Obama Puts the Transmission Into "R"

Hey, it turns out you can teach a new dog old tricks. From today’s NYT

As part of his emerging program to jolt the economic recovery from its stall, President Obama will call this week for allowing businesses to deduct from their taxes through 2011 the full value of new equipment purchase, from computers to utility generators, to increase demand for goods and create jobs.

The upfront deduction would allow businesses of all sizes to keep more money now and would give large corporations, many of which are sitting on cash because of uncertainty about the economy, an incentive to spend and invest.

Back in the Olden Times, an “accelerated depreciation” package just like this was a part of that cruel gruel the GOP served up as “Reaganomics.” But to the degree President Obama is coming on board, I’ll salute him.