Posts Tagged ‘Capitalism’
Welcome to the “new normal” under Obamanomics. In Europe, where Keynesian economics and Democratic Socialism has dominated for decades, unemployment rates are in the 20′s. For the younger generation, they’re even higher. Yet, instead of learning from their mistakes, Obama and the Democrats insist on repeating them. Millions of innocent people are being hurt in the process.
After a full year of fruitless job hunting, Natasha Baebler just gave up.
She’d already abandoned hope of getting work in her field, working with the disabled. But she couldn’t land anything else, either — not even a job interview at a telephone call center.
Until she feels confident enough to send out resumes again, she’ll get by on food stamps and disability checks from Social Security and live with her parents in St. Louis.
“I’m not proud of it,” says Baebler, who is in her mid-30s and is blind. “The only way I’m able to sustain any semblance of self-preservation is to rely on government programs that I have no desire to be on.”
Baebler’s frustrating experience has become all too common nearly four years after the Great Recession ended: Many Americans are still so discouraged that they’ve given up on the job market.
Older Americans have retired early. Younger ones have enrolled in school. Others have suspended their job hunt until the employment landscape brightens. Some, like Baebler, are collecting disability checks.
It isn’t supposed to be this way. After a recession, an improving economy is supposed to bring people back into the job market.
Sadly, until we get rid of Obamanomics, the jobs won’t be coming back. Business aren’t hiring because they never know when they’re going to be hit with a costly new regulation or tax. Entrepreneurs aren’t willing to take the risk to start a new business in such a hostile business climate.
Donald Lambro at Human Events predicts that we’re in for “Four More Years of Pain“:
President Obama heads into the third month of his second term, still unable to find a cure for a sluggish economy, weak employment numbers and his own slipping job approval scores.
Second terms are usually challenging for presidents who have won re-election without having the slightest idea about what they will do over the next four years. And that’s what we are witnessing now with Obama, whose biggest problem is the anemic, job-challenged economy.
[...] The depressing headlines of the past few days tell a sad tale of what the economy is like under his presidency:
– “Weekly Jobless Claims Get Weaker as Outlook Dims” was the gloomy headline over a Reuters news wire story Thursday morning on the CNBC website.
“The number of Americans filing new claims for unemployment benefits rose to its highest level in four months last week, suggesting the labor market recovery lost some steam in March,” Reuters reported.
– “Hiring Is Weaker at Private Companies,” a Washington Post headline blared Thursday.
“Companies hired at the weakest pace in five months in March as recent strong demand for construction jobs evaporated and growth in the vast services sector slowed, signs that the economic recovery could be hitting a soft patch,” the newspaper reported.
That’s the conclusion of the ADP National Employment Report Wednesday, which showed “that private employers added 158,000 jobs last month.” The ADP job survey said “the gain was the smallest since October.”
A separate report Wednesday on the services industry, the economy’s largest job sector, showed that employment growth “pulled back in March.”
You do not hear any of these reports on the nightly TV news because the networks cherry-pick reports that feed the White House line of a continuing economic recovery.
[...] Thankfully, there are economic reporters who resist touting the White House line that everything is rosier under Obama’s policies.
“We’re approaching the four-year anniversary of the economic recovery, and it still doesn’t feel like much of one, what with the unemployment rate at 7.7 percent and wages stagnant over the past five years,” Neil Irwin, the Post’s veteran economic analyst, recently reported.
Obama is so blinded by ideology that the tragic results of his policies on display all around him aren’t enough to convince him that his policies need to change.
Even as the Obama White House prepares for a star-studded White House concert featuring Queen Latifah, Cyndi Lauper, and Justin Timberlake, figures from the U.S. Census Bureau reveal that roughly 50 million Americans—one in six—now live below the poverty line.
Additionally, one in five American children have fallen below the poverty line; the last time poverty levels were this high, Lyndon Baines Johnson was president.
“In the last three years, there’s been a great change in the kinds of people we are serving,” said Director of Community Services at Catholic Charities of Baltimore Mary Anne O’Donnell. “There are increasing numbers of people who owned a home, lost their jobs, end up living in their car and are coming with children to our soup kitchen.”
The U.S. government defines a family of four earning under $23,021 as living in poverty. Income used to compute poverty status does not include non-cash benefits, such as food stamps and housing subsidies.
Welfare program enrollments have exploded under President Barack Obama. Americans on food stamps now outnumber the combined populations of 24 U.S. states, costing taxpayers more than double the amount spent on food stamps five years ago. In January 2009, 31.9 million Americans received food stamps. Today, that figure is 47.79 million.
In Cyprus, politicians are trying to bail themselves out by stealing directly from people’s bank accounts. In America, the government is more subtle.
It’s been stealing from us for years – through inflation. Thomas Sowell explains:
One of the big differences between the United States and Cyprus is that the U.S. government can simply print more money to get out of a financial crisis. But Cyprus cannot print more euros, which are controlled by international institutions.
Does that mean that Americans’ money is safe in banks? Yes and no.
The U.S. government is very unlikely to just seize money wholesale from people’s bank accounts, as is being done in Cyprus.
But does that mean that your life savings are safe?
No. There are more sophisticated ways for governments to take what you have put aside for yourself and use it for whatever the politicians feel like using it for.
If they do it slowly but steadily, they can take a big chunk of what you have sacrificed for years to save, before you are even aware, much less alarmed.
That is in fact already happening.
When officials of the Federal Reserve System speak in vague and lofty terms about “quantitative easing,” what they are talking about is creating more money out of thin air, as the Federal Reserve is authorized to do — and has been doing in recent years, to the tune of tens of billions of dollars a month.
When the federal government spends far beyond the tax revenues it has, it gets the extra money by selling bonds. The Federal Reserve has become the biggest buyer of these bonds, since it costs them nothing to create more money.
This new money buys just as much as the money you sacrificed to save for years. But more money in circulation, without a corresponding increase in output, means rising prices.
Although the numbers in your bank book may remain the same, part of the purchasing power of your money is transferred to the government. Is that really different from what Cyprus has done?
Through the centuries – in historic cultures like that of Yap Island who used giant, immovable stone disks for commerce, to today’s United States, whose Dollar fiat currency exists primarily in digital form – “money” is able to be exchanged for goods and services because society agrees to accept it (at a certain rate of exchange).
But what happens when a society starts doubting the value of its money?
Fed, the Great & Powerful
The podcast goes into the mind-blowingly simple process by which new money is created in America by the Federal Reserve (or the “Fed”). That is to say:
- The Fed holds a meeting
- Those in the room decide how many more dollars they think the world needs
- Someone walks over to a computer and adds that many dollars to the banks, with a few clicks of the keyboard
The banks then, if they want to, lend this new money out into the economy on a fractional basis, adding even more “thin air” dollars to the nation’s money supply.
This unique ability in America lends the Fed enormous power. The power to create new money from nothing. With no limit.
And with that power, the Fed can control and/or influence economies and markets the world over.
Should such power exist? And if so, should a single private entity owned by the major players in the banking system be allowed to wield it?
Such power certainly has its dangers.
[...] Money is not wealth. It is merely a claim on wealth.
You can’t print your way to prosperity. History is abundantly clear on that.
With the clarity of hindsight, it’s now obvious how the Fed has now painted itself into a corner.
[...] Cyprus has awakened the world to the reality that central planners can appropriate their money with the bang of a gavel. And while we don’t yet know with certainty how things will unfold in Cyprus, we can project that events there have shaken society’s confidence in the soundness of fiat currency in general. If we know it can be confiscated or devalued overnight, we are less likely to unquestioningly accept its stated value. This doubt that strikes at the very foundation of modern monetary systems.
Cyprus is meaningful in the way that it shines a light on both the importance of hard assets and the risk it poses to market stability. It certainly increases the risk of our prediction of a 40%+ stock-market correction by September, as investors begin to realize that current high values are simply the ephemeral effect of too much money, instead of a sign of true value.
At this point, prudence suggests we prepare for the worst (by parking capital on the sidelines, investing in our personal resilience, etc.) and add to our hard asset holdings (like precious metals bullion, productive real estate, etc.) as insurance to protect our purchasing power. The dollar may strengthen for a bit versus other currencies and perhaps the financial markets, but the long-term trend is a safer and surer bet: Dollars will be inflated. There will be more of them in the future than there are today. So, while our dollars still have the purchasing power they do, we should use the window of time we have now to exchange paper money for tangible wealth at today’s prices.
The last pope, Benedict XVI, blamed capitalism for poverty and was a staunch advocate for socialized medicine. Apparently he didn’t see the connection between that and violations of religious liberty such as the HHS mandate.
Argentina, like most of Latin America, is a hotbed of Marxist “Liberation Theology” (Obama is an adherent of the racist version, Black Liberation Theology). But does Francis I subscribe to it? Unfortunately, the reports are contradictory and somewhat cryptic.
The Guardian calls him “a champion of liberation theology.”
Catholic Online says “Bergoglio is an accomplished theologian who distanced himself from liberation theology early in his career.”
According to John L. Allen Jr. of National Catholic Reporters, the Jesuit Bergoglio has long spoken out on behalf of the world’s poor and criticized free-market economic policies.
“We live in the most unequal part of the world, which has grown the most yet reduced misery the least,” Bergoglio told an assembly of Latin American bishops in 2007.
“The unjust distribution of goods persists, creating a situation of social sin that cries out to heaven and limits the possibilities of a fuller life for so many of our brothers.”
Here’s Lynch quoting from that 2011 speech delivered by, now, Pope Francis I:
Said Cardinal Bergoglio in said speech that “The economic and social crisis and the consequent increase in poverty has its causes in ways policies inspiredneoliberalism considering profits and market laws as parameters, to the detriment of the dignity of individuals and peoples. In this context, we reiterate the conviction that the loss of the sense of justice and lack of respect for others have worsened and led us to a situation of inequity. ” Later stressed the importance of “ social justice ”, the” equal opportunity “damage” transfers of capital abroad, “which should be required” distribution of wealth ”, said the damage of economic inequalities and the need to “prevent the use of financial resources is shaped by speculation,” especially in the context of the “social debt”-which in his opinion is of eminently “moral” – is to reform “economic structures” in expressed the sense before.
Again, I may have lost something in the translation, but it appears the new Pope fails to understand markets and holds the concepts of social justice, equal opportunity and distribution of wealth, as important. Concepts which, of course, generally lead to advocacy of much government intervention and much central planning. It as though the new Pope has somehow given up on the good in people, and perhaps even in God, and has decided to replace both with a central role for the coercive state.
The Investors Business Daily editorial board, however, contends that Francis I is no friend to Big Government:
The change that swept Eastern Europe in the 1980s and fueled the collapse of the Soviet Union may find itself repeated by a new pope with similar disdain for the authoritarian governments of his region.
When Cardinal Karol Wojtyla stepped out on the balcony of St. Peter’s in 1978 as Pope John Paul II, Soviet communism still stood astride Eastern Europe and his native Poland.
He would be the moral force helping to lead half a continent out of the human bondage of totalitarianism.
Argentina’s 76-year-old Cardinal Jorge Mario Bergoglio, now Pope Francis I, is no stranger to — or compromiser with — the oppression of authoritarian government.
During his tenure as Archbishop of Buenos Aires and head of Argentina’s Conference of Bishops, the new pope had a strained relationship with the governments of President Cristina Kirchner and her late husband, former President Nestor Kirchner, who once called Bergoglio “a real spokesman for the opposition.”
The cardinal who eschewed limousines to ride his bicycle or take the bus, is known as a man of the poor and of the people.
He gained admiration for living in a modest apartment instead of the palace in Buenos Aires that was adjacent to the Casa Rosada where the president resides (and where Juan and Evita Peron often harangued the Argentine people).
The new pope has fought a long battle in Argentina against leftist government, Peronist anticlericalism, the spread of evangelical Protestantism and the secular temptations of modern society.
Like Pope John Paul II, he is likely to resist calls to “modernize” the church, to make it more “popular” and “appealing.”
Like Pope John Paul II, Pope Francis is a strong opponent of what is called “liberation theology,” a bizarre mix of Marxism and Catholicism often embraced by left-leaning politicians and clerics in Argentina and elsewhere in the hemisphere.
Rosendo Fraga, a well-known Argentine political analyst, told the Miami Herald’s Andres Oppenheimer that Pope Francis “is definitely bad news for the Argentine government. His homilies, as recently as two weeks ago, were very critical of economic and social conditions, and of corruption in Argentina.”
“Francis may become a critic of governments such as those in Venezuela, Ecuador or Bolivia, in the same way that John Paul II became a critic of communism in Eastern Europe,” says Daniel Alvarez, a professor of religious studies at Florida International University.
[T]o be sure, South American governments are, with certain exceptions, nothing like the monolithic, totalitarian USSR.
Moreover, Pope Francis I is not as young as Pope John Paul II. Nor does he have a Ronald Reagan and a Margaret Thatcher to work with.
Even so, he does provide a rallying point for a region beset by authoritarianism that badly needs one.
Who knows whether this pope will stand up against the unscriptural tenets of Socialism? I guess we’ll have to wait and see.
Every year, the federal government spends well over a trillion dollars more than it takes in. As a result, it has racked up seventeen trillion dollars in debt, most of it in the last decade. In seven years at current rates, the U.S. will need almost a fifth of the GDP from the rest of the world just to finance our national debt.
Just two of our federal entitlements, Medicare and Social Security, have “unfunded future liabilities” of $46.2 trillion. Total liabilities are $86.8 trillion or more. Entitlements and other mandatory spending will burden more and more of the federal budget in the coming years. At today’s burn rate, before long no realistic amount of tax revenue will be able to service the debt and fund the government’s basic functions.
We need not worry about the federal government defaulting, since, unlike U.S. states or private citizens, it can print the money it needs to pay the bills. It can and will do so if we don’t make a course correction fast. Massive monetary expansion will ultimately devalue every dollar in circulation and trigger the sort of hyperinflation that flattens entire societies in short order. That’s bad enough, but when government borrows and spends for our supposed benefit, somebody else will have to foot some or all of the bill. If our faith applies to every aspect of life, then it must have something to say about this moral outrage.
[...] In the twentieth century, more than a hundred million people were murdered by their own governments. And that was just in communist countries. History and scripture agree: because of sin, governments with too much power become propagators of evil and destruction.
This speaks directly to government debt, since deficit spending is a symptom of government doing more than it can or should. The federal government now borrows and spends with such reckless abandon that it is careening toward a global economic catastrophe. If Christians can’t muster the courage to speak out against what Rep. Paul Ryan has called “the most predictable debt crisis in history,” we won’t deserve to be taken seriously after the collapse.
Sadly, many Christians don’t know how to disciple our nation to turn the tide because they’ve never studied God’s design for economics or the Biblical role of government. They can’t teach what they don’t know. The key to real reformation, says R.C. Sproul, Jr., is for Christians to understand and work to implement Biblical economic principles:
Christian author and teacher R.C. Sproul, Jr. told CBN News Anchor Lee Webb that he believes it’s time to return to the basics when it comes to economics.
“When we’re left arguing about whether or not we should have a marginal tax rate of 45 percent or 48 percent, and the conservative is stuck arguing for the 45 percent we’ve had an insufficient reformation in our thinking,” Sproul said.
Sproul believes that reformation will happen only when we return to scripture to see what God has to say about economics. That’s why he produced a video series called “Economics for Everybody.” It’s a compelling, even entertaining approach to a topic many find boring.
[...] Sproul provides historical evidence that nations most influenced by biblical Christianity are nations that, by and large, have prospered. They are nations marked by decentralized governments and free markets.
But nations that reject God are marked by centralized power, tyranny, and no free markets. Unfortunately, he said he has observed some of those troubling trends in America now.
“The United States is not a free market. It’s an interventionist economy that’s been moving closer to socialism for over a century now,” he said. “I am not optimistic about our nation’s future economically.”
“We live in a country in which the state forbids me to hire a man unless I promise to pay him X number of dollars,” Sproul explained. “We now live in a country where I can’t hire 50 men unless I promise to buy them all health insurance, including access to abortion.”
“This is not economic liberty. This is not free markets,” he said. “We’re missing the fact that we’re the frog and the water is boiling.”
That’s why Sproul believes it’s not enough to think conservatively. We must think biblically and train our children biblically.
“It’s my conviction that education is always and everywhere religious,” he said.
“And it’s not a surprise that when 80 percent of evangelical parents have their children in the government’s schools that they’re going to embrace the religion of the government which is the worship of the state,” he said.
Sproul cautioned Christians to avoid despair. One way to do that is by returning to the beginning, to the Creation Mandate and begin to see that our work is part of worship.
If you have never watched the “Economics For Everybody” series, I highly recommend it! We cannot teach what we do not know!
This is probably one the best reasons for opposing government preschool.
Is your three-year-old preschooler chanting ‘union power’ these days? She might, if author Innosanto Nagara has his way.
Nagara wrote “A is for Activist,” a book supposedly geared for the children of the “99 percent.” In other words, a new vehicle has been developed for leftists to begin indoctrinating children.
“It’s pretty awesome to hear a three-year-old saying ‘union power,’” Nagara said in a YES! magazine interview.
But union power and student activism aren’t the only goals. Consider these other letters and how they are applied in the book:
- B is for banner, as in a protest banner hanging off a construction crane
- L is for LGBTQ, as in Lesbian, Gay, Bi-sexual, Transgendered and Queer
- T is for Trans, as in transgendered
- Z is for Zapatistas, as in Mexican revolutionary leftists
Heady stuff for preschoolers, but the indoctrinators believe the tykes are old enough to learn the basics of revolutionary thought.
Nagara’s “A is for Activist” has been heralded by the likes of Code Pink’s Medea Benjamin, who said, “May a thousand young activists bloom!”
Will they be learning to salute and shout “heil!” next?
“For the people, by the people…” Yeah, right!
Regulations are treated as laws and enforced as such, but they are never voted on by the people’s representatives. They are imposed by the “fourth branch” of government: bureaucrats from hundreds of agencies and departments (many of which are unconstitutional or abuse unconstitutional powers).
Now, it’s not that we don’t get to vote on them. We don’t even get to KNOW about them. Does that sound like the system of representative government our founders intended:
According to the Government Accountability Office (GAO), 35 percent of major federal regulations – those with at least $100 billion in annual economic impact – were issued without a public notice from 2003 to 2010.
The GAO also said that 44 percent of non-major regulations were issued without a public notice, which is referred to as a Notice of Proposed Rulemaking (NPRM).
“During calendar years 2003 through 2010, agencies published 568 major rules and about 30,000 nonmajor rules,” the GAO said in a December report to Congress. “[Federal] agencies published about 35 percent of major rules and about 44 percent of nonmajor rules without an NPRM during those years.”
The GAO found a large spike in this practice under President Barack Obama, with the percentage of major rules issued without public notice jumping from 26 percent in 2008 to 40 percent in 2009. The number of major rules issued this way also hit a high point in both 2009 and 2010. (Obama’s first year in office as president began in January 2009.)
“In particular, from 2008 to 2009, the percentage of major rules without an NPRM increased from 26 percent to 40 percent,” reported the GAO.
Morningland Dairy raided and another family business destroyed 01/25/13
View on YouTube
The FDA is notoriously prejudiced against raw dairy products, and if they personally are opposed to consuming them, fine! But what constitutional authority do they have to tell American citizens what they can and cannot eat and drink? Answer: NONE. With the government takeover of health care, however, you can rest assured that tyrannical attempts to control your diet will increase, not decrease.
The FDA, like so many other federal bureaucracies, has become a tyrannical, unelected, unaccountable apparatus for the Nanny State to rule over Americans instead of representing and serving them. Their goal is not to protect citizens from harming one another, but to protect us from our own choices by restricting them and making them for us. But this abuse of government power is not a victimless crime.
This small, family-armed dairy is the latest casualty in a long line of victims of government abuse and over-regulation. Will your business be next?
MOUNTAIN VIEW, Mo. — After a two and a half year legal battle, 15 tons of cheese made and aged near Mountain View was hauled to a dump. To fans of natural foods, it is monumental waste and over-regulation. To Missouri’s Milk Board, it’s merely protecting public health.
“I see the destruction of what my wife and I and family have worked to build,” said Joseph Dixon, owner ofMorningland Dairy.
Dixon and his family aren’t the only ones outraged by the trashing of about 30,000 pounds of cheese produced on the farm in Howell County.
[...] ”They really haven’t found anything, no sicknesses, no illnesses in 30 years. But it’s what-if. And in the United States of America, if what-if now wins, we have no country left,” Dixon said.
Both Howell County Court and the Missouri Court of Appeals sided with the milk board’s decision to destroy all the cheese.
“We asked for trial by jury; we were denied because it was a regulation, not a law. It wasn’t passed by congress,” said Dixon.
A couple of years ago, the Dixons still had hope of someday making cheese again and were milking daily, but now, the milking barn is empty because the dairy herd is gone.
“If I tried to start back up, it would cost so much to get it in the cooler, and then, if they find, quote, one thing they can complain about, one thing, I’m shut down again, and every bit of that has to be destroyed,” said Dixon.
The Milk Board shut down Morningland’s manufacturing operation and ordered all cheese at the facility embargoed on August 26, 2010 after receiving a report from the California Department of Food and Agriculture that Morningland cheese seized in a raid of the Rawesome food club in Venice, California in June 2010 had tested positive for Listeria monocytogenes andStaphyloccocus aureus. Not a single block of cheese in the warehouse had the same batch number as the cheese seized in the Rawesome raid. A Milk Board inspector initially told Joe Dixon that he would only be shut down for a few days—but that changed when FDA stepped up their involvement in the case a short time later and pressured the Milk Board not to let Morningland resume their operations.
On October 1, 2010 the Milk Board sent the Dixons a letter requesting that they destroy the entire inventory of cheese at the facility; when the Dixons refused, the Milk Board filed a petition in the Circuit Court of Howell County to obtain an order for the destruction of the Morningland cheese.
After a two-day trial before Judge David Dunlop, the judge issued a decision on February 23, 2011 ordering the destruction of the cheese. Morningland appealed the decision but on September 27, 2012 the Court of Appeals sided with the Milk Board. A petition to the Missouri Supreme Court to hear the case was rejected onDecember 18, paving the way for the destruction of the cheese to take place.
Neither the Milk Board nor FDA ever tested any of the cheese stored at Morningland. FDA did take 100 environmental swabs at the facility, all of which tested negative for listeria. There was no accusation that any cheese Morningland produced had made anyone sick; there had never been any reported illness from the consumption of Morningland products in the thirty years the farmstead cheese operation had been in business.
The Morningland case was about FDA’s agenda to restrict access to raw dairy products with the eventual goal of banning them. The agency doesn’t hesitate in sacrificing a business like the Dixons’ in order to move its agenda along.
What message does this send to entrepreneurs who are considering starting their own business and creating jobs? Who wants to take the risk of running afoul of busybody bureaucrats with an ax to grind?
Why would a teacher’s association want an unrepentant domestic terrorist - who participated in three bombings and regretted that he didn’t do more - as their keynote speaker regarding educating America’s youth? This is the equivalent of inviting Timothy McVey to speak.
Is THIS the kind of person they admire, who’s advice on molding young minds they want to follow? Just imagine what they’re teaching their students if they have such little discretion and no moral compass!
The Association of Teacher Educators has recruited Chicago professor – and former domestic terrorist – William Ayers to speak at their the 2013 Annual Meeting in Atlanta, Georgia which will be held next month.
William Ayers, a co-founder of the radical Weather Underground domestic terror group, was a key figure during the 2008 presidential campaign due to his Chicago ties to then-Senator Obama.
The organization’s executive director, David Ritchey, confirmed that Ayers would be a keynote speaker at the conference although he admitted that he wasn’t involved in the selection process.
Ritchey added that although Ayers was a controversial figure he had been invited due to his “work in the education field, apart from all the other stuff.”
The website biography makes no specific mention of Ayers’ controversial background, describing him as the “formerly Distinguished Professor of Education and Senior University Scholar at the University of Illinois at Chicago.”
The only “work” Ayers does in education is indoctrinating students with his radical ideas and training others how to do the same. Although this teachers’ association won’t publicly condone his actions, they don’t condemn them either, and they clearly agree with his radical leftist ideas, or else they wouldn’t have invited him to share them.
This ought to do wonders for our sluggish economy.
The Obama administration issued $236 billion worth of new regulations last year, according to a report from a conservative think tank.
The analysis from the American Action Forum, led by former Congressional Budget Office Director Douglas Holtz-Eakin, found that the administration added $216 billion in rules and more than $20 billion in regulatory proposals in 2012. Complying with those rules will require an additional 87 million hours of paperwork, the report said.
The group put the total price tag from regulations during Obama’s first term at more than $518 billion.
Low-information voters are finally getting a wake-up call.
“What happened that my Social Security withholding’s in my paycheck just went up?” a poster wrote on the liberal site DemocraticUnderground.com. “My paycheck just went down by an amount that I don’t feel comfortable with. I guarantee this decrease is gonna’ hurt me more than the increase in income taxes will hurt those making over 400 grand. What happened?”
Shocker. Democrats who supported the president’s re-election just had NO idea that his steadfast pledge to raise taxes meant that he was really going to raise taxes. They thought he planned to just hit those filthy “1 percenters,” you know, the ones who earned fortunes through their inventiveness and hard work. They thought the free ride would continue forever.
So this week, as taxes went up for millions of Americans — which Republicans predicted throughout the campaign would happen — it was fun to watch the agoggery of the left.
“I know to expect between $93 and $94 less in my paycheck on the 15th,” wrote the ironically named “RomneyLies.”
“My boyfriend has had a lot of expenses and is feeling squeezed right now, and having his paycheck shrink really didn’t help,” wrote “DemocratToTheEnd.” [...]
The Twittersphere was even funnier.
“Really, how am I ever supposed to pay off my student loans if my already small paycheck keeps getting smaller? Help a sister out, Obama,” wrote “Meet Virginia.” “Nancy Thongkham” was much more furious. [...]
“_Alex™” sounded bummed. “Obama I did not vote for you so you can take away alot of money from my checks.” Christian Dixon seemed crestfallen. “I’m starting to regret voting for Obama.” [...]
I’d like to be able to smirk, “we told you so,” but there’s no joy in knowing that millions of innocent people are suffering because of an ignorant electorate that was suckered by a lying administration and their accomplices in the deceitful media.
For liberal spending addicts, it’s NEVER enough.
With the fiscal cliff deal signed into law, the nation’s attention now turns to the debt ceiling debate, scheduled to hit in the next two months. As America reaches the debt ceiling yet again – an unbelievable $16.4 trillion debt ceiling needs another increase in order to allow us to borrow more cash to pay our bills – Republicans insist that we finally begin dealing with our spending problem. That, of course, was the purpose of the fiscal cliff deal in the first place: to preserve as many of the Bush tax rates as possible, consider tax rates a finished issue, and move on to spending cuts. As Senate Minority Leader Mitch McConnell (R-KY) said on ABC’s This Week, “The tax issue is finished, over, completed. That’s behind us. Now the question is: what are we going to do about the biggest problem confronting our country and our future? And that’s our spending addiction.”
Not so fast.
The bullies in the Democratic Party have no intention of cutting a single dollar. Instead, they want to tighten their stranglehold on the windpipes of job producers and entrepreneurs. This morning, virtually every Democrat on virtually every Sunday show said the same thing: no cuts, more taxes. So much for the Republican attempt to take the tax discussion off the table.
Obama used his weekly address to declare that he “will not compromise” with the co-equal branch of government that constitutionally holds the power of the purse:
In his weekly address, Obama lashed out at Republicans for even suggesting that the debt ceiling issue be used as leverage to cut spending:
As I said earlier this week, one thing I will not compromise over is whether or not Congress should pay the tab for a bill they’ve already racked up. If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. The last time Congress threatened this course of action, our entire economy suffered for it. Our families and our businesses cannot afford that dangerous game again.
This is nonsense. We’ve racked up bills, and we will not have to default to pay them – we just have to cut. Even if we hit the debt ceiling, we will not need to default on our debts – we will simply stop providing non-essential government services (which, for the most part, we should do anyway) and then use that money to pay our debts.
But Obama is a bully, and so he thinks he can unilaterally dictate America’s debt policy. He demonizes anyone who disagrees. He ignores the Constitution, and instead plays the class warfare card…
This is already happening at my husband’s company. They are no longer permitted to hire full-time workers for non-salaried positions.
The threat of fines totaling $2,000 a year for not providing health care to full-time workers will be a great subsidy for companies that supply part-time workers. They will be in greater demand.
Workers who already work less than 30 hours a week will find lots of new competition. They are likely to be locked into their positions permanently.
Any firm with 50 employees comes under the law. So, the smart move for businesses with 50 to 60 workers is to fire them.
Economics teaches that decisions are made at the margin. What does one more unit of this or that cost? That is the key price for all of the units.
Businesses can take two approaches. First, they can cut workers who work 30 hours a week to 29 hours. Or, just to be safe, 25 hours. Second, they can fire workers who work 30 hours a week and refuse to hire replacements. Both approaches are legal. Both make economic sense.
We are in a tight job market. We have been ever since 2008. The recovery is slow. This will make it slower.
Happy New Year! Your paycheck just shrank!
Taxes for most Americans will still go up this year despite declarations from President Obama and others touting Tuesday night’s fiscal crisis deal as a victory for middle-class workers.
At the same time, tax relief that was included in the package comes at a cost — contributing, along with new spending, nearly $4 trillion to the deficit over the next 10 years, adding to the nation’s more than $16 trillion debt.
But there will be federal tax hikes in 2013. That’s because the legislation pushed through the Senate and House on Jan. 1 does nothing to prevent a temporary cut in the Social Security payroll tax from expiring. That means, under the agreement brokered by the White House and Senate Republicans, 77 percent of American households will be forced to fork over higher federal taxes in 2013.
Households making between $40,000 and $50,000 will face an average tax increase of $579 in 2013, according to the Tax Policy Center’s analysis. Households making between $50,000 and $75,000 will face an average tax increase of $822.
For most families, the increase will end there. But for top earners, taxes will get considerably higher this year.
Boy, did Mark Levin call it.
Speaking Jan. 1 at the White House at 11:20 p.m., less than an hour after the House voted 257 to 167 to approve new tax hikes, President Barack Obama announced that he will assert the authority to raise the debt ceiling for spending approved by Congress.
“One last point I want to make,” said the president flanked by Vice-President Joseph R. Biden Jr., whose Capitol Hill summitry closed the deal on a “fiscal cliff” compromise. “I will negotiate over many things, I will not have another debate with this Congress over whether or not they should pay the bills, they have already racked up through the laws they have passed.
This is a critical pivot for the president, who previously dismissed the idea floated among liberals that Section 4 of the 14th Amendment, one of the three amendments passed at the end of the Civil War, authorizes the executive to borrow the funds to make good federal debt payments.
It reads: The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned…
This is the second time the administration has wielded the debt ceiling as a hammer against the Republicans in Congress.
[...] The president was direct. Either Congress raises the debt ceiling or he will go ahead and borrow the money to pay the bills on his own in order to avoid damage to the U.S. and world economies.
Last I checked, the co-equal branches of government are not required to obey one another’s commands. In fact, they are there to hold one another in check. Congress is under NO obligation to give the president the money he demands. But they are too spineless to hold him accountable for his unconstitutional power grabs and blatant disregard for the separation of powers.
An honorable congress would impeach him and throw him out the door for his flagrant assault on the constitution and grabs for dictatorial powers. Sadly, we don’t have an honorable congress.