What Is Obamanomics?
What is Obamanomics? If you want to learn more about this economic policy that is most likely to be instituted by the new presidency of President Elect Barack Obama, you can read a book that describes these economic policies in detail.
Obamanomics is a revision of what was once called The New Deal. This is an economic policy that was created by President Franklin Roosevelt during the Great Depression. During this era, there were basically people who were poor, or working class and the very wealthy. The middle class in the United States did not come into play until after WWII. After the war, the middle class began to thrive and people with even modest jobs were able to afford to buy homes, a luxury that was once afforded only to the wealthy. The United States was a nation of renters until just after WWII.
In the 1980s, the economic structure of the country was changed. This new economic structure allowed for people to earn even more money and new businesses to start up and flourish. For 20 years, this system seemed to work well for those who were willing to work hard to achieve the American Dream. This type of economic system was termed "Reaganomics" after President Reagan. However, in recent years, the trickle down effect that this economic system was based on seems to have fizzled. Many jobs were outsourced overseas to countries where the work could be done for much less than what is standard to pay American workers. Many Americans began to feel the pinch and there seemed to be a growing gap between the wealthy and the poor in the United States once again.
What is Obamanomics and how can it affect you? It will mean a tax increase if you are the owner of a company or an individual making more than $250,000 a year. It will also see an end to any tax advantages for businesses that ship jobs overseas. The purpose of Obamanomics is to even the score between the wealthy and those who are just struggling to get by.
Those who have the most to gain by Obamanomics are the middle and working class individuals who will see tax cuts. Those who have the most to lose are the upper middle class individuals who will end up paying a higher income tax. Critics of the Obamanomics policies state that this amounts to socialism. However, those in the higher brackets will only be receiving a 3 percent increase in their taxes.
If you want to learn more about what is Obamanomics and how it can affect you, you can pick up a book on these policies online that will explain the economic policies in greater detail.