...OH YEA! GIVE BUSH WHATEVER HE WANTED...BUT DON'T EVEN WAIT FOR OBAMA TO BE SWORN IN BEFORE THE PISSING CONTEST BEGINS!
... HONEYMOON OVER? DEMS CRITICIZE OBAMA'S PROPOSED TAX CUTSPresident-elect Barack Obama's proposed tax cuts ran into opposition Thursday from senators in his own party who said they wouldn't do much to stimulate the economy or create jobs. Senators from both parties agreed that Congress should do something to stimulate the economy. But Democratic senators emerging from a private meeting of the Senate Finance Committee criticized business and individual tax cuts in Obama's stimulus plan.
They were especially critical of a proposed $3,000 tax credit for companies that hire or retrain workers.
"If I'm a business person, it's unlikely if you give me a several-thousand-dollar credit that I'm going to hire people if I can't sell the products they're producing," said Sen. Kent Conrad, D-N.D., a member of the committee.
"That to me is just misdirected," Conrad said.
Sen John Kerry, D-Mass., said, "I'd rather spend the money on the infrastructure, on direct investment, on energy conversion, on other kinds of things that much more directly, much more rapidly and much more certainly create a real job."
The cost of the economic rescue package Obama wants is expected to swell to $800 billion or more. About $300 billion of Obama's package would be for tax cuts or refunds for individuals and businesses.UPDATE: HOLD THE PRESSES! THIS IS A NEW DEVELOPMENT!Obama: ‘If Paul Krugman has a good idea…then we’re going to do it.'
Nobel Prize-winning economist Paul Krugman has been a frequent critic of President-elect Obama. During the primary season, he faulted Obama for saying there is a Social Security “crisis,” refusing to adopt a mandate in his health care proposals, and not fighting enough on “partisan issues.” In fact, today in his New York Times column, Krugman expresses skepticism at the effectiveness of Obama’s stimulus plan, in particular his tax cuts for businesses:
But right now we seem to be facing two major economic gaps: the gap between the economy’s potential and its likely performance, and the gap between Mr. Obama’s stern economic rhetoric and his somewhat disappointing economic plan.
Today in his press conference, a reporter questioned Obama about Krugman’s criticisms. Obama said that he is open to the economist’s ideas: “If Paul Krugman has a good idea, in terms of how to spend money efficiently and effectively to jump-start the economy, then we’re going to do it.” Watch it: