As reported in The New American here, the difference in wages between Chinese and American workers is narrowing rapidly. Part of the reason is that China has passed the Lewis Turning Point.
The Washington politicians were in full self-congratulatory form recently when the Republicans and Democrats in Congress finally displayed a moment of bipartisanship and passed the payroll tax cut extension that keeps in place the two percentage point cut in the tax that funds Social Security.
JBS CEO Art Thompson's weekly video news update for February 27 - March 4, 2012.
The Group of 20 meeting in Mexico City over the weekend decided that the best course of action was inaction, putting off making any decisions on how to “rescue” the European Union from its financial and economic difficulties until next month at the earliest. The statement justifying kicking the can down the road for another month or so was breathtaking in its obfuscation: putting off any decisions, it said, “will provide an essential input in our ongoing consideration to mobilize resources…” This is how finance ministers and world economic experts explain that, after two days of meetings, the best thing to do was nothing at all.
That wasn’t a budget Barack Obama delivered to Congress. It was a campaign document. It was full of promises of “fairness,” which to our President and his cronies means taking more money from those who earn it and giving it to those whom they think deserve it. “From each according to his ability, to each according to his need.” Karl Marx said it first.
Thankfully, the twentieth GOP presidential debate has come and gone. If the American voter doesn’t know these candidates by now, he never will. Of the four remaining candidates, three are virtually indistinguishable from one another. This much has been established time and time again throughout this election season. It is true, of course, that there exist some differences between Mitt Romney, Rick Santorum, and Newt Gingrich. But such differences are negligible, both in themselves and, especially, relative to the enormity of the similarities that they share.
President Obama’s tax plan announced yesterday claims to simplify the tax code and make it fairer. This being an election year it is more likely his proposal is designed to attract votes instead of Congressional approval.
According to a new report by The Heritage Foundation, the White House handed out "administrative earmarks" to Democratic legislators to sway them to vote for major legislative efforts such as cap-and-trade and the healthcare overhaul.
In his 2013 budget proposal, President Barack Obama is asking for what amounts to a tripling of the corporate dividends tax rate for high-income earners (individuals and households with annual incomes exceeding $200,000 and $250,000, respectively). If it were just a typical attack on the wealthy, with the usual negative side effects of transferring cash from job creators to politicians, it would be bad enough. But a huge hike in the dividend tax rate will have ripple effects throughout the economy, discouraging investments, depressing stock prices, and reducing dividend payments — all of which will harm Americans at every income level.
With the publishing of a “white paper” about the housing market, Fed Chairman Ben Bernanke has rankled some Republicans that suggestions made appear to have transgressed some line of propriety that separates monetary policy, fiscal policy, and the Fed’s “independence.”