Obama just recently launched Change.gov and explains what his ultimate solution to ending poverty will be. If you aren’t horrified, you should be. Here’s what he says:
“Barack Obama and Joe Biden will enact a windfall profits tax on excessive oil company profits to give American families an immediate $1,000 emergency energy rebate to help families pay rising bills.”
“Raise the Minimum Wage to $9.50 an Hour by 2011.”
“Obama and Biden will cut income taxes by $1,000 for working families to offset the payroll tax they pay.”
“Obama and Biden support guaranteeing workers seven paid sick days per year.”
“Provide Tax Relief: Obama and Biden will provide all low and middle-income workers a $500 Making Work Pay tax credit to offset the payroll tax those workers pay in every paycheck.”
To make sense of this all, let’s do some math. The least paid person with a full-time minimum wage job will have at least this in welfare:
Energy Socialism: 1,000
“Work” Socialism: 500+
“Sick” Socialism: 500+
Misc. Socialism: ?+
That’s $2,000+ per year, guaranteed — as long as you have a job somewhere. ANY job. Now, the job will pay roughly $10 per hour because Obama wants to nearly double the minimum wage. That means if you work 8 hours per day, you will make $400 per week, before socialist hand-outs. This means that we’ll be having roughly $22,000+ per year shoving carts at Kroger.
This means if you have a wife who’s also pushing carts at wall mart, you’ll be making $45k+. This is before the $500 “mortgage” welfare listed on the site, and before the undefined “reward” marriage/families socialism, and the extra $500 in tax breaks listed above. This means two kids pushing carts at wal mart can live in a nice house, drive a nice car and take a trip to Argentina — easy.
All for pushing carts. To prepare for what’s coming, I suggest instantly focusing on getting out of all debt and downsizing expenses. Somebody’s got to take the hit.
Read More:
- Obama’s Administration Admits Stimulus Has FAILED
- Reduce your Financial Stress this Holiday season
- High Time you should go on a Debt Diet
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- Financial Advice Help
