What about the expiring the Bush tax cuts?????????
The world’s biggest economy has begun a much needed transition. The USA is dealing with the economic problems and there are a lot of criticize about Obama’s decisions and there are a lot of expectations from him to recover the economy. In 2009, USA economy was shrinking by 2.4% and we are expecting 3% grow this year. High Unemployment, and millions of foreclosed homes making people to save and people are becoming thriftier. Property developers are building smaller and simpler houses. Most people are trying to save their money. For example, when people were changing their tires once in a year, they are driving them until they really get old.
Bush tax cut giving breath to people in the bad economy conditions but Obama opposes any compromise that would extend the Bush-era tax cuts for the wealthy beyond this year. When people's net pay is reduced from the expiring tax cuts there will be even more people shrinking from the local economy. Less revenues for business, more layoffs, more companies closing their doors, more people going to the government for assistance, taxes being eaten up from the assistance provided.
This is a complicated point of the USA economy.
I really wonder: Will this make a difference in the November elections? We'll have to wait and see, won't we (and go out to vote, as well!) to see how that turns out.
Faith,
ReplyDeleteSweet post man! I have to agree with what you say about the economy and the Bush admin tax cuts. I just wish that certain people in power, and more specifically Congress would let suppourt Obama on what he wants to do. Obama has a lot of great ideas, like the new infrastructure plan he proposed on Labor Day. That deal would bring plenty of much needed jobs to America, but it is unlikely that congress will pass it.
I hope that the November elections favor Obama, so that he can set some of his plans into action, and people can stop criticizing him.
-HR