Obama’s Sprinkles Will Not End Economic Drought

Posted: September 6, 2010, 3:02AM

►Obama to Propose $100B R&D Tax Credit

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EXCERPT:

Congress has previously passed research tax credits on a temporary basis. The credits expired last year and a proposal for renewal is pending in the Senate. In order to pay for a permanent extension, Obama will ask Congress to close corporate tax breaks for multinational corporations and oil and gas companies.

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This is disingenuous and targeted toward the ill-informed.

Permanently extending R&D tax credits and holiday tax credits are sound economic tax policies but are not enough without demand.

Obama is walking a thin political line engaging in nit-picking of conservative tax policy to make it appear as if he is doing something about the economy while being very careful to not transfer the balance of power from expanded government he has worked hard to create back to the private sector.

Closing corporate tax breaks for multinational corporations and for oil and gas companies will offset any economic benefit that may occur as a result of extending the tax credits.

Obama has had two years to end the economic drought with free-market, conservative policies that are available to him, and that have proven to have worked throughout our history. Empowering the entrepreneurial will of the people and strengthening the private sector will result in job creation and economic prosperity. Instead, Obama has chosen to govern as who he is - a radical leftist creating massive debt while expanding government takeover and entitlement.

Now, he wants us to once again believe that he is someone who he is not, as he had successfully accomplished during his campaign, by romancing conservative tax policy in campaign speeches as a sitting president that sound wonderful in an election year when after two years in office he has shown us that he does not believe in capitalism but rather socialism and central control.

Conveniently extending some tax credits here and some tax credits there for the mere purpose of salvaging votes to save his presidency are mere sprinkles when a flood is necessary to end this drought.

Chuck

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