Tag Archives: White House

Obama’s Plan for Automatic Tax Increases (via Conservatives on Fire)

Must read information from Conservatives on Fire. We can’t let the neo-liberals continue their tax and spend policies.

Did you know that Obama had a plan to increase taxes automatically? I didn’t know about Obama’s plan. Apparently the MSM doesn’t know or doesn’t care. Worst of all, it would seem that our Republican’s in Washington are also unaware of Obama’s plan and that makes me FURIOUS! Yesterday I received an E-mail from my friend Pat Slattery of The Free Market Project. Here is how Pat’s message began: We’ve got the bastard now!  James Howe pointed Obama’s … Read More

via Conservatives on Fire

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Obama to spend, I mean invest, $53B on high-speed rail

President Barack Obama apparently has not heard that the United States has a huge budget deficit, an even bigger public debt, and a monstrous unfunded liability. He’s still spending like a drunken… I mean he’s still ‘investing’ like a reckless politician:

President Barack Obama is calling for a six-year, $53 billion spending plan for high-speed rail, as he seeks to use infrastructure spending to jump-start job creation.

Not only has our President not heard about our financial problems, he obviously has not heard that trains are not worth the cost.

Bill Daley Is Right: Government Should Copy Business

by Michael E. Newton

On Sunday’s Face the Nation, White House Chief of Staff William Daley said government should act more like a business: “Take some of those cuts, invest them in things that will have a return as you come out of this recession. That’s what successful companies do. And that’s what the government has got to do.” At Bill Daley prompting, let’s look at how businesses act during a recession.

Read the rest at American Thinker.

President Obama to announce freeze in nonsecurity, discretionary spending, but he won’t actually do so.

According to the latest news reports:

President Barack Obama will use his State of the Union address to call for a five-year freeze on nonsecurity, discretionary spending, a White House official said Tuesday, hours before Obama goes before the joint session of Congress.

Hey, that sounds like great news. Obama really is embracing his move to the center and the deficit is sure to shrink with this spending freeze.

But wait… Let me finish reading the article:

Obama is also expected to call for spending — or “investments” — in education, research and infrastructure as a means of making the country more competitive.

What? I thought Obama was going to freeze nonsecurity, discretionary spending but here he is proposing new nonsecurity, discretionary spending.

Even so, I consider this great news. I hope and expect the Republicans to hold Obama to his pledge to freeze nonsecurity, discretionary spending and ignore his simultaneous calls for more spending. Actually, it would be even better if the Republicans cut spending, but I don’t expect any miracles.

Additionally, if Republicans can quickly pass a budget freezing nonsecurity, discretionary spending, I hope they’ll immediately move on to addressing entitlement spending.

The Republicans now have their chance to fix many, but not all, of the problems in our budget. I hope they seize the opportunity at a time that our President is trying to be, or at least pretending to be, moderate.

McConnell talks about the path to tyranny

One of today’s top headlines:

McConnell: Health Care Reform Leads America On A Path To Tyranny

McConnell’s actual statement:

“By preventing the accumulation of excessive power, the Constitution is designed to reduce the risk of tyranny or abuse at either the Federal or state levels,” McConnell told the audience of conservative legal scholars. “The health care bill would remove an important bulwark of this protection.”

Wouldn’t it be great if somebody wrote a book about this? Maybe he could call this book The Path to Tyranny.

Federal Reserve blames Congress and President for problems

Marketwatch reports in a story titled Fed says Congress needs better growth plan: Central bankers urge tax, regulatory reforms, pro-trade policy:

Top Federal Reserve officials on Monday said the central bank has done everything it can to help a weak U.S. economy. The rest is up to Congress and the White House.

The Fed is correct here. Not only have they “done their part,” they’ve actually done too much. Our current economic problem is not something the Fed can fix. There’s no shortage of money. There’s no credit freeze. There’s nothing the Fed can do. (So why don’t they stop their quantitative easing?)

The economic problems come from the fiscal side. High taxes and unpredictable government interference has scared away capital and risk taking. The report continues:

In separate speeches, three senior Fed executives said Washington needs to fashion better tax and regulatory policies that encourage businesses to invest in the U.S. and create jobs.

“It is absolutely imperative that the Congress and the president attack the long-run budget problems the nation faces,” St. Louis Federal Reserve President James Bullard said in a speech to Wall Street financial analysts in New York.

“The Federal Reserve cannot and should not do it alone,” he said. “Other policymakers must bear their burden and do their part to encourage more-robust economic growth and establish the conditions for stronger employment.”

In a speech Monday in San Antonio, [Dallas Federal Reserve President Richard] Fisher warned that the Fed’s credibility could be lost if global investors perceive that the U.S. is trying to inflate its way out of debt.

All three said U.S. lawmakers have to figure out ways to boost the nation’s competitiveness and develop better long-term growth policies. They urged Washington to streamline regulations, simplify the U.S. tax code and pursue more free-trade deals to open foreign markets to American goods.

Fisher said fewer businesses want to invest in the U.S. because they can get a better return on their investment in other countries.

“The remedy for what ails the economy is, in my view, in the hands of the fiscal and regulatory authorities, not the Fed,” Fisher said.

The question remains though: Who is most incompetent? The Federal Reserve? Congress? The President? They are all so totally incompetent that there is only one way out of this mess: the government, that is all three of the above, has to get out of the way. Stop interfering in the economy. Reduce taxes. Reduce spending and return a large portion of the economy back to the free-enterprise system. The economy will not thrive until they do so.

Britain takes action to save country from bankruptcy. United States still has its head in the sand.

Marketwatch reports:

Britain will stick to its timetable for making the largest cuts in government spending in decades, the chancellor of the exchequer said Wednesday, vowing that the sweeping measures would bring the country “back from the brink” of bankruptcy.

Critics charge that the plan to cut spending by 83 billion pounds ($130.4 billion) between 2011 and 2015 threatens to send the economy back into recession, just as a recovery is losing steam.

Delivering the long-awaited, comprehensive spending review to parliament, Osborne said the austerity plan “is a hard road, but it leads to a better future.”

The plan will reduce spending across government departments by an average of 19% over four years and is expected to result in 490,000 public-sector job losses over that period.

There is no doubt about it; these cuts will be painful, but not nearly as painful as doing nothing and going bankrupt. Too many governments, political leaders, and populations have their heads in the sand. Action needs to be taken to stave off a credit crisis. Those countries that do so may feel some short-term pain, but they will be at a competitive advantage five or ten years from now.

Meanwhile, the US has not cut a dime from its budget. Instead, all the talk in the current Congress and the White House has been about more stimulus. Hopefully, this will change on November 2.