Wednesday, November 28, 2012

Fiscal Cliff: Democrats & Republicans Playing Chicken; Dems Exploiting Navy SEALs Again; Millionaires Fleeing Tax Hikes; Benghazi & Rice; Majority of Americans Do Not Support Gov't Health Care

Recession-Proof Jobs Include Any In Which You Witness Your Boss Kill Someone...The Onion

  • It's often been said that elections have consequences. Well, buckle up, we're in for a ride in the next four years. Regarding the impending fiscal cliff (I contend we went over it the day Pres. Obama took office), Congress appears to be playing chicken right now. Pres. Obama and Democrats have been making it clear they still want higher taxes on the wealthy.  Republicans, on the other hand, want to preserve the Bush era tax cuts including reductions in government spending. That's the dilemma: can a nation cut taxes and cut spending and still continue to raise revenue? If Congress was serious about cutting spending, it would work. The problem with Congress has always been this fact: the more money we give them, the more they spend. The proof? Just look at the past four years of over $1T deficits.  And where is Pres. Obama in all of this? He'll be going on another campaign tour touting his plan.

  • And sitting out there in the parking lot is Social Security. The Democrats contend it's not in a crisis, so they don't want to include it in the fiscal cliff negotiations. On the other hand, Republicans contend it is in crisis. Whose right? Republicans are. The data is clear.  In the president's own budget (which has not been approved by anyone, including Democrats), it shows Social Security ran a $45-48B deficit last year.  The CBO reported Social Security began exceeding payroll tax revenues in 2010. USA Today
  • How pathetic are Democrats in all of this? Once again, they are politicizing the process by exploiting the Navy SEALs again. Dick Durbin said this yesterday regarding the tax issues: "Hedge fund managers make as much in two minutes as Navy SEALs make in a year." Now you know why his first name is Dick.

  • What are the consequences of raising taxes on the wealthy? Just look at what's happening in Britain and France. Both countries raised taxes on millionaires. This is the headline in the UK Telegraph today: "Two-Thirds of Millionaires Left Britain To Avoid 50P Tax Hike." And the same is occurring in France where the socialist government imposed a 75% tax on millionaires. Millionaires are not stupid. That's how they became millionaires in the first place. And when millionaires book, what do you think happens? Revenues tank (it happened here in Maryland several years ago when they decided to increase taxes on millionaires).
  • We now know Amb. Rice did not tell the truth about what happened at Benghazi. She admitted she knew the truth but repeated a story that lacked any evidence. But another question keeps haunting me. Why did they send her out to be the public face peddling the lies? She's a bright person. You don't get to that level in government being stupid. (There's only a few exceptions like Slo Joe Biden). It appears she allowed herself to be used by Hillary Clinton, Pres. Obama and the intelligence community. And she may have decided to do it out of sheer loyality to the president.
  • According to Gallup, Pres. Obama's approval rating is a "whopping" 51%. 
  • For the first time since Gallup has been tracking trends, a majority of Americans DO NOT SUPPORT government run health care--54-44%.