Thursday, July 15, 2010
Random thoughts from a warped and fevered mind...
Got a spare $42,000 lying around, maybe hidden between the cushions of your sofa? If so, the federal government could use it. $42,000 is the amount that every man, woman, and child in the United States owes for their portion of the national debt. This year. Next year it is projected to be $47,000 per person. In the debate about the debt and spending levels in this country, fiscal conservatives have often said that we are mortgaging the future of our children and grandchildren to pay for today's profligate spending. Look around your family and realize that every one of your loved ones is on the hook for this debt. Imagine that your children, grandchildren, nieces or nephews are getting ready to graduate from high school with the equivalent of student loans totaling $42,000. Because, in effect, they are. Erskine Bowles, the Democrat co-chair of President Obama's National Debt Commission summed it up best when he said, "This debt is like a cancer. It is truly going to destroy this country from within." Indeed, it is a sad fiscal legacy that we will leave future generations if we do not make some radical changes in the financial direction of our nation.
If a leper gives you the finger, do you have to give it back?
The reduced tax rates that we all enjoy as a result of the Tax Relief Acts of 2001 and 2003 are set to expire at the end of this year. Although it is popular and populist to cry "Tax the Rich", the fact is that in the eyes of the Congress, we are all rich. Taxes will increase across every bracket: The 10% bracket goes to 15%; 25% rises to 28%; 28% to 31%; 33% to 36%; and 35% to 39.6%. Additionally, the tax credit for dependent children living in your home will be cut from $1,000 per child to $500; the marriage tax penalty returns in 2011; and capital gains will rise from 15 to 20% in 2011 and then to 23.8%in 2012. Taxes on dividends will rise from 15% to 39.6%. Ouch! There are also scores of new and increased taxes on small businesses- the main creator of jobs in our economy. The high cost of our spending and waste in government is going to become painfully apparent next year as all wage earners and savers begin to pay more of their dollars toward social programs and debt reduction.
I was at my optometrist's office yesterday and while I was there, he fell into his lens grinder. He made such a spectacle of himself.
While everyone is focused on the November mid-term Congressional elections, attention should be paid to the lame duck congressional session that will occur after these elections. Why? Because that may be the one last chance to pass radical legislation and pork barrel projects that would not have a chance if a congressional member knew they would face angry constituents in the next election cycle. "I've got lots of things I want to do in a lame duck session. It could be a big deal," says West Virgina Democrat Jay Rockefeller. I guess so. Things that are unpopular or would be outright rejected by voters will be back doored by defeated Democrats. Union card check, the abolishment of secret ballot union elections, was dead on arrival in Congress until the possibility of Democrats losing one or both majorities in the House and Senate. Iowa Senator Tom Harkin, a Democrat said, "...to those that think card is dead, I say think again. We are still trying to find ways to maneuver parts of the bill before the next Congress is sworn in." Ya know, maybe I am naive, but I thought Congress was elected to represent OUR interests. Instead, Congress is intent on passing an agenda, one that isn't necessarily good for our nation but designed to cede autonomy and control to Washington.
I met this guy name Pavlov. His face wasn't familiar, but his name rang a bell.
And that, my friends, is my view.