Obama to give out money?

[pastorables]

I was told by a stranger today that when elected Obama would be giving everyone $1,000. Anyone heard this?

pa

[Mole_J]

Not sure he is giving out $1000, but I think he proposed a tax cut for those who make under a certain amount of $1000.

[rjjunior]

Actually, I think he said he would tax the profits of oil companies and give every single person $500, couples $1000.

It's one of the most blatant redistribution of wealth policies we've seen in a while.

If the same 130 million people get checks that got them the first stimulus go-round, it'll be in the neighborhood of 65 billion dollars (is my math right)?

[dolfan]

He wants to tax oil companies (which will raise the price of oil) and use the money from the taxes to fund a stimulus of $1000 per family (which would increase the demand for oil and inflation). Recipe for absolute, unmitigated disaster. Insanity on display.

[forestwalker]

He wants to tax oil companies (which will raise the price of oil)

It wouldn't raise the price of oil (not directly; the increased demand you mention might, temporarily).

and use the money from the taxes to fund a stimulus of $1000 per family (which would increase the demand for oil and inflation). Recipe for absolute, unmitigated disaster. Insanity on display.

Like the stimulus checks we just got, yes, this is a bad idea. Though doing it through actual funding rather than debt is very slightly better.

[Full Quiver]

dolfan wrote:
He wants to tax oil companies (which will raise the price of oil)

It wouldn't raise the price of oil (not directly; the increased demand you mention might, temporarily).

Correction, it would raise the price of gasoline and diesel at the pump. No corporation on this Earth will eat a tax; they will always pass it on to the consumer. That's just business.