Tonight, Friday the 15th of July, Senator Tom Coburn announced in a townhall type meeting on Hannity at FoxNews, that the GOP leadership will unpack 9 trillion dollars in suggested cuts on Monday. I believe the GOP is in the driver's seat on this debt crisis debate. I know that the popular opinion is otherwise, but I follow the political comings and goings more than most ( I am 66 - what else is there to do ?) and that is my considered opinion. Monday will put the GOP in the driver's seat, without question. Next week, the House will, also, pass a bill dealing with solutions leading to raising the debt ceiling one more time. And the ball will be in Obama's court. Right now, Barry Hussein is milking the Bully Pulpit for all it is worth . . . . . . . . . . . primarily because he has no real ideas. After next week, he will be on the defensive.
Understand that a healthy, vibrant American economy is one that has a debt to GDP ratio of no more than 18.5 % , according to most financial experts on both sides of the aisle. That percentage was high, 20%, when Obama took office. He has increased that ratio to 25% in just two and half years. The fastest way to get out of the immediate mess we are in, as I see it, is to allow the American business community to run free and grow GDP. Know that there are at least two ways of getting back to an 18% debt to GDP ratio: one is to drastically cut spending and the other is to grow the economy (which is saying "Grow GDP"). One is full of sacrifice and heartache; the other is painless.
I believe that our troubles will be over the day after the 2012 elections, provided Obama is escorted out of town. I believe the business community has turned against Obama in a big way. They will not hire, increase inventories, take major investment risks and move the economy, until he is gone. He has proven himself to be anti-business as he pushes his class warfare, anti-capitalist agenda. They are done with him, for the most part, and the moment he is gone, business will begin to solve much of the current problem on its own. Obama is an academic who has never so much as managed a donut shop, and here he is, pontificating as to what we should do in matters, economic. He has zero experience in the field, but he keeps running his mouth ---- the classic utilitarian definition of "idiocy." He has no clue as to the power and influence of the American business community he hates, but he is fixing to find out . . . . . . at least, that is my theory. Could be nothing more than a fantasy on my part, but, for now, and as editor of this very small blog, "that's my story and I am sticking to it."
The past 80 years show us a thorough lack of clear correlation between the top marginal tax rate and GDP growth. The data's closest hint of a relationship derives from the slightly more robust average GDP growth back when the top rates were highe. The notion that lowering the top tax rates improves the economy just doesn't hold water. Indeed, these 8 most recent decades show us that increasing the top tax would not necessarily have any impact on the economy, let alone slow it at all.
ReplyDeletehttp://thoughtstate.blogspot.com/2011/01/tax-rates-and-gdp-growth.html
The man (William) reads with comprehension, no less !! My response to William's comment is this . . . . . . so what?!!
ReplyDeleteThe top 10% of this naton's wage earners pay 70% of all Federal taxes. I call that doing "their fair share."
And the tax increase proposed by the Novice in our White House, levied against the rich, accunts for next to nothing (5% of the total debt incurred in the coming decade.)
FIVE STINKING PERCENT!!!!!!! Geeeeeesh. What part of "s.t.u.p.i.d" don't you understand, William. The man you support in the White House is an idiot.
The best Obama can do is come up with a 5% solution ?????
According to the non-partisan CBO and CRS, the Bush tax cuts will cost around $5 trillion.
ReplyDeletehttp://www.ombwatch.org/node/11353
The facts prove Smithson is delusional.