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Monday, June 18, 2012 | 2:02 a.m.
Regarding Cesar F. Lumba’s letter “Politics is slowing the recovery”:
What is slowing the recovery is a massive debt hanging over us. Under President Barack Obama, the nation has been saddled with more than $5 trillion of new debt. We are now over $16 trillion in debt and have unfunded mandates of over $90 trillion.
How and when are we going to pay this back?
Large and small businesses are sitting on plenty of cash. They are afraid to invest it, not knowing the outcome of Obamacare and the 2012 election. If this president wins a second term, I don’t know what will happen to this country.
Lumba blames the Republican-controlled House for the president’s woes, but it was the American voters in 2010 that put them in charge. We were tired of the direction President Obama, the Senate and Rep. Nancy Pelosi were taking us. I don’t know about Lumba’s home, but all the rest of us continue to lose equity in ours. Some of us have lost 45, 50, and some ZIP codes have lost as much as 65 percent of their homes’ value. Las Vegas is on track to lose another 2 1/2 to 3 percent in 2012.
We have massive debt; a giant, bloated government; and we all are in a coma and on life support.
Why does Obama need 4 more years - because he needs a do over of all his major actions during the first years
The trillion dollar Union payola Stimulus and the the six trillion dollars of deficit spending has failed with a GDP of just 1.9% and 23 million people underemployed and 5 million fewer people working today than when Obama took office.
Unemployed went from 7.3% to 8.2%
$80 billion being spent on 50 million people on food stamps. Another $80 billion is being spent on unemployment benefits
Obama is saying the private sector is doing fine and we just need to hire more public union workers and add more onerous rules and regulations.
It is clear that Obama spent the week trying to divert attention from Obama's failed economy by vote pandering to illegal immigrant by not enforcing the current law. An executive order disappears with no law to back it up. A work permit requires a job so that is 800,000 taking jobs in this recession. At least Ronmey and Rubio will work on a permanent fix.
Obama needs to stick to proving that continuing the same socialist policies that he has done for 4 years will recover the economy
The Obama Express is a train wreck. Failed economic and environmental policies and defective Obamacare legislation are undermining the recovery. The uncertain future of taxation exacerbates the recession, and dampens private investment and job creation. Obama's political rhetoric creates class warfare and deepens the nation's divisions. His lack of leasdership and self serving style projects the nation off course.
Obama's spending policies are burying the nation under deepening debt--the next enormous bubble that must break with another round of asset deflation that will further erode personal wealth and undermine the economic recovery.
The writer ignores the fact that about 90% of the economy has recovered nicely and has an unemployment rste closer to 6% than 8%. This is evidenced by stock prices recently reaching mid-2008 levels. The problem is the depression in housing and housing construction. It is estimated that unemployment in construction could be as high as 50%.
Businesses are afraid to invest because they don't see demand growth that gives them confidence in future returns, the result of a financially wounded middle class struggling with negative equity in their homes and unwilling to take on more debt.
The depression in housing has another side effect.... lower property tax returns that have led to the layoff of 500,000 government workers during the recession. While some may applaud that, it is that many fewer middle class consumers that the rest of the economy depends on to buy their goods and services.
The writer then asks "How and when are we going to pay this back?" without volunteering any solutions. I would bet that paying more taxes to bring down the National Debt or slow its growth is not on his agenda.
A 'balanced' look would conclude that actions and inactions in the time of the Bush Administration contributed to our debt. It would also conclude that actions taken under Bush and Obama to bail out the banks, bail out GM and stimulate the economy also contributed to our debt. Unfortunately, the poorly conceived ACA will probably also contibute to the debt.
There is plenty of blame to go around for both Presidents and Congress. But all that money is gone. We now need to decide how we want to move forward.
I think we need an income tax re-write, probably higher taxes on everyone with an income and less government spending. Neither President Obama or Mitt Romney give me a great deal of confidence in all those areas.
Michael
As President, in one of the most important election year's in our history, Obama is held accountable. Even if he isn't responsible.
CarmineD
Apparently Weber lives in an alternate universe. It is generally conceded that the unemployment rate, when the under-employed and drop-outs are included, is closer to 20% than his fictitious 6%. As for Weber & Michael's call for higher taxes: write a check to the government, guys. Nothings stopping you from contributing your "fair" share except your own unwillingness. As for me, as long as I see the utter waste, crony capitalism, bailouts, subsidies and the picking of winners & losers by Washington, DC pencil-pushing, bureacratic drones from both sides of the aisle, I wouldn't give them a nickel more of my money then I am required to do.
P41 states "The writer ignores the fact that about 90% of the economy has recovered nicely...."
Recovered nicely - Really P41 actually says that with 50 million on food stamps - that is 1 out of 6 people
LOL
I guess P41 also believes the private sector is doing fine. Tell that to the small cafe owner down the block that has no customers with money to spend - and Obama wants to raise his taxes.
P41 must live in Greece or Spain to think we are doing so good.
Unemployment stubbornly remains above 8%, and shows no sign of any real downhward bend--just the opposite is true. Stock market pertebations leave investors to wonder what is next--what new news from the Eurozone will have an adverse effect on a U.S. economy which is vulnerable and fragile. We wonder when the next bubbhle will break, plummeting assets values into another steep decline, and send prices and interest rates escalating upwards. The current situation is dire, and showing no sign of real improvement anytime soon--just the opposite is the case. The Left would tell us that the Obama economy is doing much better, and making progress. Not the case. Home values in the Las Vegas Valley are still decreasing even though sales are up. Low ball FHA and Va appraisals directed by HUD and the VA only further dampen a housing recovery. Another government intervention that is hurting our market values and the recovery. A reform agenda is needed, and we will not have any chance for that under Obama, who must leave the Oval office in November.
further proof that the las vegas sun has turned into a right wing rag...
this letter is laughable...
no mention of the debt incurred under bush...
no mention of the annual deficit left by bush...
$1.5 trillion...
contains the usual right wing nuts job hate filled flash points...
mentions pelosi...
commented on by the same group of right wing nuts that seem to spend all day on these message boards...
all you clowns paid to post here???
didn't some clown from npri post here during regular business hours???
but once again...
the las vegas sun continues to let this happen...
day after day...
they slap their loyal readers in the face...
it's an insult...
PATHETIC!!!
Comment removed by moderator. Personal Attack
Every President inherits the National Debt from all of his past predecessors combined.
President Obama inherited a massive debt that Reagan, Bush Sr., and bush jr. accumulated.
Prior to Reagan and the Bushies, the traditional Democrats and Republicans working together reduced our National Debt in 27 out of 35 years.
Reagan and the Bushies increased the National Debt in 20 out of 20 years.
National Debt by Presidential Administration:
Carter--------276,665,523,658
Clinton-----1,539,684,631,121
Total-------1,816,350,164,779
Reagan------1,672,127,712,041
Bush Sr.----1,584,949,354,408
bush jr.----4,941,609,668,431
Total-------8,198,686,134,880
President Obama inherited all the contractual obligations from the bush/cheney administration and that sum was monstrous and is still being paid out today.
President inherited the worst economic downturn since the Great Depression and that started under the fiscally irresponsible mis-administration of bush/cheney.
The so-called republican created Great Depression II will not take just a few years to fix, it will take decades.
ladies and gentlemen...
boys and girls...
w the loser ballooned the national debt $7 trillion during his term...
and the economy was on fire then...
hard to believe i know...
how did he do that you ask???
well...
he started 2 wars...
he paid off his backers by mushrooming medicare...
all while...
he cut taxes for his buddies - the top 2%...
pathetic...
now...
the key is...
romney wants to do the exact same thing...
PATHETIC!!!
Vidi again hits the nail on the head...
The right-wingers on this board continue to try and convince every one that everything is Obama's fault.......NOTHING new with that approach!
Yes, the economy is slowly recovering. That's not something that right-wingers will ever admit.
The Bush/Cheney years almost destroyed this country with their two wars, tax breaks for the rich & the hundreds of billions that they borrowed from China...
The only president out of the last four presidents to leave office with a budget surplus was a Democrat, Bill Clinton....
Yes, the "gipper" NEVER produced a balanced budget in his 8 years and he used Social Security money to increase the defense budget by over 40%.
His campaign promise to reduce the size of the federal government resulted in a greatly expanded federal government..
Bush senior also NEVER produced a balanced budget and finally had to raise taxes to pay for a growing & ever expanding federal government...
Bush junior took a budget surplus & turned it into a huge, huge deficit...
Junior couldn't produce a balance budget in his 8 years despite the fact that he NEVER included the cost of his two wars in the budget...
Yep, its all Obama's fault! If you don't believe me, ask Future, Bobby Jack and Carmine. They spend many hours each day saying that very thing....
Birdie is correct!
Romney is simply another George W Bush!
A vote for Romney in November is a vote to return to the failed policies of George W Bush....
Agree he'd rather play golf and kowtow to the illegals than do what's best for America. He played 100 games of golf as of yesterday, averaged out we spent $144,000,000.00 for 100 games of golf since he took office. The math, $180,000.00 hour for secret service detail and plane, 8-hours a day -- 100 days of golfing. This doesn't take into account his lavish vacations for him; add that to the cost for us to take care of him, national debt he's added is more like 7 trillion.
It appears the President has time to write books. Already a multi - millionaire -- just give him 20 years of publishing and his personal wealth would be where? Ironic that some O supporters can't figure out what he's doing. Time for golf. Time to write / publish. Time to work with Congress? Not now, not then, not ever. Time to work within our constitution and legal framework? Nah, just get AG Holder to get the job done, no matter what laws you refuse to enforce and which laws you will intentionally break.
TeaNut rhetoric...
It's not SUPPOSED to make sense!
What a bunch of hogwash. Unfunded liabilities currently sit at about $52 trillion. The vast majority of that is Medicare and Medicaid.
In terms of our debt the government owes about $10 trillion to investors. Most to American investors I might add. The rest of the debt is intergovernmental debt comprised of the Social Security and Medicare trust funds plus VA benefits.
Our economy is going to put out $700 trillion worth of GDP over the next 40 years. Our debt is a tiny fraction of that. If people actually wanted to pay it back we could very easily do so by taxing future consumption.
How much of this is Obama's fault? None! When he took office there were more people collecting welfare benefits than were working in the United States. That's a hell of a nut to crack. Plus hyperinflation in medical care began 30 years ago.
http://www.pimco.com/EN/insights/pages/k...
My bad. Make it $66 trillion in liabilities.
Tim & Roberta....
Go read my post that was posted at 7:20 AM.....That's the bottom line!
The last three Republican presidents (Reagan, Bush senior & Bush junior...) NEVER produced a balanced budget at any time during their presidency.
All three considered themselves conservatives! Isn't that a laugh?
It's clear that the two of you have next to NOTHING to complain about when it comes to Obama...
Actually, two other presidents played a great deal more golf during their presidency that Obama has..
That's true even when you break it down on a daily basis...
Both presidents were Republicans....
One was William Howard Taft & the other one was Dwight Eisenhower.
When talking about vacation days taken by presidents, two other Republicans hold that record.
Both Ronald Reagan & George W Bush have the record when it comes to vacation days....
Reagan had the record by a long shot until junior came along and junior put Reagan's record in the trash can...
Please, please find something of substance to complain about....
Your rant is just that.... a rant!
The Big Lie that government was too big and spends too much started with Reagan, then Bush Sr., and then bush jr., and now Romney is spouting the same political lying talking points.
What none of these so-called republicans will not tell you is that the government is too big when they are in charge of the government, and they spend too much. Just check my post at 6:36 am.
To be fair to all Presidents, one must note, the Federal Government's fiscal year begins on October 1 and ends Sept 1 the nest year.
So you can subtract the amount of money spent by prior presidents from Oct 01 to Jan 20, when they take over the office of President on Jan 20.
One can subtract approximately $1,000,000,000,000 from President Obama's increase in the National Debt.
The miserable failure so-called republicans dramatically increased the National Debt and they wrecked the economy with their idea of totally unregulated capitalism that let their corrupt corrupt corporate cronies create and feed the Housing Fraud Bubble. They knew as early as 2004 that with things as they were, they could not go on so they came up with the 30 year Bond,and The Federal Reserve, under Greenspan, let the Big Banks increase their NSF fee's and other fee's.
The large Investment Houses-JPMorgan Chase, Citigroup, Lehman Brothers, Bear Stearns, Merrill Lynch, and Goldman Sachs, and the Big Banks were allowed to defraud their own investors.
The Big Banks and Credit card companies bought a computer program designed by a Mr. Floyd that would hold your posting of credit card payments until after the due date so they could charge you late fee's. The Big Banks did basically the same thing--They would not clear your check deposit in the normal time, but instead hold it back until you incurred a NSF fee.
The Criminal Enterprise of bush/cheney and the so-called republican controlled Congress cut the funding and reduced the employees in the Regulatory agencies so they could not do their job effectively. In some case the Wall St. Fraudsters did their own regulating.
In one SEC office their copier did not work and there was no funds to repair or replace it, so they had to go to Kinko's and pay for the copies themselves..
Red flags were popping up and people were fired because they were speaking out about the impending economic collapse. The boss of the CFTC was fired by Greenspan and the Wall St.Fraudsters.
Summation: The so-called republicans are the really, really big spenders of the taxpayer, their children, and their grand children taxpayer dollars.
The so-called republicans and their corrupt, greedy cronies are to blame for the almost financial market collapse and Great Depression II.
Gerry Hageman: Don't bother, facts will never get in the way of wingnuts.
Fact: While Obama was swearing in, the Republicans were meeting and came up with a plan to say "NO!" to everything. And didn't they? If Obama's plans came to fruition, this country would be doing great. Let's put the blame where it belongs: firmly with the Republicans. They started this recession and now they want it to continue just to get their man into the president's seat.
When I read letters or comments from conservative and/or neo-cons, I think to myself, 'Wow, Fox News really does do a great job of fooling the poor and the ignorant into carrying water for its patrons.'
gerry hageman...
Great post! Of course, good luck with your attempt to set things straight.....
Posters such as Tim and Roberta have made up their mind that EVERYTHING is Obama's fault...
It's called "selective amnesia" when it comes to both Tim & Roberta trying to recall exactly what went on during the terms of Reagan, Bush & Bush!
Vidi...
Great post! That's one that I plan to keep!
Thanks.....
Obama walked into a brutal financial situation & i'm glad he's been the President & not McCain. I'll vote for him again
Weber says unemployment is 6%. This is the reason why Dems and Libs make no sense. If they would be factual in thier posts, then they might be taken seriously. For someone to make a statement like that, and then have others like El Lobo agree just shows how WAY out of touch they are.
Unemployment is more like 20%.
Must be time for Obumma EPA to "crucify" a few more oil companies. That will hasten 'recovery'.
VIDI,
FANTASTIC!!!!!!!!!! Thank you so much!!!!!!!!!
Vidi and El Lobo,
I hate to rain on your parade but if the situation was as one sided as you both present it, D's and the D party would NEVER get any support or money from big business. The fact is that they DO get alot of support.
If America is ever going to exit the mess we find ourselves in, R supporters are going to have to admit that the R party is in bed with big business and powerful interests with lobbyists. D supporters are going to have to admit that the D party is in bed with the same folks.
Don't you guys and R supporters as well ever wonder why is is SOOOO easy for each side to find facts the show that each side is in bed with the powerful monied interests with Lobbyists.
Anyone that wholeheartedly supports either of these parties (as you two seem too and others that support R's) is being played for a fool.
I can understand a vote for R's or a vote for D's by people, but when these people are positive that 'their' party is 'white as snow' and the other party is 'evil as evil can be', I can hardly believe it.
Both parties are 'dirty' and tied in with all the monied powerful interests with lobbyists. That's why we are having the problems we have. By being true blue believers in one party or the other, people are doing exactly what both parties want, and that takes attention away from the fact that they are both 'dirty' and both are laughing at all of us all the way to the bank.
Michael
A little reminder about the home values and home construction.
Before the bottom fell out, property values increased because of speculative buying. Loans for those over valued houses were given to people who couldn't afford them, but who lusted over dream homes and the supposed security and status it gave them, even if many had to face increased interest rates on their ARM's.
The speculation did not reflect the true value of homes.
The new home sale market exceeded the resale home market.
New homes were pumped out so fast that quality suffered, and HOA's had a road to their own little illegal crony capitalism.
Jobs flourished and included hiring illegals, which put legal construction workers in a position of lack of wage growth, as well as jobs.
You can't blame a union on this one in Las Vegas since the residential construction union is without much influence or membership.
Most of the homes being sold are foreclosures, and older homes, and there is still an inventory available. New home construction is extremely low. Loans are more difficult to qualify for, especially for new buyers to the market.
Land prices for new homes are higher too since there isn't as much land available as in the past. It will take a very stable market before building starts expanding outside the area.
There is the consideration of available water, all of which impacts future growth and values. You can't sell if you don't have enough water.
Could the older homes be valued more at what they are really worth, rather than the jacked up value from buying on speculation and inflated loan values? Yes!
As a result of the above, taxes will increase, utilities will increase because budgets, supplies, and more were calculated on the past values. We are still in for alot of surprises and financial hits. That means further loss of income purchasing power that helps business sustain and/or expand.
It also effects the quality of life for residents. If taxes don't increase, education suffers, parks, libraries, safety and other amenities suffer. Seniors and those with low incomes suffer and try to survive on what is already insufficient for basics.
Every time I start looking a particular problems, it always comes out that business practices, sometimes with lack of ethics, has a big role to play in what we now experience. Yet, the population at large is expected, by some, to put business on an altar and bow while filling the profit basket with all they can. Sorry, just a metaphor.
For the vast numbers of Americans, everything isn't about "business", except that they work for businesses and depend on the wages they receive to buy the products and services produced by business.
There is an interrelationsip between the two, and only when there is an imbalance, and ethics, integrity, and morality disappear does it all hit the fan. That is why regulations become necessary.
Miceal Casler wrote: "If America is ever going to exit the mess we find ourselves in, R supporters are going to have to admit that the R party is in bed with big business and powerful interests with lobbyists. D supporters are going to have to admit that the D party is in bed with the same folks."
I totally agree! We need to make it possible for more parties to participate, get money and influence out of politics, and encourage everyone to take their citizenship seriously and vote responsibly.
Even if one can only vote for "None of the above", it is a voice that speaks a message. The statistics are seen and considered. It is empowering for change. But we have to do more to make sure change occurs.
Since President Obama took office we are deeper in debt by 5.1 trillion bucks. He has spent more money doing nothing and it will drag him down. He can liberate all the illegals he wants to. The fact remains he did not and cannot deliver on his promise to get the economy moving. Why has he failed? because the people than can help him won't help him because of his super liberalism. Who wants to invest money in a loser? Obama is a LOSER.
peacelify, I am adding this to your post.
Home builders/developers pressured appraisers to increase the appraisal value of their homes and too many complies. In the hot housing markets, SNV, SCA, PHX, TUC, S.FL, and some other places, home rices increased 70-100% in a few years.
RE Brokers, Banks, Mortgage companies signed people up knowing that over 20% of sub-prime borrowers would default. Nine percent of those sub prime borrowers would have qualified for conventional loans, but were shoved into sub-prime, 33% were flippers, and there were also "straw buyers" for RE Brokers.
These packaged mortgages were sold up to the big Wall St. firms where they were chopped up and given to the Credit rating agencies where they were given triple A ratings-very low risk, But they were in reality very high risk.
The Wall St. Fraudsters collaterized and securitized them, took out CDS/informal insurance that was not regulated, sold around the world and to pension funds, schools, Cities, towns, and counties.
At the peak of the Housing Fraud Bubble, The Credit market was $40 Trillion, but the CDS market was %51 trillion.
When the defaults started pouring in and the bleeding could not be stopped Goldman Sachs and others bought even more CDS and then short sold their own products at the expense of their investors. Even this could not stop the bleeding so they rushed to Paulson/Secretary of Treasury under bush/cheney and Greenspan.
In a meeting at the Federal Reserve in NYC they cooked up the bailout. The big investment Houses were given bank holding company status so they could qualify for the Bailout of $700,000,000,000.
Adding the bailout/TARP to HAMP, TGLP, Talf, other, and Quantitative easing by the Federal Reserve, the total would be over $16,000,000,000,000.
Amazing, utterly amazing!
Vidi,
Very good summation, but then you tend to want to blame R's 100 % for all that happened and absolve the D's. Go back and take a look at the votes and the support many of these decisions received and it becomes obvious that both parties and all of Congress are totally a part of the lobbying that powerful interests use to get what they want.
Neither party, at this point has any interest in changing the system that works so well.... for them.
Michael
Obama declaring that the private sector was "doing fine" spoke volumes to how out-of-touch he is with our economy and jobs picture. 12 to 14 million Americans are jobless and private investment is not at expansion levels. Business is still in risk-avert mode due to regulatory and government fiscal uncertainty. Americans top three concerns are jobs, the economy and debt/deficit spending and Obama has failed to address these concerns during his four year term. It's time for someone else to address our concerns.
VidiVeritas said:
"President Obama inherited a massive debt that Reagan, Bush Sr., and bush jr. accumulated."
I add:
Reagan was the first republican to state that we could reduce taxes on the wealthy and business and magically new factories would be built and cheap imports would be on store shelves for the greater American good.
Bush the smarter labeled it "Voodoo Economics" and warned that Wanniski and Laffer and thier tax/supply side theories would throw the nation into the second Great Depression.
The Democrats had been seen as the people for the people so they had to set up a way to sell their twisted logic. So they came up with this system they still tout, offer across the board percentage tax cuts that offer middle class Americans a couple hundred dollars while giving trillions away to big business.
The idiot middle class spends the $300 check and the billionaires and big business invest in new factories in China and pocket the rest, all the while conning RefNV, Carmine, and the rest of that bunch.
Herbert Walker Bush was right.
And Reagan has his second great Republican Depression, delayed a few years by Bill Clinton.
Obama Biden 2012
JeffFromVegas,
I'm not conned by your Occupy drivel. You and other liberals exploit business and envy that reveals itself when a society rewards people for hard-work, saving, risk, courage and entrepreneurship. We can either reward exceptional people or lock the exceptional among us down in sameness. Liberals added entitlement programs on our nation we now cannot pay for unless we start taxing everyone still working at least 33% more. Doing so would cause a recession and more people unemployed. Obama, unions and Occupiers don't have a solution that would cover entitlement costs and get our economy in expansion mode creating enough jobs to both get the 12 to 14 million jobless Americans working again AND supply jobs for new entrants into the workforce. Obama's had nearly four years to get our economy going again and hasn't accomplished the task. It's time for a change Jeff, it's time for new occupant in the white house who will tackle Americans top three concerns which are jobs, the economy and reining in debt/deficit spending.
Do you recognize the basic theme of the Obama campaign
Obama will not discuss his policies and stand on his four years in office or the years of the Reid-Pelosi Congress from January 2007
Obama will attempt once again to run against Bush who is not even in office. Obama can not compare positively to Romney
Every single liberal lefty blog today is following the Obama theme
Blame the Republican governors who would not start construction projects in their own states w/fed money to keep unemployment high to prevent Obama from getting a second term. Problem for them is Obama will still win because Romney is such a rich a-hole, no one except other rich a-holes will vote for him! LOL
Nothing new coming from the keyboard of RefNV....
Why am I not surprised?
I guess RefNV hasn't noticed that the economy is getting better....maybe not as fast as some people would like, but getting better.
When one looks at the complete disaster than Obama inherited from the "clueless one," and what extreme measures the GOP members of Congress have gone to in hope of blocking Obama's re-election, it's amazing that the economy has improved at all....
RefNV is doing what most right-wingers do, he's sticking his head in the sand & pretending that nothing good is happening wih the economy...
RefNV and his cohorts should take some time and do some driving around Southern Nevada....what they will see is that Southern Nevada is coming back economically.
There's new homes springing-up all over the valley and people are out spending money....
I just came from one of the buffets in the valley and the place was jammed packed with people....
The casino itself, had loads of people playing the slots & betting in the Sports Book...
I realize that what is going on in one casino on a Monday, normally a slow day, isn't a full proof way to judge the economy but things are on the move...
In short, even Las Vegas, with one of the highest unemployment rate in the country, is on the way back......
RefNV states:
"Liberals added entitlement programs on our nation we now cannot pay for unless we start taxing everyone still working at least 33% more."
I say:
Wrong. Americans added entitlement programs and we are going to have to start taxing the rich and wealthy an additional 33% to get back what you stole from America, this thing called the middle class.
When this begins (changing tax law to favor building factories HERE, instead of over there plus taxing professional capital gains recipients appropriately) the 20,000,000 un and underemployed will get a fair chance at a future.
Jeff states "plus taxing professional capital gains recipients appropriately"
Jeff,
You and Obama need a tax policy refresher course. Raising capital gains tax rate has lowered tax revenue receipts. Below is a YouTube of Obama being schooled by Charles Gibson on how lowering capital gains tax rates has historically increased tax revenue, not lowered tax revenue.
http://www.youtube.com/watch?v=__L5DOxgh...
How soon we forget about losing 700,000 jobs a month before Obama taking office, the repulicans fillerbusting every bill to make him a one term president, two unfunded wars, not funding the tranportation bills, and taking the country hostage on the debt ceiling to pay our bills. How can we put somebody in charge that wants to cut taxes for the 1% and raise the taxes for the rest of us. Cut public schools, medicare and social security for us after we paid and are approaching retirement. Romney invented the health care plan and is now against it. Their best asset is citizens united and if they tell us a lie enough times then we will believe it. We will all be stuck in the ditch if he can buy this election.
RefNV claims:
"Raising capital gains tax rate has lowered tax revenue receipts."
I say:
Tax em as ordinary income if invested in America, 50% tax rate for overseas investing or 10% if they are demonstrably going into building factories and storefronts IN America.
I am willing to give HUGE tax breaks for American investment that is verifiable.
Peacelilies 1045 post is dead on. Vegas has lost somewhere between 70,000 and 90,000 construction jobs. Nationally the numbers are much higher. The construction industry needs to come back before the economy can come back in a big way.
In addition 40 years of globalization has led to $200 trillion worth of financial assets and $700 trillion worth of derivatives. We are approaching a quadtrillion dollars worth of paper. People used to make money building things, now they make vast amounts of money shuffling paper around. All of this inflated paper is going to cause dislocations for generations.
As I stated above much of the deficit problem is due to medical cost inflation. The $150 trillion in medical bills that are coming due in this country over the next 40 years is going to suck the oxygen out of the air. medical is expected to be 50% of the economy within 20 years.
Medical costs are even blowing up the military.
http://www.politifact.com/georgia/statem...
health cost inflation going forward is the single biggest headache this country faces. Nothing else is even close.
Romney is ready to follow Israel on a first strike on Iran. He almost says that everytime the subject comes up. Get ready for a second $5 trillion debt and another 15 year commitment for Romney's war on Iran.
Republicans classically use stimulus spending to create jobs, but they call it 'Defense Spending' and 'Shock and Awe' instead. Bush left the White House $5.9 trillion more in debt with the Iraq war bills still piling up even today. China is building up their Navy with interest payments we make to them for the Iraq war debt.
Money for part of the Iran war will come from cannibalizing medicare, social security and public education. He'll kill a million people by cutting their medication but claim he is 'making America Safe'.
Romney's attack on Social Security, Medicare, public education and Iran are all due to a common characteristic of all three: they are all Godless. They don't depend on God's will. He wants to show us that if we learned to pray correctly, all of our needs will be provided.
Romney and his Grim Reaper buddies want us to depend on God and if we pray correctly they promise, all of our needs will be provided. However, if we start loosing weight, it's because we aren't praying correctly. Trying to collect on their guarantees is worthless.
Romney tells us "God wants America to Lead". That means we pay the bills, the jobless kids get the shrapnel and Romney gets the chair next to God and for all Eternity too, not just on a timeshare basis.
No thanks. If God wants America to lead, then hold the Manna from Heaven and lets see some cash on the barrel instead. If God can't afford a war, neither should we.
The country is still paying the medical bills for many of the 2 million World War II vets that are still living. Were going to be paying for the Iraq and Afghanistan vets for the next 70 years. War is an expensive proposition. We better think it through before we start a third one.
I have been watching the "Greek Vote" with half an eye..It is my understanding that if the "liberals" rather than the "conservatives" had won, the economy of Europe and the US would have gone down in flames.
If this is so..then it makes sense to advocate austerity and fiscal conservatism for the US.
BTW..the Stock Market did not go up after the Greek Vote. Obama scared the BeeJeeSus out of everyone Friday..What the heck is this clown going to do next by imperial decree and fiat.
That scares everyone..What is he going to decree legal and illegal next? Lord Help Us All!
@ M Malone, try opening both eyes and spend a good deal more time in understanding the problems in Europe before you want to jump on the austerity bandwagon.
Germany's Merkel was the principle leader of the austerity movement, along with France's Sarkozy. Germany, has played some games and not lived up to the agreements as stated, for the benefit of Germany, while many other countries will be paying for bailouts for a long time to come.
Lack of a growth mechanism, which Merkel doesn't want, but is seen as unimportant until "austerity" cleared up all the previous debt, has led to a disasterous lack of growth, depression like unemployment, higher taxes, cuts in fire and police safety and healthcare to name a few.
The conservative austerity plan has resulted in Merkel's party losing elections in even places that were once a guarantee. France has elected a Socialist President and socialist majority in Parliament.
The latest Merkel effort is trying to move Europe toward making it the US of E. They don't know what they are getting into. However, Merkel see's the financial and power benefit for Germany.
A large portion of the world wants to remove the dollar as the reserve currency, which would have a disastrous effect on us. A US of E could be the tipping point.
Greece was not only faced with the above, but the excess caused stresses beyond, and alot of fears about leaving the EU and Euro, and going back to the drachma. The consequences would not be much better either way, so the vote wasn't about conservative vs. liberal as much as it was staying in the EU.
Liken Greece's effort to leave the EU with that of Alabama leaving the US. How do you think Alabama would fare starting up as a new country with it's own currency, and cancellation of all debts. If the results would benefit Alabama they would have done it a long time ago.
One other thing, conservative and liberal have a different meaning in European politics and isn't directly translated to equivalent definitions here.
Remember that the investment markets are global, with the US practices having had a significant effect on the rest of the global market practices, which led to the crisis.
The crisis is still a crisis in Europe who hasn't begun the road back, unlike the US. One difference has been the austerity vs growth models. Our growth could have been alot more if the Congress had not been so dysfunctional for political reasons.
If any of our politician's think of going on an austerity kick, we are in for alot of trouble.
Growth is not stimulated by giving tax breaks to people who use it to gamble on the stock market, or sink it into offshore accounts. We need to raise taxes progressively, at least temporarily, as in the past for almost century in every severe problem, support real business creation in the US, and grow back a middle class whose purchase power supports businesses and expansion.
The anti-business Obama failed to create an environment for economic growth in the private sector. Obama spent two years on his Obamacare when he should have addressed the top three American concerns which are jobs, the economy and debt/deficit spending. The Obama $861 billion dollar stimulus didn't create the necessary job growth predicted by Obama economists when the stimulus was passed. Below are the projected unemployment numbers given to us by Obama's economists with the stimulus spending applied. The unemployment rate has been above 8% since 2009 and now its 8.2%. What happened? Where did the stimulus money go and why did the stimulus not lower our unemployment rate as promised?
Obama and liberals want yet more tax payer dollars to spend ignoring the fact that the first stimulus didn't deliver promised reductions in the unemployment rate.
Projected Unemployment Rate with Stimulus
2009 Q3 = 7.9%
2010 Q1 = 7.7%
2010 Q3 = 7.5%
2011 Q1 = 7.3%
2011 Q3 = 6.9%
2012 Q1 = 6.5%
2012 Q3 = 6.1%
PeaceLilly
Breviy is the soul of wit. I did not intend engage in a discussion (off topic) about European politics and policies.
I merely noted that..a liberal win in Greece would have..as you say..perhaps..have damaged the EU.
The collapse of the Euro ..would be disastrous..
However..this is not my point
My point is..It is odd that so many financiers and investors were panicked at the thought of a "liberal Greece."
Time will tell whether the "vote yourself a check" crowd in France are not ..Greek Lite..and headed to the same place.
As for growth..it is touted but is it possible or even desirable?
The private sector accounts for 70% of our economy. Company profits are used to expand it's business. Without profit a company is less likely to grow and create jobs. When conditions are right, businesses will invest long-term to expand its business. This business investment is called private investment. During recessions, private investment is typically between 10%-13% of GDP. At full employment, private investment is typically 16% plus. Private investment expenditures are required to add capacity for things such as a building, tools, machines, new factories or inventories. Currently, private investment is around 13%. Why so low? Economic uncertainty caused by government. Mounting federal debt, huge budget deficits, regulations, tax uncertainty(who will pay for this debt) and no federal plan to get government spending under control is causing businesses to stay in "risk-avert" mode. A President who understands business, the importance of profit in expanding business and the conditions required for businesses to consider expanding is important because that person will then understand what's required to remove the barriers which are causing businesses to not invest and expand. Understanding business, private investment and its role in expanding our economy and creating jobs is an area many feel Obama simply doesn't grasp. The average job growth in the past 10 recoveries by this point was 6.9% but under Obama, jobs have grown by just 1.9%. Since the recession ended, the economy is only 6.8% bigger compared to being 16% bigger on average by this point during the previous 10 recoveries. Bottom-line, Obama has not created the stable government tax, spend and regulations environment needed for businesses to invest in long-term business expansion plans. Obama, unions and Occupiers do not create jobs, businesses do. We need a President who understands what it takes to get our economy growing and businesses investing and expanding again.
Ref...companies expand using profits which have been very strong and DEBT. Trillions in debt has been created by public and private entities. Our casino industry is sitting on $46 billion in debt. Check it.
Aggregate demand has been lax and profits have expanded due to cost cutting....firing people and slashing wages and perks. The better business bureau conducts surveys after mass layoffs. Almost all the layoffs have been due to weak demand. NOT Obama. Cost cutting in a big way started years ago, and has gotten worse since our country has lost a large chunk of it's wealth.
Freeman
The word "stable" is key. It is not the magic word "growth..as exemplified by ..the boom/bust cycles that have led to the last 10 recessions..but an unstable, wild west, attitude about ..taxes, immigration (population) education..ecology and economy...energy
It is always more more more and the edgier and more experimental the better.
I think a little stagnation would be good for the soul of America and a bit less of everything.
We need to get out of our military/industrial war economy and our..boom/bust cycles.
Obama is not the person to do that..and perhaps Romeny is not either..It may be the dust is going to settle on the long trail to Dodge before we see another party like the one we have had for the last ..10 recseeions cycles..
I will vote for Romney...Obama is too..frisky..for my taste
Xtra,
It will be an interesting election. Simply put, democrats want to tax businesses and consumers more to pay for our out of control entitlement costs which have grown from $984 billion in 1990 to $2.4 trillion this year which is an unsustainable pace. Businesses want our government to get these costs under control because they know if these cost continue to sky-rocket it will leave less money for consumers to spend and less profit for businesses to fund its growth initiatives. Less money in consumers hands combined with smaller business profits from higher tax rates will lead to smaller economic growth. Historically, our GDP growth rate post-WW II has been 3.23% per year and we require a 3.2% GDP growth rate yearly just to supply jobs for new entrants into our workforce. If our GDP growth rate dips then we start failing to supply enough jobs to 18 year olds and college grads. Our current GDP growth rate is around 2% which is not enough to supply jobs to new workforce entrants. We need investors, business owners and new entrepreneurs to expand our economy and create jobs. As a country we need to decide our future, are we going to be a nation that continues to grow and prosper economically or do we switch to Europe's entitlement model of slow growth, higher tax rates for those still employed and more jobless Americans? Europe has clearly shown that the entitlement society is very expensive to maintain. Greece's government spending as a percent of GDP is over 50% compared to 41% in the US. Back in the 1930's, US government spending as a percent of GDP averaged 19%. Clearly, we're spending more and not even paying for what we spend. Our entitlement costs are unsustainable and democrats won't admit to this fact.
Despite racist opposition and CONservative arrogant stupidity President Obama has managed to bring America's economy back from the Bush RepubliCON malaise. Obama/Biden is the best executive since Roosevelt/Truman.
More info on the really, really big spenders:
U.S. Budget deficit: Borrowing and spending the GOP way.
Running in the red: How the U.S., on the road to surplus, detoured to massive debt.
Economic downturn and bush jr. policies continue to drive large projected deficits.
Reagan policies gave green light to red ink.
No jobs, no health care, no security.
Republican? strategy:
GOP's job killing election strategy.
Republicans actively sabotaging u.S. economy to win elections.
Americans still held captive by "zombie" lies.
Republicans winning by undermining trust in government.
The republicans war on reality.
Will republican tactics succeed?
* Just type title into search bar.
It's really very simple stuff...
A vote for Mitt Romney is a vote to bring back the failed policies of George W Bush!!
US Federal Debt as percent of GDP: United States 1792-2010-Federal....(Just type into search bar)
Real Income growth rates from 1948-2005
Republicans------1.13
Democrats........2.41
"GOP leaders remind voters the economy does better under Democrats"
"To be fair to all Presidents, one must note, the Federal Government's fiscal year begins on October 1 and ends Sept 1 the nest year." Vidi
Really? Try Oct 1 to Sept 30 unless Congress changed it and told only you.
CarmineD
Doing the math, according to your fiscal year begin and end dates, it would be 11 months not 12. It still takes 12 months to equal one year. Or do you think that fiscal years only have 11 months?
CarmineD
BTW, unlike yours, mine is not a trick quesion. There's only one correct answer.
CarmineD
Carmine......
The correct answer is that DEMOCRATS OUT PERFORM
republicans on job creation, PERIOD.
GREEDY REPUBLICANS ARE LOSERS!!!
Freeman
That is the riff..but the fact is we can't continue to grow. There is a new person in this country every 13 minutes..needing a job, a house, transportation, and the only way the government can keep the population from the devil's workshop of idle hands and hungry bellies is buying them off.
We have a surplus of labor..and that means poverty..historically in every single instance
Correction
There is a net gain of one person every 13 seconds. I miswrote..13 minutes
xtra......
President Obama already stopped the free-fall that
republicans created and now has us on a steady
recovery.
Romney is like a used car salesman and an old one
at that.
Our middle class can't afford any more
republicans.
The economy is getting better everyday.
WE'RE KEEPING PRESIDENT OBAMA!
YES, PRESIDENT OBAMA has already created more
hope and change than any president in my
lifetime.
We're on a roll now and we're not going back to
the republican policies that made the mess.
NO WAY/NO HOW!
The US fear over Greece leaving the EU relates to the domino effect in Italy, Spain, and other bailout countries. That is what would cause the EU collapse.
The subsequent defaults would effect the banking & financial markets globally in a big way, because of loans and other financial gambling in the markets. It would be a huge mess globally.
It is difficult to imagine this in the way the US is structured now, but imagine the effect if the states suddenly started seceding from the US, having a separate currency. It would not only hurt us, but the world as well.
Plus, the reserve currency status of the dollar might end, making it even worse. Then there are trade issues as well that hurt us as long as Europe is in crisis. That also effects growth of the US economy.
We are talking chaos if the domino effect occurred. No wonder the troika, Merkel, and other leaders have been worried and some even compromising to sweeten the pot to keep Greece in the EU.
It is also why Merkel is speeding up her efforts to create a US of E, to consolidate power. Countries will lose some sovereignty with finance & political power becoming more centralized. Then it is just a hop, skip and a jump to the full US of E.
A US of E may have more effects on the US economy later. Asia is becoming a major trade partner with South American economies. In the future, we could find ourselves up a creek without a paddle as power shifts globally.
Obama, untethered by a dysfunctional Congress on the international arena, has worked to influence, help, encourage and support the efforts at dealing with the EU economic crisis, which effects us too.
Even though our growth is not enough, we are an example that growth is needed, not just austerity.
Lack of growth is a big problem in Europe. Germany is the powerhouse of growth because of their manufacturing, but even they are beginning to slow down.
Both of our parties will cater to the "powers" externally as well as internally, and the people will just keep affirming their actions.
No matter which party is elected, or has the majority, the politicians will do the same things, hidden by facades that keep the voters thinking they are looking out for their interests.
I have tried to provide a little bit broader view of things that effect our economy, recovery and future. We need to look beyond our borders as well as inside them.
It is not rational for Kevin Alexander Et al to assume there is only one cause for our current economic situation. There are a combination of factors that probably go back to the Clinton administration, that have taken us to this point.
Perhaps Mr. Alexander should ponder the local and global, variable and random factors that have contributed to our current state. Right now he and others are clearly making the mistake of misattribution in this matter, which is an act of simple-mindedness.
Sunjon, the scenario you've described is scary but it's probably true. The only thing that I would add to it is when veterans get home from Romney's wars they will be victimized by for-profit schools. Romney loves for profit-schools because they are a great way to rip-off the middle class. (Check out "Educating Sgt. Pantzke" on PBS Frontline). Next week Frontline will also be showing a report on the dental care crisis in the US. For me nothing reflects the decline of the US more than the millions of citizens in pain because they can't afford to see the dentist. Romney plans to go back to health care run by the insurance companies--so I know the situation will only get worse.
http://video.pbs.org/video/2023963448
(also while you're on the Frontline website check out the show about cell phone tower deaths)
"PRESIDENT OBAMA has already created more
hope and change"
You can keep the hope.
You can keep the change.
We need jobs.
We need restoration of benefits and salary increases.
Hope and plenty of practice has lowered the presidents golf handicap, that's for sure!
Right-wingers love to say that Obama is not a job creator but that's simply not true. Despite the "train wreck" that was handed to him by the previous president (George W Bush) Obama has created jobs at a much faster rate than George junior did...
Matter of fact, Obama has created approximately 6+ million jobs in just over 3 years where as George junior created a mere 3.8 jobs in 8 years...
It doesn't take a math major to figure out who has done a better job!
*************************************************
It's really very simple stuff...
A vote for Mitt Romney is a vote to bring back the failed policies of George W Bush!!
I'd like to add a category to TEA's chart.
The upper tax bracket %.
1940 Roosevelt..80% Great Depression
1944 Roosevelt..95% WWII
1948 Truman.....80%
1952 Truman.....92% Korean War
1956 Eisenhower.91%
1960 Kennedy....91% Viet Nam War
1964 Johnson....70%
1968 Nixon......78%
1972 Ford.......70%
1980-1990 US Savings & Loan Banking Crisis
1981-1982 Classic US Recession
1988 Reagan.....25%
1992 GWH Bush...40%
1999 Clinton repealed the Glass-Stegall Act
2000 Clinton....38%
2001 GW Bush....35% Afghanistan
2003 Invasion of Iraq
2007 Global economic crisis, ongoing Depression or Recession depending on location, resulting from banking and Wall Street gambling, again
The upper tax bracket % remains at 35% due to extension of Bush tax cuts, which are due to end in 2013.
Romney has proposed to reduce them to 28%
Obama want to let them revert to 40%
Actually, Conservative obstructionism is to blame for the slow recovery. QED.
We need Obama and Eric Withholder to both resign and to get out of America - Yes, they were both born here, but their utter contempt towards our constitution makes it look like they both would be happier to live in Syria - where Obama allows for the slaughter of babies each day.
Something hiding behind a fake name, "lovestohike", wants to be considered credible but instead is just another internet crank.