“By March of next year, my new $3.6 trillion budget will include a spending bill with more than 8,500 budget earmarks to target in-need constituents.And on it goes . . .
“In addition to the stimulus/borrowing plan, I intend to devote $634 billion to fund a new supplementary national health-care system. But that is not all. Unfortunately, the initial Bush bank bailout of some $700 billion also may well have to be augmented by an additional $750 billion.
”With state income taxes, federal income tax, Social Security and payroll taxes, along with new cutbacks in deductions, some of these rich will pay over 60 percent of their incomes in taxes. That is not an unreasonable rate in comparison with past levels - or the fact that well over 40 percent of Americans do not make enough to pay any federal income taxes.
“I expect that Wall Street may react negatively to these proposals. We may see the Dow fall an additional 2,000 to 3,000 points after I'm elected. It may descend to under 7,000 during my first weeks of office. And this may be the moment when the economy continues to cool and unemployment rises.
15 March 2009
The Stump Speech Obama Never Gave
You know, the one where he told the truth: