Editor's notes: When Obama speaks of the rich paying their fair share, he (a) sets himself up as judge and jury on the matter and (b) ignores the fact that the rich now pay more than half their income to the Feds and the State. Understand that "point one percent" or one tenth of one percent of our nation's rich pay 25% of the income tax bill. That is the bill paid by the "uber-rich." The top 5% of income earners pay 35% of the total tax bill and spend 37% of all monies spent in this country. Further, a full 50% of this country does not pay any income tax at all - either federal or state.
And why does Obama lump those who make $250,000 (before deductions) into the same tax pool as those who make millions each year? How nuts is that?
More than that, with this arbitrary dividing line, Obama includes 48% of all small businesses, regardless of his denials otherwise -- according to the IRS. Turns out that 48% of small businesses file as individuals.
Midknight Review, for what it is worth, does not believe that tax cuts work without spending cuts. Reagan's tax cuts double taxable income. THAT is a fact. But, the Democrat Congress increased spending to deficit level. In modern times (at least) , the only combination that has reduced the national debt, combining tax cuts with spending cuts, was the 1994 -2000 Clinton/GOP legislature. Do not forget that a Democrat Congress has never balanced anything --- jds.
Showing posts with label failed state. Show all posts
Showing posts with label failed state. Show all posts
The failed state of California as a predictor to ObamaNomics
Broke—and Building the Most Expensive School in U.S. History — Benches that talk, a Cocoanut Grove auditorium, and a marble slab engraved with quotes from Ted Kennedy. — Los Angeles — At $578 million—or about $140,000 per student—the 24-acre Robert F. Kennedy Community Schools complex . . . . .
Conservative observation: California has been a socialist state for a number of year, dating back to the 1960's PERMALINK. Each year since then, the state has run a deficit and since 185, the deficit has been in excess of 15 billion dollars. This year it is 19 billion. 2011, the forecast is for 41 billion dollars. The editor lives in this state, born and bred. The Democrats own the place, especially for past two decades. California is the 8th largest economy in the world, much large than Greece.
Understand that this failed state (California) cannot get back on its feet without a top to bottom restructuring. Our debt to the public unions (SEIU and others) alone, is over 500 billion dollars, an impossible number. According to Bloomberg California alone, will bring down ObamaCare. The state cannot afford the Medicaid additions under ObamaCare nor the healthcare costs incurred for the state's employees. Unlike the feds, it cannot print money and the feds cannot bail the state out.
Point of post: California is where the Federal government under Obama is headed and is the primary argument against Keynesian deficit spending theories. The headline above, is a testament to the stupidity of this failed socialist state.
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Conservative observation: California has been a socialist state for a number of year, dating back to the 1960's PERMALINK. Each year since then, the state has run a deficit and since 185, the deficit has been in excess of 15 billion dollars. This year it is 19 billion. 2011, the forecast is for 41 billion dollars. The editor lives in this state, born and bred. The Democrats own the place, especially for past two decades. California is the 8th largest economy in the world, much large than Greece.
Understand that this failed state (California) cannot get back on its feet without a top to bottom restructuring. Our debt to the public unions (SEIU and others) alone, is over 500 billion dollars, an impossible number. According to Bloomberg California alone, will bring down ObamaCare. The state cannot afford the Medicaid additions under ObamaCare nor the healthcare costs incurred for the state's employees. Unlike the feds, it cannot print money and the feds cannot bail the state out.
Point of post: California is where the Federal government under Obama is headed and is the primary argument against Keynesian deficit spending theories. The headline above, is a testament to the stupidity of this failed socialist state.
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