Posts Tagged ‘Taxes’

Rightwing Protestors Called Terrorists

Politics | Posted by C.C.Mitchell
Apr 14 2009

The latest attempt to restore sanity in America comes in the form of the Tax Day Tea Party. On April 15th, 2009 America speaks out against the insane spending program put in place by the President and his partners in crime, err I mean congress. The tea parties are protests akin to those from the ’60s hopefully with out the pot smoking and piece signs. Such protests will be held in all 50 states and over 250 total locations nation wide.

Though I doubt that tea party protesters will have an impact on the current tax and spend madness that is the Obama administration, if the parties draw the attendance they have been hyped too it will be a loud message to Washington.

We’re not going to take it!

We’re not going to take it! A message intended for the Presidents ears. After the almost $900 billion

Tea Partys Scheduled on April 15th 2009

Tea Partys Scheduled on April 15th 2009

spending bill expected, by virtually every conservative pundit including myself, to leave us stranded in a sea of taxes. And now his new $3.6 trillion budget for the year 2010 alone. We have had enough and we’re not going to take it anymore.

If enough people turn out for the tea parties the Washington spending machine will have to take notice because these people are voters.

For now the Obama administration is playing at some new tactics. Reports from Obamas DHS (Department of Homeland Security) has issued a report warning of violence from Rightwing radicals and Rightwing extremists.

Here’s a brief excerpt from the DHS report.

“Rightwing extremists are harnessing this historical election as a recruitment tool. Many rightwing extremists are antagonistic toward the new presidential administration and its perceived stance on a range of issues, including immigration and citizenship, the expansion of social programs to minorities, and restrictions on firearms ownership and use. Rightwing extremists are increasingly galvanized by these concerns and leverage them as drivers for recruitment. From the 2008 election timeframe to the present, rightwing extremists have capitalized on related racial and political prejudices in expanded propaganda campaigns, thereby reaching out to a wider audience of potential sympathizers.”

Does any one else find it odd that this report comes out just days before the scheduled and widely publicized protests. I don’t remember anything about the range of issues sited in the above excerpt. This is about taxation at the most radical levels in the history of the country.

Here’s a comment from Rush Limbaugh on us Rightwing extremists:

What you have here is Barack Obama, forget Napolitano, it’s his administration, he provides the vision, he puts people in these positions that he wants to do his bidding. This is Barack Obama, and this is an effort to stifle what anybody would consider to be normal political dissent. He is characterizing those of you who oppose an expanding government, huge socialistic tendencies, legalization of illegals for the purpose of making them Democrats, we are now right-wing extremists and we are arming up, and this report is to warn other law enforcement agencies of the dangers posed by right-wing extremists.

According to Newsbusters.com these people are “Domestic Rightwing Terrorists”

Days after liberal media representatives blamed conservative talkers for cop killings in Pittsburgh, Pennsylvania, and a week before Tea Party protests will sweep the nation, the Department of Homeland Security issued a report warning that the recession as well as the current political environment could lead to acts of violence from “domestic rightwing terrorists.”

Why is it that every time the liberals of this country don’t like something the conservatives do they call them terrorists?

They have called George W. Bush a terrorist on a number of occasions.

They always play game with the emotions of the American people because they know that nothing is scarier than the one adversary they refuse to confront: Terrorism, they won’t even use the term anymore Now they’re an overseas contingency.

Stop calling people like me a terrorist Mr. Obama. We don’t call you a terrorist. A reckless idiot maybe. A mathematically incompetent boob maybe.

If rightwing tea parties are the work of terrorists its only because it strikes fear in the hearts of liberals everywhere. It uses the one weapon that is like Kryptonite to them.

The TRUTH!

These protests strike fear in them because they are designed to make the American people aware of the radical tax and spend plan the nation has ever seen.

The rightwing radical extremist terrorists are armed with a powerful weapon: The TRUTH!

So now that the tables have been turned on the Democrats, the same ones who protested outside the RNC convention hall in Minnesota in 2004, they will try to discredit the Tea partiers and their freedom of speech.  It’s a Cracked World isn’t it?

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FDIC S.O.L.? Could FDIC go Broke?

Economics | Posted by C.C.Mitchell
Mar 06 2009

Is it possible that the FDIC (Federal Deposit Insurance Corp.) could go bankrupt? The concern has escalated as more reports indicate a larger number of banks crashing in 2010 than as of recent.

FDIC  insured banks have always offered the piece of mind that if anything ever happened to a bank your savings would be safe under the umbrella of The FDIC. Just a few short years ago FDIC covered accounts up to $100,000, an amount more than sufficient for the average citizen to have their entire savings covered by the insurance. Last fall the coverage was expanded to $250,000 because the banking crisis was applying pressure to small businesses many of which had holdings above and the $100,000. This expanded coverage however puts more stress on the funds of the FDIC.

In response to the impending insolvency of the FDIC, Sheila Bair the FDIC chairman announced the approval of a one-time emergency fee along with other assessment increases on the banking industry. Naturally the bankers were furious, small community bankers can’t help but feel that they are paying the price for the greed and incompetence of Wall Street bankers. Not to mention the fees could eat up from 50% to 100% of their 2009 earnings. Of course these arguments will fall on deaf ears, as will the arguments of the bank customers as we will ultimately pay these additional fees; the banks will surely pass them on to us anyway.

The fees proposed by the FDIC would generate $27 billion by the end of 2009. The FDICs coffers were emptied of almost half its funds in the final quarter of 2008; the fund lost $15.7 billion, falling from $34.6 billion to $18.9 billion.

The FDIC has access to $50billion form the Treasury Department, but Chairman Shiela Bair said,  “Banks, not taxpayers, are expected to fund the system”, and that asking tax payers to flip this bill would give a black eye to all banks and not just the ones that are in trouble and going bankrupt which is causing the depletion of FDIC Funds in the first place.

This news does not bode well for the economy in general. It is sure to bring down consumer confidence; some may even move to withdraw their savings out of fear of loosing it if their bank fails.

But would the government even let the bank insurer go broke?

Most think not, especially when the problem can be fixed without the redirecting of any more tax dollars.

That being said, what would the effects of an FDIC failure be were it to happen?

For all the riches of banks and insurance companies, it takes a Cracked World to see a broke insurer of banks. Think of the irony.

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Obama and Fiscal Irresponsibility

Economics, Politics | Posted by C.C.Mitchell
Feb 26 2009

Just one short day after preaching fiscal responsibility in his Presidential Address, President Obama

Barack Obama

Barack Obama

unveiled his 2010 Fiscal Budget. The two events together amount to a multi-trillion dollar Oxymoron. A budget that will amount to $3.55 trillion of government spending. Every year the White House administration on watch puts together a spending plan for the year to run the government but this plan will run the government into the ground.

$3.55 trillion! $3.55 thousand-billion! $3,550,000,000,000! That’s a lot of zeros my friends.

By comparison, the 2008 Budget put forth by W. totaled just under 41% of GDP (Gross Domestic Product - the dollar value of all finished goods and services produced by a nation). That figure will rise to 64.6% under the Obama Regime. That’s a 23.6% increase over two years. Ever notice how generous politicians are with OUR money?

Back to all those zeros; 1.6 trillion of which goes towards Universal Health care, another Wall Street Bailout, and the wars in Iraq, and Afghanistan and the Stimulus PILL (its certainly a bitter pill). With expenditures at that level I find it hard to believe that President Obama will be able to cut the deficit in half and still keep his promise to give 95% of Americans a tax cut and only raise taxes on those making over a quarter-million dollars annually. He is going to have to lower the earnings level for that tax hike and every one in Washington knows it. There is no other way to pay for it.

The President is over optimistic about how fast the economy will recover. Even the Congressional Budget Office (CBO) thinks so as do many other predictors of economic growth. Obama is banking on the economy to recover quickly to produce the additional tax revenue needed to make the budget work, otherwise that $9.5 trillion debt will swell to even higher levels. The numbers are staggering.

The White House is projecting a 3.2% economic growth, while the CBO is predicting a 1.5% growth. As stated previously the White House is counting on that growth to produce additional tax revenues; and their estimate is 1.7% higher than that of the CBO.

Another hard sell is Obamas’ plan to reaise the Capital Gains Tax from 15% to 20% This would generate an additional $120 billion.

Obama said the government was going to have to make choices where spending cuts were concerned but the Republicans are hard pressed to FIND any spending cuts.

As typical of democrats the tax and spend motive hasn’t changed; they claim it will only rais taxes on the rich but republicans beg to differ with that thought.

Even so if you raise taxes on the rich:

  • They won’t Invest as much; taking away from the Capital Gains taxes they already collect.
  • They won’t spend as much on big ticket purchases like cars, Homes, and Vacations.
  • Those who are business owners won’t hire more or invest in their own businesses; small business is the back bone of the economy.

The Presidents plan doesn’t leave much motivation to prosper in a new socialist economy.

Though possible on paper, an awful lot has to go The Presidents way or we are headed for bigger deficits and bigger debts and bigger taxes. Looks like big government is here, at least for the next four years.

In short the Presidents’ new budget plan is big on spending, fat on taxation, and slim on fiscal responsibility.

Only in such a Cracked World as this can we expect to spend our way out of debt, but that’s democrats.

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The Misguided Democrats

Politics | Posted by C.C.Mitchell
Jan 27 2009

Tax and Spend!

That pretty much spells it out. After a year of insane government spending by the Bush Administration we now are on track for even more insanity. Unless you’ve been on a deserted island for the past two months you probably know that our new President Barack Obama has decided its best for our country to spend some more money courtesy of us tax payers.

$825 Billion is the latest figure and it doesn’t even include the remaining $350 Billion that was voted to the mega banks by congress last October. Obamas plan is to spend a large portion of the $825 Billion on jobs to rebuild and refurbish infrastructure according to Fox News.com.

While this may sound like a good way to create jobs in a floundering economy  I tend to agree with House Republican leader John Boehner. Instead of more government spending, some tax cuts would ease the public consumers financial woes and allow entrepreneurs, small businesses, and the self employed to retain more of their earnings and encourage investing and create private sector jobs.

One thing that President Bush proved beyond doubt was that when it comes to taxes, less is more. His tax cuts, which the Democrat controlled Senate decided to let expire, actually increased tax revenue. Large Corporations paid less taxes and invested the savings in their own endeavors which created more jobs and corporate investment. Granted more transparency was  needed to prevent corruption in the higher up positions of many major corporations like Enron and the more recent financial sector messes, but one has to admit the economy for the last three or four years leading up to our current woes were booming ones. The Dow Jones Industrial Average broke the 15,000 mark and the national unemployment average was at record lows not seen in 40 years.

Why is it so important to spend billions of dollars to create government jobs now when President Bill Clinton, the last Democrat in the White House, found the need to eliminated so many of them by reducing our military to a skeletal form?

I definitely think money should be spent to create jobs. I just dont trust government officials with so much of our money, somehow the money always gets spent on things other than what they were intended for. A maneuver Barack Obama and the newly named Secretary of  State Hillary Clinton are masters at. They finished on the top of the heap in pork barrel spending.

Hang on to your hats folks, and your wallets. The Democrats are going to try and spend their way out of this mess.

What the answers are to it all I don’t know.

If any one has any new and unique ideas to solve our financial crisis I’m all ears.

Its a Cracked World isn’t it

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