Questions for an Obama Presidency

The most looming question is the economy. How will he handle that situation given the following.

He will enter office facing what will likely be a deficit of $1 Trillion dollars, which is close to 10% of the GDP. Keynisian Economist say the way out is to spend out while others say Americans cannot bear any more debt.

Obama has proposed increased spending by $292 Billion over current spending which includs a cut of $72.6 Billion coming to National Defense and International Relations but he's said he will cover all spending increases by cutting other programs. As noted, the only cut here is in defense. So where will he cut money to pay for the $292 billion in increased spending.

And as he's also said that he will pay as he goes and not run up any new debt (disappointing Keynesians) and that he can eliminate the current deficit within 8 years. Without raising massive taxes, how is he going to accomplish these goals?

Without raising massive taxes, how is he going to accomplish these goals?

If the Bush tax cuts are allowed to expire, won't that be a tax increase? It seems like a dumb question but it really isn't.

http://www.americanthinker.com/2008/10/senator_obamas_four_tax_increa.html

This article has a table near the end where you can check to see how much your taxes will increase.

What if they are allowed to expire only for those over $250K?

Isnt that the proposal?

http://www.csmonitor.com/2008/1027/p16s01-wmgn.html

"What Obama proposes is to allow President Bush's income tax cuts of 2003 to expire for married couples with adjusted gross incomes (AGI) above $250,000 and single people with AGI of $200,000.

That change would hit only the most affluent 2.3 percent of American taxpayers, figures Bob McIntyre, director of Citizens for Tax Justice, a liberal think tank in Washington. Obama would extend the Bush income tax cuts and enact several new tax cuts for the remaining 97.7 percent of taxpayers."