Under Obamanomics, Government Workers Win, You Lose

Obama, recession 1 Response »
Aug 102010
LaPlace, La., October 8, 2005 - Dan Waldman (l...

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We used to call them public servants, now they are our masters

Today the House of Representatives is expected to approve yet another bailout for those states that have proved incapable of controlling their spending on government worker pay, benefits and pensions. The $26.1 billion price tag will be funded in part by $11 billion in tax hikes on U.S. companies that compete internationally. From his trillion dollar economic stimulus to his $3 trillion tax hike it has become clear that President Barack Obama views the private sector the same way the Huns viewed a city – as something to be sacked and plundered for the benefit of public sector workers.

The effect of President Obama’s policies is becoming clear. The Wall Street Journal reports that personal incomes fell across the U.S. last year except in areas with a high concentration of federal government jobs. Washington D.C. was one of just three metro areas that saw both net earnings and personal income rise. And those gains were due entirely to the growth of the federal government; private sector compensation in the Washington metropolitan area actually fell. Nationally, private wages fell six percent in 2009 while government pay rose 2.6 percent. And USA Today reports that federal employees’ average compensation has grown to more than double what private sector workers earn. read more

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Moody’s warns of 'social unrest’ as sovereign debt spirals

economy, News, recession No Responses »
Apr 122010

In a sombre report on the outlook for next year, the credit rating agency raised the prospect that future tax rises and spending cuts could trigger social unrest in a range of countries from the developing to the developed world.It said that in the coming years, evidence of social unrest and public tension may become just as important signs of whether a country will be able to adapt as traditional economic metrics. Signaling that a fiscal crisis remains a possibility for a leading economy, it said that 2010 would be a “tumultuous year for sovereign debt issuers”.

via Moody’s warns of ‘social unrest’ as sovereign debt spirals – Telegraph.

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Jobs and Freedom - Americans Call for Change As Country Turns Away From Economic Freedom

leftists, News, Obama, recession No Responses »
Jan 202010

Scott Brown‘s shocking victory in Massachusetts on Tuesday was a shot across the bow of the liberal ruling class in Washington and declared one clear message: Americans do not like the direction the country is heading, and they’re not going to stand for it, even in the solidly-blue Bay State.

The United States‘ direction today is a dangerous one, even when compared to the country’s state of affairs just one year ago, as revealed in the 2010 Index of Economic Freedom, which we are releasing this morning in a joint project with The Heritage Foundation and The Wall Street Journal. The Index analyzes just how economically “free” a country is, and this year America saw a steep and significant decline, enough to make it drop altogether from the “free” category, the first time this has happened in the 16 years we’ve been publishing these indexes. The United States dropped to “mostly free.”

Jobs and Freedom

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SEC order helps maintain AIG bailout mystery

economy, News, Obama, recession No Responses »
Jan 162010
American International Group, Inc.
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It could take until November 2018 to get the full story behind the U.S. bailout of insurance giant American International Group (AIG.N) because of an action taken last year by the Securities and Exchange Commission.

In May, the SEC approved a request by AIG to keep secret an exhibit to a year-old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and Merrill Lynch.

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Could S Corp Owners Be A Tax Target? - Forbes.com - Mozilla Firefox

economy, leftists, recession No Responses »
Jan 152010

A report released Thursday by Congress‘ Government Accountability Office shows why owners of the nation’s four million S corporations might be a tempting target for politicians hunting for more revenue.

The report features new estimates of S corp finagling–estimates based on special in-depth “National Research Program” audits the Internal Revenue Service conducted on 2003 and 2004 S corp tax returns. Over those two years, the GAO estimates, 68% of S corps misreported their net income, understating their combined net profits by $85 billion.

via Could S Corp Owners Be A Tax Target? – Forbes.com – Mozilla Firefox.

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The lost generation

economy, News, recession 1 Response »
Jan 052010

Unemployment among those ages 15-24 is now averaging 20 percent across Europe, with an extraordinary peak of 43 percent in Spain. But it is above 20 percent even in prosperous Luxemburg, the country with the highest income per capita in the European Union.

Youth unemployment in the United States is more than 19 percent and is expected to top 20 percent this year. But it is much higher among ethnic minorities

via Walker’s World: The lost generation – UPI.com – Mozilla Firefox.

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Ayn Rand Rises Again

economy, Obama, recession No Responses »
Apr 202009

In her timeless book Atlas Shrugged, author Ayn Rand chronicled the fictional doings of many great industrialists who were dealing with the greedy hand of government, including Hank Riordan. In an early chapter, Riordan was asked by a relative who his man in Washington was, but he had no answer.

A productive person driven by his own self interest, it never occurred to Riordan to look to Washington for help in growing his business, or for handouts meant to keep it afloat. Success for him resulted from being profitable, and profits were the certain signal that he was giving customers of his massive steel corporation what they wanted.

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More than 100 class action suits threaten the future of family business

economy, News, recession No Responses »
Apr 132009

Self-proclaimed victims of global warming or those who “expect to suffer” from it – from beachfront property owners to asthmatics – for the first time would be able to sue the federal government or private businesses over greenhouse gas emissions under a little-noticed provision slipped into the House climate bill. more

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