Archive for the ‘ Taxes ’ Category

7 Myths about Taxes

Stephen Moore, Senior Economics Writer, for the Wall Street Journal, published an extremely interesting report on Tax Myths on the Manhattan Institute for Policy Research’s website.  I highly recommend reading it but it is a bit in-depth.

By no means do I wish to plagiarise his wonderful work but I would like to condense it.  I’m only going to list the ones I think are pervasive and make my own conclusions. Continue reading

Obamacare will cost at least 200% more

In 2010 the CBO reported that Obama’s landmark and potentially unconstitutional healthcare law would be “deficit neutral.”  We were told that insurance costs would go down 10 to 30%.

Now hold on this could be a shock to you.  Flash-forward to 2012, no longer deficit neutral the legislation, according to a study to be released by Charles Blahous, will now add $340 billion to the deficit.  (I predicted and continue to stand by this, before we arrive at 2019 this legislation should it be held in place will add more than a trillion dollars to the deficit.)

The Obama administration challenges this finding, even falsely asserting that the CBO says Obamacare will lower the deficit, something it has not said since 2010. Let’s look at the CBO’s prediction, but first you should know the CBO’s predictions are notoriously low, normally off by 3 to 11 times the actual amount. Continue reading

15.2 TRILLION and there ain’t no stopping us now

January 9, 2012 was a historic day in America.  It came and went without much notice in the press or by the millions of Americans affected.  Without Congressional approval, without a vote, without a whimper, the debt limit was automatically raised and the national debt became a record 15.2 trillion dollars.

The new debt number exceeds the total Gross Domestic Product of the entire nation,* which was $15.176 trillion in 2011.  As Americans we should be outraged.  We should recall and impeach all our elected officials who silently approved.  But will we?

No.  Most Americans don’t even realize the danger.  Most won’t care until collapse is imminent.  Then just like in Greece, riots will erupt and people will be confused wondering why they never saw this coming.  I’ve been predicting this since 2004 and writing about it here since 2008.  People smarter than me have as well, but no one listens.

Would you like some fries with that?

Some with shallow understandings of macro economics argue, “it’s a harmless debt, we owe it to ourselves.”  That’s like walking across the Sahara without water and saying, “But it’s a dry heat.”  Nor is it unlike a 900 pound man claiming the extra 1300 calories in the Monster Thickburger won’t make a difference in his 20,000 calorie per day diet.  In both examples the result is the same. Continue reading

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