Mistresses Feeling Economical Crunch

The economy must be worse than I thought! More than 80 percent of multi-millionaires are cutting back spending on their mistress, 12 percent say they are going to dump them up all together.

See folks, it’s not just the working poor and middle-class hurting out there. Those poor mistresses are feeling the economical impact too!

No more free plane rides, lavish restaurants and diamonds…oh the misery out there.

Where Does All The Money Congress is Spending Come From?

Nancy Pelosi says if the economy continues to plummet she may call Congress back for a special session after the election to pass a 150 billion dollar economical stimulus plan… Yeah, cause the first one worked so well.

Of course this plan will be more of a wealth redistribution plan than an economic stimulus since most Americans who pay most of the taxes won’t be allowed to participate in the plan. Taking from those who have earned it and giving it to those who have not. After all as Barack Obama and Joe Biden has said taxes is not about revenues to the government; it is about fairness. Oh ... what fun we're going to have over the next four years.

Has anyone thought about asking where all this money is coming from? It’s not like Congress has 700 billion for a bailout, or a 150 billion-stimulus package sitting in a checking account somewhere. So where does it come from?

Yes, it comes from the taxpayer at the end, but they need that money now. So it is borrowed folks. It is borrowed from places like China, Germany and other foreign countries. This increases the national debt and makes the dollar even weaker.

This is why it cost 10.00 for a cup of coffee in France or 5.00 for a 20oz. Coke in Germany. Hold on to your wallets cause it is only going to get worse.

Ten things that will result from the financial crisis…they are not really changes, just going back to the way things should have and use to be done.

David Strom explains the dangers of Barack Obama’s tax plans for the economy.

James Pethokoukis points out four reasons our economy is better off than it was in the 1970’s. He also points out we haven’t technically hit recession status yet.

Democrats in the Senate are planning a new economic stimulus package that could be on the floor as early as July.

American Workers Suffer as US becomes home to highest corporate taxes in World

According to a new study from the Tax Foundation the U.S. ranks second in the World, trailing Japan for having the highest corporate taxes. On a more disturbing note 24 states ranked higher than Japan on the list. Iowa having the highest corporate tax rates in the World at 41.6%

States known for their fairly low state-level corporate tax rates such as Nevada , South Dakota , and Wyoming was still higher than France and 25 other countries at 35%

32 states have a combined corporate tax rate higher than third-ranked Germany , 46 states higher than fourth-ranked Canada and all 50 states were higher than fifth ranked France .

This could be one of the reasons for a failing economy. It is definitely a reason for jobs leaving the US .

“This is startling news for America ’s business and workers,” said Tax Foundation president Scott Hodge. “Tax competition for jobs and investments is fierce, and the US continues to fall further and further behind. Our states should be the world’s leaders in many things, but high taxation should not be one of them. The high federal corporate tax rate is literally crushing states’ competitive abilities. That means fewer jobs for American workers.”

Don’t expect this new study to get much play in the mainstream media. Why? Well because taxes are boring, and stories like Obama and his pastor, or a real good sex scandal will always get better ratings than taxes. Plus the media really just doesn’t want you to know or understand these things. It goes directly against the liberal agenda that we need higher taxes on evil corporations.

This study rejects that idea and shows that a lot of US states are taxing the providers of jobs higher than any other developed country in the world. Anyone who knows the slightest thing about economics will immediately see this could be a problem.

Those who have read my writing for a while know I have always made the claim workers suffer the most when their employers are forced to pay high corporate taxes, but don’t take my word for it. In a related study the Tax Foundation found workers bear 70% of the burden of corporate income taxes.

You want to bring jobs back to America ? You want to revive the economy? Here is a crazy idea, how about the FairTax? It would make the US corporate tax system the most competitive in the world by eliminating it. Imagine how many jobs would flock to America if there were no corporate taxes.

Who says we're in a recession and what exactly is it?

In just the last few months, the economy has become the topic of many conversations. The word recession has been used 141 times in the Congressional Record this year and it is only May. Even presidential hopeful John McCain said Monday he believes the country is in recession, adding “these are very, very tough times in America.”

So what exactly constitutes tough times in America, and what exactly is a recession? Are we really in a recession?

If you were to take an economics class you would learn that a recession is a decline in a country's real gross domestic product or negative real economic growth, for two or more successive quarters of a year. That is the text book definition.

So if you go by the text book definition, we are not in a recession. We have come close to the text book definition, but not quite there.

Of course the text book definition isn't good enough to determine if we are in a recession or not. In the US we have something called the Business Cycle Dating Committee of the National Bureau of Economic Research. This seven person panel is who decides whether the US is in a recession or not. I guess the text book definition was not good enough.

Anyways, it turns out that three members of this committee are also contributors and advisors to either John McCain and Barack Obama.

So why is this such a big deal? Well, because right now the economy is the number one issue on the campaign trail, and America goes into “economical shock” when they here the word recession. Knowing that, do you suppose there might be some political motivation for and against labeling the economy in a recession? I think so. No political party has ever retained the presidency when the country was in recession. It would be safe to say John McCain has a lot riding on this panel.

Of course the members of the panel promise us their political considerations do not enter into their calculations. Uh....sure...advisors to political campaigns would never have political considerations.

Big T's Suggestested Reading and Viewing from around the web.

According to a newspaper in Britain the US is now in a Great Depression…It isn’t that bad yet…hard times are a coming though.

Now Mother Hillary wants to help you make your house payment. She wants a $30 billion housing fund, with 10 billion going toward refinancing “unworkable mortgages.”

When there is financial and economical doom on the horizon the solution is always government, government and more government. Yeah...that should work.

US Treasury Secretary Henry Paulson is arguing against government intervention to the mortgage crisis. He says their ideas would cause more harm than good…He is right, but try to explain it to the government educated economically illiterate Americans who believe government always has the solution.

The economy is so bad right now people are cutting back from Starbucks and eating out…We are so damned spoiled in America ! We really have no concept of what a poor economy is…but stay tuned because we are about to find out.

The Financially and Economically Illiterate

I got into a conversation about the economy with some friends last night. One thing everyone agreed on was the economy is in a slump and doesn’t look like it is going to recover anytime soon.
Everyone had some pretty educated ideas about the cause and solutions to help the economy. However, there seems to always be one in every group that just doesn’t quite get it.

My liberal friend says (yes, I have liberal friends) the economical fall out is a direct result of the Bush Administrations Tax Cuts and they should be eliminated. He says we should also raise taxes on the rich and corporations, especially oil companies and give that money to the middle class who desperately needs it and deserves it. (No he is not Barack Obama)

My friend then went on to explain that when Obama is president he should just print more money so more would be available. He is definitely a product of government schools.

I really don’t have time right now to explain why this is one of the most economically illiterate ideas ever, but then I also assume readers of this blog share an intelligence level higher than most and may actually understand economics.

This is why we are headed towards a recession, because people in this country are financially and economically illiterate.

If the economy sucks, why is Wal-Mart thriving?

You want an economic stimulus plan that will work? Big T has one: The FairTax

President George W. Bush and Congress have been working on this grand economic stimulus plan to jump-start the economy out of its slump. They have come up with a plan to put about 600 bucks into the hands of millions Americans.

Of course not all Americans will get it…Only Americans selected on the basis of vote buying will get the money. What does that mean…well if you are rich and pay the most taxes…fouhgetaboutit. No stimulus for you! If you are middle-class and most of the poor you are in. You will be getting your check soon. Why, cause the government knows that the middle-class and the poor decide elections. Oh, and by the way if you are single and make 75,000 you are the rich… Hey, I don’t make the rules.

The government really has no desire to come up with a real economic stimulus plan. They just want a plan that looks like they are trying to do something. It puts a little walking money in the people’s pockets, and it will get them re-elected in November so they can retain their power over you.

Their economic stimulus plan is the manipulation of the tax code to gain votes. Something politicians have been doing for years. It isn’t going to work folks.

How about an economic stimulus plan that will work? I will give you some economic stimulus.

How about making the United States the number one tax haven for business in the entire world?

How about getting some of the $13 trillion (yes trillion) that has went overseas to escape our punishing tax code and set up shop in safer tax haven areas? This is money that should be in our economy!
How about freeing up the $300 to $500 billions that is spent by Americans and businesses every year to try and figure out and comply with our current tax code?

Instead of giving some households a $600 bone one time, how about we give every legal house hold a rebate check every month to offset the taxes on their basic necessities of life up to the poverty level?

How about totally removing the tax component from all capital and labor in this country?

How about letting people invest with untaxed dollars, and then not taxing the profits from those investments?

It sounds like a dream doesn’t it, but it can be achieved. The plan is called the FairTax. The FairTax will do all of this and more!

Thing is it is going to take the American people to demand the FairTax through a grass roots effort because politicians do not like the plan. They don’t like the plan because it takes power away from politicians. They would no longer be able to manipulate the tax code in order to pander to voters.

For months now we’ve heard politicians plan for more taxes on the rich, more rebates for the poor and a variety of ideas to use the tax code to influence people’s behavior. The FairTax puts an end to all that. It takes away that power. It would be the biggest transfer of power from politicians to the people since the ratification of the constitution.

We can get these politicians, kicking and screaming, to support the FairTax. We are already doing it. The FairTax is already popular and growing. Presidential hopeful Mike Huckabee was a second tier candidate in the Republican Primary until he made the FairTax part of his platform. Now he is a front-runner, you will not convince me otherwise the FairTax had something to do with that.

So keep the e-mails and letters flowing to Congress, continue with the FairTax inquiries at town hall meetings, and support candidates who support the FairTax with your vote in November.

We have a huge opportunity to send a message with the release of the book FairTax, The Truth: Answering the Critics. Buy one, buy two and give one to a friend. Let’s put this book on top of the New York Times bestseller list just like we did with the first FairTax book.

In doing so we send a strong message to every single vote-hunting politician in D.C. They will be forced to recognize this idea is still alive, still strong, and still something they must consider. If you can't get to a bookstore, click here for Amazon.com and here for Barnes & Noble.com.