Posts Tagged 'Finance'

Ed Rendell STILL Trying to Raise Taxes

By Caomhin

Give Fast Eddie some credit, I suppose, when he is determined to do something, he won’t give up on it.  Of course, what he is determined to do is continue to harm Pennsylvanians by assaulting their bottom line while fattening up the commonwealth’s budget.  His new “budget” plan was announced today:

Under the plan, Rendell proposes reducing the state sales tax rate from 6 percent to 4 percent, but to extend it to 74 services and other transactions that are currently exempt, including professional laundry, candy, gum and personal hygiene products. His plan would keep intact some major exemptions, including those on groceries, clothing and prescription drugs.

He also is reviving tax increase proposals he has offered before, including extending the tobacco tax to cigars and smokeless tobacco and adding a new severance tax on natural gas extraction to capitalize on the exploration industry’s hot pursuit of the Marcellus Shale gas reserve.

Rendell really has it out for the natural gas industry and the ability of Pennsylvanians to heat their homes and live in comfort with lower energy bills.  His bitterness at keeping our homes at 65 degrees during winter is amazing.  However, for a full list of things he is looking to tax, have a look here.  Some highlights:

Caskets and Burial Vaults

Coal

Electrical, plumbing, heating and air conditioning service fees

Financial Institution Fees

Firewood

Flags

Funeral Parlors, Crematories, and Death Care Services

Residential Electric Service

Textbooks

Really consider that list for a moment.  Rendell wants to tax you simply for living and dying.  Think about it.  We here in Pennsylvania heat our homes with either natural gas, coal, oil, wood, or electric, all subject to new taxes under his sub moronic plan.  We all use electricity, so that’s a double whammy for many and a sucker punch in the gut for the rest.  Want to buy an American Flag to proudly display outside your home?  Rendell would like you to pay extra.  Have a bank?  Fast Eddie would like a cut.  Like to learn?  He wants to tax your textbooks.  When you pass away he also wants to put the clamps on your family for taking care of your final expenses for honoring you with dignity and being paid your final respects.  There is nothing this man will not try to profit from and it’s disgusting.

For other budget “highlights,” feel free to click here.  This train wreck of a plan must be stopped at all costs.  This is a governor who could care less about the people of Pennsylvania and his contempt for us is clear.  Facing a budget crisis that he created, his reckless, idiotic, and frivolous increases in spending and taxes, have handicapped the ability of Pennsylvanians’ to increase their standard of living.  So badly has he damaged this Commonwealth’s finances, that he is begging for money from the federal government, looking to tax nearly everything in existence, and has caused financial problems that will hound us for years.  His casino plans were a disaster, what should have been something to benefit Pennsylvanians has done little for us.  He doesn’t even have the common decency to keep spending flat facing a “fiscal tsunami” that he created by keeping spending flat and making difficult cuts because he is too much of a coward and incompetent to do so.  Come November, when I have the honor of voting in a Rendell-free election, knowing full well that no matter what happens, Fast Eddie will be leaving Harrisburg shortly, then I’ll breathe a bit easier.  Until then, I will not stand idly by as Rendell attempts to further damage our great Commonwealth.

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Obama’s Change: Record Deficits

By Caomhin

In his State of the Union Obama talked about not rewarding failure.  Americans should keep these words in mind this November and in 2012.  Obama’s projected budgets cast deficits as far out as projections allow, and for the fiscal year of 2011 Obama is determined to set records:

Republicans on Monday slammed President Obama’s $3.8 trillion budget as a fiscally irresponsible spending spree, casting doubt on the administration’s claim that the budget reflects cutbacks and hard choices.

The fiscal year 2011 budget, sent to Congress Monday, includes new jobs-creation programs and additional funding for the wars in Iraq and Afghanistan, but is projected to add nearly $1.3 trillion in deficit spending on top of the current year’s projected $1.6 trillion deficit. As he unveiled the budget, Obama warned the federal government to stop treating taxpayer dollars like “Monopoly money.”

Obama has the nerve to utter that last line, failing to recognize his utter destruction he has perpetrated against this nation’s finances.  He is proposing a $1.6 TRILLION DEFICIT. This doesn’t even include his government run health care plan.  This is on top of the $1.56 Trillion dollar deficit he ran last year.  Remember, this is before he and his liberal allies ram even more programs and spending bills down our throats.  Assuming Congress does nothing else, at all, about anything, until next year, Obama will have increased the deficit by $3.16 Trillion in 2 years.  That number is sure to grow.  So for Obama to say that government should stop treating the taxpayer dollar like “Monopoly money,” when he is in fact, the one doing it, it is offensive to anyone who pays taxes and lives in this nation.  He is putting our nation into levels of unsustainable debt and we will all feel the repercussions of this.  The liberals need to go, for the good of our nation, for its survival, they must be voted out.

Another key fact to note from this article:

According to White House estimates, the budget’s deficit for fiscal year 2013 would drop to $700 billion before jumping back up to $1 trillion in 2020, the furthest out that budgeters will predict.

He has projected deficits as far out as they can even project.  Additionally, his budget proposes eliminating most of the Bush Tax cuts that actually spurred investment and economic activity, bringing tax relief to all Americans, and greatly helped American small businesses.  He is also assuming an unemployment rate of close to 10% if not higher for the next two years.  He proposes raising taxes during a depression and spending uncontrollably for as long as he is in office and he thinks somehow, this can fix things.  He is wrong, the liberals are wrong, and they must go.  We cannot continue to pay the price for our “leadership’s” failure.  They must be voted out.

Obama has shown no restraint and refuses to take responsibility for his actions, always pointing the finger at others.  His hubris is so deep that he cannot even recognize the harm he is doing to our nation from the ability of families to maintain purchasing power from a strong dollar to our reputation globally as he continues to undermine our economy.  No amount of rhetoric can mask the reality of the situation.  It is dire and demands immediate action.  Rather than remedy the situation Obama and the liberals choose to exacerbate it, to the detriment of all Americans.  It is unconscionable.  We deserve better and Obama and the liberals must be voted out.

Democrats Gearing up to Increase the Debt Limit by $1.9 Trillion

By Caomhin

$1.9 Trillion.  In order to finish up the current fiscal year.  To avoid putting the United States in default.

Let this sink in:

Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.

The unpopular legislation is needed to allow the federal government to issue bonds to fund programs and prevent a first-time default on obligations.

Less than a decade ago, $1.9 trillion would have been enough to finance the operations and programs of the federal government for an entire year. Now, it’s only enough to make sure Democrats can avoid another vote before Election Day.

Democrats are fine with a national debt of $14.3 Trillion, at least until after the elections in November, when they will vote to increase the limit again.  They are looking to increase the debt $1.9 Trillion dollars over the next ten months.  It’s no secret that the liberals in Congress have many, many schemes that they are looking to unveil, all of which would accelerate the accumulation of debt.  This level of debt is unsustainable and, frankly, it is immoral of this Congress to continue to find ways to spend money, unveil new programs, and increase the size of government and foot every man, woman, and child in this nation, for untold generations, the bill for doing so.

The amount of money that the Obama Administration and the Liberal controlled Congress have spent is staggering, and from all indications, this is just a microcosm of what they are looking to do.  Not only have they demonstrated that they possess no restraint or self control, they have also demonstrated a complete and utter lack of common sense and decency.  The spin and the lies they have been perpetrating provide no cover from the truth, and as such, they must deal with the consequences of their actions.

It is imperative that spending be dramatically cut.  The crushing debt threatens to break the back of our economy and severely impacts each and every American.  There is no excuse for the amount of spending and complete and utter fiscal irresponsibility.  The madness must stop or we are literally facing a bankrupt nation and a myriad of troubles that could make our current situation look like economic times of the Roaring 20s.

So It Begins For Social Security

By Caomhin

While there were many issues that I had disagreed with President Bush, the privatization of Social Security was not one of them.  We all know that the entitlement program payments are exploding and have to be honest with and to ourselves, it’s going to get much, much worse.  Most people around my age have almost no faith that Social Security will be around when we retire.  A slow but steady move towards the privatization would have empowered millions upon millions of Americans in taking ownership of their retirement funds with the ability to change investments based upon their objects as a result of a number of variables.  Democrats railed against this and went so far as to applaud themselves for blocking reform all the while insisting that the crisis with Social Security was non-existent.

I wonder if they’re applauding themselves right now:

Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise. The trustees who oversee Social Security are projecting there won’t be a cost of living adjustment (COLA) for the next two years. That hasn’t happened since automatic increases were adopted in 1975.

By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.

Democrats can try to spin this anyway they want to, but without a COLA the same amount of money from year to year is worse less due to inflation, thus Social Security recipients are facing the reality of leaving with less real wages.  The retirement of the Baby Boomers has just begun and already we are seeing the vast problems of Social Security coming to the surface and we’re not even seeing the tip of the iceberg yet.

Climate Lies Articulated by the Media

By Caomhin

Actually have to tip the hat the AP for their editors’ not picking up on the blatant lie about Carbon Reduction being about the environment.  As we’ve long since suspected, this is simply about an effort to impose socialism on a global level.  I am not a conspiracy theorist by any means but I do believe that rise of Leftist leaders has led directly toward a larger, much more sophisticated and sovereignty eroding socialist agenda.  Leftist crusades often are presented as being “honorable” or for the cause of “saving humanity” and usually have scapegoats, namely, anyone who has accumulated wealth.  While I myself am not wealthy, I don’t begrudge anyone who has worked their entire lives and I wish them well.  I believe in capitalism, liberty, and the right of self determination.  Greed and envy are not my guiding principles.  I am more concerned with improving myself and working hard to achieve my goals.  All I ask is to be free to pursue these goals, win, lose, or draw.

So why do I see that the AP finally let their guard down and let the truth about the move toward global socialism under the guise of “Climate Change?”  Check out this article; specifically:

As it stands now, under the carbon-capping Kyoto Protocol, rich countries shoulder most of the burden for cutting the emissions that spur global warming, while developing countries — including fast-growing economies China and India — are not required to curb greenhouse pollution.

Rich countries, notably the United States, have said this gives developing countries an unfair economic advantage; China, India and other developing countries argue that developed countries have historically spewed more climate-warming gases, and developing countries need time to catch up.

“Developing countries need time to catch up.”  Think about that for a moment.  If the reduction of “climate-warming gasses” is absolute for mankind and the Earth’s survival, then to what do developing countries need to catch up?  Certainly not in emitting pollution, for if developing countries are spewing out more pollution even as developed nations cut back, then what exactly is being achieved?  These gases are still being released and nothing is being accomplished as the environment is still being irreparably harmed beyond repair according to Al Gore and his acolytes.

It is safe to assume that under the environmentalists’ view that the release of any and all harmful gases much be drastically drawn down on a global level or stopped all together.  They have made that argument time and time again.  However, why would they push for other nations, developing nations, to be allowed to produce more of these gases at all?  It is because it has nothing to do with the environment at all.  Well, to be fair, it is for some, but rather the overwhelming members of the Climate Change crew are using this mechanism to rapidly push forward their socialist agenda.

“Catch up,” in this case refers to one thing and one thing only, and that is to catch up economically.  They can no longer hide the fact that Cap and Trade and other restrictions on individuals and businesses will do economic harm to the host countries.  By “capping” what industrialized nations can emit those who go over this arbitrary line will be forced to pay taxes to nations that do not emit above this level.  The aim is to take money in the form of tax revenues from certain individuals and giving it to others.  It is a redistribution of wealth; it is socialism.

What will also be a necessary response to this particular form of Cap and Trade is not just a global tax that will be used as a form of welfare payments to developing nations (i.e. sending American tax dollars to other nations as “punishment” for having been successful in the first place) but we will also see a geographical movement of “wealthy” individuals and business to nations that are more friendly.  In other words, policies that will come as a result of the Global Warming hysteria knowingly are a means by which transfer payments and relocation of industries to developing nations will not only be encouraged but rewarded.  It is a sort of a fall back to serfdom for the rest of us.  Should you not have the money to pay your allowances to the government to lead the lifestyle you worked hard to attain in the first place than you shall not be able to do so.  Meanwhile, this “crisis” is so bad that Leftist politicians like Obama, Pelosi, Reid, and others take private jets all across the world while scolding you for driving your car to and from work.  The fact is, the media finally let a truth slip here.  Leftists know that placing restrictions and forcefully taking the private property of individuals in order to re-assign their belonging to others will slow down and set back the development of those in industrialized nations, while the flux of newly seized tax revenues and business incentives to invest in the developed nations will allow them to grow more quickly through artificial and government imposed means.  I believe that history has shown us the success of Central Planning in nations like the USSR with regards to a track record of human rights, freedom, liberty, and economic success.  How anyone could seek to willfully duplicate this record is beyond me.  Yet, the Left knows this and there is no way to truly describe how disingenuous or dangerously ignorant they are on this issue.

PA Democrats: We’re Going to Raise Your Taxes No Matter What

By Caomhin

I’ve posted about it before and here I am posting about it again.  Liberals are liberals no matter where they are from.  For people who go around patting themselves on the back for being “progressive” they sure are regressive and seemingly uneducated on all matters pertaining to mathematics, finance, and common sense.  I hope you’re ready for a fight, be you moderate Democrat, Libertarian, or GOP because the House Dems threw down today and reassured the citizens of the Commonwealth, that yes, they are coming for your wallets by outright rejecting the GOP budget proposal:

The bill, crafted by the Senate Republican caucus and passed in that chamber last month, cut spending in Gov. Ed Rendell’s proposed $29 billion budget to $27.3 billion. It contained no tax increases, and limited reliance on one-time sources of revenue.

But supporters said it did a better job of matching state spending commitments with revenues.

Rendell and House Democrats, however, have maintained that the Senate budget was much harsher to those in need of state services than it needed to be, by failing to tap valuable resources like a $750 million cash reserve, or any of several tax increases proposed by the governor.

Got that?  There was a bill that would have cut spending, contained no tax increases, and limited one time revenues but Democrats just couldn’t do it because they absolutely, positively needed to raise taxes, increase spending, and increase the state deficit.  No other alternatives existed in their minds.  So I hope your ready to remind them, especially at the ballot box, that we will not and cannot pay for their incompetence and stupidity any longer.

Smart Power: Bankrupting the United States

By Caomhin

I know that “Smart Power” is the term of choice for the Obama Administration’s foreign relations but we know how that is going, what with giving Iran all the time they need to fully develop their nuclear weapons program, that moronic “reset button” that was misspelled and given to the Russians, and a whole host of other stumbles.  Smart Power is also what VP Biden calls his Flintstone vitamins, which allows him to do such things as talk smack on Obama’s dog, reveal secret bunker locations, and drop this gem at a commencement speech at Wake Forest:

I believe so strongly, as you may recall when I was here in October, not in you particularly but your generation, that I don’t have a single doubt in my mind we’re on the cusp not only of a new century but a new day for this country and the world.

I’m sure the graduates at Wake Forest appreciate the fact that he doesn’t necessarily believe in them, but some people, somewhere.  Also, I’d like to remind Joe that we’ve been well into a new century for a few years now.

Let me, move, however, to my main point.  After all that trash talking on the Tea Party movement, and grassroots efforts to point out the obvious, that flooding the market with dollars, endlessly running the printing presses at the Fed, passing unfathomably large spending bills, bailouts, and so forth, Obama finally admitted that we’re out of money.  So I suppose when the media presents this, they’ll hail Obama’s honesty while they denigrated all those who warned of the dire consequences of Government spending run amok and the ill effects of such foolish policies.  We scorned when we did so, and we here at To Our Republic in particular, have voiced strong concerns over the coming hyperinflation, which still has yet to be properly spoken about in the media as more devastating and an unseen tax that will punish American citizens of low and middle incomes.

Indeed, even as Obama admits we are out of money, he is ramping up spending, on levels never before seen, to push through socialized medicine, a devastating cap and trade policy, and many more spending initiatives.  You’ll recall he said he would lower taxes for 95% of Americans, but if you believe that, than you’re living in a fantasy world.  Perhaps he means for an extremely short fixed period of time, because you need to understand his words, they’re ramping up for a major tax increase aimed at all Americans, and he will present this to the people as Vice President Elmer Fudd said, as being “patriotic.”  Liberals simply cannot help themselves, and their warped view of reality is quite frightening.   Remember how Liberals howled about Bush’s budget deficits (as did many fiscal conservatives did, albeit we did it as a matter of principle, Liberals did this a matter of politics) which exceeded $400 billion.  Keep that in mind as you read this:

The deficit for the current budget year will rise by $89 billion to above $1.8 trillion — about four times the record set just last year. The unprecedented red ink flows from the deep recession, the Wall St. bailout, the cost of President Barack Obama’s economic stimulus bill, as well as a structural imbalance between what the government spends and what it takes in.

Worrisome indeed. Consider also, we stand on the edge of losing our AAA credit rating as a nation due to the Liberal policies being embarked upon in this nation.  I remember speaking to Marissa after the 2006 elections which saw the Democrats take over Congress, and saying, “How bad can they possibly make things in two or three years?”  Well, I now have my answer, and I realize my own short sightedness.  All we can do now is work vigilantly to warn against policies that will put America on course to economic ruin and to remind people of what the great Milton Friedman so eloquently presented, and which is undeniably true, that economic and political freedom are interlinked and equally dependant upon each other.  We can not lose one and have the other, and that is why we will never fail to raise our voices and to fight for our causes.