Thanks Obozo: Slavery By Debt

March 29, 2010

The 10 year outlook for the nation’s budget deficit has deteriorated by $8 Trillion. Americans are likely to witness tax increases to close the budget deficit gap. CNBC reported:

Many Americans know the deficit has exploded this year. What may be less well-known is that the problem is not confined to this year or next, but stretches out at least a decade and represents a historic, multi-trillion-dollar change in the country’s fiscal fortunes.

CNBC, working with the Congressional Budget Office, found that the 10-year outlook for the nation’s deficit has deteriorated by almost $8 trillion. In effect, every man, woman and child in the United States has taken on an extra $25,000 in debt, CNBC has learned.

Comparing the CBO’s outlook in 2008 to the current forecast, CNBC found that what was once a projected $247 billion surplus for the years 2009 through 2018, is now an estimated $7.4 trillion deficit.

What caused it? According to the CBO, 57 percent of the increase was caused by the decline in revenues, of which a vast majority resulted from the agency’s outlook for the economy.

Specifically, Social Security accounts for a huge part of the revenue change. According to the network’s analysis, Social Security was expected to show a $2.3 trillion surplus over the 10-year period from 2009-2018. However, new figures show that if a surplus for the agency will exist at all, it is projected to be just over $1 trillion.

Adding to the deterioration is a range of expenses and methodology, including the stimulus bill, a change in accounting for the war, extended unemployment benefits and additional interest on debt.

Federal Reserve Chairman Ben Bernanke highlighted deficit concerns in his Congressional testimony on Thursday, saying that Americans are in for tough, unpopular changes, such as tax increases, to close the deficit gap.

Greenspan also warned that the nation faces a mountain of debt that it “has never seen before.”

I assume Obozo thought people would still keep working to meet his need for wealth redistribution. Silly bozo and his zombies, it doesn’t work that way does it. Poor guy, ought to try running a profitable lemonade stand,

Searchlight Nevada: Dump Harry Reid Tea Party Rally

March 28, 2010

The Violent Left, ignored by lame stream journalists.

Andrew Breitbart witnessed first hand today the cunning manipulation and violence of the unhinged left. Harry Reid supporters stood on Highway 95 outside of Searchlight, Nevada and held signs steering tea party protesters heading to the Tea Party Express Showdown in Searchlight Rally in the wrong direction. Andrew also witnessed these violent leftists attacking the Tea Party Express bus with eggs as it drove by. The Harry Reid supporters then swarmed him, harassed him, threatened him and made false statements to the police. Attack  video at link.

View of what  CNN said, dozens of attendees:

This rally was the start of the new Tea Party Express run across America, first stop was the dump Reid rally in Searchlight Nevada. The run ends on April 15 in Washington DC with the Tea Party tax day protests across the country scheduled for April 15, 2010. They plan several meet ups with Sean Hannity’s new book and tour “Conservative Victory”

Sarah Palin also attended the rally and Tea Party Express send off:

CNN said on air dozens of people attended. The organizers said there well well over 20,000 attendees.

NewsBusters reported on CNN’s anti-Tea Party bias:

Hundreds of people, at least dozens of people – we haven’t gotten a count of how many people turned out there. We heard Sarah Palin talk about everything about the campaign, to unseat Sen. Reid to what she calls ObamaCare, on the heels of that health care vote and even talking about her definition of her love of America.”

Weird how the CNN reporter who was allegedly there in the middle of the throngs, would say this, isn’t it. But we have photos, of the overflow crowd, the organizers said they literally had no more space for more people, as the huge traffic jams on the roads in this photo depicts. Yes we had our own plane filming overhead — Hah!!!

Here are more links: AmericanPatrol, Gateway Pundit.

The Beginning Of The End: Supply Fears Start To Hit Treasuries

March 28, 2010

Obama’s stupid borrowing begins to bite … You can’t spend your children’s future without consequence. Since you won’t find evidence for this in the USA lame stream media, here is Sunday’s Financial Times of London England reporting:

The bond vigilantes are finally flexing their muscles. A long period of stability for the US government bond market showed signs of cracking this week as a lack of investor appetite for new debt sent the benchmark 10-year yield to its highest level since last June.

For more than a year, analysts have been warning that record sized debt sales by the US Treasury were at odds with a 10-year yield sitting comfortably below 4 per cent. This week, the yield on 10-year notes jumped from 3.65 per cent to a peak of 3.92 per cent on Thursday. On Friday it was 3.87 per cent.

Chart: TreasuriesFalling inflation, rising unemployment, the housing market slump, the Federal Reserve’s policies of a near zero overnight borrowing rate and its purchase of up to $1,700bn in bonds have all helped keep Treasury yields near historic lows.

But this week the mood shifted as yields for $118bn of new US debt were much higher than forecast, sparking overall selling of Treasuries. Sentiment also deteriorated in the UK bond market after the government’s budget ahead of a general election expected in May failed to resolve doubts over future spending and debt reduction.

Make sure you read the entire article. Jimmy Carter would be proud. Not everybody in the world is as stupid as Obama.

Yeah, The Tea Party Wins

March 27, 2010

The issue is campaign contributions, can groups formed of individuals raise unlimited funds for campaign ads … The answer handed down yesterday was yes they can. (link to press release) filed the suit and won.

… a conservative group won approval to raise big donations for ads but must regularly disclose its givers.

Today, the federal courts ruled once again to expand free speech rights by striking down government-imposed restrictions on participation in political campaigns.  Citizens’ groups have now been freed to speak out in elections thanks to a unanimous “en banc” ruling today by all nine active judges on the D.C. Circuit Court of Appeals.  This is the first major application of the U.S. Supreme Court’s ruling in Citizens United v. FEC, which expanded the free speech rights of corporations and unions to participate in elections.

Holding that, under Citizens United, “the government has no anti-corruption interest in limiting contributions to an independent expenditure group,” Chief Judge David Sentelle, in an opinion joined by all eight other judges on the D.C. Circuit, struck down federal campaign finance laws that made it practically impossible for new and independent groups of individuals to join together and advocate for the election or defeat of political candidates.

“This is a tremendous victory for free speech,” said Institute for Justice Senior Attorney Steve Simpson, who argued the case before the D.C. Circuit.  “This decision ensures that all Americans can band together to make their voices heard during elections.”

So Tea Party groups can now organize and get in the fund-raising business for the purposes of running their own ads. I really have no problems with the fund raising disclosure filings, as long as they are not necessarily onerous. Here is more from CNS News on the decision:
Read the rest of this entry »

Avoid All the Lies: Just Tax It

March 27, 2010

How’s that Obammunism hopey changey thing working out for you Obama zombies?

BMW: Switches Some Small Models To FWD

March 26, 2010

BMW is transitioning, small new models will be fronts wheel drive. Basically repackaged Mini FWD models. Having owned BMWs for the last couple of decades — Yuck!.

The WSJ has a piece about the changes in today’s online WSJ, key points of which are:

Auto enthusiasts—including many automotive designers and engineering executives, as well as wealthy car buyers—generally prefer cars to have the driving wheels in the back. It makes a difference in the way a car handles and steers. That difference is instantly recognizable but hard to define.

… front-wheel-drive cars suffer from being pegged as relatively unexciting to drive. Driven hard into a curve, they tend to plow sideways. They can also be susceptible to annoying “torque steer,” which occurs when unequal amounts of power are sent to the left and right front wheels, causing the car to lurch in one direction or the other.

To survive in this new world, he says, BMW must build more small models without breaking the bank. Purists won’t like it, but that means sharing the front-wheel-drive systems of future Mini models with future subcompact BMW models.

Mr. Hall, the consultant, says the truth is that most drivers probably can’t tell whether they are driving one kind of car or another. As technology narrows the performance differences, he says, “luxury cars don’t have to be defined by which ends drive them.”

The last paragraph is for the ‘auto ignorant’ that BMW hopes will still stick with their brand.

Read the rest here:

Cramer: ObamaCare Would Rocket Tax Rates to 50-60%

March 26, 2010

Here are three inconvenient little facts about ObamaCare that the MSM might not want people to hear . . .

Financial guru Jim Cramer says ObamaCare would:

  1. break the federal budget;
  2. cause federal income tax rates to rise to 50-60%; and
  3. cause capital gains and dividends to be taxed like ordinary income [i.e., at those 50-60% rates instead of the current 5-15%].

Cramer made his sobering predictions on today’s Morning Joe.

JIM CRAMER: I think this is a bill where if you get amnesty, it goes into law, you get amnesty.  You break the budget. That means we’re going to see 50-60% federal tax—I’m not kidding. And I also think we see capital gains and dividends being taxed at ordinary income rate. I know the bill doesn’t say that now —

LARRY O’DONNELL: So you’re in favor of it!

CRAMER: Exactly!  I really want to go broke. It’s important to me.

O’DONNELL: Broke?  You get to keep half your money.  What are you talking about?

CRAMER: Well after Jersey taxes, I get to keep 35%.  I work for the government until about September 15th, and then it’s a-l-l-l mine!

O’Donnell was kidding—I think.  But if Cramer is anywhere close to being right, this is no laughing matter.  Will the MSM give any play to his predictions about Obama’s catastrophic consequences?

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