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You can tax me now — or tax me later November 11, 2010

Posted by WillardWhyte in Economy, Politics.
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Twin stories from Bloomberg — here on Obama and there on Bernanke’s Bucks — have some unsettling news for the hundreds of millions out there waiting for an economic boost to follow the GOP ascent to House leadership, or from the Federal Reserve’s $600 billion buy of Treasuries.

Investors think they are going to get their cash reward with extended tax cuts, like the new climate for investments and see hope for a smaller U.S. budget deficit.

But the view is pessimistic when it comes to any GOP impact on the overall economy, job gains or credit.

And they think  — a whopping 76 percent of them — that Ben’s money move will have absolutely no effect on unemployment in the U.S. And by a 56-41 margin — with 3% too busy bidding up gold to answer — they said the Fed move would not bolster the U.S. economy in the coming year.

They know the purchasing power simply is not there — not across the board as it needs to be to sustain healthy production.

I say this and note this poll not to depress, but in the hope that it helps us all get to the place we need to be: One where we do not expect things to get radically better, radically soon — and govern our expectations well.

The devastation from the Crash of 2008 requires rebuilding the economy and we must demand from our elected officials plans for that — not snake oil promises or pledges or pablum suggesting they can do this overnight.

They can’t — we can’t. Anyone who says they have a magic elixir is lying, rendering them part of the problem.

Oh — I forgot to mention that those investors don’t like Obama.

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