Off-Topic: Obamacare is not a drop in the bucket!

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	Name:	MartiniMan -
	Subject:	Obamacare is not a drop in the bucket!
	Date:	11/17/2010 2:53:24 PM

Hound, I agree on deficit reduction and need for serious spending cuts. We might not agree on where the cuts need to be made because we have different priorities but agree on the goal. Foreign spending is one place to look but the mother lode is in Social Security and Medicare/Medicaid. I generally don't like using our treasure to buy foreign allegiance because it usually doesn't work, at least for very long.

I agree on no more bailouts. Have been reading a lot on the foreclosure issue and it looks like it is going to get a whole lot worse before it gets really, really bad. I am with you in that I don't know what to do, just what not to do. We need to have banks and people pay the price for their decisions instead of promoting further bad behavior with bailouts. Only then will a sense of discipline return to that market.

As for the tax cuts you are on the right track but unfortunately what you are proposing cannot work. The vast majority of small businesses are partnerships or s-corporations taxed as a partnership. What that means is their business and personal taxes are one and the same. You simply cannot cut taxes for small business and not cut taxes on individuals. It is impossible. What can and should be done is to head off the massive tax increase on every single American that pays federal taxes that will begin in 2011. This should be made permanent although it is probably not going to get through the Senate as currently configured but who knows. A tax increase in our fragile environment has the very real possibility to send us back into a downward spiral. Sort of like throwing a drowning person and anvil instead of a life preserver.

I am also very worried about what the Fed is proposing with QE2. At its essence this is simply printing money. I know the Fed is concerned about deflation but there is no evidence that is happening and in fact it seems to me that the evidence for stagflation (stagnant economy and inflation) is growing. Combine that with higher interest rates and we have a repeat of the 1970's. Not what we need to have happen.