Posts Tagged With: taxes

Obama’s Economic Policy in a Nutshell


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Is Europe Giving The Answer to the Question: Is Freedom From Want Always Greater Than The Ability to Satisfy That Want?


The People say “NO”

“Spain is at the centre of the euro zone debt crisis on concerns the government can’t control its finances and those of highly-indebted regions, bitten by a second recession since 2009 which has put one in four workers out of a job and pushed up borrowing costs.

Protests against the cuts are gaining pace. More than 1,000 police barricaded Parliament in Madrid on Tuesday against protesters who planned to form a human chain around the building later in the evening.

Hundreds of demonstrators gathered in different points of the capital before marching to Parliament, saying they were angry that the state has poured public funds into crumbled banks while it is cutting social benefits.

“We’re protesting against the cuts. I’ve had to give up my apartment,” said Ondina, a 30-year-old fine arts graduate who is without a job. She said she can’t survive on an unemployment benefit of 260 euros ($340) a month.”
Spain’s Austerity Problems
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Are the problems in Europe revealing that freedom from want is always greater than the ability to satisfy that want?

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Americans, Have We Become Failures When We Were Once Successful?


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Obamacare: AARP Was in Bed With Obama


Kimberly Strassel over at the Wall Street Journal has an interesting story that I think all senior citizens should pay attention to. Here is just a portion of what she has to say.

“Thanks to just-released emails from the House Energy and Commerce Committee, we now know that AARP worked through 2009-10 as an extension of a Democratic White House, toiling daily to pass a health bill that slashes $716 billion from Medicare, strips seniors of choice, and sets the stage for rationing. We know that despite AARP’s awareness that its seniors overwhelmingly opposed the bill, the “nonpartisan membership organization” chose to serve the president’s agenda.

The 71 pages of emails show an AARP management taking orders from the White House, scripting the president’s talking points, working to keep its board “in line,” and pledging fealty to “the cause.” Seniors deserve to know all this, as AARP seeks to present itself as neutral in this presidential election.”
You can read the rest of it here

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Obama: “Read My Lips, No New Taxes on the Middle Class”


When passed, the CBO estimated that Obamacare would raise taxes on 4 million individuals. Now it is estimated that 6 million individuals will have their taxes raised and the bulk of them will be the middle class who Obama made a solemn promise not to raise taxes. Given Congress’s notorious history of underestimating the costs of any program it enacts I can only imagine what the actual number will be in 2016 when the penalty will be enforced. Is anyone reading Obama’s lips?

“The new estimate amounts to an inconvenient fact for the administration, a reminder of what critics see as broken promises.

The numbers from the nonpartisan Congressional Budget Office are 50 percent higher than a previous projection by the same office in 2010, shortly after the law passed. The earlier estimate found 4 million people would be affected in 2016, when the penalty is fully in effect.

And the budget office analysis found that nearly 80 percent of those who’ll face the penalty would be making up to or less than five times the federal poverty level. Currently that would work out to $55,850 or less for an individual and $115,250 or less for a family of four.

Average penalty: about $1,200 in 2016.”

Watch the lips of Obama’s promises on the video below and Then read the rest of what the CBO says here

Still like the promises of socialistic programs? Funny thing, Socialism, it paints a pretty picture of what society will be like under its system but it never seems to be able to keep its promises when people are convinced to accept them.

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Socialism, A Scientific Economic Theory (Part IV)


Foolish Thoughts?

Now, with everything I have said about socialism and about liberalism I will only add that our nation is in a fiscal crisis at this time. And when I speak of this I speak of more than our national government. I speak of our State and local governments as well. The debt that these governments have accumulated stagger the mind and politicians are now beginning to understand that they need to get it under control.

Sitting back and watching them struggle with this problem is interesting. We see all kinds of solutions put forth. We see those governments controlled by the left address it from a revenue point of view and those governments that are controlled by the right trying to deal with it from the expenses point of view. Then there are those who are attempting to use both. Which faction will succeed is anybody’s guess.

You can see this same situation on the international scene also. Whole nations, like Greece, seeking a bailout from other nations. And the bailout nations like Germany demanding that Greece address the problem by cutting expenses. Many other nations are facing this same dilemma. France is talking about placing a 75% income tax on some of their citizens.

I will go even farther by asking if it is possible to succeed anymore? Has anyone ever sat down and figured out just how long it would take to pay down the 16 trillion dollar debt of the U.S. national government? Regardless of how you approach this problem all of the people are going to feel the effects in a very real and a very harsh way. Even if you passed a law holding expenses at its present level and raised revenues each year by 10% it still would take generations to pay off the debt. In fact, it would take generations just to get that debt down to a manageable amount in my opinion.

And the thing is we are not even talking of nations that can be said as totally socialistic. We are speaking of nations that believed that socialistic solutions could be used to solve the perceived problems of a Capitalistic society. We are speaking of nations that attempted to augment an recognized imperfect system with programs of another historically recognized failed system with the idea that doing so would result in a more perfect system.

Any unbiased scientist would have to come to the conclusion that this experiment of a mixed society has resulted in a failed experiment. A good scientist would have to come to a conclusion that we live in an universe governed by natural laws. A good scientist would have to come to the conclusion that man cannot bend or break those laws to fit his own philosophy of how life should be.

People need to realize that to be successful in fiscal matters one needs to have control over revenues or over expenses. One or the other is always determined for you regardless if you are a government, business or just a person or family. The nature of economics declares that revenues are always determined for you. That only leaves expenses that are controllable. The problem is that in a socialistic form of an economy expenses are also determined.

Debt is the determinant factor of whether or not you have expenses under control. Lack of control over expenses will always lead to bankruptcy. In a socialistic society bankruptcy will ever be the end result. That is the economic reality of any society.

The idea of a society succeeding in any form of the liberal or socialist mindset is an economic impossibility. The laws of the nature of life will never allow it. And those laws were determined for us. We can only choose whether or not to live in accordance to them. Failure is guaranteed either way. The only difference is the scale of the failures. Only the opportunity to succeed exists. Whether or not a person accepts the opportunities that come his way is up to him.

We haven’t gotten to the point of no return yet but we are close. We as a nation are going to have to make some hard decisions sooner or later and those decisions are going to hurt. It is just a matter of whether we are strong enough to make those decisions and spare future generations of the pain or whether we are to be seen as cowards and leave those hard decisions up to future generations. Either we make those decisions voluntarily or the laws of life and economics will force us to make them. See me for the fool that I am but of this I have no doubts.

Categories: Economics, Politics, Science | Tags: , , , , , , | 2 Comments

A Businessman or a Community Organizer, You decide What Obama Is


Obama’s Electric Car

Nearly two years after the introduction of the path-breaking plug-in hybrid, GM is still losing as much as $49,000 on each Volt it builds, according to estimates provided to Reuters by industry analysts and manufacturing experts.

Cheap Volt lease offers meant to drive more customers to Chevy showrooms this summer may have pushed that loss even higher. There are some Americans paying just $5,050 to drive around for two years in a vehicle that cost as much as $89,000 to produce.
Read more here

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Socialism, A Scientific Economic Theory (Part III)


Foolish Thoughts?

I may have hurt the feelings of some of my visitors by associating modern liberalism with socialism. This cannot be helped because it is a fact of politics. In the following video you will hear individuals advocate the most basic concept of socialism. And in their advocation affirm everything I described about socialism in part II of this series. Most important is the fact that they reveal their ignorance about the most basic fact of an economic system.
1. You cannot eliminate profits or put a cap on profits without bankrupting that business in time.
2. The paychecks of every person working in that business is derived out of the profits of that business not just the owner’s paycheck.
3. No business can grow if you place a cap on the profitability of that business.
4. All taxes are a dirivative of the profits of a business.


A h/t to Bruce over at the “Gay Patriot” for the video lead.

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High Taxes Does Effect Behavior, Mr. President, and Treats People in a Punative Manner, Especially the Rich


Raising the tax rate is always argued from the point of view of increasing revenues for governments. What is very seldom heard is how high tax rates effect the behavior of people. As my regular readers know I have written many posts on some of the effects taxes has on the behavior of people. And as this story in the Wall Street Journal reveals it not only effects the behavior of people but it also has a negative effect on the revenues of the taxing governments.
Another case for self-interest over the altruistic viewpoint of a Socialized government.
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‘As the post-Olympics glow fades, U.K. policy makers are trying to figure out how to keep the flame of British sports burning. They could start by changing Her Majesty’s tax laws. After Jamaican sprinter Usain Bolt won his third gold in London last week, reporters asked him why he doesn’t compete in the U.K. more often. “As soon as the law changes I’ll be here all the time,” he said.

Punitive tax policy had kept the world’s fastest man from competing in Blighty for the past three years. Explaining Mr. Bolt’s decision to skip a 2010 race in London, his agent told reporters: “He will earn a lot less by competing in Britain if he maintains his current endorsement level.” Mr. Bolt competed in Paris that August instead.

The lesson is that taxes influence behavior, and punitive taxation hurts everyone, not least the punitive nation.’

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Ok, Obama, Let’s Soak the Rich. In Fact, Let’s Take Every Penny They Have. What Will We End Up With?


Think about this. Europe is attempting to solve this problem now and you can see one of the consequences of it in my last post. My only question is how will the people react when the time comes that Congress gets serious enough to deal with the Debt crisis in this nation?

A h/t to The Libertarian Patriot

Categories: Economics | Tags: , , , , | 18 Comments

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