Economist Thomas Sowell has written another informative column titled “Fiscal Cliff Notes: Part II” which appeared on The American Spectator web site.
This column shows in detail the lie in Obama’s repeated statements that President Bush’s “tax cuts for the rich” cost the government so much lost tax revenue, that they added to the budget deficit, so must be eliminated.
In fact, the “Bush” tax cuts for all taxpayers increased tax revenue. The graph shown below clearly demonstrates that federal spending is the main culprit of Obama’s massive budget deficits. In his first year in office Obama’s outlays increased by over $530 billion, and have continued for four years. Continue reading
Economist Thomas Sowell has written an informative column titled “Fiscal Cliff Notes” which appeared on The American Spectator web site.
Sowell describes some facts about Obama’s increasing taxes on the “rich.” It will run the government for 10 days, and will do nothing to offset Obama’s last four years of trillion dollar deficits.
Sowell also discusses the Federal Reserve’s “quantitative easing” that is supposed to “stimulate” investing to improve economic growth. In fact “quantitative easing” will only debase the value of money, which will “take people’s wealth from them without having to openly raise taxes.” Continue reading
Do you understand what the “fiscal cliff” is?
The following article appeared on the Heritage Foundation web site on Nov 28, and was written by Romina Boccia, James Sherk, and Katie Tubb. It provides an excellent explanation of what the “fiscal cliff” is, and offers potential solutions. Continue reading
Why does President Obama insist on increasing tax rates on “millionaires and billionaires?” Apparently to punish people who work hard to be successful. Many of these people own small businesses and report income on their personal income tax forms.
Obama’s proposed tax increase would produce an estimated $82 Billion per year to be applied against his latest $1,089 Billion deficit. However, it is likely that tax increase would hurt the economy and generate considerably less.
The following was excerpted from the November 11, 2012, issue of The Wall Street Journal and shows the current massive deficits are caused by massive spending increases, not lack of tax revenue. In fact, current revenue is almost the same as it was before the “great recession” started. Continue reading
One of the concerns of tea parties across the U.S. is the out-of-control spending by the federal government, and the rapidly rising federal debt. President Obama presented his proposed 2013 budget February 6, 2012 — a week later than required … Continue reading
We’re still waiting for the U.S. Senate to pass a budget! The last budget they passed was on April 29, 2009, over 1,000 days ago.
The U.S. House of Representatives, run by Republicans, passed a budget in 2011. The U.S. Senate, run by Democrats, has refused to pass a budget, even though it is its legal responsibility to do so.
It’s time to take control of the Senate from the “do nothing” Democrats. Continue reading
A presentation to show the radically higher expenditures and resulting massive increase in the debt limit over the past three years of Obama’s term. Continue reading