Obama’s Economic Plan: Spread Wealth Around


via FoxNews.com:

Barack Obama told a tax-burdened plumber over the weekend that his economic philosophy is to “spread the wealth around.”

The McCain campaign, now in good fighting form, had this zinger:

“If Barack Obama’s goal as President is to ‘spread the wealth around,’ perhaps his unconditional meetings with Hugo Chavez, Raul Castro, and Kim Jong-Il aren’t so crazy — if nothing else they can advise an Obama administration on economic policy,” McCain spokesman Michael Goldfarb said in a written statement to FOXNews.com. “In contrast, John McCain’s goal as president will be to let the American people prosper unburdened by government and ever higher taxes.”

UPDATE: Video of Obama’s wealth redistribution comments.

UPDATE: Wall Street Journal editorial completely blows the lid off of Obama’s tax-cutting illusion.


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3 Responses to “Obama’s Economic Plan: Spread Wealth Around”

  1. Blogs For Victory » Change Socialists Can Believe In Says:

    […] October 13th, 2008 at 07:33pm Matt Margolis Apparently, Obama can’t bring himself to say the word “socialism” but you know that’s what he means. […]

  2. Liberal Says:

    No, it’s better to let 5 families control 95% of the wealth. I mean, that worked so well for the first several thousand years of human existance. One King, lots of peasants. A handful of land barons, millions of serfs.

    Yeah, we need to go back to those times. They certainly were better.

  3. Denver Dave Says:

    Does anyone have the transcript or the whole video of what Obama says? Fox and Friends is hardly an independent news source. This is a blatant case of media bias, gotcha politics.

    The WSJ editorial that’s linked is just that…editorial. For instance, calling a tax rebate for buying a domestic, fuel efficient car “welfare” is simply slander. It’s exactly like the tax rebate that GWBush gave for buying an SUV. If a welfare mom forms a $.025 LLC (takes 15 minutes to do), and then buys an SUV, she gets up to *$5000* back, regardless of the amount of money she pays in taxes. It wasn’t welfare in 2002 when this was proposed, it was “working for the small business owner”. But, when we put restrictions on it, like it has to be made in the US and it has to be fuel efficient, then it’s welfare, right? *sheesh*

    Okay, so back to the plumber. He asked if he bought a truck, would his taxes go up? Indeed, Obama wants to do away with the rebate on SUVs and trucks. It’s a dumb rebate, one that sends money to Japan for their cars and the middle east for their gas. So, yes, that plumber’s taxes will be higher than under McCain, because Obama doesn’t want to subsidize terrorists. If the guy instead wanted to buy a Ford hybrid truck, his taxes would be lower, but that’d be “welfare”.

    There’s so much disinformation. Investor’s Business Daily said:
    “Obama’s idea of letting people deplete 15% of their 401(k) investment
    holdings is indicative of the candidate we have come to know, who
    wants ordinary people to look to the government for money”
    Errr…IBD should know better. The money in your 401k comes from you and sometimes your employer. The federal government does not contribute to your 401k. All Obama’s doing is making is easier to use the credit in your 401k, like you can with a Roth IRA. They call Roth IRAs “socialist”, I call it “good investing”.

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