I have not been paying a lot of attention to the Occupy Wall Street protests, but it looks like they are gaining some ground. Here is a story.
This looks to me like another version of the Tea Party. While the Tea Party is pretty much a conservative outfit, this new one is pretty much a liberal outfit. I know both claim to not be either ... but if it looks like a duck, quacks like a duck .........
While the Tea Party made its hay with anti-government rhetoric, the new group is all about anti-rich rhetoric. It is worth noting too that these anti-greed protestors appear to be fairly rich themselves.
Ah the hypocrisy of politics.
The Tea Party's thing was how bad government is, yet they want to run government.
The new group is against wall street and corporate greed, yet ... “To the villainy-of-the-rich theme emanating from Washington, a child is
born: Occupy Wall Street. Starbucks-sipping, Levi’s-clad,
iPhone-clutching protesters denounce corporate America even as they weep
for Steve Jobs, corporate titan, billionaire eight times over,”
columnist Charles Krauthammer wrote Thursday.
But politics in general is not about truth, reality or solving problems. Politics is about rhetoric and ideology. Style ... no substance. So the two groups - Tea Partiers and the 99 Percenters (i guess thats what they call themselves) - are no exception.
The thing is. Republicans and Democrats are so out of touch and both are becoming irrelevant. Maybe - hopefully - people are getting more weary of the fighting and seeing that its all smoke and mirrors.
The new parties suffer from the same hypocrisy and lack of substance, but they at least are following the model of becoming a political party. Political parties are a necessary evil, just like money is. .. You cant win an election - or promote ideology - without some sort of organization. and some cash.
There have been changes over the years in political parties. Even as we have pretty much always had a two-party system, they have both changed. There were the Whigs once upon a time.
I think there will be even more parties emerge as people grow more weary of the Republican - Democrat claptrap. Right now the two new parties are just a different version, perhaps a bit more extreme, but still ... Tea Party-ers are basically republicans and 99 percenters are basically democrats - I know both will deny that, but .... its still the truth.
What I would like to see is more parties. And ideologies that are neither conservative nor liberal. Ive said before, I think the biggest problem we have in America is the ongoing boring battle between the two. Someone is making a fortune with this battle and we have no progress to show for it. For now politics is just about "which side are you on" and not about actual solutions.
At least the new groups are a starting point.
The Occupy Wall Street protestors really aren't presenting solutions as much as they are trying to accent the problems - at least as they see them in Business! (Its kind of amazing to see some of the SUPER wealthy people sympathizing with the protestors!)
ReplyDeleteBut, when someone like Cain presents a solution like his 9-9-9 tax plan everyone jumps on the band wagon to strike it down! Obama, has had a similar problem with presenting solutions he thinks will work! (But, I don't really think most of what Obama is presenting is of his own creation. Plus I think he is too influenced by big labor/unions both Public and Private!)
If you go back just a few years (ok decades) there was a trend to reduce labor costs to make things cheaper! Remember the full service gas stations? It started with a self service Island where you could save a few cents per gallon! But it wasn't long before self service was all that was left!
You see that trend continues today in the super markets where there is a self checkout line or in the banking business with ATMs.
The problem is that while there is initial savings in the beginning the cost always rise over time!
So, in the end we have fewer jobs with more people looking for work! More on unemployment and fewer paying taxes!
No, I'm not condoning just making jobs where they aren't necessary - but, does paying more in taxes to support more people who are doing nothing really seem to be an answer?
I think I might rather pay less in taxes under a plan like 9-9-9 and regain some of those lost jobs/services like a full service Gas Station! (Maybe the price won't go down - because that imbedded tax money was redirected to pay someone to work!)
I know thats a way too simplified example - but alot of those simple jobs that people could fall back on during cotractions/slow downs/recesssionary periods in the economy have simply disappeared!
Even, if you had to subsidize those lower paying jobs/services with government aid temporarily - the incentive would be to work a job - not SIT AROUND and DRAW UNEMPLOYMENT OR WELFARE!
JJ, I actually had the opportunity to go Occupy New York last week, as well as Occupy new Haven in CT. When you say, "t these anti-greed protestors appear to be fairly rich themselves." I would have to disagree. That is not what I found at either location. Granted, there was some of what you describe, and we need to keep things in perspective, (even the 99% are the 1% to the rest of the world.) That being said, I think their message rings true with many. What Abraham Lincoln said some 150 years ago, is even more true today. "I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed." Corporations are running our country, and our politicians are doing their bidding. Not for our good or the good of the Republic, but for their own good and the good of the corporation.
ReplyDeleteHerman Cain can say that these people are lazy, or that they just want to take his Cadillac, that they just need to "get a job," but it is not that simple, and these protesters cannot be dismissed that easily. Are there some wackos in the crowd? Absolutely. But, I do think there is a layer of truth behind their angst. Where are these jobs Cain speaks of? And now Herman Cain wants to tax poor people for their food?
Our leaders have lost touch with reality.
A 475:1 ratio between CEO salary's and their average workers is insane. A person ought to be able to work if he wants to, and make enough to at least live at the poverty level. Perhaps provide health care for his family. A cheap rent and groceries. Were that happening, there would be no need for welfare.
Corporations, and their CEO's have been getting wealthy at the gov't trough, and on the backs of exploited workers, who have no other option but to bend over and take it.
ReplyDeleteI'm not saying that people with capital shouldn't be rewarded. I'm not saying people who take risks with their capital shouldn't be rewarded. I'm not saying that people who work hard and put in the long hours shouldn't be rewarded. I'm not saying that people with innovative ideas shouldn't be rewarded. What I'm saying is, many workers are being exploited, making minimum wage, and living below the poverty level to support these insane salaries, and corporate profits. BoA just gave a $6,000,000 severance package to a VP, while at the same time they laid off 30,000 workers... That is wrong. Now they want to charge a $5.00 per month fee for the privilege of using their debit card. Think other banks won't follow suit?
After the gov't bailed them out, nine of the banks that received TARP money paid bonuses to over 5,000 employees, at more than $1,000,000 each. That is wrong. At those nine banks, bonuses totaling $32.6 billion were paid, after the banks lost about $81 billion. That is wrong.
Why did GM receive $50 billion in bailout money, in 2008, while CEO Richard Wagoner earned $14.5 million that same year?
Why does the gov't continue to subsidize Chevron, Exxon, Mobile in the face of record profits?
Why has GE CEO Jeffry Imelt called for lower taxes on corporations? Does he not realize that his company earned $14 billion
dollars last year, and paid ZERO taxes? How much lower does he want? Perhaps the gov't should start paying him. Oh yeah, that's right. it does. Last year the US gov't paid GE $3.2 billion in "incentives." GE Financial recieved $140 billion in bailout money.
In fact, the gov't accounting office reports that nearly 2/3 of all US corporations pay no income tax.
It is estimated that the top 1% of Americans control 40% of the nation’s wealth. Shouldn't they then be paying 40% of the taxes?
400 people control as much wealth as the countries poorest 150 million people. That's just wrong.
ReplyDeleteI don't know what the answer is. I certainly don't see it being more gov't regulation, unless that regulation stops most forms of corporate welfare. If this really is a free market, corporations should stand or fall on their own merit, not be propped up by the government. Perhaps the answer is holding corporations accountable. Organizing boycotts, hurting them in their pocketbooks. I don't know. Problem is, where do you start, and who isn't tainted?
http://money.cnn.com/2011/10/26/news/economy/occupy_wall_street_backlash/?npt=NP1
ReplyDeleteFrom the article you posted a link to - "The number originates in the estimate that roughly 47% of Americans don't pay federal income tax, according to the nonpartisan Tax Policy Center. The 53 percenters stress the fact that they are paying the taxes that support the government assistance the protesters say they want."
ReplyDeleteTruth is, I haven't heard any of the protesters asking for assistance. What they have asked for is a level playing field. Stop bailing out corporations that should be allowed to fail. Stop rewarding bad management, and poor decisions that have allowed these companies to fail in the first place. Many of the CEO's that got us into this mess have retired in their multi million dollar homes with bonuses paid for not by you and me, but by my children,their children and their children's children. Enough already. We all should pay taxes, the poorest as well as the wealthiest. Individuals as well as corporations. People say get a job, but where are they? What do we produce? Now a days, you are either a doctor, lawyer or banker, or you work at Taco Bell. There are only so many of those jobs to be had. Have you looked at the unemployment numbers lately? I know too many people busting their humps 12, 12, 16 hours a day at Walmart, the gas station or the casino for minimum wage, unable to support their families, and living below the poverty level. That is not fair. If you work hard, you at last ought to be able to support your family.
Truth is, I haven't heard any of the protesters asking for assistance. What they have asked for is a level playing field. Stop bailing out corporations that should be allowed to fail. Stop rewarding bad management, and poor decisions that have allowed these companies to fail in the first place. Many of the CEO's that got us into this mess have retired in their multi million dollar homes with bonuses paid for not by you and me, but by my children,their children and their children's children. Enough already.
ReplyDeleteThat pretty well sums things up!
So, WHY call themselves Occupy Wall Street?
Why aren't they protesting at the White House?
And
Who are they looking to for a Level Playing Field?
The same people who they claim are already picking the Winners and Losers?
If you haven't caught on by NOW - It's about choosing sides or forming groups to divide Society! (So far its working!)
Too bad we don't have any REAL Leadership!
Anywhere???????????
Who are they looking to for a Level Playing Field?
ReplyDeleteThe same people who they claim are already picking the Winners and Losers?
My guess is there are people waiting in the wings to rush in when our Democracy/Republic fails! (So when we reach the point of CRITICAL DIVISION? Watch out!)
You seem to see the all players on the Center stage - The Bankers, The lobbyist, The Poiticians, The Corporate leaders etc.
But who really benefits from a weak and divided U.S.? or for that matter WORLD?
(I think they might be the same people!)
If you haven't been watching Europe?
Who is making all the decisions? Who is deciding what they will and will not get?
(Of what they were promisied by people in similar or the exact same positions! Its certainly not the INDIVIDUALS DECIDING or even being given a CHOICE!)
If they can just get you to let them make all the decisions? Forfeit your Rights etc........?
Maybe, even Abandon your Country?
Who is your Daddy THEN?
From an article on CNN by Fareed Zakaria:
ReplyDeleteThe German concern is that if they come up with some dramatic solution to the euro crisis, such as guaranteeing everybody’s debt, financial panic would end but countries like Greece and Portugal would feel no pressure to undertake necessary reforms. These countries would not get their budgets in order; they would let their fiscal houses continue to crumble; they would not become competitive.
All of Germany’s leverage would evaporate the moment it wrote the check to its neighbors. Indeed, a couple of weeks ago, Germany watched as the European Central Bank responded to a financial scare in Italy by intervening. The situation stabilized. Then the Italians immediately began watering down their commitments to enact economic reforms. This is Germany's nightmare. It's what they're working so hard to avoid. Understandably, Germany is trying to force as much real reform out of debtor countries as possible before writing checks or making guarantees.
Germany is doing this not just for sound economic reasons. There are also political motivations. Angela Merkel couldn’t do it any other way. The German taxpayers would revolt if she suddenly guaranteed the debts of countries like Greece. They would feel like they were falling into the same trap that caused the problem in the first place. For these reasons, you’re not going to see dramatic action from Germany.
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It would seem the same could be said true in America!
Its probably one thing to help people help themselves where the are doing their part to make positive change!
But, something entirely different if a "Bailout(s)" results in more of the SAME TYPE OF BEHAVIORS that resulted in a CRISIS!
So, in the end you will ultimately have a stand-off between those who feel they are VICTIMS! (Some by their own choices vs. some by the choices of others!)
No doubt this is all a carefully crafted disintegration to bring about distrust of government and anarchy. When the entire system collapses, it will be much easier to replace it with Socialism.
ReplyDeleteNo doubt this is all a carefully crafted disintegration to bring about distrust of government and anarchy. When the entire system collapses, it will be much easier to replace it with Socialism.
ReplyDeleteSocialism like Communism are probably only relavent in theory! They are never actually achieved in reality! (Altough they always seem to keep trying!)
The part of distrusting Government is probably the most intersting part! Because in a Government or Society based on sets of values, morals and responsibilities?
Often the Government can be used to override those who are unwilling to accept changes that go against their core beliefs! (Often that can be acheived by only those in the minority!)
So, it's a little hard to imagine a "Fair and EQUAL" Society - where duties, responsiblities and beliefs are so misaligned!
While all men are created equal in God's eyes -All men are not equal in their capabilities, duties or their deeds! (They won't be judged by a Socialist God!)
So, somehwere/someone will be forced to take a STAND for what they truly BELIEVE!
From an article today on CNN:
ReplyDeleteOccupy Philly's general assembly voted Friday night not to move from the plaza, and members have not responded in recent weeks to expressions of concern from the city, which has repeatedly tried to work with the protesters, he said. "Many of the people that we talked to in the beginning of this event and activity are now gone," he said.
"We have things we need to do," Nutter said. "I understand that they have things on their mind as Americans and wish to express their free speech. I understand that, I get that, I've defended that. The things we're talking about, the activities that are going on, are not about free speech. They're public health and public safety concerns that have nothing to do with Wall Street and corporations."
The protesters are "purposely standing in the way of nearly 1,000 jobs for Philadelphians at a time of high unemployment," Nutter said. "They are blocking Philadelphians from taking care of their families."
"Misconduct is not about free speech," the mayor said, "and the behavior we're now seeing is running squarely into the needs of our city government that also represents the 99%. As mayor of the city of Philadelphia, I represent the 99% also."
Here are 23 charts regarding income distribution in America - the bottom link is a break down of the top 1% of earners!
ReplyDeletehttp://www.businessinsider.com/new-charts-about-inequality-2011-11
http://www.businessinsider.com/new-charts-about-inequality-2011-11#so-who-are-the-1-percent-executives-doctors-bankers-lawyers-etc-22
http://money.cnn.com/2011/11/16/news/economy/tax_millionaires/index.htm?hpt=hp_c1
ReplyDeleteAll those millionaires and billionaires looking to Government to tax them at a higher rate?
So they can continue to invest in emerging market countries instead of the U.S.?
It's simply interesting that they won't invest domestically because of all the regulations, liabilities/laws and higher labor costs - Yet they are looking to that same Government to do their job by redistributing WEALTH (through investments)!
Signs of a dysfunctional Democracy/Republic on the decline! (Leaders both Public/Government and Private/Business that have lost their competitive edge! Plus, the end of Capatilism in America as we have known it!)
It is very very interesting how we as a country can't seem to agree on what are "Life's Priorities"! (Personally or as a Nation!)
ReplyDeleteI have a distant relative who loved Chemistry!
She was a whiz and even went to a foriegn country to get her masters in Chemistry! At the time she worked for an Intenational Company! She worked, had to learn a new language and still attend classes!
While overseas she met a young man who ended up being a Oral Surgeon/Professor in yet another neighboring country in Europe!
So, a few years back she and her family returned to the States!
I asked her -"What happened to all those(her) big plans?"
Her response - I have a wonderful marriage/husband and two beautiful children!
So, I wonder how many today when the focus seems to be on "Money" and who is the richest?
Could say they gave it all up for a wonderful marriage and Children?
I don't think the statistics would reflect the majority in this modern age! (Especially at the rate of divorce and those who never even bother to get married!)
"Seek ye first the Kingdom of God and all it's righteousness ....... that all other things might be added unto you!"
(Even if you don't believe in God - his model/laws for a healthy Society reign true throughout all the ages!)
http://news.yahoo.com/money-managers-good-promise-philanthropy-195951763.html
ReplyDeletehttp://finance.yahoo.com/news/the-10-most-charitable-companies-in-america.html
Just in case you think the system isn't broken:
ReplyDeletehttp://news.yahoo.com/blogs/sideshow/seattle-welfare-recipient-lives-million-dollar-home-161252749.html
http://www.businessinsider.com/why-asia-makes-the-west-look-like-the-stone-age-2009-12
ReplyDeletehttp://www.businessinsider.com/the-worlds-most-insane-vending-machines-2009-11
http://www.businessinsider.com/economic-numbers-important-2011-2011-12
ReplyDeleteThis article had 393,471 readers so far!
http://shine.yahoo.com/financially-fit/marriage-chances-rise-salary-195200744.html
ReplyDeleteFrom the article above:
Barely half of all adults in the U.S. are married, an all-time low, according to a new study by the Pew Research Center. In 1960, 72 percent of America's adults were married; today, it's 51 percent. If trends continue, married people will soon be in the minority for the first time in U.S. history.
While the number of marriages has declined, the desire for marriage hasn't. More than 60 percent of unmarrieds say they want to get married. And, while more people than ever think marriage is "an obsolete institution," that belief doesn't alter how much people want to participate in it. Nearly 40 percent of Americans agreed that marriage is going the way of the rotary phone (up from 28 percent 40 years ago). However, 47 percent of the unmarried adults who said this also said they'd like to get married.
(Even if you don't believe in God - his model/laws for a healthy Society reign true throughout all the ages!)
ReplyDeletehttp://www.cnn.com/2011/12/21/opinion/goldberg-marriage/index.html?hpt=op_mid
http://money.cnn.com/2012/01/05/news/economy/laurence_kotlikoff_2012/index.htm?iid=HP_LN
ReplyDeleteKotlikoff's platform centers on what he calls the "Purple Plan." Purple, because he hopes it will appeal to both blue Democrats and red Republicans, and all Americans in between
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"I'm hopeful that my candidacy will be taken very seriously," he said. "And that young people in particular will realize this is someone who is really focused on their interests."
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If he does win, Kotlikoff pledges to eliminate income taxes on both individuals and businesses, as well as estate and gift taxes. Instead, he would institute a progressive sales tax and inheritance tax, and make the payroll tax highly progressive.
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Kotlikoff would also replace the current health care system with one under which all Americans receive a voucher each year to purchase a standard health plan from the private-plan provider of their choice. In true economist speak, he says he would reallocate the roughly 10% of GDP that the federal and state government currently spend on Medicare, Medicaid and health exchanges, to pay for this program.
http://www.thepostgame.com/blog/daily-take/201201/tebowing-and-tebow-talk-hits-atheist-community
ReplyDeletehttp://religion.blogs.cnn.com/2012/01/28/my-faith-what-people-talk-about-before-they-die/?hpt=hp_c1
ReplyDeleteToday, 13 years later, I am a hospice chaplain. I visit people who are dying – in their homes, in hospitals, in nursing homes. And if you were to ask me the same question - What do people who are sick and dying talk about with the chaplain? – I, without hesitation or uncertainty, would give you the same answer. Mostly, they talk about their families: about their mothers and fathers, their sons and daughters.
They talk about the love they felt, and the love they gave. Often they talk about love they did not receive, or the love they did not know how to offer, the love they withheld, or maybe never felt for the ones they should have loved unconditionally.
They talk about how they learned what love is, and what it is not. And sometimes, when they are actively dying, fluid gurgling in their throats, they reach their hands out to things I cannot see and they call out to their parents: Mama, Daddy, Mother.
What I did not understand when I was a student then, and what I would explain to that professor now, is that people talk to the chaplain about their families because that is how we talk about God. That is how we talk about the meaning of our lives. That is how we talk about the big spiritual questions of human existence.
We don't live our lives in our heads, in theology and theories. We live our lives in our families: the families we are born into, the families we create, the families we make through the people we choose as friends.
This is where we create our lives, this is where we find meaning, this is where our purpose becomes clear.
Family is where we first experience love and where we first give it. It's probably the first place we've been hurt by someone we love, and hopefully the place we learn that love can overcome even the most painful rejection.
This crucible of love is where we start to ask those big spiritual questions, and ultimately where they end.
Dear Brothers and Sisters in Christ:
ReplyDeleteI write to you concerning an alarming and serious matter that negatively impacts the Church in the United States directly, and that strikes at the fundamental right to religious liberty for all citizens of any faith. The federal government, which claims to be “of, by, and for the people,” has just been dealt a heavy blow to almost a quarter of those people — the Catholic population — and to the millions more who are served by the Catholic faithful.
The U.S. Department of Health and Human Services announced last week that almost all employers,
including Catholic employers, will be forced to offer their employees’ health coverage that includes sterilization, abortion-inducing drugs, and contraception. Almost all health insurers will be forced to include those “services” in the health policies they write. And almost all individuals will be forced to buy that coverage as a part of their policies.
In so ruling, the Obama Administration has cast aside the First Amendment to the Constitution of the United States, denying to Catholics our Nation’s first and most fundamental freedom, that of religious liberty. And as a result, unless the rule is overturned, we Catholics will be compelled to either violate our consciences, or to drop health coverage for our employees (and suffer the penalties for doing so). The Obama Administration’s sole concession was to give our institutions one year to comply.
Continued on the site below ---
Read more: http://www.businessinsider.com/here-is-the-anti-obama-administration-letter-that-was-read-to-almost-every-catholic-sitting-in-church-today-2012-1#ixzz1kuVWfl00
So, what's going on?
ReplyDeleteThe Church teaches that love, marriage, sex, and procreation are all things that belong together. That's it. But it's pretty important. And though the Church has been teaching this for 2,000 years, it's probably never been as salient as today.
Today's injunctions against birth control were re-affirmed in a 1968 document by Pope Paul VI called Humanae Vitae. He warned of four results if the widespread use of contraceptives was accepted:
1.General lowering of moral standards
2.A rise in infidelity, and illegitimacy
3.The reduction of women to objects used to satisfy men.
4.Government coercion in reproductive matters.
Does that sound familiar?
Because it sure sounds like what's been happening for the past 40 years.
As George Akerloff wrote in Slate over a decade ago,
By making the birth of the child the physical choice of the mother, the sexual revolution has made marriage and child support a social choice of the father.
Read more: http://www.businessinsider.com/time-to-admit-it-the-church-has-always-been-right-on-birth-control-2012-2#ixzz1ltFO8ZaS
Guess How Much It Costs The Government To Produce A Nickel
ReplyDeleteJoe Weisenthal | 6 hours ago | 1,932 | 9
A A A
As we mentioned earlier, Obama proposes a new rule that would let the Treasury use cheaper metal in the production of coins.
We might be able to save some money this way, due to the fact that it actually costs more than the face value of some coins to produce said coins.
The budget notes:
The Mint's primary cost driver is the price of metal, a factor over which it has no control. Daily spot prices of copper and zinc, the Mint's two main metallic materials, have fluctuated in excess of 400 percent, and the price of nickel by 500 percent over the past 10 years. This contributes to volatile and negative margins on both the penny and nickel: recently, the penny has cost approximately 2.4 cents, and the nickel approximately 11.2 cents to produce.
By the way: This is why Kyle Bass has horded $1 million worth of nickels.
Read more: http://www.businessinsider.com/guess-how-much-it-costs-the-government-to-produce-a-nickel-2012-2#ixzz1mIwJkpYr
NEW YORK (CNNMoney) -- The debate over the 2009 federal bailout of the U.S. auto industry heated up this week, as General Motors reported a record profit.
ReplyDeleteIt's the first year the three major U.S. automakers are all profitable at the same time since 2004. And they continue to show more signs of a remarkable comeback.
That this has been an amazing comeback is indisputable. But the good news has reignited the fierce debate about whether or not the automakers -- which were reduced to begging Congress for a bailout in December of 2008 -- really needed to be saved by the government.
"I just gotta say "I told you so" to all the naysayers like Mitt and those Republican southern senators who tried to kill of the domestic auto industry," crowed Virg Bernero, the Democratic mayor of Lansing, Mich., in a tweet and Facebook posting Thursday morning.
But while the automakers are all posting strong results, taxpayers are still on the hook for billions of dollars. Taxpayers fell $1.3 billion short on the Chrysler bailout and are still waiting for $25.5 billion back on the GM deal. In total, the companies received about $60 billion between them.
And, particularly in the case of GM (GM, Fortune 500), it seems unlikely the taxpayer will be made whole anytime soon. Treasury holds 500 million shares of GM stock, those represent about one third of the company and if sold at today's prices, they would be worth about $13 billion.
The stock would need to roughly double in price for taxpayers to break even. Analysts predict a much more modest rise in the stock price in 2012.
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That article and debate continue with both sides pleading their case ....
But in reality is there really any Record PROFIT as claimed by GM????????
Comeback, America
ReplyDeleteMy friend David Walker was the Comptroller General of the United States and head of the Government Accountability Office (GAO) from 1998 to 2008. He now tours the country talking about the need for fiscal responsibility. He heads a group called Comeback America ( http://www.tcaii.org/)
David points out that if you simply eliminated all the "tax expenditures" (tax deductions), taxes would go up $1.3 trillion a year. If you combined that with serious entitlement reform, a much lower tax rate (the lows 20s as the top rate), and did $3 in spending cuts for every $1 in tax increases, you could balance the budget for the foreseeable future. His website lists numerous tax and budget proposals, besides his own. He points out the necessity (and I wholeheartedly agree) to have bipartisan cooperation to avoid a fiscal disaster. He demonstrates that we have $75 trillion in unfunded liabilities in Medicare, Social Security, and pensions.
Actually, the number $75 trillion is not all that interesting to me, for the simple reason that we can't pay it. It will never happen. Far more interesting is the question, when will we realize we can't pay it and what will we do? Or maybe, what will we do when the bond market decides we can't pay it and begins to ratchet up interest rates? Unless we begin to get control of the deficit, we could face a very bleak future.
There are ways to get serious entitlement reform. The very conservative Congressman Paul Ryan and the quite liberal Senator Ron Wyden have combined to come up with a plan for reforming Medicare that goes a long way toward what is needed. And it has upset a lot of people serving in Congress with them. But such compromise and cooperation is precisely what must happen if we are to avoid a true crisis. Whether you agree with every small detail in their proposal, you should applaud their willingness to seek bipartisan solutions.
Read more: http://www.businessinsider.com/mauldin-just-tax-that-other-guy-2012-2#ixzz1nV06TAxu
http://www.regulations.gov
ReplyDelete5,995 new regulations have been posted within the last 90 days!
NEW YORK (CNNMoney) -- Interest rates on U.S. bonds may be ridiculously low, but that doesn't mean the country's future interest payments on the national debt will be.
ReplyDeleteUncle Sam will shell out more than $5 trillion in interest payments over the next decade, according to the latest projections from the Congressional Budget Office.
That's more than half of the projected $11 trillion increase in debt held by the public during that period. Those figures assume that a host of expensive policies such as the Bush-era tax cuts are extended.
Over the decade, more than 14% of all revenue the government is projected to collect will be sucked up by interest payments.
That's a lot of money that can't be used on the country's other priorities.
Indeed, between 2013 and 2022, estimated interest costs will be:
•higher than Medicaid spending;
•equal to half of Social Security spending;
•close to what is spent on all of defense.
And here's the thing -- the estimated interest costs assume a fairly steady and moderate increase in rates over the decade.
http://thehill.com/homenews/senate/215023-tea-party-senators-unveil-five-year-plan-to-balance-budget-reform-social-security-and-medicare
ReplyDeleteThe lawmakers said they would turn Medicare into a premium support plan that would give seniors the same healthcare plan as members of Congress. They say this would save an estimated $1 trillion over 10 years.
“What we’re doing is telling seniors that you can have the same plan that congressmen and senators have,” DeMint said. “They get the same premium support that we do.”
The trio would curb Social Security spending by increasing the retirement age over time and indexing benefits to individual incomes. High-income earners would see slower growth in their benefits while low-income workers would see increased benefits.
The proposal would fund Medicaid, the State Children’s Health Insurance Program, food stamps and child nutrition programs through block grants.
It would cut most discretionary spending to fiscal year 2008 levels but spare national defense spending from the deep cuts mandated by the 2011 Budget Control Act.
It would freeze foreign aid spending at $5 billion a year and eliminate the departments of Commerce, Education, Housing and Urban Development and Energy and privatize the Transportation Security Administration.
Paul said some of the money saved could be used to pay for infrastructure projects.
“Our budget would actually eliminate the Department of Energy. I would take some of that money and put it into a bridges fund,” he said.
The plan would repeal the 2010 Patient Protection and Affordable Care Act and the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
It would also permit construction of the Keystone XL oil pipeline, and implement broad tax reform by establishing a 17 percent flat tax for individuals and corporations.
http://news.yahoo.com/popes-trip-sparks-modest-hopes-change-cuba-124424179.html
ReplyDeleteThe Pope says Communism in Cuba has failed and offers help from the Catholic Church!
But, he also states the Church believes in basic Freedoms. Freedom of religion etc.
What he doesn't say is that Communism robs people of their God Given TALENTS and the ability to use them to better the lives of THEMSELVES and OTHERS!
http://money.cnn.com/galleries/2012/smallbusiness/1203/gallery.employees/2.html
ReplyDeleteAnd
Then there are the Social Programs (unemployment, food assistance, disability etc.) that often determine peoples behaviors and rob them of their TALENTS! (Common in Socialism and Socialist leaning societies!)
The behavior you reward is the behavior you will receive!