Sorry, Occupy: The ‘One Percent’ Pay More in Taxes — And Their Incomes Have Fallen

Since this whole Occupy, income-inequality conversation took center stage last year, we’ve heard over and over again that the rich [the so-called “One Percent”] pay less in taxes than everyone else despite the fact that their income levels are at all-time highs.

Is this true? A new report from the Congressional Budget Office would say “not exactly.”

“Let’s consider income first. Between 2007 and 2009, after-tax earnings by Americans in the top one percent for income fell 37 percent. On a pre-tax basis they fell 36 percent in the same period,” CNBC’s Robert Frank writes.

“That may sound like a minor haircut for One Percenters compared to people who lost their jobs. But when you take into account federal transfers, assistance and taxes paid, the incomes of the bottom 20 percent grew by 3 percent, while it fell a modest 2 percent for the middle 20 percent,” he adds.

Translation: Since the start of the recession, the wealthy have seen their incomes fall 18 times more than the incomes of the middle class.

Read more here.

Obamanomics

So far, during the presidency of Barack Obama, the price of a gallon of gasoline has jumped 83 percent, according to data from the Bureau of Labor Statistics.
gas

During the same period, the price of ground beef has gone up 24 percent and price of bacon has gone up 22 percent.

When Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79, according to the BLS. (The figures are in nominal dollars: not adjusted for inflation.) Five months later in June, unleaded gasoline was $2.26 per gallon, an increase of 26 percent. By December 2011, the price of regular unleaded gas per gallon was $3.28, an 83 percent increase from January 2009.

The price of unleaded gasoline never reached the 10-year high of $4.09 back in July 2008 under George W. Bush’s administration, but it did get close.

By May 2011, gas prices hit a high under the Obama administration at $3.93, about four percentage points away from the July 2008 high.

The U.S. city average retail price for one pound of 100 percent ground beef was $2.36 in January 2009. As of December 2011, that price had risen to $2.92—a 23.7 percent increase and a new peak. (Ground beef prices have risen every month since November 2009 – 26 months of price increases.)

Whole wheat bread prices from January 2009 to December 2011 increased about five percent (5.02 percent) from $1.97 to $2.07. (The inflation rate in December 2011 was 3.0 percent.)

Among the first 36 months of Obama’s presidency, the last four (September, October, November, December) showed the average price of one pound of whole wheat bread hovering slightly above two dollars.

Other refrigerated items like ice cream and bacon have increased by substantial amounts.

Ice cream prices, for a half-gallon, were $4.44 in January 2009 and $5.25 in December 2011, an increase of 19.1 percent.

Read more here.

Company Policy: ‘We Are Not Hiring Until Obama Is Gone’

A recent report claims that a Georgia business owner has been posting “controversial” signs on his company’s trucks.

What do they say?

“New Company Policy: We are not hiring until Obama is gone.”

“Can’t afford it,” explained the employer, Bill Looman, Tuesday evening in a recent 11Alive report. “I’ve got people that I want to hire now, but I just can’t afford it. And I don‘t foresee that I’ll be able to afford it unless some things change in D.C.”

Looman‘s says he put the signs on his company’s trucks and posted pictures of them to his personal Facebook page six months ago. When he originally did that, he said that he received mostly positive reaction from people, “about 20-to-one positive.”

However, one of those pictures went viral on Monday and the reaction was enormous.

In fact, the reaction was so huge that Looman had to disconnect his phones because of the non-stop calls, and he‘s had to temporarily shut down his company’s website “because of all the traffic crashing the system,” 11Alive reports.

Read more here.

Jeffrey Sachs is an Economic idiot

Here is liberal mentality at work. How does a person as educated as this guy get to be so mindlessly braindead? We have Jeffrey Sachs, Director of the Earth Institute (whatever that is) at Columbia University and professor of economics. He appeared (where else?) on MSNBC to discuss the union issue in Wisconsin. To put this quote in context, Sachs is talking about how Wisconsin is not an isolated incident but what he believes is an orchestrated event for the Republicans and the wealthy to completely eradicate unions. Are you ready??

“What these billionaires have been doing is buying the whole Congress, now buying out the governors, to make sure they never have to pay taxes again. And then we have these huge budget deficits because they don’t pay taxes any more, and what do they want to do? Cut the benefits for the poor.”

Is there ANYTHING about this fool’s rantings that makes even the slightest bit of sense? It’s interesting to note the use of the word “billionaires.” Looks like the wealth-envy language has been ratcheted up a bit. When Obama first started talking about raising taxes on people who make over $200,000 a year the left referred to as “the rich.” In no time at all the rhetoric changed and these people were referred to as “millionaires and billionaires.” Now we’ve stepped up a bit and these $200,000+ earners are simply “billionaires.” Hard to say, but maybe the language needs to advance this way because fewer and fewer Americans are buying the wealth envy language. Thanks to the Internet and to talk radio more and more people actually have come to realize that the top 1% of income earners in this country pay about 40% of all individual income taxes collected by the government; yet they earn a much smaller percentage of the total income.

Another thing … This academic hack talks about these “billionaires … buying the whole congress.” You do know who’s trying to buy the congress, don’t you? Government sector unions, that’s who. How much did they contribute in the last election cycle? Try over $400 million dollars. Now … get out there and add up the campaign contributions from billionaires and see if you reach that figure.

America is Flat Broke

The daunting tower of national, state and local debt in the United States will reach a level this year unmatched just after World War II and already exceeds the size of the entire economy, according to government estimates.

But any similarity between 1946 and now ends there. The U.S. debt levels tumbled in the years after World War II, but today they are still climbing and even deep cuts in spending won’t completely change that for several years.

As President Obama and Republicans squabble over whose programs to cut and which taxes to raise, slow growth and a rising tide of interest payments – largely beyond their control – are making the job of fixing the budget much harder than in the past. Statehouses and governors face similar challenges.

After World War II, the federal debt – including debt purchased by the Social Security Trust Fund – hit nearly 122 percent of gross domestic product. State and municipal debt back then was minimal. By the time Dwight Eisenhower was elected president six years later, the federal government’s debt had dipped to about three-fourths of GDP.

The key factor in the rapid drop in government debt, said Harvard University economist Kenneth Rogoff, was fast economic growth. Spurred by a young labor force, world-leading manufacturers, high personal savings rates, a pent-up demand for consumer goods after years of war and the Depression, and a bout of inflation, the economy grew 57 percent in six years. Thanks to sharp postwar cuts in defense outlays, federal government spending also tumbled for a couple of years.

But today the U.S. economy is in a polar opposite condition. The labor force is aging, U.S. manufacturing often lags behind Asian and European rivals, households are in hock up to their eyeballs, and consumer appetite for goods is tepid. In addition, inflation is tame and government spending locked into entitlement programs and debt service that will be hard or impossible to alter.

Read more here.

Obama to Push New Spending

President Barack Obama will call for new government spending on infrastructure, education and research in his State of the Union address Tuesday, sharpening his response to Republicans in Congress who are demanding deep budget cuts, people familiar with the speech said.

Mr. Obama will argue that the U.S., even while trying to reduce its budget deficit, must make targeted investments to foster job growth and boost U.S. competitiveness in the world economy. The new spending could include initiatives aimed at building the renewable-energy sector—which received billions of dollars in stimulus funding—and rebuilding roads to improve transportation, people familiar with the matter said. Money to restructure the No Child Left Behind law’s testing mandates and institute more competitive grants also could be included.

While proposing new spending, Mr. Obama also will lay out significant budget cuts elsewhere, people familiar with the plans say, though they will likely fall short of what Republican lawmakers have requested.

In arguing that U.S. competitiveness is at stake, Mr. Obama plans to use his nationally televised speech to try to frame the spending debate with Republicans that is expected to dominate Congress in the coming months. “We seek to do everything we can to spur hiring and ensure our nation can compete with anybody on the planet,” Mr. Obama said Friday after touring a General Electric Co. plant in Schenectady, N.Y. He cited clean-energy manufacturing, infrastructure and education as keys to competitiveness.

Previewing the expected theme of his speech, Mr. Obama on Friday appointed GE Chief Executive Jeffrey Immelt to lead a new President’s Council on Jobs and Competitiveness.

Commenting on the new advisory panel, Senate Minority Leader Mitch McConnell (R., Ky.) said that unless its “first recommendations are to reverse the damage the policies of the last two years have done to the business climate, job creation and the exploding national debt, I fear it will do more to create good public relations for the White House than good jobs for struggling Americans.”

Read more here Continue reading “Obama to Push New Spending”

I’M VOTING SMARTASS IN 2010

Obama is a taxing machine. He’s raised taxes on the middle class. He’s raising taxes on businesses. In Obama’s world if it moves, you tax it .. and if it stands still you get a union worker to paint it and call it a stimulus project.

Now there are some people, of course, who aren’t all that happy at having their taxes increased. Is the Obama administration ready to listen to them? Is there any option open to Obama other than increasing taxes? Yeah, right.

Obama has two reasons for raising taxes. One, of course, is to obtain the revenue needed to expand government. America, to Obama, IS government. The other reason for Obama’s tax increases is wealth seizure and redistribution. Barack Obama is dedicated to the concept of transferring as much wealth from high-achievers (the evil rich) to the traditional Democrat support base as possible. Remember Joe the Plumber?

So .. .how do the ObamaBots react to people who aren’t happy with the taxes they’re paying, and have the courage to speak out? Now we know:

Joe Biden is touring the country this summer, trying to sell the stimulus package and convince Americans that it has worked. You know things are bad when you still have to get out there and sell a piece of legislation that was passed over a year ago. Sadly, Joe isn’t that great as a salesman. He tells a crowd, “there’s no possibility to restore 8 million jobs lost in the Great Recession.” He then blamed “this godawful mess” on George Bush. Well of course. But here’s another little fact that Joe Biden failed to tell the crowd. Since the beginning of the recession, some 7.9 million jobs were lost in the private sector while 590,000 jobs were gained in the government sector. And since the passage of the stimulus bill (February 2009), over 2.6 million private jobs were lost, but the government workforce grew by 400,000. Obama’s stimulus bill isn’t working. Period. It was just a conglomeration of long-time Democrat pork projects stuffed into one horrendous piece of legislation.

But back to Biden’s recovery tour: Biden shows up to a custard shop in Greenfield, Wisconsin. This is where he encounters the owner of Kopp’s Custard and we get the following exchange:

Biden: What do we owe you?

Manager: Don’t worry. It’s on us. … (inaudible) … Lower our taxes and we’ll call it even.

(A few minutes after the Kopp’s manager’s comment on “Lower our taxes,” there’s another exchange.)

Biden: Why don’t you say something nice instead of being a smartass all the time? Say something nice.

Being a smartass? Just what is it that made this small businessman a smartass? He actually told the high and exalted Vice President to “lower our taxes.” That’s all it took, and suddenly not only is he a smartass, but he’s a smartass “all the time.”

This level of arrogance is not only unforgivable, but it’s dangerous as well. We’ve lost jobs in the private sector since Obama was crowned. We’ve lost jobs in spite of his so-called stimulus bill. The people we will depend on in the private sector to create jobs are people like the owner of this custard shop in Wisconsin. He sends a message to Obama and the Democrats through Joe Biden .. and he’s called a smartass. Instead of entering a dialog with this man – perhaps asking him if his tax burden is standing in the way of a business expansion – Biden just pops off with his smartass line.

Well, my friends? I guess that’s what Obama and the Democrats think of those of us who think that taxes are too high .. and that perhaps lowering those taxes (or at least not raising them any further) might spur some economic activity.

Maybe the tea party movement needs to consider a name change … Smartass Tea Party or something more clever … much more clever.