Thursday, July 12, 2012

Krauthammer Addresses Quadrupling Food Stamp Budget, Growth in Welfare D...


For the life of me. I cannot understand why the republican party does not, will not or cannot, exploit this very message to the voters.

Life in "Progress" Country - Spain edition

Something I find so comical about your average lefty is how the hate Americans with a Euro ancestry but seem to want to hold Europe up as the example as to how our government needs to operate.

As Marty Brennaman might ask "How we lookin'?"

And the answer......... "Not good".............

Prime Minister Mariano Rajoy announced a swathe of new taxes and spending cuts on Wednesday designed to slash 65 billion euros from the budget deficit by 2014 as recession-plagued Spain struggles to meet tough targets agreed with Europe.

Rajoy, of the center-right People's Party, proposed a 3-point hike in the main rate of Value Added Tax on goods and services to 21 percent, and outlined cuts in unemployment [cnbc explains] benefit and civil service pay and perks in a parliamentary speech interrupted by jeers and boos from the opposition.

"These measures are not pleasant, but they are necessary. Our public spending exceeds our income by tens of billions of euros," Rajoy told parliament.

He also announced new indirect taxes on energy, plans to privatize ports, airports and rail assets, and a reversal of property tax breaks that his party had restored last December.

Wednesday, July 11, 2012

Life in "Progress' City - San Bernadino edition

San Bernardino on Tuesday became the third California city in less than a month to seek bankruptcy protection, with officials saying the financial situation had become so dire that it could not cover payroll through the summer.

The unexpected vote came at the suggestion of the interim city manager, who said the city faces a $46-million deficit and depleted coffers.

"We have an immediate cash flow issue," Andrea Miller told the mayor and seven-member City Council.

Mayor Patrick Morris called the decision, passed on a 4-2 vote, a "stain" on the city. But he said the only other option was "draconian cuts" to all city services, including the police and fire departments.

"It means the bills will be paid," said a dejected Morris, who is not a voting member of the council.

The city's fiscal crisis has been years in the making, compounded by the nation's crushing recession and exacerbated by escalating pension costs, lucrative labor agreements, Sacramento's raid on redevelopment funds and a city reserve that is tapped out, officials said.


Tuesday, July 10, 2012

What's going on in California?

Life in "Progress" State - Maryland edition

A new report says wealthy Maryland residents may be moving out due to recent tax hikes – a finding that is sure to escalate the battle over taxing the American rich.

The study, by the anti-tax group Change Maryland, says that a net 31,000 residents left the state between 2007 and 2010, the tenure of a "millionaire's tax" pushed through by Gov. Martin O'Malley. The tax, which expired in 2010, in imposed a rate of 6.25 percent on incomes of more than $1 million a year.

The Change Maryland study found that the tax cost Maryland $1.7 billion in lost tax revenues. A county-by-county analysis by Change Maryland also found that the state’s wealthiest counties also had some of the largest population outflows.

In total, Maryland has added 24 new taxes or fees in recent years, Change Maryland says. Florida, which has no income-tax, has been a large recipient of Maryland's exiled wealthy.


Life in "Progress" City - Scranton edition

Employees of a Pennsylvania city, who have all seen their salaries cut to minimum wage as the mayor grapples with budget problems, are hoping a judge restores their paychecks in full.

Scranton Mayor Chris Doherty cut everyone's pay -- including his own -- on Friday, saying the state's sixth-largest city is broke because the City Council blocked his proposed tax increase. Doherty, a Democrat, warned nearly 400 police officers, firefighters and public works employees about his doomsday plan, prompting a Lackawanna County judge to order the city to pay full wages to all employees, citing that it is a violation of their contracts. Hours later, the payday envelopes went out, and, despite the judge's order, they were light.
 “This needs to be resolved," Scranton firefighter and president of the local firefighters union John Judge told "My members are getting a check for $7.25 an hour. These are people that are the head of their households. They have mortgages. They have other living costs. They are now going to have to throw their bills in a hat and randomly pick what gets paid on time.”

Monday, July 09, 2012

Who did he vote for? #18

Meet Edward Demase. Why is Eddie in the news?

The Massachusetts Bay Transportation Authority (MBTA)  reportedly held onto an operator's job for him while he called in sick for three months – from prison.
Edward Demase, a Blue Line operator, was in jail for three months on a domestic assault conviction, WCVB-TV reports. He claimed sick leave during the extended absence, and returned to his job after he got out, according to the report.

Thanks Reader Jeremy for the link...........

Who did she vote for? #19

Meet Denise Rich.... Why is she in the news?

Denise Rich, the wealthy socialite and former wife of pardoned billionaire trader Marc Rich, has given up her U.S. citizenship - and, with it, much of her U.S. tax bill. 

Rich, 68, a Grammy-nominated songwriter and glossy figure in Democratic and European royalty circles, renounced her American passport in November, according to her lawyer. 

Her maiden name, Denise Eisenberg, appeared in the Federal Register on April 30 in a quarterly list of Americans who renounced their U.S. citizenship and permanent residents who handed in their green cards. 

By dumping her U.S. passport, Rich likely will save tens of millions of dollars or more in U.S. taxes over the long haul, tax lawyers say. 

Rich, who wrote songs recorded by Aretha Franklin, Mary J. Blige and Jessica Simpson, is the latest bold-faced name to join a wave of wealthy people renouncing their American citizenship. Facebook co-founder Eduardo Saverin gave up his U.S. passport to become a citizen of Singapore, an offshore tax haven, before the company's initial public offering in May. 

Nearly 1,800 citizens and permanent residents, a record since data was first compiled in 1998, expatriated last year, according to government figures. 

But you may remember her for infamous ex-husband............

Rich's ex-husband, commodities trader Marc Rich, fled the United States in 1983 when indicted on charges of tax evasion, fraud, racketeering and illegal trading of oil with Iran. They divorced in 1996. 

Marc Rich received a presidential pardon in 2001 on President Bill Clinton's last day in office. 

Federal prosecutors and Congress investigated the pardon, and in 2002 a House of Representatives committee concluded Denise Rich had swayed the action through donations to the Clinton library and campaign. 

Dubbed "Lady Gatsby" by Yachting magazine, Rich owns multiple properties, including a mansion in Aspen, Colorado. She is a frequent habitue of Cannes, Monte Carlo and St. Tropez with celebrities and singers aboard her 157-foot yacht, Lady Joy. 

 Rich will escape future U.S. taxes but possibly not all current ones. In 2008, Congress imposed an expatriation tax on persons with a net worth of more than $2 million who dump their U.S. citizenship or permanent residency. Under the law, those people owe an "exit tax" on their worldwide property, computed at a fair market value the day before they leave. But tax lawyers say the tax can be reduced or avoided by structuring asset holdings through foreign annuities.


Obama as a venture capitalist

His record? Not so good..............

Last week, another subsidized company, Abound Solar, joined Solyndra in bankruptcy. Taxpayers lost $70 million.

Sterling Burnett, of the National Center for Policy Analysis, lists other companies you funded. 6 went bankrupt:

- Solyndra: (awarded $528 million)
- Beacon Power ($39 million)
- EnerDel ($118 million)
- Babcock & Brown ($178 million)
- Solar Trust of America ($2.1 billion)
- Abound Solar ($400 million)

Many more struggle:

- A123 ($300 million): One factory, financed by government money, made defective batteries.
- Fisker Auto ($529 million)'s electric cars shut down in their testing phase. Why? Because Fisker used A123's defective batteries.

Healthcare Explained

Ray Lane on Obama as VC

Clue phone to the Obamunists.......... If these investment options made sense, venture capitalists and private equity firms would have been all over it.

Sunday, July 08, 2012

I guess the basket weaving progam was filled

From Buckeyeville....................

Ohio State Coach Urban Meyer dismissed senior linebacker Storm Klein from the football team on Saturday following his arrest on domestic violence and assault charges.

Klein pleaded not guilty to the charges on Saturday after being arrested by Columbus police on Friday.

A message seeking comment was left Saturday.

Meyer said in a statement that the charges against Klein "violate the core values of the Ohio State Football Program."

"As a result, Storm has been removed from the team. It has been made very clear that this type of charge will result in dismissal. If there are any changes in the charges, we will re-evaluate his status," Meyer said.

Klein appeared in Franklin County Municipal Court on Saturday represented by a public defender. The senior who started 10 games last year was told to stay away from the person who filed a complaint against him.

Klein is one of several linebackers vying for a starting job with the Buckeyes.

Two other expected starters for Meyer's first Ohio State team were suspended in June after being arrested on a misdemeanor charge of obstructing official business.

The university says Klein is a sport and leisure studies major from Newark, Ohio, who played in 38 games and started 10 times at middle linebacker last year.

"Sports and Leisure" major? What the hell are your classes; Sitcoms 101? Camping? Bowling?

Seriously, you can catch a "Sports and Leisure" major at Buckeye High, Imagine rolling out of there with about 80k in student loan debt.

How long do you think it takes one of those majors to pay off their debt?

Life in "Red" State - The unemployment edition

I'm sure that it's just a coincidence that when you have republicans for governors, you're unemployment rate drops.........

In 2010, influenced by the Tea Party and its focus on fiscal issues, 17 states elected Republican governors. And, according to an analysis, every one of those states saw a drop in their unemployment rates since January of 2011. 

Furthermore, the average drop in the unemployment rate in these states was 1.35%, compared to the national decline of .9%, which means, according to the analysis, that the job market in these Republican states is improving 50% faster than the national rate. 

Since January of 2011, here is how much the unemployment rate declined in each of the 17 states that elected Republican governors in 2010, according to the Examiner: 

Kansas - 6.9% to 6.1% = a decline of 0.8%
Maine - 8.0% to 7.4% = a decline of 0.6%
Michigan - 10.9% to 8.5% = a decline of 2.4%
New Mexico - 7.7% to 6.7% = a decline of 1.0%
Oklahoma - 6.2% to 4.8% = a decline of 1.4%
Pennsylvania - 8.0% to 7.4% = a decline of 0.6%
Tennessee - 9.5% to 7.9% = a decline of 1.6%
Wisconsin - 7.7% to 6.8% = a decline of 0.9%
Wyoming - 6.3% to 5.2% = a decline of 1.1%
Alabama - 9.3% to 7.4% = a decline of 1.9%
Georgia - 10.1% to 8.9% = a decline of 1.2%
South Carolina - 10.6% to 9.1% = a decline of 1.5%
South Dakota - 5.0% to 4.3% = a decline of 0.7%
Florida - 10.9% to 8.6% = a decline of 2.3%
Nevada - 13.8% to 11.6% = a decline of 2.2%
Iowa - 6.1% to 5.1% = a decline of 1.0%
Ohio - 9.0% to 7.3% = a decline of 1.7%

On the other hand, the unemployment rate in states that elected Democrats in 2010 dropped, on average, as much as the national rate decline and, in some states such as New York, the unemployment rate has risen since January of 2011.