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.

Slaves to the government dole

Examiner Editorial

Throughout our history, politicians and pundits have often said “America is at a crossroads.” Sometimes it was true, as in the final convulsive years leading up to the Civil War when we decided to end slavery. New data on personal income, taxes and dependency makes clear that the country is again at a historic crossroad and another form of slavery is the central issue. There are no iron chains involved this time, but dependence on government for economic sustenance is no less an enslavement.

Based on Bureau of Economic Analysis data, USA Today reported Tuesday that the portion of personal income received from private sector paychecks declined to 41.9 percent, its lowest point ever, during the first quarter of 2010. The figure was 44.6 percent in December 2007 at the outset of the current recession and 47.6 percent in the first quarter of 2000. By contrast, the personal income received from government programs climbed to 17.9 percent. Add another 9.8 percent for government employee compensation and 27.7 percent of all personal income is derived from government sources. (The remaining 30.1 percent of personal income results from small-business proprietor profits, farm profits, privately funded pensions, investment sales and dividends, and insurance annuities.)

The problem is that government only redistributes income to dependent individuals after taking it from productive individuals, a process that is reflected in tax returns. As the Tax Foundation recently pointed out, 36 percent of all individual returns in 2008, the most recent year for which data is available, showed no net tax liability. That is the highest level of non-paying tax filers in American history. As recently as 1990, only 21 percent of tax filers paid no levies. The result of this trend is that millions more Americans today pay nothing for the benefits they receive, which are paid for by productive taxpayers.

It’s no surprise then that measures like the Heritage Foundation’s Index of Dependency are curving steeply upward. Preliminary figures from Heritage’s Center for Data Analysis show a 13.9 percent increase for 2009, the biggest single-year increase since 1962. The massive one-year jump in dependency — indexed according to changes in government spending on housing, retirement, health and welfare, etc. — was mainly caused by President Obama’s unprecedented expansion of federal deficit spending and national debt through corporate bailouts and the economic stimulus program. But what happens when productive taxpayers can no longer pay enough taxes to support benefits promised by “progressive” politicians to dependent America? With European welfare states like Greece teetering on this threshold of collapse, our crossroad is whether to continue down the same road or to return to the path that once made us the freest and most prosperous country the world has ever seen.

How good are Regulations?

by Todd Thurman

Not surprisingly, the EPA thinks regulations are good. What is surprising is that they think everyone else thinks they are just as great as they do. So much so that they are holding a contest. No. Seriously, they are. They want you to make a video telling everyone how great regulations are and to get more people involved in the process.

Getting people involved in the process sounds like a good thing on the surface, but the EPA (and all other Administrative Agencies) are not beholden to public opinion. They offer the public a chance to weigh in on the process by letting you weigh in with comments, but they are unelected officials and, thus, have no reason to listen to anyone and make regulations that could kill the economy. Aren’t they great?

Well, thankfully, not everyone thinks regulations are the “bees knees”. The Heritage Foundation submitted a video to the contest explaining how awful some regulations can be to economy.

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