Signs of national recovery

Discussion: 12 comments so far…

1. By Future

   11/4/09 at 2:17 a.m.

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   "A surge in tourists would help this state immensely and Nevadans should not lose hope that this will happen"

   We should have more than hope. We need jobs nationwide.

   The facts continue to come in that the Bush era financial system intervention rather than the Obama era jobless stimulus bill has brought us out of the recession.

   We need an honest assessment of what worked per Nancy Pelosi's test that the stimulus bill be timely, targeted and temporary.

   Why -- because Obama wants to spend another $200 billion doing what has already failed to produce jobs.

   If Obama wants to increase jobs he just has to reduce the 35% business tax.

   What is known is the trajectory of the rate of job losses had already changed from a peak in December 2008 -January 2009 -- before Obama took office and passed the stimulus. Every month since January 2009 the job losses have been less and the economy GDP went positive in May of 2009. The only appropriate part about the stimulus was money to ameliorate the pain of unemployment like extended benefits as is done for every recession.

   Vice President Joe Biden said that "everyone guessed wrong" then said they "misread how bad the economy was." That includes "spend and inflation as a cure" proponent Paul Krugman. To sell the Stimulus in January Obama said the FY-2009 deficit would be $1.9 trillion -- but it ended up at just $1.42 trillion so the economy did $400 billion better than Obama misread. In October 2009, Christine Romer say the jolting impact of the Stimulus has already happened with 14% spent.

   As the financial system intervention is unwound the stimulus must also be unwound to lessen the impact on the deficit, prevent runaway inflation, and avert a double dip recession.

2. By dwms

   11/4/09 at 3:40 a.m.

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   The State of Nevada should mitigate their damages and advise the citizenry of the billions of dollars in claims against the State of Nevada for its part in the 200% increase in children's wrongful deaths.

3. By its2hot

   11/4/09 at 7:37 a.m.

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   Clark County won't see any type of recovery until 2013 at the earliest and 2105 at the latest.

   What the so called experts don't speak about is truth based on facts and politicians by nature will tell you whatever it takes to keep the gravy train freebies coming their way.

   Developers have lots and parcels of land already for homes to be built and the infrastructure for these developments is completed. Highways and other infrastructure projects won't be funded until after the surplus is developed.

   Banks will never loan money to developers or private enterprise like the past, these days are over with and only those with large cash injections and cash in the bank to cover the loans, banks will not loan.

   Investment firms and Venture Capital will be regulated by Obama to such an extreme they'll invest in overseas markets because Obama and clan are against capitalism and big business without government co ownership.

   Substantial commercial development will remain stagnant through 2016, this market is soft and the foreclosure crisis hasn't hot this sector and won't hit until late 2010 to early 2011.

   Remember NAFTA now CAFTA, manufacturing jobs are no longer the hub of US economy and can't be used to gauge any recovery. Clinton and now Obama ensured these American jobs are transferred to cheaper labor markets and they'll never return. Let's not forget about the Super Highway and U.S./Mexico Cross border traffic and the program NAFTA requires, 100 Mexican owned Trucking companies don't pay USA taxes and will take over the trucking industry, and Buffet buy Burlington Northern for what reason?

   Inflation is going to rise, it only a matter of time, interest rates are too low, we have a weak dollar and getting weaker and the plan Obama and clan implement when he signed the stimulus bill ruined any chance of a sustainable recovery. To make this issue worse, George Soros who was convicted in France of insider trading, Soros specializes in weakening or collapsing the currencies of entire nations for his own selfish interests and Obama supports this person.

   America will lose our credit rating early 2011, when this occurs we will become codependent to other countries, remember, we can't beat you at war; we will destroy America economically.

   So when these so called experts speak, they're liars.

4. By GrumpyLP

   11/4/09 at 8:30 a.m.

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   Unfortunately, our politicians are "reactive" rather than "proactive". We need them to be forward thinking to correct the problems that have caused our current situation. While encouraging mortgage companies to extend high risk loans to "anyone wanting to purchase a home" helped push us to the brink of bankruptcy, there are other issues we need to address. One major problem is our federal tax system. It is wrong to tax income, period. The tax code is manipulated by politicians looking to satisfy their K street lobbyists. Every time they do so the middle class taxpayer takes a hit. There is a lot of support for a consumption tax, namely the FairTax. With a consumption tax, EVERYONE pays. Those who earn an income illegally, tourists, illegals or anyone else who currently does not pay an income tax, would pay. You can determine how much you pay by what you purchase. Big spenders will pay more. Thrifty individuals pay less. And, only NEW goods or services are taxed. So, buy an existing home or year old automobile and you pay NO tax.

   We need to implement the FairTax. The FairTax eliminates income tax, payroll taxes, capital gains taxes, taxes on interest, death taxes and most every other government tax with the exception of the excise tax. Plus, every family would receive a monthly "prebate" (up to the poverty level) to offset taxes paid on necessities. It also eliminates the IRS and the yearly filing of tax returns. Imagine, no tax returns, at all! You want to jump start the economy? The FairTax. You want to bring manufacturing back to America? The FairTax. You want to stop American businesses from taking their offices and facilities overseas? The FairTax. You want to bring billions or trillions of dollars currently invested in foreign markets or hidden in off shore accounts back to America? The FairTax. You want to help low income and middle income people? The FairTax.

   While not necessarily a miracle cure, it would go a long way in getting our economy back on solid ground. Check it out yourself, I did and am totally convinced.

5. By larry5

   11/4/09 at 8:43 a.m.

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   What a ridiculous spin.

   Sales are up for the big 3 automakers. We taxpayers paid billions for clunkers to boost their sales.

   Home sales have been rising since Summer. All repos and pushed by the taxpayer-funded $8,000 incentive.

   Warren Buffett bought another business. And just what does that have to do with recovery?

   You join with the liberals' silly notion that if the government is spending lots of our money the economy must be improving. The paper money is being printed at a record rate and we'll all be paying dearly for that very soon.

6. By its2hot

   11/4/09 at 9:36 a.m.

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   "Warren Buffett bought another business. And just what does that have to do with recovery?"

   It shows that a major investor is investing his wealth into a transpiration system that will bring products and goods manufactured in Mexico that will be stored in strategic locations for USA distribution. Hence, American jobs are not coming back to USA for American workers, they're being exported elsewhere.

   Obama and clan keep touting how many jobs are being created and saved and the more will follow, trust us, NAFTA under Obama is being fully implemented and America's manufacturing base is being moved to Mexico. When Obama and his drones tell us we're on our way to recovery, they're lying.

7. By GrumpyLP

   11/4/09 at 9:39 a.m.

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   larry5...here is an interesting take on the "cash for clunkers" program.

   SO...you took FEDZILLA up on its offer of $4500. dollars to trade in your old "Clunker". Well, let's see who got the best of that "deal"...
   
   If you traded in a clunker worth $3500, you got $4500 off for an apparent "savings" of $1000. You could have gotten $3,500 if you had just traded the car in. So you really are $1,000 ahead (depending on your clunker's value) at this point. Not too bad...
   
   However, you WILL have to pay taxes on the $4500 come April 15th (something that no auto dealer will tell you). If you are in the 30% tax bracket, you will pay $1350 on that $4500.

   So, rather than save $1000, you will actually pay an extra $3500 to the feds. In addition, you traded in a car that was most likely paid for. Now you have 4 or 5 years of payments on a car that you did not need, trading in a "clunker" that was costing you less to run than the payments that you will now be making. Even if you save $1,000. dollars a year in gas you're still gonna be in the red for five years....hello?

   But wait, it gets even better: you also got ripped off by the dealer. For example, the month before the "cash for clunkers" program started, every dealer here in LA was selling the Ford Focus with all the goodies including A/C, auto transmission, power windows, etc for $12,500. because competition was stiff due to poor sales from the stalled economy.

   When "cash for clunkers" came along, they stopped discounting them and instead sold them at the list price of $15,500.
   So, you paid $3000 more than you would have the month before. Honda, Toyota , and Kia played the same list price game that Ford and Chevy did.

   Now let's do the math.
   You traded in a car worth: $3500
   You got a discount of:$4500
   Net so far: +$1000
   But you have to pay $1350 in taxes on the $4500
   
   Net so far: -$350 (that's minus...in the red)
   And you paid: $3000 more than the car was selling for the month before
   
   Net Loss: -$3350
   
   We could also add in the additional taxes (sales tax, state tax, dealer prep, etc.) on the extra $3000 that you paid for the car, along with the 5 years of interest on the car loan; but let's just stop here while you kick yourself. Suffice it to say that those costs will be much higher than any savings you get from "better mileage".

   (continued)

8. By GrumpyLP

   11/4/09 at 9:40 a.m.

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   Clunkers, continued:

   So who actually made out on the deal? FEDZILLA collected taxes on the car along with taxes on the $4500 they "gave" you. The car dealers made an extra $3000 or more on every car they sold along with the kickbacks from the manufacturers and the loan companies.
   Manufacturers got to dump lots of cars they could not give away the month before. Lots of good or repairable used cars got taken off the market, crushed and sold as scrap metal to (ready for this?) CHINA !
   (Look it up..) And the poor consumer got saddled with even more debt that they cannot afford.

   FEDZILLA'S merry men (who promised that people making less than $250k. would pay "not one red cent more in taxes" will make millions in new tax revenues after convincing Joe Consumer that he was getting $4500 in "free" money from the "government" In fact, Joe was giving away his $3500 car and paying an additional $3350 for the privilege.
   
   If you find errors in this math, please let me know..being a simple guy, I'm always willing to learn new things; and if you took "advantage" of the Clunkers deal, I have some swamp land down in Florida that's for sale...
   
   And remember, these are the same Einsteins who want to take control of our health care system. Hold on to your wallet!!

9. By larry5

   11/4/09 at 10:07 a.m.

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   Grumpy - Well, according to Snopes - who is right most of the time, I think - incentives received through the program are NOT taxable at the federal level, but are subject to states' taxes just like a prize or award is taxable.

   You left out my major problem with the C4C program. There was not an upper income limit for those who took advantage of the program. I make about $40K a year and, because I pay my taxes, I helped pay a significant part of the cost of a new vehicle for someone who makes $100K, $200K, etc. I'm fundamentally against redistributing wealth, but if you're going to do it, shouldn't it go the other way around?

10. By sigtwenty

    11/4/09 at 10:11 a.m.

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    wow! 12000 people getting jobs!! how many will be laid off after construction is completed?

    larry5...while i agree 100% with your comment about c4c...one thing i gotta wonder...
    how many people that live in that higher income bracket will be willing to give up their 7 series bmw for a prius or a malibu or a focus? i make as much as you do and still wouldnt be cought dead driving a tiny crackerjack box toy wind up car.

11. By rumrunner

    11/4/09 at 10:21 a.m.

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    nice info grumpy,but i would like to add to it if i may?Your figures are correct,but you failed to point out a few things.This cash for clunkers was something right out of ringling bros.Theres a sucker born every minute.What about the people that did take advantage of this program,and are now unemployed?Not only did my tax dollars go towards them to help buy a new car,but now that they are unemployed,i am now makeing there payments?I do have a message to these libs in office,NEXT TIME YOU HAVE AN IDEA OF GIVEING MORE OF MY TAX DOLLARS AWAY,MY POCKETS ARE OPEN TOO!I BELEIVE I COULD DO MORE WITH THAT 200.000 I WOULD HAVE GOTTEN HAD OUR GOVERNMENT GIVEN IT TO ME RATHER THAN THE COMPANIES THAT GOT US THERE!GREED WON OUT,AND WILL CONTINUE TO BRING THIS GREAT NATION DOWN!AND WITH THE CURRENT ADMINISTRATION IT WILL BE TEN FOLD!!!

12. By sigtwenty

    11/4/09 at 4:29 p.m.

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    grumpy....anything that the govt spends is basically a legal way to do something illegal....called money laundering. i want the mafia to take over the country and run it.

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