Posts Tagged ‘IRS’

The economic mess and structural problems in EU and USA – Part 2

23 januari, 2013

This is the second part about USA. Again, It ain’t pretty to say the least!

Where the same absurd Alice in Wonderland economic and political farce is playing out in the USA. And as in Europe it is, as usual, the common people who are paying the price.

And as in Europe, the US crisis is anything but over regardless of what the political elites are trying to tell the people in USA. In USA the role of ECB is played by the FED (the Federal Reserve), which creates money out of “thin air” to support the gigantic and increasing debt. And to keep the stock market going and lower the price of the dollar.

So that the federal US government can spend your tax money like a drunken sailor.

(See my posts:                                      

The US election – Yes we have NO bananas

How Obama loves the poor SOOO MUCH, especially the black, that they have had the largest single drop in income ever

In three graphs – Obama Economics)

All graphs get bigger when you click on them

USA_jobs2

                                                 USA

In USA, Goldman Sachs and the other investment banks, plus the big Hedge Funds, are pushing leverage to ridiculous and dangerous extremes.

If you read the Comptroller of the Currency, Administrator of National Banks, report for the second quarter 2012 “Quarterly Report on Bank Trading and Derivatives Activities”, you get utterly horrified of the totals of the open derivatives positions in the US market.

Four of the largest U.S. banks are walking an extreme tightrope of risk, leverage and debt when it comes to derivatives.  Below you are going to find just how utterly exposed they are.

But first what is leverage?

Most people do not understand “leverage” and what it actually means. If they did, they would not sleep at night knowing what’s going on right now.

To put it simple: leverage means that these banks etc use a leverage of say 1:50 or 1:100 in their speculations. Which means that they only put up 1 of their own dollars for an investment worth 50 or 100 dollar. Their dollars are “worth” 50 or 100 times more than they actually are.

It ALSO means that IF “things” goes wrong way they LOSE 50 or 100 dollars for every dollar they invested in that trade or position. Or much, much more.

And usually when things goes wrong, it goes very fast when it comes to trading with these kind of leverages. So very quickly, these sums get astronomical. In a couple of days they can literally lose ALL their capital and more.

Nov deficit

 This has happened time and time again. Just to mention a few:

–         Lehman Brothers (was the 4th largest inv. bank in the US).

–          Bear Stearns

–          American International Group

–          Northern Rock (a medium-sized British bank)

–          Washington Mutual

–          American Savings and Loan

–          Landsbanki and Glitnir

–          Barings Bank

–          Société Générale

–          JP Morgan Chase & Co

–          Morgan Stanley

–          Long-Term Capital Management L.P. (LTCM)

As I said before, this is JUST A VERY SHORT LIST

Avalanche

This would not per se be a problem if this were a truly free and capitalist market. Because then these banks would go bankrupt and the owners and investors would lose their money. As they are supposed to do if the do bad business or trades.

But as we all know, this is NOT a free and capitalist market.  Our “dear” politicians have “decided” that these banks with all their wild speculations are too important or to big, to be allowed to fail.

 So instead, they have used taxpayer’s money and put whole countries at risk and in extreme debt just to bail out these banks.

And the banks knows that whatever speculations they do, REGARDLESS of how much or bad they speculate, and as you can see below their speculations are horrific, the politicians are going to bail them out with our tax money.

JP Morgan Chase

Total Assets: $1,812,837,000,000 (just over 1.8 trillion dollars)

Total Exposure To Derivatives: $69,238,349,000,000 (more than 69 trillion dollars)

 Citibank

Total Assets: $1,347,841,000,000 (a bit more than 1.3 trillion dollars)

Total Exposure To Derivatives: $52,150,970,000,000 (more than 52 trillion dollars)

Bank Of America

Total Assets: $1,445,093,000,000 (a bit more than 1.4 trillion dollars)

Total Exposure To Derivatives: $44,405,372,000,000 (more than 44 trillion dollars)

Goldman Sachs

Total Assets: $114,693,000,000 (a bit more than 114 billion dollars)

Total Exposure To Derivatives: $41,580,395,000,000 (more than 41 trillion dollars)

To sum up – TOTAL EXPOSURE TO DERIVATES for ONLY these four banks:

 207, 375, 086, 000, 000 TRILLION DOLLARS!!!!!!!!!!!

TOTAL ASSETS for these four banks:  4,720,464,000,000 TRILLION DOLLARS

So they can “cover” 2,27 % of the Total Exposure with ALL their Assets!

So who is going to pay for the “rest”:  202, 654, 622, 000, 000  TRILLION DOLLARS!!!!!!!!!!! if anything goes wrong?

EmployRecNov2012

Well, we know the answer to that doesn’t we. So far, it’s the common people, i.e. the taxpayers, who had to cover for all the banks bad speculations thanks to our dear politicians.

Take another look at those figures for Goldman Sachs.  If you do the math, Goldman Sachs has total exposure to derivatives contracts that is more than 364 times greater than their total assets!

That is utter insanity, but everyone just keeps pretending that the emperor actually has clothes on.

And why are “our” politicians SO EAGER to protect these speculators?

To put these GIGANTIC sums into perspective lets compare with the GDP from USA and all of EU from 2011

There a lot of different way to calculate GDP and the figures for each year. Add to that exchange fluctuations, conversion rates etc. So the figures below comes from the same source (IMF) to make the comparison easier.  And it is their conversion.

GDP USA 2011 – 15,094,025 billion US dollars

GDP EU 2011 –  17,610,826 billion US dollars

Total GDP for EU and USA 2011: 32,704,851 billion US dollars.

Lets compare these 32,704,851 billion US dollars with TOTAL EXPOSURE TO DERIVATES for  these four above mentioned banks:

207, 375, 086, 000, 000 TRILLION DOLLARS!!!!!!!!!!!

VS

32,704,851 billion US dollars in COMBINED GDP of EU and USA

Anyone see any problem???

Problem solved all right. So just move on, nothing to notice here or worry about.

Because according to out “dear” politicians, bankers and political elites from EU and USA there is NO SERIOUS PROBLEM HERE. The problems in USA and EU are more or less solved etc.

So the ones that put as in the mess in the first place, very “reassuringly” tells us: “We take care of it”.

Yeah sure!

mrzSpendaholic2

Let’s move on to another “bright spot” –the federal budget and debt. The figures are based on the 2012/2013 data:

2012 US Tax Revenue: $2,469,000,000,000

2012 Federal budget: $3,796,000,000,000

2012 Budget deficit: $1,327,000,000,000

US Federal Debt as of January 22, 2013: $16,471,084,067,491

Total interest paid on the debt in 2012: $359,796,008,919

Budget INCREASE between 2012 and 2013: $38,500,000,000

mrzWhat is the

To make these gigantic sums understandable here is how these figures would look like for a “normal” family:

Annual family income: $24,690

Annual family expenses: $37,960.  154% of the annual family income.

Annual family shortfall borrowed from friends/neighbors etc: $13,270.  54% of the annual family income.

Total interest the family paid last year: $3,598 (at near 0% interest).  Nearly 15% of the annual family income

Total family debt (mortgage, auto, credit card): $164,471.This is   666% of the annual family income.

Change in family spending this year: an increase of $385

This looks like a very responsible family wouldn’t you say?

And do you think this family would get any loans from the banks?

When you look at it this way, it really seems absurd. Yet it’s true… a slow motion train wreck. That any person with more than one functioning brain cell can see coming miles away.  Except our “dear” politicians. They are in ACTUAL FACT increasing the spending AND the debt.

Foodstamps%20Oct

Here’s another way to look at the debt ceiling I found in a paper. It’s very symptomatic:

Let’s say you come home from work and find there has been a sewer backup in your neighborhood… and your home has sewage all the way up to your ceilings.

What do you think you should do?

Raise the ceilings, or remove the crap?

Well, or “dear” politicians are franticly at an increasing speed trying to raise the ceiling at the same time as the “sewage” is increasing EVEN MORE.

Yeap, there you have politicians in a nutshell.

Why fix the problem that they themselves caused, when the politicians can pretend that they are the giver of all gods and bearer of all gifts to all the people all the time.

And it doesn’t cost anything for anybody. It’s ALL free forever. And they all lived happily ever after.

Sounds like a wonderful fairytale doesn’t it?

On that “cheerful” note, I stop here.

mrzOur children

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Annonser

The US election – Yes we have NO bananas

8 november, 2012

I could talk at length of the different aspects of this election and the result. But I will not. That would require a long essay. And that is for another time. So it’s just going to be a quick comment (well sort of), and follow up to my post The betrayal of journalism and the first amendment by the mainstream media in USA

It is a very sad day indeed to see a people voluntarily decide to throw themselves and their country over the cliff.

Let’s look at the economy (the figures are from the Congressional Budget Office):

In the Fiscal Year 2011, the federal government collected $2.303 trillion in tax revenue. Interest on the debt that year totaled $454.4 billion, and mandatory spending totaled $2,025 billion. In sum, mandatory spending plus debt interest totaled $2.479 trillion –. exceeding total revenue by $176.4 billion.

(Mandatory spending includes entitlements like Medicare, Social Security etc. which are REQUIRED by law to be paid. Congress in practical terms do not see this money, it is automatically deducted.)

For the Fiscal Year 2012, which just ended 37 days ago, that deficit increased 43% to $251.8 billion.

In other words, they could cut the entire Federal Government’s discretionary budget – No military, SEC, FBI, EPA, DHS, IRS, etc.- and they would still be in deficit by a quarter of a trillion dollars.

(Discretionary spending includes nearly everything we think of related to government- the US military, the Department of  Homeland Security, IRS, EPA etc.)

The only thing showing any growth in the US, besides the debilitating regulatory burdens, is the national debt. It took over 200 years for the US government to accumulate its first trillion dollars in debt. It took just 286 days to accumulate the most recent trillion (to $16 trillion).

Last month alone, the first month of Fiscal Year 2013, the US government accumulated nearly $200 billion in new debt in just 31 days.

And the numbers will only continue to get worse. 10,000 people each day begin receiving mandatory entitlements. Fewer people remain behind to pay into the system. The debt keeps rising, and interest payments will continue to rise even more. In addition, the dollar is going to decline.

The result, the US government is legally bound to spend more money on mandatory entitlements and interest than it can raise in tax revenue. It will not make any difference how high the federal, state or local government raise taxes, or even if they cut everything.

Another effect of Obama economics is that the poor are getting poorer, especially the black.  Under Obama the poorest Americans has suffered the single largest drop in income ever.

And the Black Americans in the same lowest income quintile have suffered almost double as the average American in the same quintile under Obama:

The drop is – 11.58% in one year (2010) and is at the lowest level ever.

That’s what I call “change”! But I would not call it “hope”.

And the number of people classified as poor are getting larger and larger.

See also my posts

How Obama loves the poor SOOO MUCH, especially the black, that they have had the largest single drop in income ever

In three graphs – Obama Economics

America, You are at a tipping point and you have your last change to stop it – Part 10

America, You are at a tipping point and you have your last change to stop it – Part 9

America, You are at a tipping point and you have your last change to stop it – Part 8

America, You are at a tipping point and you have your last change to stop it – Part 7

America, You are at a tipping point and you have your last change to stop it – Part 6

America, You are at a tipping point and you have your last change to stop it – Part 5

America, You are at a tipping point and you have your last change to stop it – Part 4

America, You are at a tipping point and you have your last change to stop it – Part 3

America, You are at a tipping point and you have your last change to stop it – Part 2

America, You are at a tipping point and you have your last change to stop it – Part 1

Why, Mr President, are you deliberately destroying the American way and committing economic harakiri?

And then of course we have the very disastrous Obama Care.  I wrote 34 posts about it. You can read them here:

Obama Care 34 – Which system do YOU thinks works best?

Obama Care 33 – President Obama is a willful and certified liar

Obama Care 32

Obama Care 31

Obama Care 30

Obama Care 29

Obama Care 28

Obama Care 27

Etc…

Obama Care

Then on top of that, we have the equally disastrous foreign policy. Where the Obama administration systematically have thrown their former allies (Eastern Europe, Britain, Israel, Egypt, Saudi Arabia  etc) under the bus, and helped parties like the Muslim Brotherhood that hate everything that USA and the western world stands for, to power.

See my 19 posts on Syria etc as some examples of that disastrous foreign policy:

How the Assad regime with the help of Russia, Iran, China and Hezbollah transformed peaceful protester to fighters

Here is links to all my posts

Russia’s solution for Syria – More Carpet bombing and Total Destruction

I could go on with many more examples but I think I will stop here.

But as the old saying goes (Joseph de Maistre in a letter from St Petersburg August 1811): a country has the politicians/government that they deserve.  So enjoy!

In addition,  this quote from a reader’s commentary in The Prager Zeitung in March 2010 (translated from Czech) sums it up quite well really:

Multitude of Fools

The danger to America is not Barack Obama but a citizenry capable of entrusting a man like him with the Presidency. It will be far easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to a depraved electorate willing to have such a man for their president.

The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails America. Blaming the prince of the fools should not blind anyone to the vast confederacy of  fools that made him their prince. The Republic can survive a Barack Obama, who is, after all, merely a fool.

It is less likely to survive a multitude of fools such as those who made him their president.“

P.S. If you are wondering about the title, see this video with music by Spike Jones. There is another long story behind the lyrics but that you have to find out yourself. D.S.

Spike Jone – yes we have no bananas

http://www.youtube.com/watch?v=jT6JkceQ9FU

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America, You are at a tipping point and you have your last change to stop it – Part 7

2 november, 2010

                All these lies about Obama Care

I have written extensively and for a long time about Obama care (see Obama Care 1 – 34, https://uddebatt.wordpress.com/tag/obama-care/)

These are the “representatives” that rammed through the Obama Care, the financial bill, etc., against the will of the people. They don’t care about the constitution, and they don’t know the difference between the declaration of Independence and the Constitution; and they don’t care that they don’t know.

Together with all the people in congress who voted for this bill. This is EXACTLY WHAT THEY WANTED AND INTENDED with this bill. But to get it through Congress they gladly and willfully lied through their teeth and ears, they even gladly put their lies in writing.

Why? Because they are ramming through their political agenda which they have been waiting and planning so long for to be able do.

I, and many, many others told you so before the Obama  Care “reform” was rammed through at all costs  against the will of the American people.

We where told by House Speaker Nancy Pelosi “We have to pass the bill so you can find out what’s in it

Well, we REALLY did find out a lot of things, and remember it’s just the beginning:

It’s going to ruin states, it’s going to be ENFORCED by IRS, close hospitals, fewer doctors, rationing (the new government agency, the Medicare Advisory Board, Section 3403 of the senate bill, that is going to decide (ration) what kind of Medicare you are going to receive), cuts in Medicare, increase the health care costs for companies by billions (and who do you think is going to pay for that?), etc. etc.

And then there were ALL these kickbacks, bribes and pork barrel spending in there to get the bill through at ALL COST.

And worst of all, the blatant hypocrisy from this new nomenklatura:

President Obama declared that the new health care law ”is going to be affecting every American family.” Except his own, of course.

The new health care law exempts the president from having to participate in it. Leadership and committee staffers in the House and Senate who wrote the bill are exempted as well.

Meanwhile, we STILL await Mr. Obama’s explanation why if his ”historic” health care law is so great for America, it’s not good enough for him and his family.

And remember – They DELIBERATELY PULLED THE TRIGGER ON THIS LOADED GUN knowing fully well “most” of the consequences.

 

Here are just a few articles:

Lost in Taxation – The IRS’s vast new ObamaCare powers..

http://online.wsj.com/article/SB10001424052748704518904575365223062942574.html?mod=WSJ_Opinion_carousel_2

Reform’s Nasty Little Surprises

http://www.investors.com/NewsAndAnalysis/Article.aspx?id=530171

The ObamaCare Writedowns—II Democrats blame a vast CEO conspiracy. .

http://online.wsj.com/article/SB10001424052702304370304575151760348759360.html

America‘s New Nomenklatura

http://www.investors.com/NewsAndAnalysis/Article.aspx?id=528809

The ObamaCare Writedowns – The corporate damage rolls in, and Democrats are shocked!.

http://online.wsj.com/article/SB10001424052748704100604575146002445136066.html

Obamacare bait & switch

http://www.washingtontimes.com/news/2010/mar/27/the-obamacare-bait-and-switch/

The Last Line of Defense between ObamaCare and Kansans

http://www.americanthinker.com/2010/03/the_last_line_of_defense_betwe.html

Obamacare’s health hazard – Implementing new law represents danger for Democrats

http://www.washingtontimes.com/news/2010/sep/30/obamacares-health-hazard/

In Obamacare Wonderland – Courts reject key defense for the individual mandate

http://www.washingtontimes.com/news/2010/oct/15/in-obamacare-wonderland/

ObamaCare and Voters – Clinton and Obama told Democrats it would be popular. Whoops.

http://online.wsj.com/article/SB10001424052702303284604575582394262243272.html

The reality is that voters who oppose ObamaCare are far more knowledgeable about the law and its consequences than most Congressmen who voted for it.”

So which system do you thinks works best?

                                              Old System

                                        New Obama Care

 Obama’s “Big Lies” Get Bigger

http://www.rasmussenreports.com/public_content/political_commentary/commentary_by_howard_rich/obama_s_big_lies_get_bigger

“..the top actuary at the Centers for Medicare and Medicaid revealed that millions of American seniors will have to pay increased out-of-pocket health care costs next year for “less generous benefit packages” as a direct result of Obamacare.”

“Last month, a Kaiser Family Foundation report showed that family health care costs are up by 14 percent in 2010 – with even larger increases forecast for future years, again as a result of Obamacare.

“Health reform mandates new levels of coverage that will increase employers’ costs at least until 2014,” a Kaiser analyst noted.

Beyond higher costs, “Obamacare” is already reneging on government promises regarding prescription drug plans – another benefit that never should have been subsidized by taxpayers. According to a study released earlier this year by Avalare Heath, as many as 3.7 million seniors could be forced out of their prescription drug coverage under the new law next year – ostensibly so the government can provide them with “more meaningful choices.”

All across the country, Obamacare’s costly new mandates are driving Americans out of their existing coverage and forcing them to pay increased out-of-pocket expenses – perpetuating the worst inefficiencies of government-run health care.

“This much is clear: If the law with its expensive mandates remains on the books, millions of Americans are going to lose the health care plans they have now — plans the president repeatedly promised they could keep,” Jeff Jacoby of The Boston Globe wrote recently.”

Make the candidates sign The Repeal Pledge at http://www.TheRepealPledge.com

Repeal Obama care. Watch the video here where doctors are calling for the repeal: http://www.youtube.com/watch?v=Ef0WPOhtvkY

Rasmussen’s final pre-election poll on the repeal of Obamacare shows that independents favor repeal by the colossal margin of 45 points (70 to 25 percent).

Health Care Law

http://www.rasmussenreports.com/public_content/politics/current_events/healthcare/health_care_law

“Eighty-four percent (84%) of voters who have health insurance rate their coverage as good or excellent. Only two percent (2%) describe it as poor. Among voters with health insurance, 60% favor repeal of the health care law.”

“As has been the case since the health care debate first began to heat up in September 2009, there is a large divide between the Political Class and Mainstream voters.  Seventy-six percent (76%) of Mainstream voters favor repeal of the health care law, while 76% of the Political Class are opposed.

Seventy-nine percent (79%) of voters in the Political Class say the law will be good for the country. Seventy-four percent (74%) of Mainstream voters disagree.“

“Voters now rank health care second on a list of 10 important issues regularly tracked by Rasmussen Reports.  The economy continues to be the most important issue on voters’ minds. “

Bleak Prognosis

http://www.investors.com/NewsAndAnalysis/Article/551437/201010221913/Bleak-Prognosis.htm

Health Care: The more we know about ObamaCare, the more we find out it wasn’t designed to cut costs but to eventually eliminate private insurance coverage and create a government-run system.

Provisions of the Democrats’ health care overhaul started to become law only a month ago, yet the list of companies dropping medical benefits for their employers is piling up.

Mega-firms such as AT&T, Caterpillar, John Deere and Verizon are among those that are either considering ending coverage for their employees or have already chosen to do so.

It’s not just the big companies eliminating benefits, either. Smaller employers are doing the same. Larry M. Elkin, president of Palisades Hudson Financial Group, wrote Thursday in the Business Insider: ”For 15 years, I have taken pride in paying the full cost of health insurance for every full-time Palisades Hudson employee who wanted it. This month marks the last time I will do that.”

Elkin said that every one of his employees has the option of staying on the company plan. But those who choose that route ”will have to pay the entire cost — ranging from $574 to $683 per month — themselves, through payroll deductions.”

And where will those who don’t opt for staying on the company plan go? Maybe they end up leaning on the government along with the 46 million or so other uninsured Americans the Democrats are trying to cover.”

“As the debate over ObamaCare raged, Americans were assured by the president himself that those of us who like our insurance plans would be able to keep them. But workers will not only lose their employers’ plans due to their employers’ increasing costs under the law, they will also be losing coverage because carriers are dropping some of the policy options they offer.

WellPoint, Cigna, CoventryOne, Humana, Blue Cross and Blue Shield, Aetna and Golden Rule have, for instance, announced that they will no longer sell child-only policies under the Democrats’ health care regime.”

In some cases — the Principal Group and its 840,000 customers is one example — carriers are dropping out of the health insurance market entirely.

Meanwhile, McDonald’s and 29 other companies told Washington that ObamaCare was going to force them to drop insurance coverage for some workers. Had those companies not been granted federal waivers from the requirement that they raise the minimum annual benefits of their low-cost health plans, roughly 1 million Americans would have been added to the rolls of the uninsured.

Don’t think it can’t get worse, because under the Democrats’ ill-thought-out plan, it will. Large pieces of ObamaCare that will make the system painfully expensive and increase federal intrusion still haven’t become law. The next Congress needs to get focused fast on stopping the march toward costly, substandard care.”

Economic Effects of the March Health Legislation

http://cbo.gov/ftpdocs/119xx/doc11945/USC10-22-10.pdf

Congressional Budget Office director Doug Elmendorf on Obama Care: ObamaCare includes work disincentives likely to shrink the amount of labor used in the economy.

Factoring in additional demand for workers in health care and insurance, CBO estimates that “the legislation, on net, will reduce the amount of labor used in the economy by roughly half a percent,” he said. (For perspective, half a percent of current payrolls is 651,000 jobs, though the impact would show up in both fewer jobs and fewer hours worked.)

Obamacare R.I.P.

http://www.washingtontimes.com/news/2010/oct/29/obamacare-rip/

Perhaps the most comprehensive critique can be found in ”Fresh Medicine,” a new book by Tennessee Gov. Phil Bredesen, a Democrat. In a year in which he isn’t even running for re-election, Mr. Bredesen pulls few punches. ”Congress and the Obama administration have just added over 30 million people into an obsolete and broken system and done little to address the underlying problems; in multiple ways, they’ve made them worse,” he wrote. ”Worse” is an understatement. Lower quality health care, higher costs, more complexity and more regulations would be Obamacare’s legacy.

 The American people have a chance to stop it from happening. Just as the drubbing of congressional Democrats in 1994 in the wake of the Clinton gun ban has kept overt gun-control measures out of the national spotlight, the 2010 drubbing could kill the desire for health care nationalization once and for all. Already, 71 percent of voters in Missouri have approved a ballot measure that will block implementation of Obamacare at the state level. Big votes tomorrow on similar constitutional amendments in Arizona, Colorado and Oklahoma will make it clear once and for all that Obamacare is not long for this world.”

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America, You are at a tipping point and you have your last change to stop it – Part 6

1 november, 2010

                             The Government

”We don’t pay taxes. Only the little people pay taxes.” (Leona Helmsley)

Federal workers who owed money to the Internal Revenue Service in 2009.

http://www.washingtonpost.com/wp-srv/politics/irs-federal-workers/index.html

Capitol Hill employees owed $9.3 million in back taxes last year, data show

http://www.washingtonpost.com/wp-dyn/content/article/2010/09/09/AR2010090903376.html?wpisrc=nl_polalert

41 Obama White House aides owe the IRS $831,000 in back taxes — and they’re not alone

http://latimesblogs.latimes.com/washington/2010/09/congress-taxes-irs.html

“We now know that federal employees across the nation owe fully $1 billion in back taxes to the Internal Revenue Service.

As in, 1,000 times one million dollars.”

Now, back taxes have been a problem for the Obama-Biden administration. You may recall early on that Tom Daschle was the president’s top pick to run the Health and Human Services Department. But it turned out the former Democratic senator, who was un-elected from South Dakota in 2004, owed something like $120,000 to the IRS for things from his subsequent benefactor that he just forgot to pay taxes on. You know how that is. $120G’s here or there. So he dropped out.

And then we learned this guy Timothy Geithner owed something like $42,000 in back taxes and penalties to the IRS, which is one of the agencies that he’d be in charge of as secretary of the Treasury. The fine fellow who’s supposed to know about handling everyone else’s money. In the end this was excused by Washington‘s bipartisan CYA culture as one of those inadvertent accidental oversights that somehow never seem to happen on the side of paying too much taxes.”

“But we do know that as of the end of 2009, 41 people inside Obama’s very own White House owe the government they’re allegedly running a total of $831,055 in back taxes. That would cover a lot of special chocolate desserts in the White House Mess.

In the House of Representatives, 421 people owe a total $6,524,892. In the Senate, 217 owe $2,774,836. In the IRS’ parent department, Treasury, 1,204 owe $7,670,814. At the Labor Department, where Secretary Hilda Solis’ husband had some back-tax problems before her confirmation, 463 owe $7,481,463. Eighty-one workers for the Federal Reserve System’s board of governors owe $1,076,733.

Over at the Justice Department, which is so busy enforcing other laws and suing Arizona, 1,971 employees still owe $14,350,152 in overdue taxes.

Then, we come to the Department of Homeland Security, which is run by Janet Napolitano, the former governor of Arizona who preferred to call terrorist acts ”man-caused disasters.” Homeland Security is keeping all of us safe by ensuring that a Dutch tourist is aboard every inbound international flight to thwart any would-be bomber with explosives in his underpants.

Within that department, there reside 4,856 people who owe the tax agency a whopping total of $37,012,174.”

 

2010 Congressional Pig Book Summary. An exposé of pork-barrel spending.  The Pig Book revealed 9,129 earmarks worth $16.5 billion.

 http://www.cagw.org/assets/pig-book-files/2010/2010-pig-book-summary.pdf

Sixty percent (60%) of U.S. voters say most members of Congress don’t care what their constituents think, according to a new Rasmussen Reports national telephone survey.

http://www.rasmussenreports.com/public_content/politics/general_politics/august_2010/60_of_voters_say_most_in_congress_don_t_care_what_they_think

 White House Insider: ”They were in shock at the president’s behavior.”

http://newsflavor.com/politics/world-politics/white-house-insider-they-were-in-shock-at-the-presidents-behavior/#ixzz13i2hI5gk

Our latest interview with the White House Insider reveals a Democratic Party civil war, with growing opposition to the Obama White House.

 “So who do you place the most blame for the Democratic Party’s troubles today? President Obama and his administration -without a doubt.  The Obama White House has been a political train wreck from day one, and it isn’t getting any better at the moment.  You already know my feelings on that.

Previously you stated that Obama could be re-elected in 2012, and that if he improved himself on the job – that if he took a more active and responsible role as President, that you would support him.  Do you still feel that way?  Is that what I said? (shakes head) Well…(pauses) Ok, I’ll just come out and say what is already underway, and to hell with the possible consequences to me.  I will not support Barack Obama in 2012.  That possibility has left the table for me.  Based on what I know, what I have been told, what I have seen in recent weeks…no, I cannot support the President for a second term.  My concern for the party , for the country…my conscience does not allow me that option any longer.  Obama is not fit to be president.  He simply does not possess the inclinations necessary to lead the country.  And I don’t like saying that.  I helped the man get elected.  I was in the trenches day after day from city to city helping things get done in 2008…I take no pleasure in saying I was a part of that.  And I take no pleasure in saying Obama should not be re-elected in 2012.

That is a very strong statement – anything recent that causes you to now say you will not support Obama in 2012?  (Long pause – question is repeated) There is much I have been told, some I know, some more that will probably develop in the coming weeks and months.  But you want specifics, right? I understand that…I’ll give you an example of why President Obama is not right for AmericaHe sure as hell has not been right for the party.  Not long ago, the president took a meeting.  He’s late, which apparently is becoming more and more common with him.  The meeting was almost cancelledIn strolls the president, joking with an aide.  He plops down on a sofa, leans over and claps another guy on the back asking how he’s been.  Apologizes for being late, says he was “held up”.  He laughs some more.  The meeting begins.  After just ten minutes, during which time the president appears to almost totally withdraw into himself,  an aide walks in and whispers something to the president, who then nods and quickly stands up, shakes a few hands and tells another aide to update him later on the rest of the meeting.  As the president is walking out he is laughing at something yet again.  He asked no questions of those at the meeting – not one.  He left after just ten minutes, coming in laughing and leaving laughing.  His behavior during that brief time he was there was described as “borderline manic”.

Ok, you have already stated previously that the president doesn’t show much interest in the day to day business of being president – why is this example so bad, or different?  Care to know what that particular meeting was about on that day?

Certainly.  Afghanistan.  That meeting was an update on Afghanistan, and the President of the United States, the Commander in Chief, could give a -expletive-. 

Were you actually there to witness this?  No, I was long gone from the White House by then.  It was told to me though by someone who was.  They were there.  First hand.  They were also left to apologize to the ones left in the room after the president left.  Some of these were military.  They were not happy.  No…that is not accurate. They were pissed.  They didn’t say much at the time, but word got back.  They were in shock at the president’s behavior.  The country had just lost a number of soldiers the week prior, the public opinion on the war was falling…and the president didn’t seem to care.  He arrives late, leaves early, appears to emotionally shut down during the actual discussion, and to then start laughing once again as he is leaving…how does someone reconcile with that kind of behavior?  I can’t.  It turns my stomach.  I didn’t want to believe what I was being told, but I had seen similar kinds of behavior from the president myself, and I can’t dispute the credibility of the source.  They have no reason to lie.

 

          

So is that one example the real tipping point for you in no longer being willing to support Obama in 2012? Or do you have any others you wish to share? Oh, I have others, though I cannot share all of them at this point because they involve some still in range of potential White House retribution.  Then again, I suppose I am still in range of such retribution myself.

What do you mean by retribution?  Punishment.  Political punishment, and even personal punishment.  The powers of a president extend far beyond the Oval Office – you know that.  I make my living, and it has been a very good living, working within the system of politics.  A president can create considerable…pressure if you will, to limit or even destroy my place in that system.  Working with a president is an extraordinary and terrifying thing.  In regards to my experience with Obama, it became far less extraordinary and far more terrifying.  And it’s getting worse.

Terrifying? Yes, terrifying.  To see one’s expectations so disappointed.  To see a figure who wields such great power and influence fall so short of the responsibilities of that power and influence…that is terrifying to witness. Initially I developed great fear for my party – for the Democrats whose political careers were being destroyed by this administration and party leader ship.  Now I sincerely fear for my country.

Part 2 here:

http://newsflavor.com/politics/us-politics/white-house-insider-president-obama-is-lost-absolutely-lost/

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Obama Care 34 – Which system do YOU thinks works best?

30 juli, 2010

As a complement to my previous post Obama Care 33 – President Obama is a willful and certified liar I thought it would be educational to compare the old health care and the new Obama care

The Obama Care “reform” that was rammed through at all costs against the will of the American people.

So which system do you thinks works best?

And which system do you want to be part of?

                                           OLD SYSTEM

                                    NEW OBAMA CARE

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Obama Care 33 – President Obama is a willful and certified liar

17 juli, 2010

Together with all the people in congress who voted for this bill. This is EXACTLY WHAT THEY WANTED AND INTENDED with this bill. But to get it through Congress they gladly and willfully lied through their teeth and ears, they even gladly put their lies in writing.

I, and many, many others told you so before the Obama  Care “reform” was rammed through at all costs  against the will of the American people.

Se my posts https://uddebatt.wordpress.com/tag/obama-care/

We where told by House Speaker Nancy Pelosi “We have to pass the bill so you can find out what’s in it

Well, we REALLY did find out a lot of things, and remember it’s just the beginning:

It’s going to ruin states, it’s going to be ENFORCED by IRS, close hospitals, fewer doctors, rationing (the new government agency, the Medicare Advisory Board, Section 3403 of the senate bill, that is going to decide (ration) what kind of Medicare you are going to receive), cuts in Medicare, increase the health care costs for companies by billions (and who do you think is going to pay for that?), etc. etc.

And then there were ALL these kickbacks, bribes and pork barrel spending in there to get the bill through at ALL COST.

And worst of all, the blatant hypocrisy from this new nomenklatura:

President Obama declared that the new health care law ”is going to be affecting every American family.” Except his own, of course.

The new health care law exempts the president from having to participate in it. Leadership and committee staffers in the House and Senate who wrote the bill are exempted as well.

And as I have said before:

Meanwhile, we await Mr. Obama’s explanation why if his ”historic” health care law is so great for America, it’s not good enough for him and his family.

And remember – They DELIBERATELY PULLED THE TRIGGER ON THIS LOADED GUN knowing fully well “most” of the consequences.

Here are just two examples– abortion and IRS :

This is what president Obama said on radio August 19, 2009 about abortion funding. And remember, he was talking to religious leaders. That’s why he use such “biblical language” as “bearing false witness”:

PRESIDENT BARACK OBAMA: “There are some folks out there who are frankly bearing false witness. But I want everyone to know what health insurance reform is all about. You’ve heard that this is all going to mean government-funding of abortion. Not true. This is all — these are all fabrications that have been put out there in order to discourage people from meeting what I consider to be a core ethical and moral obligation.”

President Obama deliberately lied strait in to the faces of these religious leaders. Nice man wouldn’t you say?

“Is the ink Mr President even dry on your executive order? What is your word worth Sir?”

Remember, President Obama issued an executive order to reassure, and promise democrat Stupack and other democrat protesters so that they would vote for the bill, that the health care bill WOULD NEVER FEDERAL FUND ANY ABORTION.

The Executive order Mach 24:

Patient Protection and Affordable Care Act’s Consistency with Longstanding Restrictions on the Use of Federal Funds for Abortion

http://www.whitehouse.gov/the-press-office/executive-order-patient-protection-and-affordable-care-acts-consistency-with-longst

Obama Administration Approves First Direct Taxpayer Funding of Abortion Through New High-Risk Insurance Pools

Wednesday, July 14, 2010

http://www.cnsnews.com/news/article/69384

Obamacare Covers Abortion in Pennsylvania — and in New Mexico, Too  

http://corner.nationalreview.com/post/?q=YjRiNTU0ZjU1NmY0ZDZiZjJhY2UxYWM5N2U1YjJmZjk=

Maryland Becomes Second State to Offer Federally Funded Abortions under Obama care

Friday, July 16, 2010

http://www.cnsnews.com/news/article/69559

New Coverage Information for Maryland Residents with Preexisting Conditions

http://marylandhealthinsuranceplan.state.md.us/mhip/news/News_20100707.html

Obamacare abortions on tap

Pennsylvania program pays the piper

http://www.washingtontimes.com/news/2010/jul/13/obamacare-abortions-on-tap/

Where have you gone, Bart Stupak? Even more importantly, where is your voice, Kathy Dahlkemper?

These Democrats – from Michigan and Pennsylvania respectively – were two of the final six supposedly pro-life House members who voted to pass Obamacare. They sold their anti-abortion principles for the fool’s gold of an executive order purportedly banning the use of federal funds for destroying unborn children. Now comes the National Right to Life Committee (NRLC), in a finding released yesterday, to show proof positive just how tarnished that fool’s gold actually is.

In Rep. Dahlkemper‘s own Keystone State, the federal government on June 28 approved rules governing $160 million in federal taxpayer money for a ”high risk” insurance program that will – repeat: absolutely, positively will – cover just about any abortion before the 24th week of pregnancy. The Pennsylvania plan submitted to the feds provides coverage for ”only” those abortions that satisfy certain state laws. But the key, applicable state law allows abortion if a single doctor decides it is necessary for reasons that include psychology, emotions or the woman’s age.

This isn’t merely a loophole you can drive a truck through; it’s a canyon you can fly through in O Force One. It’s as open an invitation to taxpayer-funded abortion as can be imagined.

What’s worse is that this high-risk insurance program evades laws that ordinarily would govern the use of both federal and Pennsylvania tax money. It skirts the executive order because the order applies only to new insurance ”exchanges” and ”community health programs,” not these purportedly high risk insurance programs. It also avoids state law 3215(c), which forbids state government funds from being used for abortions except in cases of rape, incest or threats to the mother’s life. Because this state program is to be run entirely with federal funds, not state funds, 3215(c) doesn’t apply. How clever.

When the Stupak-Dahlkemper gang sold their souls to support passage of Obamacare, both the NRLC and the pro-abortion Planned Parenthood organization dismissed the executive order. The presidential concession is so loophole-ridden and so legally unenforceable to make it only ”a symbolic gesture,” in the words of Planned Parenthood President Cecile Richards.

”The Obamacare law is full of faucets that can be opened to provide abortion subsidies,” NRLC legislative director Douglas Johnson told The Washington Times yesterday. ”Regrettably, this is just the first.” It also is the one that will most directly affect Mrs. Dahlkemper‘s constituents – most notably her future constituents who won’t even be born because of this program, created directly as a result of her unconscionable vote. That’s a pretty dark legacy for a congressional freshman who campaigned as a pro-lifer.

© Copyright 2010 The Washington Times,

http://online.wsj.com/article/SB10001424052748704518904575365223062942574.html?mod=WSJ_Opinion_carousel_2

Lost in Taxation

The IRS’s vast new ObamaCare powers.

JULY 17, 2010

If it seems as if the tax code was conceived by graphic artist M.C. Escher, wait until you meet the new and not improved Internal Revenue Service created by ObamaCare. What, you’re not already on a first-name basis with your local IRS agent?

National Taxpayer Advocate Nina Olson, who operates inside the IRS, highlighted the agency’s new mission in her annual report to Congress last week. Look out below. She notes that the IRS is already ”greatly taxed”—pun intended?—”by the additional role it is playing in delivering social benefits and programs to the American public,” like tax credits for first-time homebuyers or purchasing electric cars. Yet with ObamaCare, the agency is now responsible for ”the most extensive social benefit program the IRS has been asked to implement in recent history.” And without ”sufficient funding” it won’t be able to discharge these new duties.

That wouldn’t be tragic, given that those new duties include audits to determine who has the insurance ”as required by lawand collecting penalties from Americans who don’t. Companies that don’t sponsor health plans will also be punished. This crackdown will ”involve nearly every division and function of the IRS,” Ms. Olson reports.

Well, well. Republicans argued during the health debate that the IRS would have to hire hundreds of new agents and staff to enforce ObamaCare. They were brushed off by Democrats and the press corps as if they believed the President was born on the moon. The IRS says it hasn’t figured out how much extra money and manpower it will need but admits that both numbers are greater than zero.

Ms. Olson also exposed a damaging provision that she estimates will hit some 30 million sole proprietorships and subchapter S corporations, two million farms and one million charities and other tax-exempt organizations. Prior to ObamaCare, businesses only had to tell the IRS the value of services they purchase. But starting in 2013 they will also have to report the value of goods they buy from a single vendor that total more than $600 annually—including office supplies and the like.

Democrats snuck in this obligation to narrow the mythical ”tax gap” of unreported business income, but Ms. Olson says that the tracking costs for small businesses will be ”disproportionate as compared with any resulting improvement in tax compliance.” Job creation, here we come . . . at least for the accountants who will attempt to comply with a vast new 1099 reporting burden.

Meanwhile, the IRS will be inundated with useless information, because without a huge upgrade its information systems won’t be able to manage and track the nanodetails.

In a Monday letter, even Democratic Senators Mark Begich (Alaska), Ben Nelson (Nebraska), Jeanne Shaheen (New Hampshire) and Evan Bayh (Indiana) denounce this new ”burden” on small businesses and insist that the IRS use its discretion to find ”better ways to structure this reporting requirement.” In other words, they want regulators to fix one problem among many that all four Senators created by voting for ObamaCare.

We never thought anyone would be nostalgic for the tax system of a few months ago, but post-ObamaCare, here we are.

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