When Federal Reserve Chairman Ben Bernanke appears tomorrow before the House Financial Services Committee, he’ll be facing, for the final time, his nemesis, Representative Ron Paul (R-Texas), author of End the Fed.
Monday's report from the California Employees’ Retirement System (CalPERS) contained two numbers that are spelling out the death spiral of that plan: too little money making too little returns. How bad are the returns? According to the report, the plan made a paltry one percent in the past year (July 2011 - June 2012), far below what's needed for the plan to be able to keep its promises to its beneficiaries
On July 11, Republican presidential nominee Mitt Romney addressed a Texas chapter of the National Association for the Advancement of Colored People (NAACP). In spite of the fact that he knew that he would be addressing a room full of people virtually all of whom will be voting for his opponent come November, the former Massachusetts governor for the most part gave a speech that was in keeping with his national campaign message.
In a recent speech delivered to supporters in Roanoke, Virginia, President Obama reignited a class warfare-brand of rhetoric that is sure to inflame many hardworking Americans who have labored tirelessly to achieve their own success. Emphasizing that affluent individuals “didn’t get there” on their own, the president’s dialogue during the July 13 campaign event arrived only days after he urged Congress to extend the Bush tax cuts only to families earning an annual income of less than $250,000.
On CNN's program The Situation Room with Wolf Blitzer, commentator Gloria Borger said, "if you're going to lower the tax rates, where are you going to get the money from?" First of all, nobody is talking about lowering the tax rates. They are talking about whether or not to continue the existing tax rates, which are set to expire after a temporary extension. And Obama is talking about raising the tax rate on higher income earners.
Compelled under the despotic power of a local government in Virginia, one business owner is losing his property under the government’s alleged authority of eminent domain. And it’s not because officials in Norfolk plan to build a new road or a public park; it’s so they can clear the area for new “retail space.”
The third "Freedom Index" for the 112th Congress is now available to download.
The U.S. Treasury Department announced on Thursday that the federal government’s deficit for the first nine months of its 2012 fiscal year exceeded $900 billion and that the country is on target for another $1 trillion annual deficit for the fourth year in a row. And this was despite the fact that revenues for the same period actually increased by five percent.
It should finally have dawned on the American people that the politicians who presume to guide the economy have no bloody idea what they’re doing. We’re long past the time when knowledge of economics was required to see that the government is impotent when it comes to creating economic recovery. If you want evidence of that impotence, just look around.
“The last thing you want to do is to raise taxes in the middle of a recession, because that would just suck up, take more demand out of the economy and put businesses in a further hole.” No, the above quote wasn’t Ronald Reagan in 1981. It was Barack Obama in 2009, telling America that raising taxes was not the way to reduce the 7.8 percent unemployment rate he inherited from George W. Bush. Now, with unemployment at 8.2 percent, Obama is calling for multiple tax increases on precisely the income groups that are most likely to invest in business expansion and job creation.