Wednesday, September 8, 2010

"I Believe in Miracles..."

...and unicorns named Barack.  Or so the stock market investors seem to be saying today, if you believe the following story:

Stocks Rise Ahead of Obama Speech.

Obama is apparently promising $180,000,000,000.00 in tax cuts and infrastructure spending.  Whoo Hoo!

Will this offset the additional taxes in Obamacare and the rise in taxes when Obama refuses to extend the "Bush tax cuts"?  Will this result in no net increase in taxes?  Will this cost businesses substantial increases in accounting and compliance costs?  Has anyone with a brain analyzed this proposal before applauding it?

Regarding infrastructure spending, has anyone checked to see what the state contribution is to these projects?  Often federal grants have a required state contribution.  Where is this money going to come from when many states are furloughing employees, cutting back hours of service, and cannot afford to pay unemployment compensation costs?  Is this a giveaway to the unions?

Remember Clinton's policing grants back in the 1990's?  These declined over time to where the locality was left with the full salary, benefits, and equipment costs of these new officers, who were more than likely members of the police union.  Once hired, hard to fire.

Seems like the idiots on Wall Street will jump at anything thrown to them, and will believe that unicorns named Barack can perform miracles. 

I guess they might as well believe in miracles, as the unicorn has yet to perform.

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