Obama’s spending plans in the United States have got leftwingers in the United States creaming their pants. And quite rightly too:
Mr. Obama would overhaul health care, begin to arrest global warming, expand the federal role in education and shift more costs to some corporations and the wealthiest taxpayers.
Mr. Obama would slash about $5 billion in the coming year for direct payments to agribusinesses and farmers with more than $500,000 in annual revenue, and $4 billion in annual subsidies to private banks that make college loans. Instead he would increase spending for government Pell Grants to needy students, and for the first time index the maximum yearly grant for inflation.
Departing from the free market orthodoxy of his predecessor, George W. Bush, Mr. Obama would use the governmentâ€™s powers of spending and taxation to push the private market in new directions. With higher taxes on the wealthy and savings squeezed from health care providers, drugmakers and insurers, Mr. Obama would create a $634 billion, 10-year â€œhealth reform reserveâ€ as a down payment to finance disease prevention, wellness programs and research on cost-effective treatments ultimately to cut health care costs. More than any other expense, health care is driving future projections of unsustainable deficits. The health reserve would also be used to create affordable insurance programs for individuals and employers.
I know right-wingers will be spitting blood, but obviously I love it. I helped elect this man – that feels good.
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Filed in: Economy,South Asia,United States