It is now common knowledge that General Electric pays either nothing or very little in federal income tax on the profits it makes. It is also common knowledge that Jeffrey Immelt, the CEO of GE, is on the President’s job council and regularly advices the president on business. Crony capitalism is alive and well in the Obama administration.
Not long ago another billionaire businessman snuggled up to the crony in chief, Mark Zuckerburg was seen meeting with the President on numerous events. Today I came across an interesting story:
Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million—according to a Feb. 14 statement from Citizens for Tax Justice. (source)
I guess it pays to make friends with Obama. Of course this takes money away from the Federal budget and causes our deficit to be at record levels, but who cares about deficits when you can count another billionaire as your friend.
If anyone really thinks Obama is for helping the middle class and wants to take from the “evil rich” to spread the wealth around, you are lying to yourself. Look what the President is doing for spring break, playing golf with middle class hero Tigger Woods. Michelle was so happy about it that her and the girls are in Colorado skiing.
President Obama does not care about the middle class. He does not care about the poor. He definitely does not care about the United States of America. All he cares about is himself. President Obama is just another selfish politician that will say what ever you want to hear so that you will cast your vote for him. He does not care if you are struggling to pay your bills, as long as he gets to rub elbows with famous people like Tigger Woods, Beyonce and Mark Zuckerburg.
Tuesday marks the 1,350th day since the Senate passed a budget. The law requires Congress to pass a budget every year, on the grounds that Americans deserve to know how the government plans to spend the trillions of taxpayer dollars it collects, along with dollars it borrows at the taxpayers’ expense. But Majority Leader Harry Reid, who last allowed a budget through the Senate in April 2009, has ignored the law since then.
There’s no mystery why. The budget passed by large Democratic majorities in the first months of the Obama administration had hugely elevated levels of spending in it. By not passing a new spending plan since, Reid has in effect made those levels the new budgetary baseline. Congress has kept the government going with continuing resolutions based on the last budget signed into law.
While Reid has forbidden action, the House has passed budgets as required. Senate Democrats have been highly critical of those budgets, designed by House Budget Committee Chairman Paul Ryan. But under Reid’s leadership, Democrats have steadfastly refused to come up with a plan of their own.
Yet some how the lunatic left will still blame Republicans for this.
Let me be clear, I do not support default on the debt and we should never default on the debt and the only players who are threatening to default are President Obama and Harry Reid. This is an issue, and earlier in the show you played the President threatening default. In any given month tax revenue are 200 billion and interest is 30 or 40 billion. There is it plenty of revenue to service the debt and any responsible President would’ve stood at that podium and said ‘whatever happens with the debt ceiling, we will always pay our debt. We’ll never default on the debt’ and the reason the President isn’t doing that is he’s trying to scare people and raise the specter of financial apocalypse.” – Sen. Ted Cruz (R-TX) on Fox News Sunday 1/6/12
It’s good to hear some common sense coming from a politician.
Ever since Nancy Pelosi and Harry Reid took control of the US Congress there has been a “kick the can down the road” mind set to dealing with problems. I know that both of them, and the majority of congress, are too old to care about paying the bills for the votes they are buying today, but this style of governing is going to destroy our country.
There was hope that when the GOP took the majority in the House that Mr Boehner would stating making real decisions, that has proven wrong. Once Harry Reid made the decision to not vote on any budget passed by the house, or vote on any budget cut bills, we have been stuck with the status quo created during the DNC majority in congress.
(side note: It is amazing how the media has trained Americans to think of the GOP as the do nothing party when it is the DNC that has done nothing since 2009-2010, when they had control of both houses of congress and the White House)
Now I would like any one that voted for Barack Obama in November to look at their next paycheck. Notice something? That’s right, your taking home less. In order to try and buy votes he got congress to cut employees contribution to Social Security from 6.2% to 4.2%, so we paid less to Social Security for the last two years. As of Jan 1st 2013 our contribution now goes back to 6.2%.
If the President really cared about the middle class that 2% reduction would have been a permanent change,not a 2 year “kick the can” plan.
So for all those that voted for Barack Obama, thank you for the reduction in pay.
Oh, and a little advice, don’t get used to what you make as it will continue to decrease as long as he is President and Harry Reid refuses to bring House bills up for a vote. Once they tax away the wealthy they will come for the middle class and those taxes will increase before long.
As we get ready to face a new year with politics as usual in Washington I want to strap on my best schwammy outfit and dust off my crystal ball. Here are my predicts for 2013.
1. Benghazi: The American people will not learn what really happened, nor will they care. The media will move on to another story and there will be no one held liable for what happened in Benghazi on 9/11/12.
2. Fast & Furious: This prediction is tied to the first one. Because of Benghazi almost no one is talking about Fast & Furious. My prediction is that Brian Terry will be forgotten by most Americans, if not already. Again no one will be held liable for what happened and everyone will keep their jobs as long as they want to.
3. Debt Limit: In a recent interview Treasury Secretary Tim Geithner suggested getting rid of the debt ceiling that congress uses to restrict the power of the Federal Reserve to barrow, and I predict the Obama administration will continue to push this idea through 2013. If the GOP looses the house in 2014 I predict the debt ceiling will be removed in 2015, but the argument will be furtherd in 2013 as we continue to hit our heads against that ceiling several times over the next year.
4. Econ Bubbles: I predict that we will see an economic boom during the summer of 2013. Of course this will be a bubble and it will be short lived. I predict the bubble will either pop during the winter of 2013 or the spring of 2014. As part of the prediction I will say that I predict the Fed will increase the money supply to inflate the bubble. The DNC will hope to use that bubble to take back the house in 2013.
5. Gold: This one is easy so I will push it further. Gold will be over $1,800 before 2013 starts, I predict we will see $2,000+ gold early in 2013 and I will push the prediction further and say we will see $2,300/once gold prices.
Sadly none of the predictions I have made will result in a better America. Because of that I hope that I am wrong.
Cut the deficit in half by the end of the President’s first term. On January 20, 2009, the President inherited a $1.3 trillion budget deficit. The President has put forth a budget that will halve this deficit by the end of his first term, bring non-defense discretionary spending to its lowest level as a share of GDP since 1962.
I have attached a screen print of the Website for your convenience.
All though it is a fact the President made this pledge, it is also true that he has not done this. In fact, the deficit during his time his office has gone up each year and his latest budget proposal only brings it down to where it was when he took office.
(I can’t wait to see if they acknowledge this email in anyway)
For most of the last 100+ years the United States of America has been the economic “super power” that the world did all it could to be like. It is my opinion that we achieved this by two things.
First, we had true freedom. We had the freedom to succeed in America and to the dismay of many the freedom to fail. People crossed seas, crossed boarders and defected at risk of death to give themselves a chance at that freedom.
Secondly, we where a nation of producers. We produced the best products, the most innovating products and the most wanted products the world over. We made televisions, cars, clothing and entertainment better then anyone else in the world and the world came to America to shop.
Countries did all they could to make trading with America as easy as possible. Look at what the world did at the Bretton Woods conference, the world choose to tie their currency to the US dollar. You want another example? Where was the United Nations HQ? That’s right, New York City in the United States of America. So was the World Trade Center prior to 9/11.
But now things are changing and there is no bigger sign to this then the actions of the little island of Samoa. Today is Thursday December 29th in Samoa, like it is in America, but tomorrow will not be Friday December 30th. At midnight tonight in Samoa they will skip Friday and go directly to Saturday December 31st, why would they do this? To make trading with China easier.
You see, Samoa has for a long time been located in the latest time zone in the world, just one hour away from the international date line and China was a 23 hours ahead of Samoa. So to make trade easier with China the country of Samoa will sacrifice a full day from their calendar and because the new land of the rising sun as they enter the earliest possible time zone.
Now this will have little effect on your life in America, but it it is another straw on the back of the American economic power position and we don’t know which straw will brake that back. There is talk of eliminating the US Dollar as the world currency and switching to an IMF currency, just another straw. Of course there is the increased trade deficit we currently have with China and other Asian nations, another straw. How many straws can we take?