Posted on 02/12/2009 5:12:19 AM PST by sickoflibs
My favorite is the Making work Pay tax credit. We pay their SS and medicare payroll taxes (our payroll taxes are taxed) but recipients of credit are still entitled to full benefits, but our benefits are taxed.
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Even this non-economist can understand that increasing taxes and selling tax-exempt bonds automatically reduces the pool of funds available for private investment. It’s as though these people think money really can be printed in the Mint basement with an adverse effect, and that government bond purchasers would otherwise stuff their money into mattesses when they can’t buy bonds. All this does is make government the extremely expensive middleman of the exchange between producers and investors.
If there is no economic growth there is no tax revenue to pay for this so Obama is playing a dangerous game. At some point Obama will stop talking down the economy (after he gets what he wants) and will have to start talking it up, about how he saved it from republicans. He will need us to spend again enough to pay taxes.
Meanwhile Peter Schiff was in Saudi Arabia telling them they are crazy to loan anymore money to the US government, that our current spending trajectory shows we never plan on paying back the debt, just refinancing more and more, and eventually printing it away. I don't know if they have a choice, many say they dont.
WTF?
Is that where they plan to bury the bodies of those who do not conform?
BINGO. Once the bill is signed, expect obama pressers to begin with the music “Happy Days are Here Again”
Expect the media to treat us to endless stories about happy peasants digging ditches, riveting bridges, filling potholes, changing light bulbs, painting schools, spending their $400 gubmint checks on designer Nikes, and herding children into shiny new government daycare centers.
Expect endless human interest stories about how obama changed people's lives. Expect president Potemkin to tour numerous make-work community projects to receive thanks and praise from the peasants for his stimulus money.
Now that we have seen how an ignoramus can talk down the economy, we're going to be treated to seeing if an ignoramus can talk the economy back up.
Those who do not conform may be offered “job retraining” and “re education” at offsite retraining facilities.
Ask the Russians, Chinese, North Koreans, Cubans and Vietnamese how this worked for them.
RE :”It’s as though these people think money really can be printed in the Mint basement with an adverse effect”
They want to create enough inflation to get spending and investing again, but only to generate tax revenue. They see the private investment as a necessary evil that must be controlled. They see government spending (public investment) as the best use for resources. Obama needs politically to start talking UP the economy in a year after he gets what he wants. Maybe 2 years inflation starts and they blame greed and call for windfall profits taxes and price controls.
$75 million for the Smithsonian Institution.........
For construction of a new wing celebrating the glory of Obama
$125 million for the Washington, D.C. sewer system...
....because of the never ending bullsh*t coming from congress
They can milk this for a while blaming republicans so they can get even more socialist stuff in, but by 2010 he need to start selling the great improvements for the mid terms and he needs tax revenues badly. My question, Why would US investors get back in with the current status and knowing Obama’s plans? Are we forced by inflation? Schiff and Rogers say commodities and gold and better foreign commodities because Obama will regulate them less.
I remember the bond market terrified Clinton 16 years ago over deficit but these guys figure they can blame Bush.
Oh, and I forgot, some of that money will have to go towards lobbying Congress for more money.
I read Karl Dennninger daily now, Market Ticker
He has not been bullish on commodities for the average guys whose 401K has now become a 101K
In a worst case societal calamity, for the average Joe who cannot pay $1500 an oz for gold, bottles of booze and cigarettes might be just as valuable and whole lot more portable, Time to stock up?
Intentions.....
This is the point we need to keep hammering on. The stimulus defenders say plans the reason previous spending plans failed is that they were not 'big enough'. Well, if that were true, then the economy would have gotten a little better, it wouldn't have gotten worse.
Obama seems to be using fear that the package won't get passed while admitting that there is a chance it might not work. Well, what about the very real fear that it will actually MAKE THINGS WORSE?
“$650 million for abandoned mine sites
WTF?
Is that where they plan to bury the bodies of those who do not conform?”
Probably Specter’s piece of the monstrosity.
WTF?
Is that where they plan to bury the bodies of those who do not conform?
ROFL!
OK,...guess that explains it...I feel better now!
Well his voting base is being taken care of...see the free handouts...
Federal Employees are union members. This whole bill was a targeted pork project to pay back union members for the big win. Remember the fact that federal employees are not subject to the same rationalized health care that the rest of us will have, nor do they pay into social security.
The looters have taken over the Treasury and are doubling down on our credit cards...
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