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The news about the world economy just keeps getting worse. And hoping to repeat of the global meltdown which just hit us, Barack Obama is going to try a bold new strategy – he’s going to give another hundred billion dollars in corporate tax cuts.

This new heap of public cash, to add insult to injury, is doing this under the guise of “Research and Development”. Every president since Clinton, has boosted this particular tax credit, and it’s a big part of how public money makes private investment possible.

Highlights of this plan include over 150 000 miles of new highways, and a whopping 4000 miles of train tracks (a ratio of 1 to 37.5 in favour of roads), as well as expanding the tax credit for things like new tractors or computers to 100% into next year.

Obama’s budget deficit is already around $1.4 trillion, around triple the 2008 number. The price of these tax breaks, like the rest of the bailout spending, is simply being heaped on the public debt.

I would scream that this is nothing more than public money buying private property, but it is. We’re not only buying corporations the capital and infrastructure they need, we’re doing it on credit.

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