September 2010

Reid and Pelosi Let Uncertainty Reign

by Bill O'Connell on September 30, 2010

Share and Recommend:

 

With unemployment stuck north of 9% and today’s figures, although better than expected were nowhere near the level needed to bring down the unemployment rate, Harry Reid and Nancy Pelosi adjourned Congress without taking up the issue of the massive tax increase looming over the horizon. With things being about as bad as they could possibly be, why stir up more American’s ire with a failed vote on taxes.  If they continued the existing tax rates, they would face the wrath of their base for letting those pesky, productive, high performers (aka the rich), keep their money in the private economy rather than give it to Congress and President Obama to squander.

But if they tried to keep the rates where they are for those making less than $250,000 they faced the prospect of not getting it done and incurring the anger of everyone else.  Perhaps they thought that if they slipped out of town, no one would notice.

So the key element standing in the way of a strong recovery, uncertainty, continues.  Small businesses still don’t know if their taxes are going up, on top of all the other burdens this administration and Congress are placing on them.  So don’t expect them to take any steps that might help solve the problem.  You can be pretty sure that for at least a month, the unemployment picture will continue to be dismal.  Perhaps when the Democrats are swept out on November 2, they will graciously bow out with an extension of the current rates, or they can try the scorched earth approach.  The betting could go either way.  So let the Republicans prepare a bill to extend the rates as the first order of business, retroactive to January 1, 2011, once they take over the new Congress.  But for now, Pelosi and Reid should hang their heads in shame for  the damage they have done.

Share and Recommend:

Obama and Democrats Thrashing for a Life Ring

by Bill O'Connell on September 29, 2010

Share and Recommend:

First it was that Bush spent all eight years of his presidency (and was reelected after four of those years) destroying the economy and so we need to give Obama, what, eight years to fix it?  Then it was blame Boehner.  That didn’t work, because not many people know who John Boehner is.  Then it was “the Republicans want to go back to the same old ways that got us into this mess.”  Tell that to Arlen Specter, Lisa Murkowski, Mike Castle, Bob Bennett, Charlie Crist, Trey Grayson.  Same old, same old?  I don’t think so.

Now it is time to go negative.  No, I don’t mean campaign ads.  That was to be expected as the Democrats do not, repeat, do not want to run on their record, lest it get as ugly on November 2 as a town hall meeting.  No, they are going negative on their base.  The Democrat heavies are coming out and mocking their base to shame them into coming out and voting for them.  Consider some of these gems.

  [click to continue…]

Share and Recommend:

Thanks Chuck Schumer, How Will We Ever Pay it Back?

by Bill O'Connell on September 28, 2010

Share and Recommend:

The ads for Chuck Schumer’s re-election campaign is touting how he’s for the middle class.  The centerpiece of this ad is a $2,500 tax credit for college.  At the same time, he is prepared to wave through the largest tax increase in U.S. history, by not voting to keep the current tax rates in place beyond January.  Notice how I didn’t say tax cut for the rich, or anyone else for that matter.  That’s because there is no tax cut under discussion.  It is about keeping the current tax rates in place and not jacking them up on January 1st for anyone, lest the already feeble economy be snuffed out entirely.  But back to Chuck.

A seventeenth century observer famously said, “The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.”  What Chuck Schumer is talking about is exactly that.  He supports high taxes wherever he can (a 19% rating from the National Taxpayers Union).  He voted against the 2003 Bush tax cuts.  So Chuck Schumer believes in taking as much of your hard earned money that he can and then arrange for specific “bribes” such as tuition tax credits that he can brag about running up to an election.  The same can be said for earmarks.  It is a way for incumbents to bribe the public with the public’s money.

[click to continue…]

Share and Recommend:
Share and Recommend:

I don’t know who Linda McGibney is, so when a friend tweeted a video she was in rebutting Ben Stein on the fast approaching massive tax increase, I first watched the video and then went about Googling her to find out more about her.

The video begins with a clip of Ben Stein saying basically that if you want to consider raising taxes in the future that may be fine, but right now is not the time to do it, it is just punishment.  The video then cuts to Ms. McGibney, who like Barack Obama, begins to lecture us about what she knows so little.

“Ben Stein is wrong,” she intones.  She continues to describe herself as an American, in the highest tax bracket, and working in the entertainment business, just like Mr. Stein.  Wait a minute.  From what I could gather, Ms. McGibney is a screenwriter, which hardly makes her an authority on tax matters.  Mr. Stein on the other hand is an economist and a lawyer, besides being in the entertainment field.  His father was Herbert Stein who served as an economist in the Nixon administration and Ben Stein was a speechwriter for both Nixon and Ford.  So when it comes to speaking on matters, economic, I would tend to defer to Mr. Stein.

  [click to continue…]

Share and Recommend:

Obama and Government Motors (GM) Face IPO

by Bill O'Connell on September 24, 2010

Share and Recommend:

The Obama administration, having stepped in it with both feet to protect their union backers rather than let two of the three U.S. automobile companies go into bankruptcy, are now weighing the sale of the stock owned by us, in an Initial Public Offering (IPO).  Their plans are to scale back the offering to prop up the price that they might be able to get in the market so that they can ultimately get most of the taxpayer money they spent, back.

“While both G.M. and the Treasury still hope to reduce the government’s stake in the company to less than 50 percent and rid the company of its Government Motors nickname, that goal may not be met, one of the people said,” according to the New York Times.  In saying that, auto analysts are increasingly projecting that the government could get most or all of its remaining $43 billion investment, but it will takes years to accomplish.  Uh-oh.

  [click to continue…]

Share and Recommend:

Obama Kills American Economic Freedom

by Bill O'Connell on September 23, 2010

Share and Recommend:

The news coming out this week are not favorable to the Obama administration.  The National Bureau of Economic Research pegged the end of the recession to have occurred in June of 2009. Considering that Obama’s vaunted “must have” stimulus was only passed toward the end of February and with the necessary ramp up process, it is pretty clear the recession ended without the benefit of the stimulus.  To put it another way, we wasted $1 trillion on the stimulus and handed the bill to our children and grandchildren, a burden that they will have to work off.

Obama is now pushing hard to raise taxes by $700 billion which will further apply the brakes to the economy.  The only way to get out of the mess of unemployment and debt, besides stopping the spending to keep from making it worse, is to grow the economy.  Growing the economy will bring in more tax revenues and create more jobs.  Despite the Obama rhetoric, which has to be either outright incompetence or lying, his policies are not those that will grow the economy.

  [click to continue…]

Share and Recommend:

Obama and Carter: Mayday! Mayday! Mayday!

by Bill O'Connell on September 22, 2010

Share and Recommend:

The imagery in my mind was triggered by an editorial in the Wall Street Journal by John Fund, when he described Obama in a “political tailspin.” Close your eyes and picture the pilot Barack Obama screaming, “I’ve never flown a plane before!!!” as he furiously toggles switches and twists dials.  Biden in the co-pilot seat is flipping through a copy of Piloting for Dummies, shouting back, “Neither have I.  I always sat in the back!!!”  At the same time, Jimmy Carter is trying to calm Obama down and talk him through pulling plane out of its deadly dive while muttering as an aside, “It’s all Fox News fault.”  Then together they all scream, “WE’RE ALL GONNA DIE!!!!”

Such is the political landscape this bright Wednesday morning.  The sky is clear here in New York, but politically it is anything but that.  The news came out yesterday that the recession ended eighteen months after is started in December 2007.  That means it was about five months after Obama took office and just three months after the massive stimulus package passed, which means the economy recovered on its own, without the stimulus.

[click to continue…]

Share and Recommend:

Coons vs O’Donnell. Are You Kidding Me?

by Bill O'Connell on September 21, 2010

Share and Recommend:

For all the hand wringing by the Republican establishment over Christine O’Donnell’s fitness for office two points must be made.  One, who is calling the kettle black?  Two, has anyone bothered to look at who she is running against?

In the desperate attempt to throw anything and everything they can find at Christine O’Donnell to try to derail her roaring comeback, her critics have gone all the way back to probe who her friends were in high school.  High school. If that is a criteria for being unfit for government office, how about these gems:

  • President Barack Obama admitted using marijuana and cocaine in high school, but he is fit to be the chief law enforcement officer of the United States
  • Vice President Joe Biden committed plagiarism and had to drop out of the 1988 Presidential race, but he is fit to be the “experienced statesman” to balance the Obama-Biden team
  • President Bill Clinton lied under oath to a federal judge to prevent a woman with a legitimate case of sexual harassment from having her day in court.
  • Senator Ted Kennedy left a woman in a submerged car to die rather than doing everything possible to help save her life and his Democratic colleagues called him the “Lion of the Senate”
  • Timothy Geithner oversees the IRS, but didn’t pay his own taxes
  • Charlie Rangel is under investigation for numerous ethics violations including not paying his taxes despite being the former chairman of the Congressional committee that writes the tax laws.
  • Hillary Clinton, not as a high school student but as First Lady, held a séance so she could talk to Eleanor Roosevelt.

Is that enough or should I continue?  And these people and their supporters say, Christine O’Donnell is not fit for office?  Maybe she should rob a bank so that her resume would be more in line with these icons of the Democrat firmament.

[click to continue…]

Share and Recommend:

Krugman Looniness Doesn’t Let Up

by Bill O'Connell on September 20, 2010

Share and Recommend:

In today’s rant titled, “The Angry Rich and Taxes,” Paul Krugman continues to amaze how the man won a Nobel Prize for economics.  I know, I know, it was for his work on international trade.  I keep telling myself, but it just seems so strange that when he wanders into other areas he seems so lost.  But then again, he was a paid advisor to Enron.

After his introductory riff he gets down to business, “The rage of the rich has been building ever since Mr. Obama took office. At first, however, it was largely confined to Wall Street.”  Ever since Mr. Obama took office and primarily from Wall Street?  Wall Street spent tremendous amounts of money to get Obama elected over John McCain and Krugman is trying to tell us that they were upset with him from the day he took office?  Here are the numbers:

  1. Goldman Sachs associates gave $764,700 more to Obama than McCain
  2. Citigroup associates gave $379,239 more to Obama than McCain
  3. JP Morgan associates gave $467,025 more to Obama than McCain
  4. UBS associates gave $350,726 more to Obama than McCain
  5. Morgan Stanley gave $241,429 more to Obama than McCain

Who is crazier, Krugman or all those folks on Wall Street, who we are told are devilishly clever, who spent a fortune to elect a man they hated the day he won?

[click to continue…]

Share and Recommend:

President Obama, Put Your Money Where Your Mouth Is

by Bill O'Connell on September 18, 2010

Share and Recommend:

Before you proceed with trying to increase taxes $700 billion in the midst of your very weak economic recovery, perhaps you should pass the plate around the White House.  Better yet call in Nancy and Harry and ask them to do the same.

According to the LA Times, 41 of your aides owe $831,000 in back taxes.  If you expand that to all federal employees, the number rises to $1 billion.  Just 638 workers on Capitol Hill alone owe $9.3 million in back taxes.  Let me put it another way, you want us to fork over $700 billion in taxes because you cannot collect the taxes from the other people who work for us. 

Fix the leaky bucket, before you come back for a re-fill.

Share and Recommend:
© 2010 Liberty's Lifeline. All Rights Reserved.