Buckle up, folks. It’s going to be a long four years of Depression before we vote this idiot back out of office.
Carry backward and carry forward opportunities are going to make that $2 trillion deficit turn into a $4 trillion deficit for just 2009.
Hang onto your wallets.
Refuse to invest or spend as long as the commander in thief hints at raising taxes to spread your wealth.
Let the Axelrods figure out what happens when they beat to near death the horse pulling an overloaded cart.
John Galt lives.
It won't be a mistake. It will be intentional.
President-elect Barack Obama may be about to make a big mistake: raising taxes in the middle of a recession.
The propaganda ministry (what we used to call the media) will blame the entire economy (recession, depression, whatever it turns out to be) on Bush. If it gets worse because of the policies of the new administration, the propaganda ministry will still blame everything on Bush. Obama will make it bad enough to get his socialist agenda through the Dem controlled Congress.
The One wants "fairness" in his tax policy. He doesn't care if it hurts the economy. He doesn't care if tax revenues go down. He wants to reward the "middle class" and stick it to "the rich."
On the jobs front, he doesn't want to grow the economy. He wants to develop "green jobs" and develop "sustainable businesses." And the propaganda ministry will laud every "green job" that is created and every "sustainable company" that opens. And if they go belly up in 6 months, it will be because of George Bush's economic mess.
Neither Pelosi, Reid, nor The One and his incoming administration want to "waste this crisis." They need the biggest possible crisis, so they can pass more of their "save the planet" and "help the little guy" agenda. They have no idea how to create real jobs.
But they don't want to allow "the rich" to create jobs that they don't like and can't take credit for. It will be easier to create "green jobs" if they have a lot of unemployed people who will have to settle for a "green job." So they don't want the competition from productive "old fashioned, non-sustainable" businesses.
“That’s what his top political aide, David Axelrod, hinted Sunday: The Bush tax cuts are “something that we plainly can’t afford, moving forward,” Axelrod said. “Whether it expires, or whether we repeal it a little bit early, we’ll determine later. But it’s going to go.”
Hey no problem, it’s obviously what the voters wanted when they elected this joker. They’ll get the government they deserve.
Well someone is going to have to pay for the Utopia and all the ditch digging jobs Obama is going to offer us.
We are watching a National Train Wreck in slow motion.
There is one topic I have yet to see discussed, altho I don’t view FR each and every day....:
There are many provisions in the US tax code for CAPITAL GAINS/LOSSES.
Since the higher bracket tax payers are the ones who most likely lost the most in the LOSSES on Wall Street, IMO, it would follow that the taxes collected in the past from this group will be dramatically lower in the April 2009 filings of 2008 income tax forms.
Therefore, where are the research statistics of how much lower the tax revenues will be at the IRS from these meltdowns on Wall Street???? April 2009 might not be a huge increase in taxes sent to Washington.
For those who are self-employed, they are required to pay quarterly payments that amount to at least 90% of their PRIOR year’s tax obligation. If that 2008 OBLIGATION is lower, their 4 payments paid for 2009 taxes can also be dramatically lower.
Am I missing something in my thought?
Altho I am a bookkeeper, I am not a CPA.
Need some help here, please.