Why Should America Subsidize John Thain's New Mansion?

In examining Obama's budget, Left, Right & Center's moderator and center, Matt Miller, poses a compelling question:

Conservatives cry “class warfare.” But the truth is that current arrangements actually represent plunder from above (an enduring feature of America's tax history, as I show in this chapter of my book, The Tyranny of Dead Ideas). As a moment's reflection shows, the ability to enjoy more tax savings because you’re in a higher tax bracket is perverse; why should America subsidize John Thain’s mansion more than it subsidizes the average homeowner—or the average renter, for that matter, who gets no subsidy at all? As the GOP cries foul, I'd put Obama out in town-hall meetings to pose this question: “Why in America should a millionaire’s mortgage be worth more to him than yours is to you?” Plus, as Bob Greenstein of the Center for Budget and Policy Priorties cleverly points out, this takes the value of these deductions back to what they were under Ronald Reagan (when the top rate was 28 percent). Can the Gipper really not have been doing right by the top? Read more.

Of course, conservatives argue that the John Thains of the world are superior and deserving because they are the "job creators."

Check out a video of Bob Greenstein, who calls Obama's budget courageous, on NewsHour here. 

Greenstein points out that people who make over $1 million a year right now get a $150,000 tax cut, courtesy of Bush. Obama's budget lets Bush's tax cuts expire. It also adds an additional tax increase on the top 5% of Americans to help pay for healthcare, on top of Medicare savings, and it gets rid of tax loopholes that most corporations exploit.

Here's Obama's budget guy Peter Orszag discussing the budget.

McCain Aide Blames Obama for the Weak Dollar

I kid you not:

Forbes: Why is the dollar so weak?

Part of the reason, says Douglas Holtz-Eakin, senior policy adviser to John McCain, is Barack Obama. He's scaring off international investors.

Oh really? The value of the dollar is in large part determined by future expectations concerning the strength of the U.S. economy and the ability of the president and Congress to balance the budget and control the trade deficit.

Actually, the dollar has depreciated only slightly against the euro, and it has appreciated against the yen, since June 4, the day after Obama clinched the Democratic nomination. On that day, one dollar bought 0.64 euros and 105.64 yen; on Monday afternoon, one dollar was worth .63 euros and 106.43 yen--though it has fluctuated against both currencies.

Still, Holtz-Eakin asks, "Would you feel good about sticking your money in the United States?"

Can you say loony? For that's what's happened to the McCain camp. Where does McCain dig up these people? 

They've also blamed high gas prices on Obama. They just can't compete. If anything, Obama is going to boost international investment because we'll finally have a rational human being as president.