And this is a fact, as of March 13, 2013 these are just the Obamacare regulations, over 20,000 pages (photo below). The tax code is over 60,000 pages.
Apple founder Steve Jobs, according to his book, told Obama that government has rendered it almost impossible for him to build a factory here in the United States, which is why he builds them in China. This very writer has a dear friend who runs a small business with less than ten employees. He tells me of the constant efforts by state and federal bureaucrats to put him out of business.
Even a broken clock is right twice a day.
After 30 years, The New York Times has admitted that Reaganomics worked.
The inadvertent revelation comes in a November 29th article by Binyamin Appelbaum chronicling the steadily falling tax burden Americans have experienced since the 1980s.
AEI columnist James Pethokoukis notes that the heart of The Times’ article is that in 2010 Americans “paid far less in total taxes — federal, state and local — than they would have paid 30 years ago.”
Pethokoukis points out that some tax hike advocates think this means that America’s tax burden is too low and time has come for a hike. But Pethokoukis disagrees.
Maybe I’m crazy, but I think the reduction in the tax burden — staring with the Reagan tax cuts — has been a huge competitive advantage for the U.S. We should keep that edge. Check out these numbers. In 1981, France’s per capita GDP was 81% of U.S. per capita GDP, Germany’s 83%, Italy’s 81%, Britain’s 69%.
In 2010, France’s per capita GDP was 73% of U.S. per capita GDP (down 8 points), Germany’s 81% (down 2 points), Italy’s 68% (down 12 points), and Britain’s 76% (up 7 points).
Pethokoukis reminds readers that Europe was closing the gap with U.S. wealth by 1980, but after Reagan’s tax cuts that trend stagnated and in other cases even began to reverse.
There are many great points made in the Pethokoukis piece and you need to go read them, but his last one is the funniest—or saddest, depending on your point of view.
4. Another bit: “Economists agree that taxes on business are passed on to investors, reducing profits, and to workers, reducing wages. Upper-income households bear the brunt of these taxes, and corporate tax collections have fallen sharply.” That is right. Taxes matter.
Funny, the NYT never mentioned this widely known economic fact when Mitt Romney was attacked for saying “Corporations are people.”
This is about as good an example of what is known as “Okun’s Leaky Bucket”. Money that is spent by government does not have nearly the same effect or “velocity of money” as private investment or consumer spending does.
When government spends money it does so for reason of politics and corruption. Government does not create wealth it just spreads money around either to the unproductive or least efficient. While defense is a critical role of government, does anyone actually believe that Pentagon spending is efficient?
When the private sector spends money it is done in order to create something, repair something, or engage in a crucial economic need for someone, so by its nature it is very efficient. Dollars tend to go where they are most needed.
It is as if the money government has to spend is put in a bucket and much of it seemingly vanishes from the economy.
Via Fox Nation:
Since Obama has taken office ….
[through Q2 2012 for comparative purposes]
For every $1 added to the economy, we’ve added more than $3 in debt added $5.23 trillion in debt vs. $1.68 trillion to the economy 50% increase in debt vs. 12% increase in economic output
Total Public Debt:
$10,626T [Jan 20, 2009]
$15,856T [Jun 30, 2012]
–> $5.23 trillion increase in debt
$13,923T [Q1 2009]
$15,606T [Q2 2012]
–> $1.68 trillion increase in GDP
In the mean time the Federal Reserve is printing money nonstop and is tanking the dollar:
The dollar hung near seven-month lows against major currencies on Monday after last week’s Federal Reserve announcement of aggressive easing dampened the outlook for the U.S. currency.
The U.S. dollar could recover somewhat in the near term, as some traders said the greenback’s 3 percent drop so far this month may have been overdone. That slide took the euro to a four-month high against the dollar and the yen to a seven-month high.
The Fed on Thursday said it would pump $40 billion into the economy each month until unemployment falls significantly. A week earlier the European Central Bank unveiled a new bond-buying program to address the region’s debt crisis.
“The outlook for the dollar has definitely been damaged by the policy actions by both central banks — the Fed and the ECB,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
This ad from the Madison Action Fund may be the greatest ad of the year.
Being a communications pro, there are times when you have to take off your hat to a masterpiece of an ad.
Why California is going out of business.
These are the most important facts you need to know.
Lies about ObamaCare:
Heading Towards Single-Payer Government Insurance
Solutions to Health Care Insurance
We all knew that NBC was in the tank, but wow this is a sight to see. This interview was so factually lopsided he just ends laughing at her.
At the end, what Sununu says about small business is true. Most small businesses exist as labors of love that don’t make profits and/or just exist on paper. The small percentage of small businesses that actually have employees do 70% of the hiring in this country.
As far as outsourcing, Bain was able to help almost 80% of the companies it invested in and only a small number of them engaged in heavy outsourcing. NBC and the Democrat media complex thinks that the American people will be more interested in what Mitt Romney does with his own money, than what Barack Obama does with yours. Some estimates show that $29 BILLION of your “Obama” stimulus dollars went overseas almost directly. That dwarfs anything that Mitt Romney did with his money or Bain’s.
The RNC has a website called Obamanamics Outsourced that lists how many jobs Obama outsourced to other countries using your tax dollars.
President Obama said that stimulus jobs could not be outsourced but…
CNN has been at the bottom of the ratings heap for some time. Maybe their new angle is to actually do good journalism and that would be a welcome change. Will it last? I wouldn’t bet on it, but I hope I am wrong.
Of course the majority of the $250K+ who pay the top marginal tax rate are not “people” at all, they are small to medium sized S-Corps (small businesses).
Higher Health Insurance Premiums This Year? Blame ObamaCare.
Most Americans saw their insurance bills jump this year, according to a new study from the Kaiser Family Foundation. The average employer-based premium for a family increased a startling 9% in 2011. Over the next decade, rates are expected to double.
The Kaiser report is only the latest piece of research to indicate that ObamaCare isn’t driving down health care costs, as its proponents promised, but is instead accelerating their rise.
This year, the average premium for a family hit $15,073 — $1,303, or 9%, higher than the year before. And that’s on top of increases of 5% in 2009 and 3% in 2010.
Employees are picking up a substantial portion of that tab. They paid an average of $4,129 for their family insurance premiums this year — more than double what they shelled out 10 years ago. And that figure doesn’t include out-of-pocket health expenses.
These premium hikes have outpaced general inflation and salary increases — and thus are swallowing a greater share of American households’ budgets. A study published in the September 2011 issue of Health Affairs found that burgeoning health costs have decimated nearly an entire decade’s worth of income gains. In 2009, the average American family had just $95 more to spend at will than it did in 1999.
Worse, there’s no relief in sight. Next year, employers expect premiums to rise 7.2%, according to the National Business Group on Health.
Over the next ten years, American families can expect rising health costs to continue to offset pay raises. According to the Kaiser study, premiums are set to reach a whopping $32,175 by 2021. And more than 50% of employers have stated that they plan to shift a greater share of health-insurance costs onto their employees.
ObamaCare is to blame for much of these impending increases. Richard Foster, the Chief Actuary for the Centers for Medicare and Medicaid Services (CMS), reports that America will spend an additional $311 billion on health care in the next decade because of the law.
CMS estimates the growth in health insurance costs will increase 10 extra percentage points in 2014 because of ObamaCare — a 14% increase, versus 3.5% without the law.
ObamaCare drives up the cost of insurance by piling mandates and required coverage benefits onto every single policy.
“It’s a big punch in the stomach to middle class families.” – Stephen Moore, WSJ Chief Economist
Via Human Events:
Take Your Medicine, America…
Stephen Moore, Senior Economics Writer with the Wall Street Journal, told FOX and Friends this morning that nearly 75% of Obamacare costs will fall on the backs of those Americans making less than $120,000 a year.
It is true and the CBO confirmed it:
Jim Hoft comments on the following video where the White House Chief of Staff was trying to lie about the Supreme Court ruling, and then lied about it being some form of tax. So Fox News’ Chris Wallace played the audio from Obama’s Lawyer in the Supreme Court saying it is a tax. It is clear that the Obama Administration plan is to lie about ObamaCare and lie about the tax.
In the video below the White House calls those who pay the penalty tax “free riders”, because they will have to pay because of all of the new taxes ObamaCare puts on health insurance and care which will price health insurance out of the reach of the young and the working lower middle class. They are not the free riders, the young and working poor/middle class aren’t getting anything, they are the ones who are PAYING! The free riders are the few who will get their health insurance subsidized in part from that money paid. They are the free riders because they are getting at least a part of their insurance paid for by others who are forced to pay the penalty because they can’t afford health insurance any longer under ObamaCare mandates and taxes which are already causing rates to skyrocket.
Democrats told us Obamacare was not a tax.
Then they argued in front of the Supreme Court that it was a tax.
Now they want to tell us again that Obamacare is not a tax.
Jack Lew, the Obama White House Chief of Staff, was trying to persuade Chris Wallace on FOX News Sunday that Obamacare was not a tax. But it didn’t work out so well for Lew when Wallace played audio of the Obama lawyer arguing that Obamacare was a tax in front of the Supreme Court.
Lew was stunned after being caught in the lie.
And the only reason that unemployment is measured at 8.2% is because the under employed and those who gave up and quit looking for work are not counted. Real unemployment is MUCH higher. Here are the labor participation rates going back to 2001:
Feeble hiring by U.S. employers in May added gloom to an already darkening picture of the economy, which appears to be joining Europe and Asia in a spreading slowdown.
Employers added a seasonally adjusted 69,000 jobs last month, the smallest increase in a year, while numbers for the two prior months were clipped by a combined 49,000. The politically salient jobless rate ticked up—to 8.2% from 8.1% in April—and the report quickly became a flash point for a presidential election focused on the job-creating bona fides of the candidates.Jobs were only one of the disappointing numbers out Friday that fueled anxiety about the U.S. economy. A separate report showed manufacturing growth cooled in May, with troublingly sharp drops in both production and exports. Another report showed consumer spending rose in April, but by more than incomes, suggesting the risk of consumers struggling to keep spending.
This is what happens when you elect eco-extremists to government.
Via Reason TV:
Some recovery. Initial claims for unemployment have been between 380,000 and 415,000 (that is 400k lost jobs per week) every time we have checked for three years now. Democrats called the George W. Bush recovery a “jobless recovery” even when unemployment dropped well below unemployment under President Clinton.
Bloomberg News – More Americans Than Projected Filed Jobless Claims Last Week
CNBC – Jobless Claims Stay Elevated as Labor Market Gains Stall
UPDATE: US Economic Growth Slows to 2.2% – LINK
Congressman Allen West comments:
For those who continue to complain that “We the People”, mainly conservatives, are cutting government too much, this should put everything into perspective. I know liberal progressives dislike me because we promulgate the truth which for them is like sunlight on a vampire. America, we are becoming a socialist egalitarian welfare nanny state and hardworking American taxpayers are on the road to Serfdom.
This symbol has a real impact. This is an example of the power of “iconography”. Iconograpghy is used everyday by advertisers, but its propaganda value has been used by government at least since the times of the Romans. When we think of propaganda we mostly think of spreading lies, but it be also used for communicating complex truths, albeit using exaggerated imagery. I wrote an extended piece on “iconography” HERE which is certainly worth a look.