for Prosperity and felt worthy of posting.
Last night, I watched with disappointment and dismay as President Obama -- with Speaker Pelosi applauding loudly behind him -- rolled out literally hundreds-of-billions more in spending and tax increases.
It was like watching one of those horror movies where the bad guy keeps coming back...with even more scary big government programs that have failed the American people time after time. If you're keeping score at home here are the biggest boondoggles with the price tags attached:
•"Continuing Resolution" legislation to fund
existing federal programs at $410 billion --
an 8.7% increase in spending over the last
year which is the biggest increase on domestic
spending since the Carter Administration.
Currently being debated this week and next.
•Obama/Pelosi Housing Bailout at $275 billion.
Proposed now and will be debated within days.
•Bank Bailout at estimated $1 trillion. Details
of this new Bank Bailout are still fuzzy but the
numbers are huge. Debate to begin within weeks.
•Nationalized Health Care proposal is to be
announced this Thursday. The President is
saying his "health care reform…will not wait
another year." We know what that means.
Hundreds of billions more of your money and
less individual health care choice for you.
So far, the Obama/Pelosi agenda has been all spending while taking our nation to historic debt levels. Last night, we saw the first big Obama/Pelosi tax increase. And it is genuinely massive -- try $1.2 trillion over the next decade on ENERGY, the one sector of the economy where prices are lower at the moment.
President Obama and Speaker Pelosi are now championing a "Cap and Trade" scheme that will ration energy while increasing taxes. A version of this proposal was introduced last year as the Warner/Lieberman Cap and Trade bill. Here are the key details from last year's legislation that are the basis for the Obama/Pelosi plan:
•$1.2 TRILLION Tax Increase over 7 years
on gasoline, home energy and really all
energy in next decade. Source:
Congressional Budget Office, April 10, 2008
•this tax would cost the economy 3 to 4
million jobs according to an analysis
by the American Council on Capital Formation
•the average family would lose over $4,000
per year in purchasing power (and remember
the Pelosi/Obama tax cut was only $800 per couple)
•Gasoline prices would increase anywhere
from 77 to 145 percent--that means prices
of about $2 a gallon now would go up to
$3.50 or even $5 a gallon.
In addition, the Washington Post has reported that President Obama's budget will also include income tax increases. More on that once we have the details tomorrow.
The numbers are staggering. But there is more. Under the Obama/Pelosi "Cap and Trade" scheme, for the first time the federal government will literally ration energy -- deciding how much energy should be available and at what cost to families and businesses. The impact on our families and economy will be disastrous. At Americans for Prosperity we're going to fight this new spending and especially these new taxes with everything we've got.
Together, we are building the grassroots movement that will protect our economic freedoms and the American Dream from those who truly believe government has all the answers...we know better!
Stay tuned for more details and action items.
Tim
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