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Obama's 85 Billion Dollar Tax on the US Economy

Obama's Hypocrisy On Foreign Spending

Andy McCarthy questions Sen. Obama's new ad. Obama says we need to
"bring a responsible end to this war in Iraq so we stop spending billions each month rebuilding their country when we should be rebuilding ours."
Mr. McCarthy counters,
"The truth is, Obama has no problem whatsoever spending billions each month rebuilding foreign countries — he just objects to doing it in Iraq, where it might assist the U.S. military mission."
So where does Obama want to spend the money? Obama's big plan his his proposed Global Poverty Act. Mr. McCarthy describes it in National Review as follows.
Biden has already attempted — so far unsuccessfully — to address his running mate’s shortage of legislative accomplishment by rushing Obama’s proposed “Global Poverty Act” through his committee. This monstrosity of a law would require the U.S. to commit 0.7 percent of its gross national product through 2015 to foreign aid. The 0.7 percent figure is rooted in an oft-repeated and usually ignored aspiration spelled out in a 1970 U.N. General Assembly resolution; the 2015 target was set by international bureaucrats at the U.N.’s “Millennium Summit” in 2000. The effect would be to skyrocket U.S. largesse from its current annual level of about $21 billion (the world’s most generous) to a whopping $85 billion. As described by U.N. adviser Jeffrey Sachs, the Millennium Project anticipates that the total transfer — $845 billion by 2015 — would have to be raised by “a global tax, preferably on carbon-emitting fossil fuels.”
Read more here and here.

Update: Must Read - Obama;s Global Tax. It turns out that the 85 billion a year is above and beyond the current forgeign aid of 21 billion.