Obama Makes Economic Pitch To Wall St. Journal
Barack Obama laid out some of his economic policies in an interview with the Wall St. Journal -- and the right-wing paper isn't impressed with his ideas about raising the top tax rates and increasing government spending on energy infrastructure, declaring that it "appears like a return to an older-style big-government Democratic platform skeptical of market forces."
Obama does seem to cover himself against the accusation that he'd be an across-the-board tax-hiker, though, with an openness to cutting the corporate tax rate. However, this would carry a tradeoff: Loopholes that help certain companies game the system would have to be closed, thus creating a more even playing field.















The Wall Street Journal will only be "impressed" with an economic plan than involves making the rich an order of magnitude richer, while at the same time making the poor disappear completely.
June 17, 2008 9:29 AM | Reply | Permalink
making the poor disappear from view, you mean.
June 17, 2008 9:31 AM | Reply | Permalink
Well, I supposed there could be a GOP Final Solution for the down-and-out; stranger things have happened, after all.
June 17, 2008 9:32 AM | Reply | Permalink
Tut tut. They don't want the poor to disappear. They just feel that a return to a market-based solution, such as corporatized slavery or serfdom, would be more efficient than all these government handouts.
June 17, 2008 9:54 AM | Reply | Permalink
Some wag paraphrased Republican poverty policies best when he said: There are no poor people in America. At least none that count.
June 17, 2008 10:13 AM | Reply | Permalink
I liked obama's comments on the corporate taxes. I agree, cut the rate and cut the bs loopholes. That would generate more revenue in the long run. Smart policy.
By the way, the first freaking loophole that I would cut would be the corporate tax write off for luxury boxes and sports tickets. No loophole and gee no more luxury boxes and outrageous ticket prices. Then maybe little people like me might be able to go to a ball game. I know it's wishful thinking, but one can always hope.
June 17, 2008 9:32 AM | Reply | Permalink
Obama should have asked them, "Why do you hate Roosevelt's New Deal, and by extension, America?"
June 17, 2008 9:49 AM | Reply | Permalink
Hey! Didncha hear?
Tim Russert is dead.
So lay offa him, ya hear? Cant go roun dissin saints!
June 17, 2008 10:33 AM | Reply | Permalink
Obama wants to lower taxes for the middle class, of course the wall st. journal isn't going to like that
http://sensico.wordpress.com/2008/06/16/its-all-about-taxes/
June 17, 2008 9:52 AM | Reply | Permalink
The Wall Street Journal doesn't have the financial interests of the vast majority of middle-class, working-class or survival-class Americans at heart. They have always represented the interests of people who have stock portfolios and summer homes in the Hamptons. Sometimes I wonder if any MSM realizes that the vast majority of Americans don't have stock portfilos or vacation homes or 401Ks or a 3-car garage or au pairs or infinity pools or Lexus SUVs or wine cooler refrigerators or home theater rooms or......and nearly all of them don't have the time or the inclination to buy and read an elitist New York paper that has absolutely nothing in it that relates to their daily lives. Absolutely nothing!
June 17, 2008 10:06 AM | Reply | Permalink
Your characterization of the WSJ is as short sighted as the right wing view that the NYT is a liberal conspiracy. The WSJ has agreed with and even comended Obama in the past. Similarly, they give McSame hell over is policy infantilism and doubletalking. I think the level of discourse here is above spreading assumptions.
June 17, 2008 1:42 PM | Reply | Permalink
If the WSJ editorial board said anything positive about Obama, that's when I'd start to worry.
June 17, 2008 10:16 AM | Reply | Permalink
The Obamites belong to the Shadenfreude Party. Only happy when they can enjoy the misery of others.
Where I live $250K income for a couple is common, well within the middle-class. Especially for young professional couples. When an average 3 bedroom home costs in the range of $1 million it is the kind of income you need just to have what the rest of the country considers and average lifestyle. Add the property taxes of well over $100/mo and the desire for private school since the publics are poor in so many respects. All of a sudden $250K is what is needed to keep you from thinking about moving away to cheaper locations.
Now additional taxing for over $250K might be OK if the expectation would be that the extra revenue would help balance the budget. But Obama sounds like what the Reps will legitimately call a "tax-and-spend" program.
As for hitting the energy companies hard in order to fund an alternative fuel policy, just exactly who is going to implement that program? The energy companies, that's who. The objective is to give them an incentive to do it. What is their incentive? Profits. Until that time they will resist. And they are powerful in a global way (refer to the movie "Network"). Government cannot solve marketplace forces, at best it can guide them. I don't see Obama's plan doing that in a ny way. It sounds like an expansion of government in the expectation that it will fulfill the marketplace. That is a doomed policy.
Clinton balanced the budget through a fortunate combination of market forces (the emerging tech boom) and sensible fiscal policy. Obama has neither.
June 17, 2008 10:16 AM | Reply | Permalink
$250,000 is not a middle class income no matter where you slice it. If you're retarded enough to get a house in the middle of San Fran then that's your own fault.
June 17, 2008 11:08 AM | Reply | Permalink
Even if you live in San Francisco making $250K is the top 6 or 7 percent. It's the top 1%-2% in the U.S.
http://en.wikipedia.org/wiki/Image:SF_vs_US_Income.jpg
It's truly amazing how people making more than 93% of their neighbors want to think of themselves as the middle. NO one likes to admit they are rich because they can always point to people who are really really rich.
Look owning a $1million house adds to your expenses, sure. But you also get a very very healthy mortgage interest deduction on your taxes that is probably larger than a lot of people's total earnings in a year. Plus you have $1 million house. That's an asset.
Finally, if you live in San Francisco, you get to live in San Francisco.
June 17, 2008 11:22 AM | Reply | Permalink
Ironic username considering your post really makes little sense.
Just to give you an idea, in San Francisco which has only a 750K population, there are over 5,000 city employees that make over $100K with full pension benefits and lifetime healthcare after 5 years on the job. A two middle-manager/bus driver couple earns well over $200K.
June 17, 2008 12:16 PM | Reply | Permalink
Bitter are we?
June 17, 2008 12:12 PM | Reply | Permalink
"Where I live $250K income for a couple is common, well within the middle-class."
That is because you live in one of the top 1%-2% of neighborhoods in the country.
Judging from your post it sounds like you are so far from the average American that you have no idea what the average American's lifestyle is like. Most Americans are stuck with their local public school. Most Americans can't pay for their children's college, let alone fork over cash for private elementary and secondary education.
Why does no one realize that Democrats are fiscally conservative and Republicans are the ones who are fiscally liberal. Republicans always borrow money to spend. That makes them reckless.
No business that is currently making money hand over fist has an incentive to invest significant money in R&D to develop something to replace their current cash cow. Poor people and Government have all the incentive to invent new technologies to replace the current cash cows.
June 17, 2008 12:21 PM | Reply | Permalink
According to 2003 census estimates, the median family income in San Francisco was $67,809.
And btw, it's spelled Schadenfreude.
June 17, 2008 12:24 PM | Reply | Permalink
And that's how I spelled it. Being away from America has put blinders on you.
And the median income is a statistical skew. There are people in housing projects earning $0. Not being here, your reliance on statistics reveal the mindset that has no clue as to what is actually going on in the real world. A typical middle income San francisco couple is my neighbor who are a plumber and nurse and earn over $250K. Tell me those are middle class jobs. My other neighbor is a secretary and waiter. They earn over $150K. These are typical incomes for average people here and Obama want to increase their taxes.
In the Obamite world everything is black and white:
Government=good
Business=bad
Poor people=good
Wealthy people=bad
The sensible center of America know this is an unacceptable POV and will vote against it.
June 17, 2008 1:05 PM | Reply | Permalink
Fogu2, if (and that's a big if) you do live by a plumber/nurse and a waiter/secretary who are bringing in $150K -- 200K then that plumber, nurse, and secretary must be members of powerful and robust unions who have bargained them a living wage. Good on them. However, most people in the country don't have access to such well-established and powerful unions so, most plumber/nurse/waiters do not make anything near %100K. And I'm sorry, but your premise that $250,000K is an average American salary is so completely unfounded in empirical (as opposed to anecdotal) reality that it's pretty near delusional. And the explanation that the median measure skews low is bogus, not because it doesn't skew low, but because those people living in projects making $0 are Americans too and we ought to take their well-being into account when assessing the wealth of our nation and the health of the economy. Honestly, talk about San Fran elite! Not that I usually mind the San Fran crowd -- a beautiful city filled with many interesting folk -- course they usually have better politics than you.
June 17, 2008 2:58 PM | Reply | Permalink
I just said that is what is middle class here. And Obama want to tax what represents the middle class in huge portions of the Bay Area and Los Angeles and Manhattan.
With the housing crisis wiping out equity for many in this state to be told they will now have additional federal income tax is unacceptable.
Tax-and-spend Obama.
June 17, 2008 7:29 PM | Reply | Permalink
Wow, touchy aren't you?
Here, I'll copy and paste to prove it to you....
yours:Shadenfreude
mine: Schadenfreude
And fogu2, in ref to your typical "neighbors" you keep holding up as average income earners, I'm guessing you don't live in the Mission District.
Instead of whining about the horrible increase in taxes Obama's plan would put on your "middle class" income, maybe you could actually take a look at the facts. Here are a few for you from the Tax Policy Center:
....................MCCAIN....... OBAMA
Income........ Avg. tax bill.. Avg. tax bill
Over $2.9M...... -$269,364.... +$701,885
$603K and up..... -$45,361.... +$115,974
$227K-$603K....... -$7,871......... +$12
$161K-$227K....... -$4,380...... -$2,789
$112K-$161K....... -$2,614...... -$2,204
$66K-$112K........ -$1,009...... -$1,290
$38K-$66K........... -$319...... -$1,042
$19K-$38K........... -$113........ -$892
Under $19K........... -$19........ -$567
Another tidbit: Given current expenditures, McSame's plan would increase the deficit by more than a $1 trillion more than Obama's over a 10 year period.
June 17, 2008 4:45 PM | Reply | Permalink
And you considre illegal immigrants who wait on corners for daily work middle class?
Families of four living in a one bedroom apt are middle class to you?
That is what the Mission is largely populated with along with couples that make $250K to buy a home because you know what, in the Mission a single 3 bdm family home is about $1 million.
Did you visit here once and slum it in the Mission one night for fun?
As for you being the spelling police...fuck you. You do still understand that in Germany don't you?
June 17, 2008 7:23 PM | Reply | Permalink
So for a $250K earner it is more than a $2000 difference. You consider that insignificant to people living what most would consider a fairly average lifestyle.
Why don't you just cut a check for $2K to the govt. (U.S. not German) right now since it is so insignificant?
You're an ass.
June 17, 2008 7:35 PM | Reply | Permalink
I challenge you to come up with statistics of any middle-class neighborhood in San Francisco that show median household incomes anywhere close to $250k. And as others have pointed out, SF is one of the most expensive places to live in the US. If you want more disposable income, move to Omaha.
BTW, a major factor behind the mortgage crisis which you bemoan was the banking deregulation of the 80s and 90s. Who was largely responsible for that? Phil Gramm, chief economic advisor for McCain.
And frankly, fogu2, it's still a long way until November for you to be acting so on edge. I'm just one of many here that will slap you around at every opportunity. For all I care, you can spare yourself further misery and leave. I'm quite certain no one will miss you.
June 18, 2008 3:28 AM | Reply | Permalink
The WSJ thinks that "return to an older-style big-government Democratic platform" that actually brought economic security to Americans is objectionable. What a surprise. They value ideology not pragmatism or results. They are Pravda for capitalists.
June 17, 2008 10:43 AM | Reply | Permalink
It's fascinating to me to see many of the Clinton trolls coming in here with their masks off, spouting far right supply sider dogma.
Does anyone now believe that ardent supply siders like Fogu2 would have voted for Hillary Clinton over McCain?
As for the WSJ and right wingers in general, they always say that lowering taxes for the wealthy stimulates the economy. But look at the last 8 years. We've had the lowest taxes on the wealthy in a generation, and the lower and middle class people have been screwed. Jobs have disappeared, the economy is in ruins, the dollar is in freefall, gas is approaching five bucks a gallon, and the wealthy have seen their incomesa skyrocket. The oil companies have had record profits. Have they "invested" that money in R&D and solved our fuel crisis? Of course not. Nor will they ever. What it will take is for the government to give them a reason to, either by mandates or by targeted tax cuts based on actions, not Voodoo Economics.
But hey, I'm glad we're having this debate. At least we're discussing issues and not personalities.
June 17, 2008 11:09 AM | Reply | Permalink
For clarity, I'm not calling all Clinton supporters "trolls". But the real trolls are exposing themselves quite clearly.
June 17, 2008 11:16 AM | Reply | Permalink
And you are clueless as to what I said. And that is typical Obamitespeak.
June 17, 2008 12:18 PM | Reply | Permalink
After the deregulation of financial svcs and subsequent home lending fiasco, who is not "skeptical of market forces?" We can do better than making GREED the constant in our equation of life.
June 17, 2008 11:55 AM | Reply | Permalink
Your criticisms of the WSJ are very similar to the right wing point of view that the NYT is a left wing conspiracy. Readers of WSJ have seen the paper agree with Obama and congratualte him on several occasions. Likewise, they are just as tough on McCain for his policy infantilism. I disagree with their characterization of Obama in the mentioned article, but your characterization of the paper sound short sighted and uninformed
June 17, 2008 1:14 PM | Reply | Permalink
Your characterization of the WSJ is as short sighted as the right wing view that the NYT is a liberal conspiracy. The WSJ has agreed with and even comended Obama in the past. Similarly, they give McSame hell over is policy infantilism and doubletalking. I think the level of discourse here is above spreading assumptions.
June 17, 2008 1:42 PM | Reply | Permalink
Bill Bradley and Ronald reagan made some trades about closing loopholes and and lowering rates---ended up helping---Bill Clinton.
June 17, 2008 2:21 PM | Reply | Permalink
I don't see this article as being critical of Obama's economic plans. It was pretty factual. Greg pulled out one phrase that referred to it as being "old-style big Government." So what? That's like being afraid of being called Liberal. Obama's gonna spend money where he thinks it ought to be spent. And guess what? He's gonna give tax breaks where he things they ought to be given. And check out this little nugget they threw in there:
Sounds good to me, since I don't happen to be a multimillionaire.
June 17, 2008 9:30 PM | Reply | Permalink
Oops, sorry Greg. Laying Eric's statements on you, again. Always giving you grief, huh?
June 17, 2008 9:31 PM | Reply | Permalink
Oh, but all that said, Eric, I do appreciate the post. More and more on what's out there on Obama's and McCains economic plans, proposed energy policies, foreign policy, etc...
June 17, 2008 9:32 PM | Reply | Permalink