Posted on 01/09/2009 5:42:54 AM PST by Red in Blue PA
Bush cannot be over looked in this mess. HE HAS BEEN IN OFFICE EIGHT YEARS FOR GOODNESS SAKES!!! This did not happen last week. IF he and the other republicans KNEW this mess was potentially out there, they should have thrown a fit. I would rather throw a fit about it and let America know, than sit back now and take the stinking blame for it. YES, the dims were the most to blame with the lending crap, BUT BUSH KNEW that this mess was going to happen and should have reacted. Instead, he did the same as with the border. He is, was, and is like a deer in the head lights. He has lost his edge, if he ever had one.
You can say whatever you want--the reason people are cutting back is sales are down. Our comps went from +7 to -6% in about half a year. Many other retailer segments are FAR worse. That is before backing out inflation also. Even Walmart's comps were down if you factor inflation into the equation.
He said that many, many months ago. He has indicated recently that raising taxes period would be a bad idea in the current climate. We should find out pretty soon but I think the odds of a tax hike this year on anyone is less than 5%.
Exactly! My husbands company is the slowest they have been in their existence. This is the first time in their 40+ years that they have not shown a profit, and the first time ever that they have instituted a pay freeze.
They are the largest gray iron foundry in the country, and a huge part of their business is auto parts (brake drums, etc.) from the big 3. The bailout would benefit them, yet I have yet to meet one fellow employee of his that favors more bailouts.
The only silver lining (to the detriment of other foundries out there) is that since they are the largest in the country, they are starting to pick up orders from other, smaller foundries that are closing up shop.
He has gone from working 55-60 hours a week, down to 32 hours a week within the past year. So although he is still working, and not collecting unemployment, he is, as you said, "underemployed".
Thankfully, so far, my job is extremely stable, and we are not suffering to badly.
As for the economic crisis we are in now... we were warned, as was Congress, time and time again, but the DEMOCRATS did “NOT” care since they were reaping the benefits of their illicit activities.
The video below clearly shows that George Bush tried to warn Congress starting in 2001, that this economic crisis was coming, if something was not done. But congress refused to listen, along with the arrogant, Congressman Barney Frank. This video says it all.
The liberal media reportedly did not want this video on You Tube; it was taken off.
This link is of the same video but is routed through Canada . Everyone in America needs to see this before it is yanked off the airwaves again!
Highest since 1993?
Next stop, 10%. Highest since 1982.
Whadya think? 6 months to get there? One year?
“You can say whatever you want—the reason people are cutting back is sales are down.”
I never said otherwise. but your sales are down due to dimmin prospects overall, prospects that have gotten dimmer because we have Pelosi running the economy into a ditch with more regulation, taxation and deficit spending.
OTOH, folks like restaurants and others, where labor is more like 1/3 of total costs and which do rely on low wage employees DO get hit by minimum wage directly. It kills jobs, definitely.
“I’m not discussing this with you anymore. You’re an Obama supporter. Overtime and discussion, Obama supporters usually show themselves.”
Well that would explain some of his odd comments, for sure.
rb, is it so? Did you engage in the folly of voting for the mocha marxist? get buyers remorse yet?
“He has indicated recently that raising taxes period would be a bad idea in the current climate.”
He should realize that ‘the current climate’ may last 4 years or so, and extend the Bush tax cuts until 2013.
” We should find out pretty soon but I think the odds of a tax hike this year on anyone is less than 5%.”
Actually the odds are closer to 100%. Not only has the SCHIP expansion passed the House already, it includes cig tax increases ... it will become law and it will raise taxes.
... but also Pelosi has indicated her stupid willingness to raise income taxes (’on the rich’) in the middle of this recession RIGHT NOW. What a dweeb!!! ... she wants to raise taxes NOW while Obama wants to wait for Bush’s tax cuts to expire in 2010 to in effect raise the income tax. btw, this odenst make Obama a ‘centrist’ he’s still a liberal, just a bit less looney than Pelosi. the argument is down to a question of timing, but tax hikes is still the central part of the Democrat agenda.
“I couldn’t stand Clinton, and it turns out besides his Supreme Court Picks, Bush was even worse.”
Wrong. Bush better on tax, broad tax cuts, stood up on ICC, stood up on Kyoto, John Bolton, Ashrcroft, etc. not just roberts/alito.
“Six Years of total R control and it was a disaster.”
Bullpukey. ... the disaster we face today is a large part result of the Pelosi Congress that we have had since 2007. At the beginning of 2007, the economy was in much stronger shape, and it could have weathered any housing contraction with pro-growth polices. but that path was not taken since early 2007.
The Pelosi Congress has done everything they can to undermine the economy: Threatening tax hikes like their plans to end the bush tax cuts, mucking up mortgage laws, hauling up CEOs in front of Congress to give the message “quit trying to make money, you’ll only end up in trouble!”, and of course their anti-energy do-nothing drill-nowhere policies that help send oil into triple digits / barrel this past year.
My main point was that 1) I don't think we're going to see corporate tax increase period under Obama 2) I don't think we'll see personal income taxes go up for at least 2 years..I don't think Pelosi has the power and Buffett seems to have talked some sense into Obama recently and 3) minimum wage isn't way retailers are cutting back--It is SALES. If you don't want to believe me, that's fine--I'm right in the thick of it. Sales absolutely tanked in Q4 in retail and were headed significantly down in Q3. We cut about 500 jobs and reduced hours by an additional 10% in Q3 & Q4 which was about 6% of our labor force. None of it had anything to do with taxes or minimum wage.
WOSG--If you knew anything about minimum wage for restaurants the only ones are the waiters making $2.17 an hour who rely on tips. I believe it's going to $2.48/hr in 2009. I promise you that wages do not make up 30% of the expenses. 10-15% is about the average for retail/restaurants.
OK, so youre a libertarian... IMHO, vote-wise, voting for 3rd party folks is like visiting a bordello for the companionship.
and someone who likes to go after strawman arguments, arguing against points I NEVER MADE. Maybe someone else did, it wasnt me.
“You are right that Pelosi is an idiot but I do not think she’ll be able to get a tax increase through this year. “ A s I pointed out, at least *one* tax increase *will* happen soon, the SCHIP-related cigarette tax hike. Democrats are raising taxes all the time and we dont even notice it. But no, it wont be the income tax rates, which Obama signalled he will raise by letting the Bush tax cuts on top earners lapse in 2010.
“I agree 100% that Obama should extend the tax cuts” ... but he wont. Our only hope there would be a huge and massive sweep by the Republicans in 2010 to signal a switch back to taxcutting.
“None of it had anything to do with taxes or minimum wage.” My only point there is that it had to do with a weak economy caused by semi-socialist tax-and-spend-and-regulate meddlers in DC harming economic activity. (Had the Pelosi Congress made the Bush tax cuts permanent and repealed Sarbanes oxley and fixed mark-to-market rules and had a pro-energy pro-drilling policy since 2007 ... we would not even be in arecession right now. ) So from that angle there is a connection, indirect.
Our discussion was on income taxes both corporate & personal--not other types of taxes. You are right the cigarette tax is stupid as well.
While the things you mentioned are semi correct--you've lost your mind about the reason for the economy bursting--it's a DEBT bubble burst. Our debt as a % of GDP has NEVER, EVER been higher--It's now far higher than even at the peak of the great depression in 1933. Most of the banks were leveraged 40-100:1 when you include "level 3" assets. The housing debt bubble was an atrocious frenzy that will be another 3-4 more years of unwinding (Alt A & Option Arms just start resetting in mass later this year). Try reading this article.
Yeah and Libertarian basically support many of the social issues that Obama supports. As for your debate, you’re not understanding what the big picture is all about.... as for bragging about voting for Bob Barr...wow...you might as well as voted for Obama.
I’m not a Libertarian. I’m a libertarian. I voted for Bush in 2000 & again in 2004. On some social issues (eg. gambling) I am with libertarians and other with Republicans (eg. Abortion). Sorry—I’m not a big fan of big government McCain. After the last 4 years of Bush’ huge government spending binge & corporate socialism, I have about had it with Republicans in office in Washington. I did not “brag” about who I voted for—I was merely stating that under no uncertain circumstance did I vote or like Obama. You are obviously bitter that I do not think that minimum wage & possible tax increases are what is causing the current business woes. Sorry but it’s not. You are right that if they DO increase taxes it WILL Be a problem! But the economy has been heading down a hill since the housing bubble burst in the middle of 2007 and ran off a cliff at the end of September.
I’m finished with you. When you made your choice to support Barr then you were part of many who handed our country over to a Socialist regime.
As for companies, YES, they are cutting every area possible and preparing for OBAMA’S PROMISED TAX INCREASES.
THE END!
Wrong & wrong. Have a nice day!
By the way, one of the biggest increase in socialism in US history has happened right here under Bush. McCain lost my vote when he voted for the $700 billion in corporate socialism.
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