Spreading The Wealth

[Dr. Shane]

Obama Tells Tax-Burdened Plumber the Plan is to ‘Spread the Wealth Around’

This is the problem I see and it is something that Danny Shelton of 3ABN picked up on.

When Danny started 3ABN many Adventist church leaders fear that 3ABN was going to take offerings away from the organized church. On one occasion he was told that if he took too much of the pie there would be problems. Danny responded by tell the church leader to go to the refrigerator and look - God has more pies.

Some people look at the economy as a fix amount or a pie. The idea of spreading the wealth is that those in the top 5% should share their wealth with those in the lower classes. However economies are dynamic in that the size of the pie actually grows or shrinks. If managed properly the upper 5% can keep their wealth and more wealth can be created for those in the lower classes. Not only doesn't it have to be a fixed pie, it isn't.

A certain percentage of the middle can actually move into the upper class without o,[acting the lower class. Some thing in order for the rich to get richer the poor or the middle class must get poorer. That simply is not true.

From what I understand the lower class are those making under $30,000/year. The middle class stretches from $30,000 to $100,000/year. The upper-class are those earning above $100K/year and obviously there are various levels within each of the class - especially the upper class.

Good economic policy combined (that is a key word) with a robust private sector will allow more and more of those in each class to move upward on the economic ladder. This move upward does not have to come at the expense of those already on the top.

I am not saying I am against a graduated tax scale. I think those that earn more do have a responsibility to share more of the burden such as expenses for road construction, public education, military defense, police protection, etc. However I do not agree with the idea of somehow taking what the top earners make and giving it to the lower class in an effort to somehow spread the wealth. I am in favor of minimum and prevailing wage laws that protect the lower classes from being taken advantage of but that is about as far as I go in spreading the wealth.

[Woody]

I think Obama's 'spread the wealth around' scheme is going to cost him votes.

[Neil D]

I was listening to a talking head yesterday mentioning Politico.com and Obama's 4 point recovery plan.

Obama unveils new jobs ideas

By POLITICO STAFF | 10/13/08 11:46 AM EDT

Sen. Barack Obama (D-Ill.) on Monday released his Economic Rescue Plan for The Middle Class, described by the campaign as "a comprehensive four-part plan to deal with the immediate crisis that builds on proposals he has previously announced and includes several major new ideas."

A campaign fact sheet is here.

Here is a summary of the major new ideas in the four areas of Obama’s plan:

1. JOB CREATION: A New American Jobs Tax Credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.

2. RELIEF TO FAMILIES: Penalty-Free Withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year.

3. RELIEF TO HOMEOWNERS: 90 day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury’s financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.

4. RESPONDING TO THE FINANCIAL CRISIS: A Lending Facility to Address the Credit Crisis for States and Localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.

[Dr. Shane]

I don't think it will cost Obama votes because most people do not understand it. I had a small business owner in my office yesterday who was asking me where Obama is going to get the money to fund all his programs. I pointed right at him and said, "from you". Last year his company made a little over $1 million. I told him Obama is going to help people like him spread that wealth.

[olger]

That boy's gotta go. Obamer I mean.

I bet he ain't run a business (or owned one) his whole comunity organizer life.

[Neil D]

Good night....Olger, you mean to say that you can not add a full time worker to your job and get a $3000 tax credit to your bill? You mean that doesn't help your business? McCain ain't offering that type of credit to your business, is he?

And if your having monetary problems, you mean that taking out up to 10-15K ain't gonna help you thru this crisis?

And, what about some of you who are having problems with getting jobs and your home is in the trouble of forclosure? Can 90 days extra help ease the burden a bit?

Maybe your community is having problems getting the money that it needs...You mean that this doesn't help you, the goverment worker to keep thier job?

Come on, guys....Just because it comes from a democrate doesn't means that the ideas are poison! You guys got brains...aleast some of you claim you do..why don't you use them to evaluate them and tell us if they are worth anything besides tolet paper...