Finance

Economics 101: A Primer for Tim Bishop

by Bill O'Connell on January 12, 2012

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Tim Bishop likes manufacturing. The manufacturing of campaign issues, that is. In his effort to manufacture a campaign issue around overseas outsourcing, he got a lifeline from the White House yesterday when President Obama held an “insourcing” forum yesterday to encourage companies to “bring jobs back to America.” An editorial in the Wall Street Journal titled, “Insourcing for Dummies” describes the effort.

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Tim Bishop Remains Clueless in Online Town Hall Meeting

by Bill O'Connell on December 14, 2011

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Congressman Tim Bishop held an online town hall meeting to hear questions from constituents and give his answers. Perhaps he thought this a safer forum than a live town hall meeting. Last year’s meeting in Setauket did not go well and was soon viral on You Tube.

I will comment on three of the topics from that meeting: the payroll tax cut, regulations, and manufacturing jobs.

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Statically Stuck on Stupid

by Bill O'Connell on November 10, 2011

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photo by cliff1066

Just because Democrats are statically stuck on stupid, why do they think everyone else is? What I am referring to is static analysis of changes to the tax code. Democrats always want to have any potential changes statically scored. In other words if Democrats raise rates 10%, naturally, the government will get 10% more revenue. If on the other hand you cut tax rates 10%, a very bad thing, tax revenues will fall 10%. The problem is that they have been proved wrong every time. In other words, Democrats believe that if they raise tax rates you will be too stupid to change your behavior in response.

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The Difficult “9″ of the “9-9-9″ Plan

by Bill O'Connell on November 4, 2011

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Photo futureatlas.com

With several proposals to overhaul the tax code on the table, it will be interesting to hear how the Obama team will respond. In the plans put forth by Cain, Perry, and Gingrich, people grasp the flat tax part pretty easily. With Herman Cain’s 9-9-9 plan, a common sticking point is the last nine, the national sales tax. Whether intentional or not, it seems to me that they don’t understand it.

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Why the Current Tax Code Needs to be Scrapped

by Bill O'Connell on November 1, 2011

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photo by chasingfun

It is no surprise to anyone that we have a government that is out of control with spending. We have the Tea Party and OWS agreeing that crony capitalism is out of control. So what does this have to do with the tax code?

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Let’s Be Fair, Okay, What Do You Mean by That?

by Bill O'Connell on September 22, 2011

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Photo by No Nein

President Obama has a plan to pivot toward jobs, after nearly three years on office. After spending boatloads of our money on a stimulus program that failed, according to his own standard of capping unemployment at 8%, he wants to spend more. He claims that he is also cutting spending, but when you drill down into the details, it is a myth.

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The Buffett Rule Lie

by Bill O'Connell on September 20, 2011

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When  does the decent interval end? When does the clock run out on giving the president the benefit of the doubt and when is it time to call it as you see it, no holds barred?

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The Coming Union Crackup

by Bill O'Connell on August 30, 2011

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Photo by cursedthing

We saw the beginnings with the Battle of Wisconsin. The one place were unions were growing robustly was in the public sector, surpassing the private sector for the first time in 2009. But then 2010 happened.

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Warren Buffett: Crony Capitalist

by Bill O'Connell on August 26, 2011

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Photo by Dave Makes

Two news items yesterday, when put together, start to tell an interesting story. Warren Buffett invested $5 billion in Bank of America in a private sweetheart deal that will guarantee him a 6% return (that’s $300 million per year) and he is hosting a fund raiser for Barack Obama in New York where the tickets start at $10,000. What’s going on?

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New Tax Policy: Fair or Balanced?

by Bill O'Connell on August 9, 2011

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Phot by Minwoo

Another week, another code word. The new term being bandied about is Balanced, which really means soak the rich. It’s is class warfare, the stock and trade of the left. If you can’t beat ‘em, beat ‘em. But I guess the cat was let out of the bag when Neil Cavuto interviewed Congressman Steve Cohen (D-TN) and the Congressman had this brilliant piece of wisdom to share with us:

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