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Politics : President Barack Obama
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To: ChinuSFO who wrote (29387)8/31/2008 11:56:45 AM
From: Bread Upon The Water  Read Replies (1) of 149317
 
Samuelson "The Rise of Fantasy Politics> Newsweek August 23, 2008

Went to Newsweek's site. I am unable to pull up the entire column. Can't down load the column. This typed excerpt goes to the heart of the matter:

Obama & McCain have each embraced symbolic gestures that falsely suggest they've made tough choices. Democrats blame deficits on Bush's tax cuts for the rich and the Iraq War. OK, let's whack the rich. Obama would restore the 36 percent and 39.6 percent income-tax rates for couples with taxable incomes above $200,300 and $357,700. He's suggested higher capital-gains taxes and Social Security taxes for those with incomes exceeding $250,000. Together, these changes might generate about $80 billion of revenue in 2010, says the Tax Policy Center. By contrast, the 2008 budget deficit is reckoned $389 billion. Even adding a $125 billion saving on the Iraq War---highly optimistic--wouldn't erase the deficit.
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