Archive

Archive for the ‘President’ Category

Know Yo Civics!

civicsThe RNCC (Republicon National Congressional Committee) and the Republicons in general, due to their relationship, have a need for some serious high school civics classes. The rationale for this assertion is their general lack of understanding of how our government allocates and spends money. This is a big deal because the Constitution of the United States has defined the course in which moneys are collected and spent by the government.

Every elected politician should have a firm understanding of which the branches may start the process of taxing, allocating payments, and paying debt. It has become increasing obvious that a great number of politicians either don’t know how government works or are completely comfortable with lying to and dumbing down the American people with their words. This is not ROCKET SCIENCE; this is simple elementary/high school, depending on the school that you went to, civics.

Article 1 Section 8 of the United States Constitution states the following in terms of who has the right to raise and spend money; “The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States…”. Only one branch of government that has been given the right to obtain money and pay bills and that is the Legislative Branch and the House of Representatives is where all bills have to originate; see Article 1 Section 7 Clause. These facts seem to escape the RNCC as can be demonstrated by their recent ad on spending, SEE!

rncc

@NRCC You know the coin doesn’t need to be made of $1 trillion worth of platinum, right?

Read more…

Fiscal Cliff: effects on taxation and revenues!!

November 26, 2012 4 comments

The more one learns about the “Fiscal Cliff” (The Postal Accountability and Enhancement Act) the more we know and that is an empowering educational tool for the voting populace. Now let’s look at why Republicons are so afraid of the fiscal cliff and the accompanying expiration of the Bush tax cuts. Once America understands the fundamental underpinnings of the fiscal cliff in terms of taxation the more un-cliff’like they may find it. Fiscally it is appealing in many aspects seeing that a lot of it impacts the rich and dividend investors and furthermore increases revenue.

The scariest aspect of the fiscal cliff for Republicons is, dare WE say, returning the top marginal tax rat to 39.6% (which is the rate under Clinton, you know the president that gave us a surplus) from the current 35%, but wait there’s more. Not only will the top marginal rate return to reasonable level, but it will also raise capital gains tax rates to 20% from the ridiculous maximum rate of 15%. In my humble opinion, the top marginal income tax rate should have never been lower than 50%, for reasons that I will address in another blog. I even dare to contest the special treatment of capital gains; I think that capital gains should be taxed as normal income, period (again, I will address that in another blog). Another revenue increasing result of the fiscal cliff would be that stock dividend income would be taxed as regular income and that would be a beautiful thing and I would call it “a start towards fiscal sanity”!

The beauty, in my estimation, or the danger, in the estimation of the rich and the Republicon party, in the fiscal cliff kicking in is that there will be more cuts to loop-holes and tax breaks which primarily benefit the rich. For example, Estate taxation, or the death tax as conservatives call them, would go up by changing the estate tax that currently only applies to those inheriting over 5.1 million to anyone inheriting one million dollars or more,  (boo hoo). This would mean anyone inheriting over 1 million dollars would have to pay a 35% estate tax. Another topper would be that the AMT (alternative minimum tax) would also change in aspect of who would be subjected to it. So far, the changes that could take effect does not make 99% of the United States populace worry or fearful of this cliff that everyone is talking about; although I could be just fiscally naive. The so-called fiscal cliff has some bearing on the Affordable Care Act (ObamaCare). Apparently there is a 3.8% medicare surtax that will be implemented on wage earners making over $200,00 and families making over $250,000 annually. Read more…

American Debt and Who got Us Here!

Prior to 1980 America had never reached a debt of one Trillion dollars, but with the election of  Ronald Reagan we passed that mark and then some.  When Ronald Reagan took office our national debt was a mere 900 billion dollars; give or take a few hundred million dollars. Reagan ushered in the theory called “Reaganomics” which would be later referred to as “Trickle Down Economics” (see; http://www.econlib.org/library/Enc/SupplySideEconomics.html) but by either name it set in motion an approach to monetary policies that would devastate America, but I digress.

Reagan’s presidency ushered in Reaganomics which was an approach that relied on 3 key policy/fiscal foundations; tax cuts which reduced the operational capital of government, deregulation which opened up corporate welfare and corruption, and the role of government to that of noninterference (which is how Republicons referred to government protections from corporations and money’ed interests). America believed that Reaganomics would increase investments by the wealthy in the job market and in turn would stimulate prosperity for all. I refer to this as “trickle on economics” but again I digress. Reagan would  go on to deregulate savings and loans markets; he reduced taxes, increased military spending which directly led the stock market crash in 1987. The start of deregulation of banking and investment markets by Reagan,  and the administrations that would continue this approach, would come to roost later in American history but I will cove that later. This approach would take  the debt from 930 billion to 2.6 trillion in a mere 8 years or $10,058.90 per capita for a population of 258,709,873. I would again note that this had not happened since the start of America until Reagan’s presidency. The Reagan administration increased debt by roughly 2 trillion over an 8 year period which is an increase of 189% of the debt he inherent-ed; just WOW!

Reagan set the table for economic policies that would be adopted in large parts and small from this point forward. Bush Sr. (Reagan’s vice-president) would be elected in 1989 and continue the “trickle down economic policies of Reagan and would fare no better than his predecessor  Bush Sr. would lead the country to an economic collapse and end his one term presidency with the nation in debt for a staggering 4 trillion dollars or $4,064,620,655,521.66 to be exact. This result was in spite of him raising taxes in 1992 in order to curtail the disastrous fiscal policies he continued from Reagan. You would think that Bush would have learned from Reagan’s fiscal FAIL, but Republicons (I refuse to call them “conservatives”; there is nothing conservative about them) did not learn and America was fooled by slogans and propaganda that still exists today; and again I digress. I think that you are starting to see that I digress a lot, but what can I say I have a lot of un-expressed political history in my head. So now we are at the 4 Trillion debt mark. The Bush Sr. administration increased debt by roughly 2 trillion over an 4 year period. Supply Side Economics and Republicon governance quadrupled the national debt to over $4 trillion in twelve years (1980-1992) and they call themselves “conservatives”! Bush Sr’s administration governed over an increase of the U.S. debt of what would equal an 55% increase in just one term; I dare to speculate that with another term he would have nearly equaled Reagan’s debt disaster! That’s right I said it.

Read more…

%d bloggers like this: