According to the Internal Revenue Service, there are more than 2,700,000 people who earn $250,000 a year or more — and fewer than one-tenth of them earn a million dollars or more. So more than nine-tenths of the people who would be hit with the higher taxes supposedly aimed at “millionaires and billionaires” are neither.
When businesses advertise one thing and then actually sell something else, that is called “bait and switch” advertising. That is exactly what President Obama is doing with his proposed tax increases on “millionaires and billionaires.”
What Obama’s critique of Ryan tells us about Obama’s budget plans…
Our long-term fiscal problems won’t be fixed until we address what might be our nation’s most serious fiscal-related problem: we’re increasingly becoming a European-style “entitlement nation,” with “payments to individuals” increasing both in absolute dollar amounts and as a share of total federal spending, while at the same time the share of Americans who face a zero or negative federal income tax liability is above 40 percent and rising. In other words, a declining share of American taxpayers is being forced to finance the rising cost of the federal government, which is increasingly being spent on payments to individuals.
Bill Clinton will make the case here tonight that Obamanomics is just an updated version of 1990s Clintonomics. President Obama frequently suggests much the same thing. What’s funny strange, of course, is that the only part of Clintonomics that Obama seems to really like is the tax hikes. Certainly not the welfare reform or the lower government spending. You never hear much about that stuff — or how Clinton deregulated the banks.
President Barack Obama laid claim to a peace dividend that doesn’t exist when he told the nation he wants to use money saved by ending wars to build highways, schools and bridges.
The wars were largely financed by borrowing, so there is no ready pile of cash to be diverted to anything else.
Emails obtained by The Daily Caller show that former senior Treasury Department officials who orchestrated the 2009 auto industry bailout enriched their former employers and likely made personal financial gains from parts of the deal they negotiated. At issue is the termination of pension plans belonging to 20,000 non-union salaried retirees from Delphi Corporation.
Obama’s speech had shockingly little content in defense of his economic policies over the last four years, focusing almost exclusively on results in the manufacturing and energy sectors.
With rates of U.S. unemployment still stuck in the nosebleed range of 8%+, and economic growth limp, copious amounts of ink are being spilled by politicians and academics offering ways out of our economic slump. Not surprisingly, most of the solutions involve tax and entitlement reform.
This much we know: College pays. You can lose your house to foreclosure, but never your education. Four-year college graduates’ pay advantage over high school grads has doubled over the past 30 years. If money for tuition is tight, the advice goes, borrow what you need. Students have been listening. In 2010 student debt exceeded credit-card debt for the first time. In 2011 it surpassed auto loans. In March, the Consumer Financial Protection Bureau announced that student debt had passed $1 trillion.
So are you better off than you used to be or worse off?…..