Jude 2

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

pa

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.

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)?

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.

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).

dolfan wrote: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.

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.