Posts Tagged ‘Economic Recovery’
“See to it that no one takes you captive through hollow and deceptive philosophy, which depends on human tradition and the basic principles of this world rather than on Christ.” ~ Colossians 2:8
The Government has washed our nation out to a sea of debt to other nations. They have created a culture of falsely believing that all life choices should equal the same financial outcome for everyone, and that everyone who believes they are due material wealth ought to have it. Children have become an “expensive burden” we seek to avoid, but debt for personal expenditures and entitlement programs are not offensive today. The common idea is that “Children are soooo Expensive!”
In our culture, we have chosen lifestyle of debt, life-long entitlement mentality and lavish living. Frugality of past generations is largely gone. Some of the poorest people appear to be able to afford Smart Phones. Priorities are definitely skewed.
There is certainly nothing wrong with nice things, beautiful homes, etc. In fact, having ambition to succeed is inherently American. However there is something decidedly different about the last two generations of Americans. The last two generations have decided to pursue these material and temporal possessions at the expense of their children, and their eternal Christian inheritance. The other problem is that very few families can actually afford to live this lifestyle, regardless of how many children they have. Most people, right out of the gate into adulthood, begin their lives in debt. They begin either in debt themselves for college, or living a lifestyle sustained by the help or debt of their own parents.
This has left a huge societal impact, because Christian families are simply not having children anymore, because of the misguided belief that their single most important contribution to their children is what they can give to them materially speaking. With fewer Christians raising their children in an intact Christian home, fewer responsible, hard working, and freedom-loving adults are being set out into society. We can clearly see the impact on our freedoms and our government and society since the nation began forfeiting children in favor of debt.
Since this has culturally become the norm, there are several societal prerequisites to qualifying to have children. Notice none of them are of eternal benefit for others, or for ourselves. This means that what society deems of value, God has spoken and said is largely worthless..even the vast educations..etc. Again, goals and accomplishment are not worthless or evil. Parents inherently want a good future for their children, and often will sacrifice to help obtain that. However, if parents put more stock into ensuring their children have all their whims met, rather than raising solidly grounded, disciplined and responsible children, we have products of their misguided efforts abounding. The pursuit of these idols of wealth above eternal perspectives, or if they are pitted against raising any children for the Kingdom, then they limit the ability of people to raise children fully for the Lord and to stand on principle in his or her nation.
Peter Schiff: Think the Obama Recovery was bad? Just wait until the Obama Recession!
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After four years of reckless spending, $6 Trillion in new debt, massive tax hikes, devaluing the dollar by printing billions out of thin air, Obamacare, and thousands of smothering, anti-business regulations, this economy is THEIRS. We tried to warn them of the tragic results of Keynesian policies, and they wouldn’t listen, so now it’s time to OWN THE CONSEQUENCES.
The American economy has taken a nosedive.
For the first time in over three years, the U.S. Gross Domestic Product shrank. Between October and December of 2012, the GDP had a negative growth of 0.1. And let’s remember that this is the same quarter where we saw the media go into hyper-drive to spin Obama’s anemic job and GDP growth into a repeat of the Roaring Twenties.
The problem with the American economy is that Obama and his media can’t fool it. Happy talk and spin and distractions about contraception don’t create jobs or growth. You might be able to fool legions of people into voting a certain way, but you can’t fool them into spending and hiring and investing.
Naturally, Obama is looking to blame the Republicans for his failures:
In an attempt to get out in front of startling GDP contraction, Democrats are scrambling to blame the unanticipated growth plunge on spending cuts, not President Barack Obama’s trillions in federal spending that have accelerated the need for tightening the nation’s fiscal belt.
[...] These comments telegraph Democrats broader strategy for the days ahead: use the GDP contraction to stoke fears that Republican calls to cut spending or aggressively negotiate the debt ceiling and sequester will drive growth down further.
Such messaging will be a hard sell. First, the negative growth figures come on the heels of Obama’s second inaugural address that boldly proclaimed the “economic recovery has begun.” Furthermore, if Krueger’s argument that cuts in defense spending triggered GDP to nosedive, how will President Obama defend his decision to slash defense spending by $487 billion over the next decade?
Even Politico has dubbed the negative growth numbers “Obama’s GDP headache,” calling it “bad news for Obama” because it contradicts the president’s “we’re-finally-roaring-back-narrative.”
CNBC analyst Rick Santelli was more blunt. “We are now Europe,” said Santelli. “When you act like Europe, you get growth rates like Europe.”
Nothing to see here. Obamanomics is a smashing success. Move along.
Long term unemployment under President Obama is at the highest level since at least the end of World War II, threatening to create a permanent underclass of workers who will find it difficult or impossible to obtain jobs in the future. What’s more, Obama’s insistence on repeatedly extending long term unemployment benefits may be fueling the unemployment problem.
According to data recently released by the St. Louis Federal Reserve, the average duration of unemployment is now at about 40 weeks, double the previous highest level of about 20 weeks that prevailed during the last three recessions.
Unsustainable. The private sector isn’t growing enough to support bigger government.
Seventy-three percent of the new civilian jobs created in the United States over the last five months are in government, according to official data published by the Bureau of Labor Statistics.
In June, a total of 142,415,000 people were employed in the U.S, according to the BLS, including 19,938,000 who were employed by federal, state and local governments.
By November, according to data BLS released today, the total number of people employed had climbed to 143,262,000, an overall increase of 847,000 in the six months since June.
In the same five-month period since June, the number of people employed by government increased by 621,000 to 20,559,000. These 621,000 new government jobs created in the last five months equal 73.3 percent of the 847,000 new jobs created overall.
In other words, as the labor participation rate plummets to a thirty year low — which means we have fewer taxpayers — we’re not only increasing the number of taxpayer-funded jobs, but the government is using the creation of these jobs to juice the employment numbers in a way that makes it look as though the job situation is actually improving.
Naturally, none of this would be possible without a compliant media working overtime to bring out the pom-poms and cover up what’s really going on.
Let me tell you something, if Obama had an “R” after his name and creating the exact same economic results, the media would make damn sure the public was familiar with what “labor participation rate” means.
The truth is, they were never low to begin with. The media hid the real numbers until after the election.
Two months ago, there were various prominent pundits who were furiously mocked and ridiculed by those whose job in the media it is to mock and ridicule, for suggesting what most know: that economic data is widely nuanced, massaged, adjusted, goalseeked and outright manipulated by various political interests. That someone would feign outrage by this allegation is laughable at best (and sorry, the “too many people were involved to keep it a secret” excuse is now absolute rubbish following the confirmation of Liborgate, yet another conspiracy theory until it became a conspiracy fact), yet all the “serious” outlets of insight did just that. Now that the election is over, for one reason or another “unnuanced” normalcy is about to strike back with a vengeance, as soon as tomorrow with the official release of November jobs data. And if the just released Gallup unemployment data is any indication, the amount of outright goalseeking by the fine folks at the BLS was nothing short of startling. Because after recording an adjusted unemployment rate of 7.4% in October, the November unemployment rate, based on a random sample of 29,308 adults, soared by a whopping 0.9% in one month to 8.3%, the most since the Great financial crisis itself! And furthermore, at 8.3% the unemployment rate is now the highest since May. Is it time yet for all those sellsiders to admit they were wrong weeks after producing beautiful pitchbooks of how 2013 will be “different this time” and the economy will soar? Or should we wait a few weeks first?
The unemployemnt rate per Gallup:
Keep in mind, though, that it’s only in Barack Obama’s America that we’ve learned to celebrate any number under 400,000. We’re nowhere near the point where our economy creates enough jobs to keep up with those lost every week. But because the media will never allow Obama to fail at anything, only 370,000 new unemployment claims is an occasion for pom-poms and much dancing around the golden calf.
Here we go again. No matter how many times Keynesian economics fails, politicians and “experts” like Obama and Bernanke will insist that if they just borrowed, printed and spent a little more, it would work THIS time. We can’t afford 4 more years of this!
Growth the past two quarters has averaged about 1.6%. Not only does this mean the economy is growing more slowly than last year’s 1.8%, it is also slow enough to signal about a 50% chance of a recession within a year. And the third quarter also looks weak.
The anemic, three-year-old U.S. recovery is already running out of steam. And if it does, it may be several more years before we see unemployment below 8%.
Folks, this is not endemic of a recession. It’s worse than that. This is a sickly recovery.
The problem here is not the recession that Obama complains he inherited. We are no longer losing jobs and GDP is no longer contracting. The problem is the recovery. In fact, we began recovering jobs and GDP during the spring of 2009. So yes, the business cycle tends to endure, irrespective of who is in the White House. There was a very deep recession at the end of Bush’s term, and that recession ended in 2009. The same way Obama cannot be blamed for the initial recession in 2008, he cannot take credit for the immediate end of the recession so early in his term.
[T]he hemorrhaging stopped shortly after Obama took office. What has ensued is an unprecedented period of lethargic growth. We’ve never seen such weak growth in all the fundamentals of the economy this late after the recession ended. During the first two quarters of 1984, the economy grew by 8% and 7.1% respectively.
Romney must not let Obama get away with blaming the current economic malaise on the previous administration. Back in 2009, Obama bragged about the end of the recession. If the recession ended in 2009, the unprecedented lack of recovery that we are now incurring is due to his overly regulated crony capitalist economy. It’s the recovery stupid.
The unemployment number doesn’t count people who have simply given up and left the workforce altogether. If they counted the REAL number of unemployed Americans, it would be well over 11%.
Just 96,000 American jobs were added in August in a bleak monthly jobs report as 368,000 left the workforce, bringing labour market participation down to its lowest level for 31 years and dealing a blow to President Barack Obama’s re-election chances.
The national unemployment rate dropped to 8.1 per cent, down from 8.2 per cent, but this was only because so many people gave up looking for work. If the participation rate had not dropped so precipitously, unemployment would have risen to 8.4 per cent.
Factory employment fell by the most in two years and temporary-help companies eliminated positions for the first time in five months. The 69.9 per cent labor force participation rate for men is at lowest level recorded since the US government began tracking it in 1948.
According to James Pethokoukis of the American Enterprise Institute, the unemployment rate would be 11.2 per cent if the labour force participation rate had remained what it was when Obama took office in January 2009. The U.S. Labour Department also said that 41,000 fewer jobs were created in June and July than previously reported.
[...] In a biting statement, Romney said: ‘If last night was the party, this morning is the hangover. For every net new job created, nearly four Americans gave up looking for work entirely. This is more of the same for middle class families who are suffering through the worst economic recovery since the Great Depression.
‘After 43 straight months of unemployment above eight per cent, it is clear that President Obama just hasn’t lived up to his promises and his policies haven’t worked. We aren’t better off than they were four years ago. My plan for a stronger middle class will create 12 million new jobs by the end of my first term. America deserves new leadership that will get our economy moving again.’
This is the sadly predictable result after 3 1/2 years of Keynesian economics. FDR made the same mistake and caused the Great Depression to drag on for 8 long years. You want four more years of this, America?
The editorial board at Investors Business Daily says “no!”:
The White House, during its convention, repeatedly claimed to have “created” 4.5 million jobs. Leaving aside the fact that businesses, not government, create jobs, it’s still factually incorrect.
According to Bureau of Labor Statistics data, payroll jobs in August totaled 133.3 million. The month Obama entered office, there were 133.561 million. So the number of jobs has shrunk.
What really rankles, though, is that Obama and leading Democrats such as House Minority Leader Nancy Pelosi contend the economy would be really humming if the GOP wasn’t standing in the way.
That’s not what those representing real job-creators believe. “Clearly the economic policies that have been implemented in Washington are failing,” said the U.S. Chamber of Commerce, commenting on August’s data.
The National Association of Manufacturers was even more specific: “The way to alleviate our economic pain is by enacting pro-growth tax policies, addressing the tough questions on entitlement programs that drive our national debt and putting an end to the regulatory morass that weighs down businesses across the country.”
None of which, of course, is proposed by Obama.
By the way, the Congressional Budget Office says that “under current law” — that is, budgets passed by a Democrat-dominated Congress and signed by Obama — unemployment will surge to 9.1% next year as the U.S. economy goes over the “fiscal cliff” and into recession.
Recent reports show that unemployment is increasing in almost all states. However, the official numbers reported by the Bureau of Labor Statistics (BLS) are very misleading. The 8.3 percent figure (called U-3) for last month does not include those who have become discouraged or are no longer seeking work.
John Williams from Shadowstats.com estimates that the real unemployment rate is around 22 percent. This is because his methodology incorporates long-term discouraged workers who were defined out of official existence in 1994. It also includes the official BLS U-6 unemployment rate, which includes short-term discouraged workers.
Politically it is much better for incumbents to cite the much lower U-3 figure. After all, it is easier to defend 8.3 percent than 22 percent when seeking reelection.
Think you’ll hear about this on the evening news? Somehow I doubt it.
City Shuts Down Teen’s Hot Dog Vendor Cart
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Think that too much government intrusion doesn’t hurt anyone? Think again. A young teenage boy who tried to help his disabled parents by starting his own hot dog business got shut down by the city because of an ordinance that protects local restaurants from food cart competition.
Now, the entire family is homeless, and forced to separate to find shelter.
Nathan Duszynski, a 13-year-old whose hot dog cart was shut down by city officials in Holland, Mich., is now homeless, along with his disabled parents.
Nathan had saved up money for a hot dog cart to help his parents pay their bills. His mother suffers from epilepsy and his father suffers from multiple sclerosis, limiting their ability to work.
The family survives on $1,300 a month in disability assistance, food stamps and medicaid, but has struggled to stay afloat.
“Nate and I are now in a shelter,” Nathan’s mother Lynette Johnson told MLive.
“[Nathan’s father] can’t stay with us because he takes prescription narcotics to deal with his pain and the shelter does not allow him with those kinds of drugs,” she said.
The 13-year-old had worked out an arrangement to sell hot dogs in the parking lot of a local sporting goods store. His mom felt the location was great since it was on private property, so his age wouldn’t be an impediment.
Before opening up shop, Johnson said, they stopped by city hall, just across the street from the cart’s location, to ask if they needed a permit to sell food. His mother explained that a woman at city hall told her no permit was necessary.
The business was short-lived and the city of Holland shut down the stand 10 minutes after it opened. Zoning officials cited laws that prohibit food carts in the commercial district that are not connected to downtown brick and mortar restaurants.
Mayor Kurt Dykstra turned down the family’s appeal to city council last week, saying that it was to protect downtown restaurant owners who had asked that the “success of the downtown district not be infringed upon by those who don’t share in the costs of maintaining the attractiveness of that space.”
The private sector is NOT “doing fine“:
There were 195,000 fewer people employed in the United States in July than in June, according to the Bureau of Labor Statistics, as the national unemployment rate ticked up from 8.2 percent to 8.3 percent.
Meanwhile, 150,000 people simply dropped out of the labor force during the month and did not seek to find a job.
While the national unemployment rate paints a grim picture, a look at individual states and their so-called real jobless rates becomes even more troubling.
The government’s most widely publicized unemployment rate measures only those who are out of a job and currently looking for work. It does not count discouraged potential employees who have quit looking, nor those who are underemployed — wanting to work full-time but forced to work part-time.
For that count, the government releases a separate number called the “U-6,” which provides a more complete tally of how many people really are out of work.
The numbers in some cases are startling.
Consider: Nevada’s U-6 rate is 22.1 percent, up from just 7.6 percent in 2007. Economically troubled California has a 20.3 percent real rate, while Rhode Island is at 18.3 percent, more than double its 8.3 percent rate in 2007.
Those numbers compare especially unfavorably to the national rate, high in itself at 14.9 percent though off its record peak of 17.2 percent in October 2009.
Only three states — Nebraska (9.1 percent), South Dakota (8.6 percent) and North Dakota (6.1 percent) — have U-6 rates under 10 percent, according to research from RBC Capital Markets.
Election battleground states paint a picture not much more flattering. Florida’s U-6 number is an ugly 17 percent, though Pennsylvania and Ohio are both around 14 percent, below the national U-6 average.
Can we finally all agree that Keynesian economics is a flop? The politicians in Washington flushed about $800 billion down the toilet and we got nothing in exchange except for anemic growth and lots of people out of work.
I don’t know how much more “hope and change” this country can take!
The American job machine has jammed. Again.
The economy added only 80,000 jobs in June, the government said Friday, erasing any doubt that the United States is in a summer slump for the third year in a row.
“Let’s just agree: This number stinks,” said Dan Greenhaus, chief global strategist at the investment firm BTIG.
It was the third consecutive month of weak job growth. From April through June, the economy produced an average of just 75,000 jobs a month, the weakest three months since August through October 2010.
The unemployment rate stayed at 8.2 percent — a recession-level figure, even though the Great Recession has technically been over for three years.
It‘s hard to articulate just how terrible and ominous these numbers are for the future of our economy. Remember that just in order to break even with pre-recession levels, we need to create about 9 million jobs, at a clip of 300-500k per month. The deeper the recession, the more robust of a recovery that is needed to break even. Also, keep in mind that the population is still growing, so we must create even more jobs to accommodate that increase.
The miracle of the American economy throughout the post-WWII era is that we have recovered from every recession stronger than we were before each downturn. At this point in the Reagan recover, we were creating over 300k new jobs each month – and that was when the population was much smaller.
Remember, the economy needs to create about 150,000 jobs a month just to keep pace with population growth. That’s part of why the unemployment rate remained steady at 8.2 percent.
In a statement that apparently was not a joke, although I roared with laughter when I saw it, White House Council of Economic Advisers Chairman Alan Krueger said:
There are no quick fixes to the problems we face that were more than a decade in the making.
NO QUICK FIXES? Obama has had three and a half years.
If Romney can’t win this election, he will really have deserved to lose it.
It’s time to admit that the recession never ended, and has in fact deepened into a depression.
History repeats itself. Keynesian economics made the Great Depression unnecessarily drag on for 8 long years. By following FDR’s example, Obama is getting the same results. Unfortunately, he refuses to learn from his mistakes and insists on doubling down on the same failed policies. Time for leaders who truly understand Economics 101!
Terrible May jobs numbers — the third disappointing monthly labor report in a row — raised the dire specter of a return to recession in the U.S. and rekindled speculation that the Federal Reserve will unleash a new round of stimulus.
The U.S. economy created just 69,000 jobs in May, about half what analysts had forecast, and the unemployment rate spiked higher for the first time in almost a year, rising to 8.2%.
In addition, the government revised lower the number of jobs created in April to 77,000.
Dan Greenhaus, chief global strategist at BTIG LLC, said the worse-than-expected May jobs numbers had caused him to rethink his position on a second U.S. recession. Some encouraging news earlier this year – not least three straight months of 200,000 or more jobs added between December and February – led him to back away from an earlier prediction of a return to recession.
Now the strategist is rethinking his rethinking.
“Today’s employment report, in the context of every other development, certainly reintroduces (the possibility of another recession),” Greenhaus said.
Much like Europe, the United States economy is being dragged down by crippling debt and future fiscal uncertainty. As former Federal Reserve Board Chairman Alan Greenspan noted, businesses are holding back on investing for the future because, “In short, there is a fear of the future.”
But while Europe wrestles with its euro conundrum, the United States is facing its largest tax hike in history — otherwise known as Taxmageddon — due to hit the American people on January 1, 2013. Through the expiration of existing tax policies and the imposition of new taxes, families and businesses will be hit with a $494 billion tax hike if Congress and the president don’t take action to stop it. Apart from the painful impact that those higher taxes will wreak when they arrive, they’re already harming the U.S. economy today by forcing businesses to hold back investment for fear of what the future may hold for tax policy.
A new survey shows that uncertainty in the tax code is in fact causing businesses to fret that future and sit on the sidelines. According to the tax firm Alvarez & Marsal Taxand, most chief financial officers rate eliminating uncertainty in the tax code as their top issue, as The Fiscal Times reports. “Confidence in knowing precisely what the tax code will require has become more important than how much it will cost them,” said Robert N. Lowe, chief executive officer of A&M Taxand. “As long as proposed changes remain up in the air, companies will be forced to continue to burn fuel operating in holding patterns rather than charting productive courses forward.
Moving the country forward, creating jobs, and getting the economy going again should be goals America’s leaders pursue vigorously and vigilantly. And since Taxmageddon is standing in the way, it would make logical sense for the president and Congress to act now and give the country’s job creators the certainty they need to switch into high gear.
But even with millions of Americans unemployed, dismal job creation, an increasing unemployment rate and Europe sliding into a deep recession, President Obama is silent on the issue of stopping the United States from heading over a fiscal cliff. Absent any leadership from the White House, House Speaker John Boehner (R-OH) has announced the House will vote in July to prevent tax rates from rising. The Senate should do likewise. There is time for Washington to take action, but that time is growing shorter with each passing day.
Should You Need the Government’s Permission to Work?
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There are so many unnecessary obstacles to self-employment and entrepreneurship now, it’s a miracle that anybody even bothers.
For some professions, it makes a lot of sense to have some high standards before you’re allowed to work — doctors, pharmacists, pilots, you get the picture. But did you know that some states have some serious hurdles for jobs like makeup artists, tree trimmers, animal trainers and massage therapists? It’s true, and a series of new reports reveals how rules like these are making it harder for lower-income workers and entrepreneurs to earn a living.
The Institute for Justice (IJ) finds that “occupational licenses” — essentially permission slips from the government to work in a particular field — have proliferated under modern state governments. In the 1950s, IJwrites, only 1 in 20 workers needed to be licensed, but today, almost 1 in 3 face some kind of licensing requirement. Further, they explain that these regulations have a detrimental impact on those seeking work or looking to open their own business:
In documenting the license requirements for 102 occupations nationwide, this report finds that these laws can pose substantial barriers for those seeking work, particularly those most likely to aspire to these occupations—minorities, those of lesser means and those with less education. Moreover, about half the occupations studied offer the possibility of entrepreneurship, suggesting that these laws hinder both job attainment and creation.
Some key findings of IJ’s study reveal that workers in the occupations they examined on average must spend $209 in fees, take one exam, and take nine months of education and training. Interior designing is the most difficult occupation to enter (though it is only licensed in three states and the District of Columbia), while cosmetology trades, truck and bus drivers, and pest control workers face the most stringent licensing requirements. And strangely, the licensing requirements don’t necessarily correlate with the need to protect the public from harm — for example, the average cosmetologist spends 372 days in training while the average emergency medical technician only needs 33 days of training.
That means that for people seeking work in “below average” income occupations, they have to spend monthsout of the workforce in order to be able to get back into the workforce. If they can’t afford to spend the time getting licensed, they don’t have the opportunity to get those jobs. In other words, the government is keeping them from climbing the economic ladder.
Peter Schiff: We aren’t that far behind Greece
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It’s going to get worse before it gets better.
The “real” unemployment rate – a broader, more inclusive measure of the country’s jobless picture than the one usually used – remained unchanged at 14.5 percent in April, as the economy created a paltry 115,000 jobs.
Known formally as the U-6 unemployment rate, this measure includes those formally counted as unemployed, those known to be marginally attached to the workforce, and those who are working part-time because they cannot find full-time work.
According to the Bureau of Labor Statistics (BLS), the U-6 unemployment rate remained flat in April at 14.5 percent – meaning some 22.8 million people are either unemployed, have stopped looking for work, or need full-time work but can only find part-time employment.
The U-6 rate is considered to be a more accurate measure of the unemployment picture because it includes a broader sample of those affected by poor economic conditions. By including both unemployed persons and those marginally attached, this measure captures people the BLS would normally count as out of the workforce.
Being marginally attached to the workforce means that a person is not employed and has not looked for a job in the past month – but would accept a job if any were available. The measure best captures people who are available to work but who have given up looking for a job.
The government does not count these people as officially unemployed because they have not looked for work in the past month. They are usually deemed not to be in the labor force at all, and essentially disappear from the government’s survey of unemployment.
Hey Obama, if you REALLY believe you should be paying more in taxes, what’s stopping you from writing a big, fat check to the US Treasury?
Other than your blatant hypocrisy?
President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.
The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.
There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He hasyet to propose a comprehensive plan to reform the byzantine tax code.
President Obama has been making a big political push for the “Buffett Rule,” which would require millionaires to pay a minimum of 30% of their income in taxes. To illustrate the point, the president has pointed out that billionaire investor Warren Buffett pays a lower tax rate than does his secretary.
President Obama’s secretary, Anita Decker Breckenridge, makes $95,000 a year. White House spokeswoman Amy Brundage tells ABC News that Breckenridge “pays a slightly higher rate this year on her substantially lower income, which is exactly why we need to reform our tax code and ask the wealthiest to pay their fair share. ”
It should be noted that president would not be impacted by the Buffett Rule, though he would see his taxes go up if the so-called Bush tax cuts on higher income wage-earners were allowed to expire, as the president says he wants.