Random Thoughts on the Past Week
The Ticking Debt Bomb
Republicans in the House of Representatives, Democrats in the Senate, and President Obama struck a deal last week to keep the government running with what sounded like $38 billion in budget cuts. At least that was the amount initially reported. But upon further examination, that number shrank considerably to just $352 million. It’s no wonder that Standard & Poor’s downgraded the credit rating of the United States to negative. While politicians on both sides were bickering over whether to fund NPR and Planned Parenthood, the government is spending roughly $158 billion a month on Medicare, Social Security, Medicaid, Welfare Programs, and the interest on the national debt. Nowhere in the discussions between president and Republicans was there even a mention of these programs, yet they consume nearly 95 percent of current tax revenues.
There are now so many tax breaks, deductions, credits, and loopholes that 45 percent of U.S. households will pay no federal income tax for 2010. Coincidentally, 43 percent of Americans believe that the amount of taxes they pay are “fair”. Hmmm..
Don't Know Much About Economics
It seems that the iPad is actually costing jobs according to Representative Jesse Jackson Jr. — and he thinks something should be done about it. In a scene reminiscent of Atlas Shrugged, he believes we should have “protection for jobs here in America to ensure that the American people are being put to work.” He continued, “What becomes of publishing companies and publishing company jobs? What becomes of bookstores and librarians and all of the jobs associated with paper? Well, in the not-too-distant future, such jobs simply won't exist.” Completely ignorant of economics and the wealth that Apple has created in the U.S. and the other jobs that have been created through accessories and applications developed for the iPad, Jackson would have you believe that Steve Jobs is actually killing jobs in America. If only we had more congressmen like Jackson, we might still have horse-drawn buggies and rotary telephones.
Trumped By The Donald
Donald Trump continues to surge in the polls of potential Republican presidential candidates. And why not? The rest of the group leaves most republicans wanting. There’s Romney, who couldn’t look more the part but has that little health care plan he instituted while governor of Massachusetts that continues to cost more than was planned and is eerily similar to the Affordable Care Act of 2010. Sara Palin has a home with the Tea Party but is unlikely to win the votes of any moderates, few independents, and zero Democrats. Pawlenty, Perry, and Barbour have great cred as governors but little charisma. Newt is a smart guy, but continues to stay some of the dumbest things. It would seem that people like the straight-talking Donald, but his remarks on universal health care may send his poll numbers south.Continued on the next page