DNC Chair Debbie Wasserman-Sergeant-Shultz says the big drop in the stock market these last two days hurts the GOP because they want to privatize Social Security. She says the drop only goes to prove it would hurt people's retirement accounts.
Ahem! Here's a newsflash for the DNC Chair, and all other liberals - I am retirement age. I began working in 1965. And in 1965 the Dow Jones Industrial Average was only 967. Today, even after a dozen huge drops since 1965, the Dow is still above 10,000. That's still a pretty darn good return.
What liberals refuse to acknowledge is the long-term profitability of stocks. More important, most retirement funds probably would not even be in stocks, so much as Treasuries and the like.
Nice try, Debbie.
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Thursday, September 22, 2011
Sunday, September 18, 2011
Another Fine Example Of The Dishonesty Of Huffington Post/AOL...
Posted on AOL?HuffPost today was the following:
Ryan Wants To Increase Taxes On The Middle Class
WASHINGTON -- Rep. Paul Ryan (R-Wis.) said on Sunday that House Republicans would oppose President Barack Obama's payroll tax cuts for both employers and employees, arguing that the policy had already failed to provide a sufficient boost to the economy. "It hasn't worked," Ryan said, suggesting the current temporary tax cut should be allowed to expire, which will amount to a 50 percent tax hike on workers making less than $106,000 per year
OK, so here is where it is dishonest - it is NOT a "50 percent tax hike". It is only a minute amount - the payroll tax cut instituted under George Bush reduced the PAYROLL tax (which is only 7.6%) by half. When this expires in January, it will mean a 50% increase in the PAYROLL tax only, which amounts to about 3%. Hardly a "50 percent tax hike on workers."
And even then it is not a "tax increase" at all. It is nothing more than a tax cut that is expiring on schedule.
Even more important, Ryan is absolutely correct in opposing that the cut be extended. It has been in effect for three years and has done nothing to improve the economy, and obviously has no effect on increasing jobs. But it does add to the deficit. Ryan figures, correctly, that anything other than national defense that adds to the deficit without improving the economy or increasing jobs is a bad thing.
The Republicans - and more particularly the Tea Party candidates - were elected to do two things: foster an environment that produces jobs, and reduce the deficit.
Whereas the payroll tax cut does nothing for jobs or the economy, and adds to the deficit, Ryan is doing what he was elected to do.
Certainly, many people will pay a few bucks more in taxes. But have you ever heard of a medicine or cure that did not incur some discomfort? Flu shot? Castor oil? Bypass? Nope. Our nation is ill, and requires strong medicine to get us back on our feet. So I say, "Buck up, take our medicine and stop whining about a few bucks. You are still far better off than most of the people on this granite planet."
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Ryan Wants To Increase Taxes On The Middle Class
WASHINGTON -- Rep. Paul Ryan (R-Wis.) said on Sunday that House Republicans would oppose President Barack Obama's payroll tax cuts for both employers and employees, arguing that the policy had already failed to provide a sufficient boost to the economy. "It hasn't worked," Ryan said, suggesting the current temporary tax cut should be allowed to expire, which will amount to a 50 percent tax hike on workers making less than $106,000 per year
OK, so here is where it is dishonest - it is NOT a "50 percent tax hike". It is only a minute amount - the payroll tax cut instituted under George Bush reduced the PAYROLL tax (which is only 7.6%) by half. When this expires in January, it will mean a 50% increase in the PAYROLL tax only, which amounts to about 3%. Hardly a "50 percent tax hike on workers."
And even then it is not a "tax increase" at all. It is nothing more than a tax cut that is expiring on schedule.
Even more important, Ryan is absolutely correct in opposing that the cut be extended. It has been in effect for three years and has done nothing to improve the economy, and obviously has no effect on increasing jobs. But it does add to the deficit. Ryan figures, correctly, that anything other than national defense that adds to the deficit without improving the economy or increasing jobs is a bad thing.
The Republicans - and more particularly the Tea Party candidates - were elected to do two things: foster an environment that produces jobs, and reduce the deficit.
Whereas the payroll tax cut does nothing for jobs or the economy, and adds to the deficit, Ryan is doing what he was elected to do.
Certainly, many people will pay a few bucks more in taxes. But have you ever heard of a medicine or cure that did not incur some discomfort? Flu shot? Castor oil? Bypass? Nope. Our nation is ill, and requires strong medicine to get us back on our feet. So I say, "Buck up, take our medicine and stop whining about a few bucks. You are still far better off than most of the people on this granite planet."
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Saturday, September 17, 2011
Obama Wants New Tax Rate Just For The Wealthy - What it will ensure...
WASHINGTON -- President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay a higher tax.
But it's not that simple. In fact, it is diabolical.
Most wealthy people earn their money from capital gains - passive income from investments. By increasing the base tax rate for the wealthy to the same rate as earned income, Obama will effectively raise the tax on capital gains. And every economist, regardless of ideology, understands that spells disaster. Because the wealthy will simply not invest as much. They can't - Uncle Sam will have much of the profits.
And we all know what happens when people invest less - companies do not have as much working capital (that comes from the investors). Without capital, they simply cannot expand. They cannot develop new products. And they cannot hire.
One thing is now certain - Obama is not simply stupid when it comes to the economy. It is now quite clear that it has always been his intention to do his best to destroy free markets and capitalism. That is the only way to usher in socialism - and despite what his blind followers think, every economic move he has made since inauguration has been geared toward socialism. And this latest move proves it.
Of course, they call it "progressive". Which is just Political Speak for socialist.
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But it's not that simple. In fact, it is diabolical.
Most wealthy people earn their money from capital gains - passive income from investments. By increasing the base tax rate for the wealthy to the same rate as earned income, Obama will effectively raise the tax on capital gains. And every economist, regardless of ideology, understands that spells disaster. Because the wealthy will simply not invest as much. They can't - Uncle Sam will have much of the profits.
And we all know what happens when people invest less - companies do not have as much working capital (that comes from the investors). Without capital, they simply cannot expand. They cannot develop new products. And they cannot hire.
One thing is now certain - Obama is not simply stupid when it comes to the economy. It is now quite clear that it has always been his intention to do his best to destroy free markets and capitalism. That is the only way to usher in socialism - and despite what his blind followers think, every economic move he has made since inauguration has been geared toward socialism. And this latest move proves it.
Of course, they call it "progressive". Which is just Political Speak for socialist.
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Tuesday, September 13, 2011
What Does A.C.L.U. Really Stand For...
ACLU - Anti Christian Liberties Union
ACLU - Atheist Curmudgeons of the Left Unhinged
But one thing it does NOT stand for is "American Civil Liberties Union", as they have no interest whatever in the civil liberties of most normal, religious, honest Americans.
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ACLU - Atheist Curmudgeons of the Left Unhinged
But one thing it does NOT stand for is "American Civil Liberties Union", as they have no interest whatever in the civil liberties of most normal, religious, honest Americans.
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Monday, September 12, 2011
Obama Wants To Borrow Another $447 Billion...
Today the administration offers a plan for funding his "Jobs Plan." It involves certain tax loopholes and subsidies being eliminated - in other words, a tax hike for many. But here is the important part they are kinda down playing - the cuts (or "savings" as they call them) will not take effect until 2013 (so the next administration can take the heat), and it will take 10 years for it to equal the funds needed. And there is no guarantee a new Congress will continue those cuts. Meanwhile, Obama is calling to spend the $447 billion NOW!
In short, we would be getting on our knees before China, hat in hand, asking for yet another loan...
Sorry to tell ya this, Mr. President, but I believe the folks told you in November what they think about your constant borrowing and spending. They said "ENOUGH!"
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In short, we would be getting on our knees before China, hat in hand, asking for yet another loan...
Sorry to tell ya this, Mr. President, but I believe the folks told you in November what they think about your constant borrowing and spending. They said "ENOUGH!"
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Thursday, September 8, 2011
Only One Thing Needed To Jumpstart The Economy...
The clowns in Washington - all parties - just do not seem to understand what the problem is. They do not comprehend why businesses are not hiring, and not investing in new equipment. And I find that very strange, because the answer is incredibly simple.
The short take - businesses need certainty and stability. Every business needs to run on a 5 year minimum business plan. If they can be reasonably certain that taxes, regulations and other factors will remain reasonably constant for 5 years, they can plan. And then they feel justified in growing and hiring.
But if a business does not have any idea what their tax rate will be in 6 months, or how often it will change in 5 years, they cannot write a viable plan. Same with regulations.
All the talk about lowering taxes, or changing the cap gains rate, or adding/subtracting regulations means very little, really. What counts is whether or not those things will have a least a 5 year lifespan.
So, here is the solution: Decide what the corporate tax rate will be and guarantee it will not go up (but could go down) for at least 5 years. Decide what the cap gains rate will be, and guarantee it will not go up for a least 5 years. And whatever regulations you do or do not have, guarantee there will be no more costly regulations added for at least 5 years, but that some may be eliminated.
Give businesses 5 years of relative certainty and they can move forward to create jobs. And if we also happen to reduce their costs (taxes, regulations etc.), all the better - it will give them a bigger push. Failure to provide a sense of certainty will result in continued economic failure. As a business person myself, I cannot risk spending the money to hire and train a new employee, only to have to lay him off a year down the road because my taxes go up, or costly new regulations decrease profits. If I cannot expect to keep an employee for a few years, I simply cannot afford to hire them.
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The short take - businesses need certainty and stability. Every business needs to run on a 5 year minimum business plan. If they can be reasonably certain that taxes, regulations and other factors will remain reasonably constant for 5 years, they can plan. And then they feel justified in growing and hiring.
But if a business does not have any idea what their tax rate will be in 6 months, or how often it will change in 5 years, they cannot write a viable plan. Same with regulations.
All the talk about lowering taxes, or changing the cap gains rate, or adding/subtracting regulations means very little, really. What counts is whether or not those things will have a least a 5 year lifespan.
So, here is the solution: Decide what the corporate tax rate will be and guarantee it will not go up (but could go down) for at least 5 years. Decide what the cap gains rate will be, and guarantee it will not go up for a least 5 years. And whatever regulations you do or do not have, guarantee there will be no more costly regulations added for at least 5 years, but that some may be eliminated.
Give businesses 5 years of relative certainty and they can move forward to create jobs. And if we also happen to reduce their costs (taxes, regulations etc.), all the better - it will give them a bigger push. Failure to provide a sense of certainty will result in continued economic failure. As a business person myself, I cannot risk spending the money to hire and train a new employee, only to have to lay him off a year down the road because my taxes go up, or costly new regulations decrease profits. If I cannot expect to keep an employee for a few years, I simply cannot afford to hire them.
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