I was recently alerted to this story via U.S. News and World Report: I'll highlight the basic facts before giving my own thoughts on the policy and its potential ramifications.
In his speech last week in Wisconsin, Mr. Obama said the following:
"In the end, this economic agenda won't just require new money. It will require a new spirit of cooperation and innovation on behalf of the American people. We will have to learn more, and study more, and work harder. We'll be called upon to take part in shared sacrifice and shared prosperity."
Sounds good right? However, most important is to unwind the words and look for real policy. It is important to to examine both Mr. Obama's economic agenda and the sources of his so-called "new money." As I discussed previously, Obama plans on massive tax increases to support his policies. However, the increase may just be the tip of the iceberg.
Back in December, Obama sponsored the "Global Poverty Act," a bill that proposed the following:
To require the President to develop and implement a comprehensive strategy to further the United States foreign policy objective of promoting the reduction of global poverty, the elimination of extreme global poverty, and the achievement of the [U.N.] Millennium Development Goal of reducing by one-half the proportion of people worldwide, between 1990 and 2015, who live on less than $1 per day.
The legislation, if approved, dedicates 0.7 percent of the U.S. gross national product to foreign aid, which over 13 years he said would amount to $845 billion "over and above what the U.S. already spends." Additionally, the Bill could "result in the imposition of a global tax on the United States" and would make levels "of U.S. foreign aid spending subservient to the dictates of the United Nations.
It has been suggested that gas taxes would have to be increased from 35 cents to $1 in order to pay for the increase in foriegn aid. Not only does Obama want to raise taxes on Americans making over $250,000 a year and eliminate the $102,000 wage cap on Social Security taxes, he perhaps wants to add another trillion dollars in taxes to pay for dramatically increased foreign aid.
People, including myself, have decried the current President's lack of fiscal responsibility, but there is currently a very good possibility that the next president could increase our current deficit. After all Mr. Obama could simply borrow the money to fund his spending considering I've never heard him advocate for a balenced budget.
Lastly, the last time I checked people in our own country are struggling. We have poor, impoverished, and hungry people in the U.S. Why can't we use our funds to help these people. Although some people might be strictly anti-tax, I am more willing to allow the government to take what it needs if the resources go to helping my own countrymen. Why should people in foreign lands take precedent over struggling people in our own land?
Although much has been made about the Obama family's background in economics, it is Barack Obama running for President. It is a worthy cause to want to help all people everywhere, but it is not the job of the U.S. to solve the world's problems. The last time I checked we had poor and hungry people here that need our attention more than those in foriegn nations.
Let's look for those that need our help the most: Our fellow Americans.
In his speech last week in Wisconsin, Mr. Obama said the following:
"In the end, this economic agenda won't just require new money. It will require a new spirit of cooperation and innovation on behalf of the American people. We will have to learn more, and study more, and work harder. We'll be called upon to take part in shared sacrifice and shared prosperity."
Sounds good right? However, most important is to unwind the words and look for real policy. It is important to to examine both Mr. Obama's economic agenda and the sources of his so-called "new money." As I discussed previously, Obama plans on massive tax increases to support his policies. However, the increase may just be the tip of the iceberg.
Back in December, Obama sponsored the "Global Poverty Act," a bill that proposed the following:
To require the President to develop and implement a comprehensive strategy to further the United States foreign policy objective of promoting the reduction of global poverty, the elimination of extreme global poverty, and the achievement of the [U.N.] Millennium Development Goal of reducing by one-half the proportion of people worldwide, between 1990 and 2015, who live on less than $1 per day.
The legislation, if approved, dedicates 0.7 percent of the U.S. gross national product to foreign aid, which over 13 years he said would amount to $845 billion "over and above what the U.S. already spends." Additionally, the Bill could "result in the imposition of a global tax on the United States" and would make levels "of U.S. foreign aid spending subservient to the dictates of the United Nations.
It has been suggested that gas taxes would have to be increased from 35 cents to $1 in order to pay for the increase in foriegn aid. Not only does Obama want to raise taxes on Americans making over $250,000 a year and eliminate the $102,000 wage cap on Social Security taxes, he perhaps wants to add another trillion dollars in taxes to pay for dramatically increased foreign aid.
People, including myself, have decried the current President's lack of fiscal responsibility, but there is currently a very good possibility that the next president could increase our current deficit. After all Mr. Obama could simply borrow the money to fund his spending considering I've never heard him advocate for a balenced budget.
Lastly, the last time I checked people in our own country are struggling. We have poor, impoverished, and hungry people in the U.S. Why can't we use our funds to help these people. Although some people might be strictly anti-tax, I am more willing to allow the government to take what it needs if the resources go to helping my own countrymen. Why should people in foreign lands take precedent over struggling people in our own land?
Although much has been made about the Obama family's background in economics, it is Barack Obama running for President. It is a worthy cause to want to help all people everywhere, but it is not the job of the U.S. to solve the world's problems. The last time I checked we had poor and hungry people here that need our attention more than those in foriegn nations.
Let's look for those that need our help the most: Our fellow Americans.
1 comment:
Although you are correct that the bill does not ask for a tax increase presumably the money comes from somewhere. There are two options. Tax or borrow. Given Obama's history of encouraging tax increases it's probable the money will come from tax.
Additionally, regardless of where the money comes from, advocating increased aid to foreign countries when we are in the midsts of a recession seems odd.
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