Sorry, that's a straw man argument. And thanks to the CRA, many of those same banks were forced to loan "bad paper" (subprime loans on houses and --worse -- commercial properties) when they knew it was a bad idea, under threat of Federal sanctions.
And government-issued or -handled health care will become a colossal boondoggle. The Federal government has a lousy history of attempting to run anything. Expect higher overall costs, longer waits for services, and of course, a healthy rise in the size of the federal bureacracy and its associated expense.
As I said, it isn't working that well in Massachusetts; nothing encourages me to think that it will work on an even larger scale.
How will he accomplish this? Currently, 40% of those filing tax returns don't pay any taxes at all.
I've heard that he proposes refunding $500 of SS tax to everyone who pays into Social Security. Yep, that's smart. Let's raid the already depleted Social Security trust-fund to deliver on a campaign promise.
Well put. For better or worse, it's over. I'll give Obama time to settle in and see what he does. Appointing Rahm Emmanuel as his Chief of Staff was a poor start, though: not only is it another example of NON-change, but he's also not known to be much of a coalition-builder.
One thing the Democrats MUST realize, and Nancy Pelosi mentioned this last Wednesday so they apparently do: their guy was given the job, but there is NOT a widespread liberal shift to the left in the American electorate.
If they move too boldly to implement their more socialistic policies, they'll face a backlash in the next midterm elections at least as costly as the one they were handed in 1994.
Some of those policies:
- Employee Free Choice Act (HR 800). Will mandate immediate unionization of any workplace when a simple majority of employees signs -- or is pressured to sign -- a petition to unionize. This bill has already passed the House, but was filibustered in the Senate before, but maybe not now. Obama has stated he will sign it.
- 15% "one-time" levy on every IRA or 401K plan. This would raise about $2 trillion to shore up the Social Security system...and after all, only wealthy fat-cats have retirement plans, and Main Street needs that money. This idea has been floated repeatedly by some Democratic leaders.
- Removal of the Social Security cap on all earnings. This would suck a lot of money out of the jobs-production sector (about 6% of all earnings over $90k).
- Allowing the Bush tax-cuts to expire, rather than simply modifying them as stated in campaign pledges. He'd still increase the capital-gains tax rate back to Clinton levels, though.
It'll be fascinating to watch how much the Dems will try for. If they push for too much, Main Street
will push back.