Tag Archives: Money/Economy/Taxes
First Egypt, Then the Fed? Ron Paul on the Lew Rockwell Show
Ron Paul: The Kudlow Report, 02/08/11
Robert Kiyosaki On Goldseek Radio
Obama to call for $53B for high-speed rail
President Barack Obama is calling for a six-year, $53 billion spending plan for high-speed rail, as he seeks to use infrastructure spending to jump-start job creation.
An initial $8 billion in spending will be part of the budget plan Obama is set to release Monday. If Congress approves the plan, the money would go toward developing or improving trains that travel up to 250 mph, and connecting existing rail lines to new projects. The White House wouldn’t say where the money for the rest of the program would come from, though it’s likely Obama would seek funding in future budgets or transportation bills.
Obama’s push for high-speed rail spending is part of his broad goal of creating jobs in the short-term and increasing American competitiveness for the future through new funding for infrastructure, education and innovation.
(Read more from news.yahoo.com)
My reaction:
Central planners cannot educate, innovate or create jobs. They must destroy before they accomplish.
Rand Paul on the Senate floor — about Compromise
Peter Schiff: FCIC is a sham!
Peter Schiff on lying economic statistic
* Government prevents credit card companies from raising rates, so they now have higher starting rates. Very typical of government regulation.
Schiff, Southern Avenger on the State of the Union
* State of the Union will be known as delusional once the collapse comes.
* Congressional Budget Office upgrades this year’s deficit projection by $400 billion. (So much for Obama’s $100 million cut.)
* President’s central planning — education, high speed trains, etc. — is wasteful central planning. No one knows future.
* Fed voted unanimously to do more of the same: quantitative easing, 0% interest. Full steam ahead on financial suicide. Fed printing will soon eclipse tax revenue.
* Government panel on financial crises was a complete farce. Financial crises was used as excuse to grow government. Concluded housing bubble *not* caused by Freddie, Fanny, low interest, government forcing banks to make bad loans. Panel concluded instead it was a lack of regulation.
(Here the NY Times gives voice to the inquiries fraudulent findings.)
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Jack Hunter notes the response to the State of the Union, and the palpable shift of conservative rhetoric away from war and toward fiscal sanity:
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See also, Visualizing Obama’s Budget Cut:
“The president’s team is going to take 90 days to find some way to take this [1/4 of one penny], out of that [those thousands of pennies on right].”
I think an excellent start would be firing the team.
Schiff on commodities downturn, bond market problems
U.S. economy, inflation, China, euro, gold
Illinois increases income tax from 3 to 5%
They should sell roads or lay off gov’t employees instead. When businesses are irresponsible, they go bankrupt. They suffer silently. When governments are irresponsible, they cry like the spoiled children they are, then figure out a way to take more money by force in the name of “essential services.”
Illinois Gov. Pat Quinn defended a massive increase in state income taxes passed by lawmakers Wednesday and promised to quickly sign the measure to help heal the state’s ailing finances.
Lawmakers worked overnight to pass the increase to raise the personal income tax rate from 3 percent to 5 percent for four years — a 66 percent increase. Corporate income taxes also will rise, but Quinn rejected the notion that it would decimate businesses.
The rate increase might be the biggest any state has adopted in percentage terms while grappling with recent economic woes. Nevertheless, Illinois’ tax rate would remain lower than in several other states in the region. (Read more from news.yahoo.com)
Schiff on Jobs Report, U.S. Constitution
* Disappointing non-farm payroll report.
* Official unemployment rate drop applauded. 9.8 to 9.4% This is only because 250,000,000 people left official workforce — i.e. aren’t collect unemployment benefits.
* Dollar down against most currencies. Euro concerns probably kept it from really getting clobbered.
* Ben Bernanke said number confirm economy is growing, except without jobs.
* “The reason it’s jobless, is because it’s not a recovery. . . . It’s just printing money and spending it.”
* NY Times article equates Republicans’ reading of the Consitution with racism, ignoring the Constitution with “interpreting” the Constitution. Author claims Legislature should ignore Constitution and only Judicial branch should worry about it.
British MP John McDonnell calls for people’s revolutionary masses to collect taxes
Cued video here.
He asks to publish a list of the top 100 tax evaders and avoiders. (Tax avoidance is legal. Not working is the simplest form of tax avoidance.) He envisions the angry masses showing up at their offices as tax collectors.
Former Marxist guerrilla sworn in as president of Brazil
The new president hopes to keep the country’s booming economy on track while advancing her Workers’ Party social agenda. (Read more from latimes.com)