Deal, but you do it before a depression occurs, not after,” he said. Schumer, appearing on ABC’s “This Week with George Stephanapoulos,” said Congress could have it ready for Obama by Inauguration Day.

House Speaker Nancy Pelosi said on CBS that a giant stimulus package could contain a tax cut.

The tax cut that’s needed is unlikely to be included, of course. That would be a significant cut in the capital gains, something that could draw investors back into the stock market.

The problem is panic and uncertainty about the tax policies of the new administration. Obama has taken some steps to calm those concerns. His Cabinet appointees, especially at Treasury, are calming, as is the advance word that there’ll be no tax increases in the January plan. Now cut capital gains in half — or better yet, to zero as former House Speaker Newt Gingrich has proposed.

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By Ragnar Danneskjöld

November 24, 2008 8:55 AM | Link to this

Good morning all. “(A)n effective plan would require spending $500 billion to $700 billion…” We’ve seen this act before, in 1977, when the incoming Carter administration attempted, via a concentrated application of Keynesian economics-based spending, to stimulate an economy gravely wounded by government-interventionist policies. The result then was a total disproof of Keynesian economics, the failure of the Philips curve. Only the 21st century Fed and the moon-based wing of the democrat party continue to cling to the failed ideology.

“A large chunk of spending on infrastructure and “green jobs,” would be “a little like having a New Deal…” Of course, such spending would merely divert taxpayer money from those products individuals want and into the pockets of otherwise impecunious leftists selling energy snake oil. One marvels at the duplicity, that people who purport to represent the wishes of millions instead work so hard to frustrate the individual choices of the many.

The Pelosi quote is a jaw-dropper. After doing so much to create the current financial distress, through her loud proclamation of intention to allow the Bush tax cuts to lapse, now the fickle dictator of the house lemmings is beginning to catch onto the effects taxes have on the larger economy. Now we will see whether she will attempt to encourage job formation by poor people – as if they could ever hire anyone – or whether she will leave the capital with those who actually conduct business from the supply side. Leftists, historically, are slow learners, blaming people, instead of policies, for the serial disasters naturally arising from their governance. We’ll know when they are really getting ahead of the curve, as that will be when they propose to cure the massive looming defaults in medicare and social security.

While I should have ended my argument with the above paragraph, as that is where the logical discourse leads, I cannot resist a sidetrack raised by our genial host: “His Cabinet appointees, especially at Treasury, are calming.” The rational mind asks, “why do these Clinton-era retreads calm?” After all, the estimable Mr. Geithner has made his entire reputation fostering big-budget giveaways, and is a significant player in the Paulson “rescue” plan. All indications are Mr. Gates will keep the Bush military program in place for the foreseeable future. As to Eric Holder, alleged-sponsor of the Marc Rich and FLN pardons, a marvelous 130-word quote from the Saturday WSJ:

“One of the things we clearly want to do with these prisoners is to have an ability to interrogate them and find out what their future plans might be, where other cells are located; under the Geneva Convention that you are really limited in the amount of information that you can elicit from people.

“It seems to me that given the way in which they have conducted themselves, however, that they are not, in fact, people entitled to the protection of the Geneva Convention. They are not prisoners of war. If, for instance, Mohamed Atta had survived the attack on the World Trade Center, would we now be calling him a prisoner of war? I think not. Should Zacarias Moussaoui be called a prisoner of war? Again, I think not.”

Thus the answer to the question, “why do these appointments calm?” Because they represent a continuation of the Bush era policies, both the successful military and foreign policies, and of the big-spending domestic programs. Change you can believe in.

We close with a 180-word quote, the best pithy economic analysis of the weekend, by James Freeman: “… (t)he Geithner pick, the rest of them—what’s missing here is the big signal that we are going to create in the United States incentives for all this private capital on the sidelines to get into the game and invest. You can’t create a stimulus package big enough to grow our economy. You need to encourage people with private money to invest.”

“…(T)he hopeful news for taxpayers is that the reason these follow-on bailouts are running into political trouble is, you look at Wall Street, it’s a very kind of arcane, hard-to-understand thing. A lot of Americans say, OK, I’ll go with the TARP. The smart guys in Washington tell me it’s necessary.”

“People look at state and local governments, they look at union-run auto companies—they know those are losers. They know the money is not going to be spent well there. They know it’s not going to make sense to bail them out. So even though Democrats have both houses, Barack Obama, you might find it tougher going politically to get these bailouts through.”

By Jim Wooten

November 24, 2008 8:55 AM | Link to this

I have to write this garbage about Saxby the Socialist but I am VOTING FOR MARTIN Here’s my May 13 editorial about SAXBY’s LOBBYIST PORK filled farm bill. Vote Martin early and often

Jim Wooten | Tuesday, May 13, 2008, 07:24 AM

The Atlanta Journal-Constitution

Everything most Americans —- and all fiscal conservatives —- hate about Congress is contained in a five-year, $300 billion farm bill headed to a certain presidential veto.

It’s dishonest. Congress claims that it’s only $10 billion more than the administration wants. In reality, though, said Deputy Secretary of Agriculture Chuck Conner in a conversation Monday, it’s about twice that.

“It’s about $20 billion over budget because they have managed to hide the true cost of the bill quite a bit.” They are doing it, he explained, by moving payouts beyond the time frame used to calculate costs while moving up revenues from things like crop insurance.

Congress did the same thing last year in projecting the cost for the State Children’s Health Insurance program. Spending on that bill, which the president vetoed, was projected to go from $5.6 billion per year to $13.9 billion in 2012, and then —- as Congress employed the game it now plays on the farm bill —- would “drop” 69 percent in 2013 to $7.8 billion and further to $4.8 billion in 2014. Dishonest.

To hide the true cost of the farm bill, “they take a program that they know has to be funded, like disaster money and a couple of others that they know they will have to come back to extend,” said Conner.

In addition to dishonesties, it contains outrages, one after another. An example is the sugar program, which costs taxpayers in excess of $2 billion annually. “The sugar program is essentially a producer cartel run out of Washington,” said Chris Edwards, director of tax policy at the Cato Institute.

“Many people thought you could not get more heavily involved than the government already is under the current program,” said Conner. That program exists solely to benefit sugar beet producers, mostly in Minnesota, Michigan, California, Idaho and North Dakota, and sugar cane producers, mostly in Florida and Louisiana.

It’s designed to keep sugar prices high by requiring that 85 percent of the sugar sold in America be produced here. Taxpayers buy sugar at roughly twice the world price and, heretofore, stored it for sale back when supplies were tight. “This bill says, ‘no, you can’t store sugar, you have to sell it immediately for ethanol,’ ” said Conner.

The value of sugar for ethanol production is about 2 cents per pound. The world price of sugar is about 12.5 cents per pound. “We are buying it at 23 cents a pound and are required to sell it for 2 cents a pound,” explained Conner. “What kind of deal is that for U.S. taxpayers?”

Lousy, of course. Outrageous, certainly. Insane public policy. “I am not talking about a few million bucks here,” said Conner. “This is hundreds of millions of dollars.”

Outrages are evident, too, in a much-publicized provision that would give the owners of thoroughbred racehorses a $93 million depreciation write-off. It is a first, said Conner, the first time that a farm bill has been used to write a tax bill. “These are provisions that would never have passed on their own.”

Outrageous, too, is the provision that suddenly appeared requiring taxpayers to spend $200 million to buy land in Montana that has no farm-related value.

Most outrageous of all is the refusal of a Congress that denied $600 stimulus checks to some in the middle class but now refuses to expunge even the wealthiest of farmers from the dole. The administration proposed to start weaning farmers whose nonfarm income exceeded $200,000. Congress raised that to $500,000 or $1 million for married couples. For those whose income is solely from farming, it’s $750,000 and $1.5 million. “We only targeted the top 2 percent” of farmers, said Conner. As rewritten, “this is going to deny benefits to virtually no one in America,” he said.

“Scarce tax dollars are hard to come by. The notion that people whose annual income is in the million-dollar range, the idea that we have got to use tax dollars to help them, is beyond explanation. We should say to them that ‘there is an American Dream out there and you are living it, but don’t expect any more tax dollars from people who are struggling to find dollars to put gas in the tank.’ “

Within days, Congress will pass this bill. It’s atrocious legislation deserving of the quick veto it’s certain to get

By FREEDOM WATCH FOR GEORGIA

November 24, 2008 9:03 AM | Link to this

REPUBLICANS for MARTIN—U.S. SENATE

By Redneck Convert

November 24, 2008 9:07 AM | Link to this

Well, I’m all for cutting this capital gains tax, or every tax for that matter. If we can keep cutting taxes pretty soon we will starve guvmint out and there won’t be one. Besides, what guvmint is left can just borrow the money it needs from China, the way our guvmint has done the past 8 years. It don’t cost nothing and us godly Republicans can brag we didn’t raise taxes to make guvmint run. If China ever says it wants its money back, we’ll just lob a A-bomb or two their way to let them know how hot it can get if they mess with us.

Another way is to make everybody pay a big payment to the guvmint and call it a fee, so we can still say we didn’t raise taxes. Lots of states and countys and citys are raising fees these days so they can’t get blamed for raising taxes.

Another reason to cut the capital gains tax is because we’ll never get Trickle Down to work if we keep taxing the people that are suppose to do the Trickling. The people with lots of stocks and bonds and properties got enough troubles as it is without the guvmint taking their money. It ain’t enough they got to worry about losing their shirt in the stock market or keeping the new Mercedes running, now they got to give the guvmint a few pennys every time they sell something. I know Raghead can explain it better than me, but the bottom line is rich people got to be able to keep everything they make in case there’s a rainy day. Let the scum suckers pay the taxes if there is any.

Besides, the rich people make the economy work. I know people will gripe because My President’s tax cuts for the rich people ain’t worked to make alot of new jobs yet, but it’s only been 8 years. We got to give the tax cuts time. It’s sort of like aging good whiskey.

That’s my opinion and it’s very true. The sooner people come around to seeing why the capital gains tax got to be cut the better off we’ll be. Have a good day everybody and lay in lots of beer for Thanksgiving. It’s good for you and it keeps me in a job.

By Tyler Durden

November 24, 2008 9:08 AM | Link to this

Oh, Jim. Bless your misguided, partisan heart. If only you’d take a moment to consider an option that isn’t written in rock on your GOP talking points memo, you’d realize that capital gains taxes have nothing to do with the current problem, and eliminating them will have no effect other than rewarding the 1-3% of the country who paid to keep Bush and his cronies in office for 8 years. And where did that get us? Oh yeah, that’s right…

The new GOP mantra: “Never let the facts get in the way of a good party platform!”

Thankfully, some common sense, “facts-on-the-ground”-based governing is on the way. Too bad the damage was already done by your hero, George the Clueless.

I’ll give you rightwingers one thing: no matter much evidence your receive to the contrary, you guys stick to your guns.

By Dusty for Martin

November 24, 2008 9:12 AM | Link to this

Of course Saxby is going to go back. Remember, the same issue of National Journal that rated Barack Obama the most liberal member of the Senate also rated Saxby the third least-influential senator, ranking him 98/100 in terms of Senate influence. National Journal’s comment: “Chambliss is considered a real intellectual lightweight, even by his colleagues on the Republican right.”

Way to go, Saxby! Keep doin’ Georgia proud!

By Line $axby's pockets another 6 years..-NO GREED LEFT BEHIND

November 24, 2008 9:21 AM | Link to this

The Greedy CEO’s and the George Bush Depression is disgusting.

By Ragnar Danneskjöld

November 24, 2008 9:25 AM | Link to this

Dear Tyler @ 9:08, you omitted the portion of your argument we all most wish to see. How will raising the rate on capital gains taxes strengthen the economy? We presume you are aware that increasing the rate on capital gains taxes always leads to lower revenues from capital gains taxes, and that lower capital gains tax rates always lead to macro-economic growth.

By Ragnar Danneskjöld

November 24, 2008 9:27 AM | Link to this

The simple way to identify the paid anti-Saxbe bloggers and the closely-related (but much smaller in number) Saxbe Derangement Syndrome sufferers is that their first post of the day ignores the topic of the day – they don’t waste any time with thought before posting their program materials.

By Lobbyist for Martin

November 24, 2008 9:35 AM | Link to this

SAXBY ECONOMICS, if you screw it up first time DO IT AGAIN

Federal regulators approved a radical plan to stabilize Citigroup in an arrangement in which the government could soak up billions of dollars in losses at the struggling bank, the government announced late Sunday night. The complex plan calls for the government to back about $306 billion in loans and securities and directly invest about $20 billion in the company.

By Lobbyist for Martin

November 24, 2008 9:40 AM | Link to this

SAXBY ECONOMICS…Let the INSIDERS STEAL

The head of the International Lease Finance Group said Friday that its owner, the American International Group, would sell the plane-leasing business to a group of investors and the unit’s management.

By Lobbyist for Martin

November 24, 2008 9:42 AM | Link to this

SAXBY ECONOMICS.. Let CHINA have their way with the GEORGIA TAXPAYER’s ASSETS

China Life Insurance, the world’s biggest life insurer by market value, is interested in the Asian assets of American International Group, Reuters reported.

By Lobbyist for Martin

November 24, 2008 9:46 AM | Link to this

SAXBY ECONOMICS… sell out to the highest bidder, George Soros

The U.S. economy needs additional support measures of between $300 billion and $600 billion to help it withstand the financial crisis, U.S. billionaire investor George Soros told Der Spiegel.

By Lobbyist for Martin

November 24, 2008 9:48 AM | Link to this

SAXBY ECONOMICS,, Da, the first $700,000,000,000.00 didn’t work, we need more Ethanol Subsidies

Raising cash in the debt markets these days has become nearly impossible for many companies, even for the bluest of blue chips. But there are certain companies that have had an easier time than others: large energy companies.

By Lobbyist for Martin

November 24, 2008 9:50 AM | Link to this

The only good news from SAXBY ECONOMICS

As the economic downturn continues to cause upheaval in corporate America and the law firms that serve it, many law firms are relying on their international outposts to keep profits up — and a growing number of lawyers are starting to look overseas for work.

By BROWNE

November 24, 2008 9:59 AM | Link to this

Now cut capital gains in half — or better yet, to zero as former House Speaker Newt Gingrich has proposed. Um Wooten, No one cares what either you or Newt proposes. You both are relics from the past and are no longer useful. You seem to have a ot of advice for the President Elect, perhaps you should have run for office only to suffer the same fate as the other guy. What was his name again?

By getalife

November 24, 2008 10:07 AM | Link to this

Told ya this will not end well and we are just getting started.

Happy Holidays!

By Mort Merkel

November 24, 2008 10:13 AM | Link to this

If President-elect Obama wants to turn things around, he should hire, Arthur Blank, Thomas Dimitrof and Mike Smith. But, I’d really rather he didn’t.

By getalife

November 24, 2008 10:17 AM | Link to this

Since Jim will not hold his party accountable for the economy and still spews nonsense, lets fire suxby.

It is the only accountability we will get.

By Robby

November 24, 2008 10:30 AM | Link to this

Fat chance that Obama will sign off on any form of a tax cut, especially capital gains tax cuts. And while I’m at RE-ELECT SAXBY FOR US SENATE! Prevent a filibuster proof liberal Democrap Senate!

By getalife

November 24, 2008 10:37 AM | Link to this

Fed Pledges Top $7.4 Trillion to Ease Frozen Credit

Fire that socialist suxby chambliss!

Happy Holidays comrades!

By Ga Values

November 24, 2008 10:45 AM | Link to this

I think we need to cut the waste out of government, then when we decide what size our government should be we need to have taxes at a level to pay for it. During the last 8 years we have only increased the level of waste.

By ron

November 24, 2008 10:58 AM | Link to this

Good morning,No capital gains tax cut from the Obama Regieme.Democrats don’t do these things.They sell carbon credits.That’s the polar opposite of the CDO’S that magically went from a bbb rating to an aaa rating after some sort of mystery financial formula was applied by the folks in the ratings business.This formula is known in the engineering trade as a SWAG.

Al”the carbon guy”Gore was in town.A big reason not to vote for Martin.

How many billions for Citibank?Pockets need lining.

The correct answer to Gitmo and future problems of this nature is to not have any prisoners to worry about.Leave one guy behind to ask the questions.If he doesn’t like the answer,he shoots them.If he does like the answer,he writes it down and then shoots them.One guy,no witnesses.

By deegee

November 24, 2008 11:00 AM | Link to this

We have lost 11 years worth of capital gains in the market in the last 9 months and the Wootang Gang wants to cut the capital gains tax. Isn’t that like saying the fundamentals of the economy are strong the day before the Secretary of the Treasury shouts “FIRE”?

By Curious Observer

November 24, 2008 11:02 AM | Link to this

The Bush tax cuts effectively halved the capital gains tax rates prevailing at the time, under the premise that the revenue cuts would be more than offset by the gain in economic expansion.

I now ask my conservative friends, How’s that economic expansion going? Lots of jobs out there? Business booming?

We did quite well during the Clinton years with the previous capital gains tax rates. The assertion that cutting the capital gains tax again or eliminating it entirely would boost investment levels is just so much horse-hockey.

You lost the election, conservatives, and as you were so fond of telling us during your glory years, ELECTIONS HAVE CONSEQUENCES. For Wooten and his merry gang to be advising Obama, after opposing, slandering, and libeling him so shamelessly during the campaign, is the height of chutzpah. Now shut up about getting more tax cuts for the wealthy. You hoarders of wealth will get no sympathy from the majority of American voters.

By F22 Guy

November 24, 2008 11:12 AM | Link to this

Ga Values 10:45 AM

Are you talking about ending the F22 program?? I need my job, Saxby is a dead weight on the F22.. Martin can save the F22.. Vote Martin for the good of Georgia.

By Republicans R Crooks

November 24, 2008 11:13 AM | Link to this

Capital gains should be tax free for the first 20K, then taxed at a 90% rate above 20K. What we have now is a gift to fat cats like steve swartzman of Blackstone Group, who pocketed over 600 million almost tax free in the ipo for BX. BX has fallen from ~31 in the ipo to ~6 now, so the 600 million steve pocketed came mostly from our ira’s, 401k’s, and mutual funds….Nasty loss there for the little guy, unjustified almost tax free gift to the fat cat….

By U.S. ARMY VETERANS for JIM MARTIN

November 24, 2008 11:33 AM | Link to this

Elect a real man who served our country in Vietnam while Saxby had more important things to do.

By professional skeptic

November 24, 2008 11:34 AM | Link to this

Redneck Convert: Patience is a virtue! Here’s an article that shows just how long that trickle-down whiskey can take to age.

Reaganomics Finally Trickles Down To Area Man

By The Ghetto Prophet

November 24, 2008 11:40 AM | Link to this

Let’s see, this should be a common sense situation. If obama raise the CG tax that will increase the overhead of big corporations & small business owners, and that will create jobs? Common sense tells me that a reduction in overhead creates opportunity & job growth. Now before you attack my thought think about this, when gas prices were sky high, what caused the increase? The rise in cost per barrel of crude & the fed tax. The oil companies simply passed all of their tax burdens along to the consumer per gallon of gas, that’s it. Take time to think of what dems are doing, only out of hate of success. Why is it so wrong to have money if you earned it? I thought that was the results of hard work & self respect.

By Milledgeville Republican Caucus

November 24, 2008 11:45 AM | Link to this

The economy is funda-MENTAL-ly strong thanks to Senator Chambliss and his Herbert Hoover Throwback policies.-Sir Saxby is a LEGEND in HIS own mind.

By ...Beautiful Poetry for the Holiday Season

November 24, 2008 12:16 PM | Link to this

“All is calm ,- all is bright if we defeat Saxby the next election night.”

By Join Zell,-Sonny,-Saxby and the gang for some good $5,000 a plate barbecue the day before Thanksgivi

November 24, 2008 12:16 PM | Link to this

The last $5,000 a plate Barbecue Dinner to raise more money for $axby during the Bush Depression will be Wednesday.If you attend please sign the petition for the proposed 23% retail tax, which is only FAIR in this wonderful economy.It may shock you somewhat paying 23% sales tax on groceries at first, but it is for your benefit.-Senator $axby has protected our borders,improved our economy and kept our military forces out of harms way.-We know deep down we are much better off than we were six years ago,-which is a testament to the wonderful representation $axby has given the people of Georgia.-We all regret the Ted Kennedy/Saxby Chambliss Immigration bill failed to pass, but the generous Bail-Out did pass and we should feel proud that we saved AIG and the other Wall Street CEO’s.-Also remember the Billions of dollars we spend in Iraq every week has protected Georgia’s 159 counties from weapons of mass destruction.-It just makes you feel good all over to have such a great Senator serving the greatest President since the Honorable Herbert Hoover.The barbecue dinner is our last chance to stand up to the middle class and let them know who is in control.

By NO GREED LEFT BEHIND

November 24, 2008 12:18 PM | Link to this

If Sir Saxby loses the run-off, I’m sure his son Bo will hire him to be a lobbyist in his sinister group taking payoffs from all the Fat Cats.-Congratulations to Saxby for being nominated to the Vietnam Veterans Draft-Dodger Hall of Shame.

By Vets for Martin

November 24, 2008 12:20 PM | Link to this

Bring honor and dignity back to the Senate.— Vote for a U.S. ARMY Veteran who left the University of Georgia to serve his country in Vietnam, while Saxby was hiding out in the Agnes Scott Library with a Band-Aid on his self-inflicted hurt knee.

By Sisy Saxby

November 24, 2008 12:21 PM | Link to this

SISSY SAXBY may be an “intellectual lightweight,” but he is a heavy hitter for the DC lobbyists.

By Dusty

November 24, 2008 12:23 PM | Link to this

SAXBY WILL SAVE CONGRESS FROM DEMO DOMINATION

Save the citizens. Save Congress. VOTE FOR SAXBY CHAMBLISS.

By Jack Smith

November 24, 2008 12:23 PM | Link to this

WE HAVE MORE TO DO:

Democrat Jim Martin is in a runoff against Bush Republican Saxby Chambliss for the Senate seat from Georgia. Bush’s Saxby Chambliss voted against spending a few measly dollars to provide health care coverage for Georgia, and Americas needy children. But he supported wasting hundreds of billions of your dollars, and the life BLOOD of Americas finest on an unnecessary war in Iraq.

At a time when 47 million of you have no health insurance coverage, and over 100 million of you with insurance are just one major illness away from complete financial destruction. Bush and Saxby Chambliss voted to make the heart break of bankruptcy relief even harder for all of you to use.

You see, Bush and Saxby Chambliss, and his family don’t have to worry about their health care coverage. They have the finest health care coverage your tax money can buy for them. Courtesy of you. The American Tax payer. In fact, no one but the super rich can afford the health care coverage you the tax payer provide for Saxby Chambliss, and his family for FREE! with your tax dollars.

He supposedly works for you. But he doesn’t think you and your family should have access to the type of taxpayer supported FREE health care that you provide for him, and his loved ones for FREE!. Doesn’t that just make you BURRING MAD!

Vote for JIM MARTIN for US senator from Georgia. Vote for JIM Martin who will be on your side. Vote for JIM MARTIN who will work with President Obama and a majority congress for you. Vote for JIM MARTIN most of all for your-self, your family’s, friends, and loved ones. Vote for JIM MARTIN for a better America, and a better World.

Don’t let Saxby Chambliss make a chump out of you by tricking you into voting against your own best interest. Saxby chambliss is NOT! on your side. He’s not one of you. He is on George Bush’s side. And we all know what a catastrophe the Bush Chambliss administration has been the past 8 years.

Contact all your family and friends and do every thing you can to see to it that JIM MARTIN and GEORGIANS! take that senate seat back for Georgia, and America. No matter where you live in America. This is important to you. President Obama will need all the help, and power you can give him to try and fix this catastrophic mess that the Corrupt Bush Chambliss administration has created.

As I said before you will have to vote in overwhelming numbers to overcome the Bush Chambliss “Let Them Eat Cake” vote fraud machine. Vote early if you can. Then help everyone you can get to the polls and vote for JIM MARTIN. You and your loved ones don’t have to be Saxby Chambliss’s victims anymore.

I know you will get it done. Just like you did for President Obama.

God bless all of you

jacksmith - WORKING CLASS… :-)

By Obama should RAISE captial gains tax

November 24, 2008 12:33 PM | Link to this

Most people work hard for their money. Those fortunate to make more than they need buy stocks. Now, that is not hard work; more of a hobby. So why not tax the heck out of capital gains; tax it like cigarettes or gasoline or alcohol. Then we would start seeing some income into the Treasury.

And as the capital gains tax is increased, stop all taxes on regular “passbook” savings accounts.

By Sax B. Gone

November 24, 2008 12:35 PM | Link to this

I just cast my vote for Jim Martin.

Why would anyone vote for Saxby?

To ensure a filibuster in the Senate? To ensure that gridlock prevents us from moving forward?

To ensure that the crybaby Republicans can convince themselves that they are still somehow relevant?

Yeah. Right. Sure.

By Ga Values

November 24, 2008 12:36 PM | Link to this

Good read about the increase of spending under various presidents:

http://www.cato-at-liberty.org/2007/09/27/presidential-spending/

By Wilson Smith

November 24, 2008 12:39 PM | Link to this

Saxby Chambliss: Fiscal Conservative and Bi-Partisan!?!? Published by Wilsonon November 20, 2008in Podcast. Tags: georgia runoff, Georgia-politics, Jim-Martin, Saxby-Chambliss, senate.

This interview with Senator Chambliss is like all interviews with experienced politicians, you can ask the question, but the answer is totally his territory. Saxby is as good as they get when it comes to answering questions. After doing this for a few years, I have come to the conclusion that we need to pass a law that requires all elected officials to submit to cross-examination by an experienced trial attorney for at least 24 hours as part of qualifying to run for re-election.

For example, anyone (anyone other than a totally fervent partisan) who knows much of anything about what goes on in Washington would laugh at the idea that Saxby is a fiscal conservative, having served in Congress under the greatest deficit spender ever, George Bush, who more than doubled the national debt. And yet, Saxby unashamedly claims to be a fiscal conservative. You couldn’t get him to admit otherwise if you had a photo of him spending $750 for a hammer.

Saxby defends his Senate record and denies that he has been a “Yes” man for Bush. His position is that he supports the president unless it’s not good for Georgia. There are, of course, many that would disagree with that. I remember last year when he was supporting Bush’s “immigration reform” and amnesty until a grassroots effort convinced him that he needed to vote for what was best for Saxby.

What is amazing about Saxby (and many politicians, for that matter) is that he has no consistent philosophy of government that guides his votes. Hence, he makes fiscal conservatives angry when he votes in favor of Medicare Drug D, in favor of the farm bill and other such big expense items that garner votes from large constituencies. And yet, he will vote against healthcare for kids (SCHIP) because it is “big government.” I just don’t get it!

He is not in favor of the baleout of the auto manufacturers. He distinguishes this position from his vote in support of the Wall Street baleout. The $25 billion the car manufacturers want is a band-aid that will only last till February or so. Then what? More money? The sad thing is that we baled out the money changers, but can’t help the guys that do real work on a production line. Of course, unions are getting blame for all the sins of the industry. Everyone wants the auto makers to file bankruptcy and break the unions and their expensive contracts. I don’t know enough to say this isn’t necessary, but the shame is that this country almost rejoices in the destruction of the American dream: a good job, with good wages and good benefits. You will not see those 3 things coincide in many jobs for a long time.

And let’s not forget Iraq, the War that is and shouldn’t be. Saxby still insists on victory, a word that has no objective definition, is incapable of being accomplished, but which people that don’t have a clue (like Bush) still assure us is worth the death and maiming of more young Americans. What more can I say!

By Sweet P

November 24, 2008 12:41 PM | Link to this

Obama has little margin for error. Tax cuts are out. There’s just no money.

Obama should raise taxes on everyone but those earning less than 100 grand. Raise taxes on everyone else, in fact double those taxes till the rich folk scream as loud as all those whom they’ve abused as losers over the years.

It’s payback time. (woo hoo!)

Word up!

By Ragnar Danneskjöld

November 24, 2008 12:49 PM | Link to this

Dear Curious @ 11:02, “I now ask my conservative friends, How’s that economic expansion going? Lots of jobs out there? Business booming? Good questions. Let’s examine actual results from comparative changes in legislative policies (after all presidents have no power over budget at all, they have to spend whatever Congress dictates) from conservative to leftist and back. Ga Values, you may want to jump in on this - perhaps you will tell us what presidents can about spending when Congress disagrees.

When the Republicans took the senate in 1980, the misery index was at its all time high, 20.1%. By the time the Democrats retook the Senate in 1986, the index had fallen to 10.3% (mostly on the reduction in inflation rate, to 1.75%; all stats based are the September most immediately preceding the election.) When the Republicans took Congress in 1994, inflation was 2.96% and the total misery index was 8.8%. When the democrats retook the Senate in 2000 the misery index had fallen to 7.5%. Under the democrat senate, unemployment rose from 4.0% to 5.7% in 2002, but fell back to 4.6% by the time the democrats retook Congress in 2006. Under the democrats Congress the unemployment rate has risen to the present 6.5%, and inflation – 2.06% in 2006 – has risen to 3.66%.

If you are willing to allow the numbers to tell the story, democrat legislation is poison for both job formation and for capital formation.

By Ragnar Danneskjöld

November 24, 2008 1:08 PM | Link to this

The simple way to identify the paid anti-Saxbe bloggers and the closely-related (but much smaller in number) Saxbe Derangement Syndrome sufferers is that their first post of the day ignores the topic of the day – they don’t waste any time with thought before posting their program materials. Seemingly the paid anti-Saxbe and Saxbe-derangement bloggers are:

faux Jim @ 8:55

Freedom @ 9:03

faux Dusty @ 9:12

Line $ @ 9:21, Lobbyist @ 9:35, 9:40, 9:42, 9:46, 9:48, and 9:50

F-22 guy @ 11:12

Veterans @ 11:33

Milledgeville @ 11:45

Poetry @ 12:16

Join @ 12:16

Greed @ 12:18

Sisy @ 12:21

Jack Smith @ 12:23

Gone @ 12:35

Wilson Smith @ 12:39

By Dusty

November 24, 2008 1:15 PM | Link to this

The Halleluia Chorus for Saxby

Sing glory to capital gains tax cut.

Stop Democrats spending like socialist nuts.

VOTE FOR CHAMBLISS AND SAVE CONGRESS.

By Dusty for Martin

November 24, 2008 1:24 PM | Link to this

Saxby is a SOCIALIST, Martin is a moderate Democrat. Saxby works for the LOBBYIST, Martin will work for GEORGIA

By fed up in gwinnett

November 24, 2008 1:26 PM | Link to this

Have any of you pro-Martin people looked into his background/history? The man didn’t have a job before the Dems prompted and pushed him to run for the Senate. It might do some good to do a little research of the puppet Martin….if you’re open-minded once you do the research, Saxby don’t look so bad.:)

By ron

November 24, 2008 1:30 PM | Link to this

I have just applied for my share of the bailout.I figure I need 2 million dollars.That’s not a lot,compared to what everyone else is getting.Just 2 million.That’s all I need.I promise I will spend it to stimulate the economy.Since I have no debt,I could be considered a triple “a” stimulation risk,or as I will promise,”I will do my absolute best to spend every cent of my $2 million stimulus package on frivilous things that I don’t really need”.What more can they ask for?Who knows?There might even be a job or two created by my wild spending.Come on,Paulson,take a chance on a citizen.

By Saxby shipped my job to China

November 24, 2008 1:30 PM | Link to this

Georgia Has Lost 173,000 Manufacturing Jobs During the Bush- Chambliss Era. Since January 2001, Georgia has lost 172,900 manufacturing jobs. In January 2001, Georgia had 578,800 manufacturing jobs. In August 2008, Georgia had 405,900 jobs in that sector. [Bureau of Labor Statistics, 9/19/08; BLS, 3/1/01]

…Saxby’s Response Makes His Priorities Clear:

A $700 Bailout For Wall Street And CEOs. Chambliss voted for the $700 billion dollar Wall Street bailout package that banks are now using to continue paying executive bonuses and dividends to stockholders, and to acquire other banks. Chambliss has received $2,536,728 from the financial, real estate and insurance industry. [Vote Time Magazine, 10/27/08; GPB Debate, 11/2/08; Center for Responsive Politics, accessed 11/6/08]

… And Continuing Tax Breaks for Companies that Ship Manufacturing Jobs Overseas. In 2004 and 2005, Chambliss voted twice in opposition to amendments that would repeal the deferral tax subsidy for companies that outsource production of goods for sale in the U.S. market. In 2005, Chambliss voted against a Dorgan (D-ND) amendment that would “repeal the tax subsidy for certain domestic companies which move manufacturing operations and American jobs offshore.” In 2004, Chambliss voted to table, effectively killing, an amendment that would “partially repeal a tax deferral regulation for U.S. multinational companies by requiring those companies to pay federal income taxes on foreign factories when goods are reimported back into the United States,” according to CQ. [Vote 63, 3/17/05; Vote 83, 5/5/04; CQ Floor Votes, 5/5/04]

By Dusty

November 24, 2008 1:46 PM | Link to this

Thanks, Ragnar,1:08

Democrats for Pelosi and Reid are staying busy today. They must be getting holiday pay. They inspire me to post bad poetry!!

There once were liberals named “Moron”

Who tried to get votes by “strong arm”.

That made people just laugh

At this poor Demo staff.

But Saxby will save us from harm.

Libs said “WE’LL SPREAD YOUR WEALTH!”

And…”WE’LL DECIDE ABOUT YOUR HEALTH!

But Saxby was there

And he DOES care.

He proclaimed “DEMS WILL NOT STEAL BY STEALTH!”

Save Saxby ‘cause he is strong.

Won’t let Congress go crazy wrong.

Democrats want our debt to grow

Adding costs like the falling snow.

BUT SAXBY WILL KEEP LIBS WHERE THEY BELONG!!!

Just throw Democrats a KISS..then…. VOTE FOR THE STRONG ONE….SAXBY CHAMBLISS!

By steve-o

November 24, 2008 1:50 PM | Link to this

I highly doubt that there will be any capital gains to tax at all given the current market. You’ve got to be mad to think that the Federal government can afford a tax cut—especially given the fact W has cut taxes and advocated to make them permanent while fighting two wars, expanding entitlements through medicare, and implementing one of the largest expansions of government since the New Deal with the creation of the Dept of Homeland Security. With all of the work we need to do on the Federal level you must be out of your flipping mind to think we should cut capital gains tax.

BTW, JIM MARTIN ‘08!!! Chambliss is a chicken-hawk, rubber stamp bum!!!

By AF

November 24, 2008 1:52 PM | Link to this

Are you kidding? We don’t need to make it easier for the well off to buy stock. We need to make it easier for people to get jobs, buy groceries, health care, education, and all the routine things that make up life.

The well off are well enough off. Lets help those who are losing their jobs and homes.

Good grief. This is stupid!!!!!

By mister.earl

November 24, 2008 1:59 PM | Link to this

President Barack Obama Takes Office On Janauarfy 20

The euphoric Wall Street rally that greeted the Geithner nomination underlined how investors are desperate for leadership. By promising a truly massive stimulus, Obama has shown he understands the need to change the psychology and break the downward spiral. But it will take time for the stimulus to feed its way into the economy, and Obama needs to come up with interim medicine that acts faster. The most promising option involves working quietly with the Fed — something that Geithner, the Fed’s outgoing New York chief, is well positioned to accomplish.

Calling upon the Fed to print money is radical. But desperate times demand creative remedies. Fortunately, Obama has chosen to surround himself with experienced technocrats — pragmatists who excel at imaginative improvisation.

  • Washington Post

By Dusty for MARTIN

November 24, 2008 2:01 PM | Link to this

Saxby Economics, Coming Soon to where YOU Work

STORE CLOSINGS AND LAYOFFS

If you have gift cards, hurry up and use them!!

Just passing this along - FYI

Ann Taylor closing 117 stores nationwide A company spokeswoman said

the company hasn’t revealed which stores will be shuttered. It will let the

stores that will close this fiscal year know over the next month.

Eddie Bauer to close more stores. Eddie Bauer has already

closed 27 shops in the first quarter and plans to close up

to two more outlet stores by the end of the year.

Cache closing stores. Women’s retailer Cache announced that it is closing 20 to 23 stores

this year.

Lane Bryant, Fashion Bug, Catherines closing 150 stores nationwide The owner

of retailers Lane Bryant , Fashion Bug , Catherines Plus Sizes will close

about 150 underperforming stores this year.The company hasn’t

provided a list of specific store closures and can’t say when it will offer

that info, spokeswoman Brooke Perry said today.

Talbots, J. Jill closing stores. About a month ago, Talbots announced that it will be shuttering all

78 of its kids and men’s stores. Now the company sa ys it will close

another 22 underperforming stores.. The 22 stores will be a mix of Talbots

women’s and J. Jill , another chain it owns. The closures will occur this

fiscal year,according to a company press release.

Gap Inc. closing 85 stores. In addition to its namesake chain, Gap also owns Old

Navy and BananaRepublic .The company said the closures - all planned

for fiscal 2008 - will be weighted toward the Gap brand.

Foot Locker to close 140 stores. In the company press release and during its

conference call with analysts today, it did not specify where the future store

closures - all planned in fiscal 2008 - will be. The company could not be

immediately reached for comment.

Wickes is going out of business. Wickes Furniture is going

out of business and closing all of its stores. Wickes, a

37-year-old retailer that targets middle-income customers, filed forbankruptcy

protection last month.

Goodbye Levitz / BOMBAY - closed already. The furniture retailer, which is going out

of business. Levitz first announced it was going out of business and closing all 76 of

its stores in December. The retailer dates back to 1910 when Richard Levitz opened his

first furniture store in Lebanon , PA. In the 1960s, the warehouse/showroom concept brought Levitz to

the forefront of the furniture industry. The local Levitz closures will follow the shutdown of

Bombay.

Zales, Piercing Pagoda closing stores. The owner of Zales and Piercing Pagoda previously

said it plans to close 82 stores by July 31. Today, it announced that it is closing

another 23 underperforming stores. The company said it’s not providing a list of specific

store closures. Of the 105 locations planned for closure, 50 are kiosks and 55 are

stores.

Disney Store owner has the right to close 98 stores The Walt Disney Company

announced it acquired about 220 Disney Stores from subsidiaries of

TheChildren’s Place Retail Stores. The exact number of stores acquired

will depend on negotiations with landlords. Those subsidiaries of

Children’sPlace filed for bankruptcy protection in late March. Walt Disney

in the newsrelease said it has also obtained the right to close about 98

Disney Stores in the U.S. The press release didn’t list those stores.

Home Depot store closings (E. Brunswick, Rt 18 just put up their closing sign)

ATLANTA - Nearly 7+ months after its chief executive said there were no plans

to cut the number of its core retail stores, The Home Depot Inc. announced

Thursday that it is shuttering 15 of them amid a slumping U.S.economy and

housing market. The move will affect 1,300 employees. It is the first time

the world’s largest home improvement store chain has ever closed a flagship store for performance reasons.

CompUSA (CLOSED) clarifies details on store

closings Any extended warranties purchased for products

through CompUSA will be honored by a third-partyprovider, Assurant Solutions.

Gift cards, rain checks, and rebates purchased prior to December 12 can be

redeemed any time during the final sale. For those who have a gadget currently in for service with CompUSA, the repair will be completed and the gadget will be returned

By SOUTHERN ATL

November 24, 2008 2:09 PM | Link to this

There comes a time when the people of this “GREAT STATE” will say ‘ENOUGH ALREADY”!!

We are speaking loud and clear at the polls and on the AJC blogs….No matter how many Republicans stump for SAXBY, he is not OUR CHOICE Jim Martin is!!!

Rudy Giuliani, Sara Palin, John McCain, Mitt Romney and Mike Huckabee you are invited to join Congress on December 2, 2008 in Washington D.C………….

The congress will come to order….. They will ask “SENATOR SAXBY CHAMBLISS” to stand…..speeches will be made…followed by applauses…and a song will be dedicated… here is it:

http://www.youtube.com/watch?v=e3YSHwJ_SAA&feature=related

Thanks to all of you for a hard fought race!!!

By Dusty

November 24, 2008 2:12 PM | Link to this

Dear Ron@1:30

I am going to beat you to the draw. I will settle for only $50,000 for a brite-lite financial uptake. There was a nice little Cadillac on TV last night for only forty nine thousand. I’d love one of those to run up to Big Lots and Dollar Store.

My little GM car is a sweetheart but I would enjoy that cute Caddy (just for my morale of course). When you talk to Paulson please put in a plug for me, how dedicated I am and all that stuff. I’ll set you up to a CocaCola with the extra thou. See! I’m generous too.

By Dusty

November 24, 2008 2:18 PM | Link to this

The managers of all those stores that failed VOTED FOR MARTIN. Now, on reruns, they have learned their lesson. They are all voting for CHAMBLISS.

Don’t vote for the flittering birdie purple Martin. VOTE FOR THE SOARING EAGLE CHAMBLISS

By Redneck Convert

November 24, 2008 2:34 PM | Link to this

Well, if Sister Dusty’s got time for poetry, it’s for sure she ain’t paying much attention to our pee and blood at her lab. My advise is don’t let the Dr. do any tests on you this time of year. Sure as the world your test will come back that you’re pregnant and got AIDS to boot. But you will rhyme nice.

Anyhow, long as WalMart don’t close up shop, the other stores can just fold, far as I’m concerned. I don’t know where I’d buy white socks if it wasn’t for WalMart. I’m against bailouts for stores, unless it’s WalMart.

By Dusty

November 24, 2008 2:56 PM | Link to this

Dear RedNeck Convert @2:34

I always have time to run YOUR lab work. AND…there’s news for you. Yessiree…fellow…not only are you PREGNANT but you also have AIDS.

Let me know if you want those tests repeated but… Repeats are not necessary!! (We are GOOD!) CONGRATULATIONS!!

By Sax B. Gone

November 24, 2008 3:03 PM | Link to this

Funny how Wooten wants Obama, who won’t take the oath of office for two more months, to do something that Bush and his beloved Republican Congress failed to do in 8 years in Washington

By Jake

November 24, 2008 3:11 PM | Link to this

Dagnar - first, those capital gains rate reducti9on sonly increase tax revenues in the very short run, in th elong run they decrease revenues.
The non-partisan Congressional Budget Office (CBO) and the Joint Committee on Taxation have estimated that extending the capital gains tax cut enacted in 2003 would cost $100 billion over the next decade. The Administration’s Office of Management and Budget included a similar estimate in the President’s budget. Secondly, advocating making an already regressive tax even more so points out the capitalist flaw, i.e., ‘greed is good’. From an ethical standpoint I can see the flat tax but not one where a billionaire who does not even work but only invests pays a much smaller percentage than a working middle class person like myself. Your ethics are despicable.

By AF

November 24, 2008 3:24 PM | Link to this

Vote J I M M A R T I N for Senate.

Saxby has screwed around enough with coddling to big business. When years were good and taxes needed to be raised to pay for the war, Saxby kept voting to reduce taxes. The result - a debt our children and grand children will be paying for and an wrecked economy. And we all applaud and applaud. Our children will pay the price of our selfishness.

The “redistribution of wealth” under Saxby rules has decimated the middle class and ruined the job market. SAXBY IS WRONG.

By AF

November 24, 2008 3:29 PM | Link to this

Vote J I M M A R T I N for Senate.

Saxby has screwed around enough with coddling to big business. When years were good and taxes needed to be raised to pay for the war, Saxby kept voting to reduce taxes. The result - a debt our children and grand children will be paying for and an wrecked economy. And we all applaud and applaud. Our children will pay the price of our selfishness.

The “redistribution of wealth” under Saxby rules has decimated the middle class and ruined the job market. SAXBY IS WRONG.

By hotlanta

November 24, 2008 3:56 PM | Link to this

Ray Charles can see that we are in a recession and Saxby can’t. Wow, wonder what moose brandy he has been drinking.

By catlady

November 24, 2008 4:37 PM | Link to this

If you are lucky enough to have capital gains, you should be GLAD to pay increased taxes!

Got 2 TWO more Saxby postcards today from the Ga Repub Coimmittee. They must have plenty of money and be scared that “their boy” is going to be held accountable for his 6 years of special interests dealing. One card works on the right to no-choice angle twice and the gay marriage angle twice. The other uses 6 fear-mongering words. Disgusting!

What perplexes me even more is that this makes a total of THREE cards in the last week that reference my daughter requesting an absentee ballot using the card provided by the Republicans. What I want to know is, who gives these people the address? And how did they get it so quick? She sent it in 9 days ago!!! How can the registrars give this out????

By CommunistAJC

November 24, 2008 4:59 PM | Link to this

catlady, Did your mom drop you on your head as a child? Go sell stupid somewhere else, troglodyte!

By Simple Answers

November 24, 2008 5:10 PM | Link to this

Q: Is there any social or political problem that cannot be solved by lowering the capital gains tax?

A: If you are a deadender Republican like Wooten or Randnar, absolutely not!!!

This has been another episode of Simple Answers.

By ron

November 24, 2008 5:11 PM | Link to this

The market is up?-The dollar is down.The British Government hates us because we killed one of their terrorist citizenry in Pakistan without notifying them and the vast,vast majority of the British people think that not telling their government was the smartest move we ever made.All is well with the world.

I’ve always wanted to own a part of Citibank.I hope they fire the -itch that gave me all the trouble 9 years back before she discovered I was the wrong person.I kept telling her that,but not until she discovered it for herself did she believe me.

Dusty—I want to go on record that it wasn’t me that messed with Redneck.

By catlady

November 24, 2008 5:21 PM | Link to this

You know, Communist AJC, you work that word into every one of your postings. Kinda like some kindergarteners I know. They learn a new word and they use it constantly, even if they don’t know what it means.

Engage the discussion like an ADULT. You know, in cursive.

By Lobbyist for SAXBY

November 24, 2008 5:27 PM | Link to this

Freedom’s Watch won’t last much longer than Georgia Senate campaign Monday, November 24, 2008, 04:53 PM

The Atlanta Journal-Constitution

Freedom’s Watch, the conservative group that purchased hundreds of thousands of dollars in TV airtime on behalf of Republican incumbent Saxby Chambliss, apparently won’t last much longer than the U.S. Senate runoff on Dec. 2.

Backed by casino owner Sheldon Adelson, Freedom’s Watch “is pretty much kaput,” reports the Las Vegas Review-Journal:

Says the newspaper:

The group’s dozens of staffers have been paid through the end of the year. After that, Freedom’s Watch is likely to shut its doors permanently, said the sources, who spoke on condition of anonymity.

Technically an issue-advocacy group rather than a political campaign arm, Washington-based Freedom’s Watch spent $30 million on television and radio ads in the general election, plus an undisclosed amount on mail and phone-call campaigns.

It was active in four U.S. Senate races and about three dozen congressional races, said spokesman Ed Patru…”

By Ragnar Danneskjöld

November 24, 2008 5:27 PM | Link to this

Dear Jake @ 3:11, I have often noticed that only the thieves despise the ethics of others. When you advocate using government guns to seize wealth to spend on matters the rightful owners oppose, do you sleep well at night? I have also noticed that thieves work only through “nonpartisan” gangs, to try to minimize the stench of their activities. But mostly I have noticed that leftists think capital is irrelevant to the conduct of business, think nothing of dissipating capital, and lack the intelligence to distinguish big spenders from big savers. The genius that comes with the latter capacity embraces taxes that do not dissipate wealth, such as the “Fair Tax” rather than those forms of taxation that are incapable of distinguishing productive use of income from consumptive use.

By Ragnar Danneskjöld

November 24, 2008 5:29 PM | Link to this

Dear Simple Answers @ 5:10, you are surprisingly close. The truth is that there is no problem that is not ultimately attributable to government interference in the marketplace - taxes are merely one form of government screw up. The others are spending and regulation.

By Dusty

November 24, 2008 5:32 PM | Link to this

ron@5:11

Ha! a likely story…….that’s what they all say!!!

By Dusty

November 24, 2008 5:37 PM | Link to this

MARTIN MAKES MUDCAKES..CHAMBLISS IS CLEAN

Vote for SAXBY CHAMBLISS to CLEAN UP CONGRESS…YES!!!!

By F22 Guy

November 24, 2008 5:46 PM | Link to this

Obama is going to kill the F22, Saxby can’t help but Martin will save my job.

President-elect Obama said as he announced his economic team that he plans to follow that up with remarks on Tuesday about “cuts and sacrifices” the nation will need to make in the days ahead. He said that in addition to spending to get the economy going, he wants to “reform how business is done in Washington, and how the budgeting process works, how projects are done, so that we have a path towards a sustainable and responsible budget scenario down the line.”

President Bush has been criticized for not asking the American people to make specific sacrifices, and Obama suggested in remarks to reporters at a Chicago hotel that he will have some frank talk for tough times as part of what his team is calling a “reform agenda.”

“Short term, we’ve got to focus on boosting the economy and creating 2.5 million jobs,” Obama said. “But part and parcel of that is a plan for a sustainable fiscal situation long term, and that’s going to require some reforms in Washington. And I’m going to be discussing that more tomorrow.”

Obama, trying to set realistic expectations as he prepares to take office in 57 days, warned in his prepared remarks that the “economy is trapped in a vicious cycle: the turmoil on Wall Street means a new round of belt-tightening for families and businesses on Main Street – and as folks produce less and consume less, that just deepens the problems in our financial markets.”

“There are no shortcuts or quick fixes to this crisis, which has been many years in the making – and the economy is likely to get worse before it gets better,” Obama said. “Full recovery won’t happen immediately. And to make the investments we need, we’ll have to scour our federal budget, line-by-line, and make meaningful cuts and sacrifices as well – something I’ll be discussing further tomorrow.”

His remarks served as a reminder to supporters that he may not be able to grant all their wishes right away. Already, he has said that he may have to delay the full scope of some of his promises, although he has said he will make a start on all his priorities, including health care, energy and the economy.

Obama made it clear he will not undo any of the Bush administration’s bailouts. “These extraordinary stresses on our financial system require extraordinary policy responses. And my Administration will honor the public commitments made by the current Administration to address this crisis,” he said.

In a sharp rebuke to the auto executives who testified on Capitol Hill last week, Obama said: “I was surprised they did not have a better-thought-out proposal. … The auto industry needs to present us with some clarity in terms of the dollar figure.”

Obama said he had spoken with Bush this morning.

By gafarmer

November 24, 2008 5:50 PM | Link to this

South Georgia theory of relativity; the question is not “is either candidate a good person, it is instead which candidate is the better person for the office.” Relative to the opponents Saxby has faced he has been significantly the better person every time, including Martin.

By South Georgia Farmer

November 24, 2008 6:02 PM | Link to this

6 years ago Saxby promised the small farmers of Georgia help with the farm bill, I voted for him. He went to Washington became the head of the Ag committee, wrote the farm bill & took care of the Sugar farmers in Florida and the Corn farmers in the Midwest. The little farmers got the shaft & the big money got more money.Chambliss is just another crook we sent to Washington. I will be voting McCain & Martin.

By republicans evil time is up

November 25, 2008 11:14 AM | Link to this

YOU STUPID NUMB NUTTS FROM SOUTH GEORGIA DESERVES WHAT YOU GOT FROM SUXBY BY HIM FORGETTING ABOUT YOU WHILE GETTING MONEY TO ALABAMA AND FLORIDA FARMERS AND NOTHING FOR YALL DUMBA@@ES, VOTE THIS MAN BACK INTO OFFICE REMEMBER HIS SH@TTING ON YOU ALL IN NORTH AND SOUTH GEORGIA, YOU CANT BLAME CLINTON OR OBAMA, BUT SOME HOW YOU IMBRED HICKS WILL FIND A WAY TO BLAME THE DEMOCRATS, WHEN ITS PEOPLE LIKE SUXBY JOHNNY ISKISON PHIL GINGREY SONNY PERDONT AND KAREN THE WITCH HANDEL,THIS IS WHY YOUR JOBS ARE BEING SHIPPED OUT NOT IN. P.S. THE REPUBLICANS GOT INTO OFFICE IN 2000 AND WHAT HAPPEN TO THE COUNTRY JOBS HOUSING AND EDUCATION IN 2008? ANSWER THEY FU*KED UP THE ECONOMY YOU HICKS NOW DONT HAVE A JOB OR A PLACE TO LIVE,IT WAS THE NEO-NAZIS WHO HAD CONTROL OVER THE BANKS THE CREDIT MARKET THE HOUSING MARKET IT WAS THE EVIL A@@ RETHUGLICANS WHO PUT THE COUNTRY IN THIS POSITION,YOU NO LONGER CAN BLAME CLINTON OR PUT BLAME ON OBAMA YOUR NEW PRESIDENT ELECT.

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