UNEXPECTEDLY, A NEW POST – the Economy, Taxes, Health Care and more…
TO QUOTE THE AP TODAY: THE NUMBER OF PEOPLE filing new claims for unemployment benefits unexpectedly rose last week by the largest amount in three months. The big surge was a setback to hopes that layoffs were declining.
There’s that word again. It is the most commonly-used word in the Obama era by the economically ignorant. Taxes, spending, debt, all these government policies have always and will always lead to economic stagnation. Government cannot spend, borrow or tax it’s way to prosperity. Wish folks would learn that.
AND, BY THE WAY, there is more negative economic news this week. The DJIA dropped 400 points today, reflecting concern about Greece and Europe. Do you want to see the American future under Obama’s policies? Look at Greece today. We are maybe 5-10 years behind. Another AP story from yesterday: ” The number of homeowners who missed at least one payment on their mortgage surged to a record in the first quarter of the year, a sign that the foreclosure crisis is far from over.” …Economic woes, such as unemployment or reduced income, are the main catalysts for foreclosures this year. Initially, lax lending standards were the culprit. But homeowners with good credit who took out conventional, fixed-rate mortgages are now the fastest growing groups of foreclosures.”
OH, AND MORE…THE MORTGAGE TAX CREDIT expired April 30, and mortgage applications dropped 9.5 % the first week, even as rates dropped as well. The CNBC report also said that as of May 1st, ten percent of all the properties on the market have had at least one price cut since they went on the market.
THERE’S MORE…THE FINANCIAL TIMES REPORTED today on the state of state pensions and retirement plans, such as Illinois, which has a mere $78 billion unfunded liability. By 2030, 31 states may not have the money to meet their pension obligations, requiring a Federal bailout of over $1 trillion.
I LOOKED FOR SOME GOOD NEWS ON THE NATIONAL front, and all I could find is that Congress is holding hearings on the “Potty Parity” Act, addressing the imbalance between men’s and women’s bathrooms in public facilities. Good news ladies, relief may be on the way as this relatively vital issue is addressed. Not to make light of it, but read the entries above this one, look at our economy, then reread this entry. Priorities, Congress, priorities. But then, I guess, when you lose your house, you may need access to bathrooms in Federal buildings, and at least there will be parity.
NEWS ON THE HEALTH CARE BILL, as many of us could say ‘ we told you so’, but we aren’t that kind of people. A study by WSU reported that a third of Seattle-area executives said the fines imposed on businesses not providing health care coverage to their employees might be cheaper than the coverage, a third said they didn’t know ( they’ll find out…) and about 15% said they didn’t provide coverage to begin with. The CBO added $115 billion to the cost estimates of Obamacare ( it’s now over a $trillion – told you so ), and White Castle, the hamburger chain, became the latest of many businesses to issue a warning about the costs of coverage versus the costs of the fines.
LOCALLY, GOVERNMENT INSANITY CONTINUES…there are 100 solar panels, at $4500 a piece, being installed on the roof of the Snohomish County Administration building in Everett. This $450,000 project, funded by Federal stimulus money, will power electric charging stations for the County’s might fleet of electric vehicles – BOTH OF THEM! Oh, yeah, they said they plan to buy a dozen more. Do the math. $30,000 per car ( after they buy the dozen ) just for the charging stations, plus the cost of electricity and maintenance. To save how much??
AND, |HOW CAN I FORGET THE 84 PAGE GUIDE issued by the State Department of Revenue to decide which candy bars are taxable and which aren’t under the new candy tax passed by the Legislature recently. That’s right, an 84 page guide. Twizzlers, Kit Kats and Three Musketeers are NOT taxable, but Hershey’s bars and Reese’s Peanut Butter cups are. The Payday bar is, but the $100 Grand bar is not. Eighty four pages. Incredible. And they want to be re-elected.
ONE PRESIDENT FROM OUR PAST faced a serious recession and was presented with all sorts of grand schemes to deal with the crisis. He said: ” There is no instant step from disorder to order. We must face a condition of grim reality, charge off our losses and start afresh. It is the oldest lessson of any civilization…No altered system will work a miracle. Any wild experiment will only add to the confusion. Our best assurance lies in efficient administartion of our proven system.” That was Warren Harding, faced with a serious recession right after WWI, 1920-21, who resisted the siren call to ‘do something’, let it work out and then had nearly a decade of economic growth. We should learn that no number of annoited or wise or arrogant men can successively substitute their judgment for the collective wisdom of buyers, sellers producers, consumers and investors working within the framework of a free market. Never has worked, never will.
THE ECONOMIC POLICIES WE NEED right now are those that promote growth and jobs – period. This talk of permanent unemployment rates of 9-10%, stagnant growth, reducing our future expectations, it’s all hogwash, but it will become a self-fulfilling prophecy if we don’t change our economic course.
A PERSONAL NOTE – a good friend of mine, a longtime friend, Greg Pang, recently suffered a stroke. Apparently, fortunately, no serious permanent damage was done, but rehab is slow. If you practice or believe in prayer, please include him in yours. Thanks.
BTW, join Americans for Prosperity. Go to www.americansforprosperity.org, click on “Join” at the top of the page. Costs you nothing, but you will be taking a step in fighting back and saving our country.
11 Responses to “UNEXPECTEDLY, A NEW POST – the Economy, Taxes, Health Care and more…”
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John Knight says:
Are there anymore Tea Parties scheduled in our area soon?
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James says:
Check out this article:
http://online.wsj.com/article/SB10001424052748703559004575256323526178094.html?mod=rss_Today’s_Most_PopularAn article that ACTUALLY tells the truth about the SEIU being the source of violence politically.
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Susan Johnson says:
Good report, your writing not the economic news. I will certainly pray for your friend Greg Pang.
Miss you on the radio.
Susan Johnson -
Kathy Finney says:
Thank you for the update Kirkby, I appreciate your hard work.
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Shari says:
I will remember your friend in my prayers. There is something to be said about the power of prayer! Shari
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Kirby! Its bad enough with a unread health care bill from the Feds!
But 84 pages to determine what is taxed on candy that increases obesity is just an excuse to control the candy industry.
This is unbalanced legislation and will hurt employment for the candy companies. Why do they have to dictate what food is healthy and has to be taxed especially since the food tax was originaly removed.
Government needes to stay out of controling the market place and dictating consumer choices. Just shows how they can not keep they’re nose out of our buisness. -
Kirby! I have a solution to all the problems!
Just automatily remove 50% taxes on the pay check!
No more property tax.
No income tax.
State sales tax of 15%
Remove the B and O tax.
Add on coin meters at every crosswalk.
Require bicycle licences and tabs to pay for road and path use
Have coin meters to enter buisnesses,government building,hotels, motels,apartments, stores and medical facilities
Coin meters in every parking lot.This will increase the need for parking attendants and coin collectors.High reduction in beurocratic pay by 40% or more so it matches the private sector.
Removal of extra uneeded government departments in state and federal government reduction of pay for younger entry level with less benefits especialy in retirement pensions.Sending troops to the southern boarder to stop illegal aliens and more emphasis on assimulation of new citizens with American culture.
Removal of tenure from educators.
A new awareness of our countries honor and freedom of religion and halting of the genecied of our unborn and the experimentation on the them with stem cell research being finaically premoted around the world with our taxes with this phoney health care bill.
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Connie says:
Check into HB 1388 – govt take over of our IRA’s, 401K’s etc.
Also check into H. Clinton signing a small arm treaty with the UN….
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Barry says:
So Snohomish County employees will be working at night? Solar panels to power the rechargers for the electric cars. I thought the solar panels need SUNSHINE to function. If the cars are used during the day and plugged in at night to recharge, the panels must be absorbing sunlight reflected off the moon – which would make them LUNAR panels for the LUNATICS that authorized those expenditures.
good one Kirby…the candy tax…unreal…btw…we must learn to expect the unexpected with Nobama. aloha dave crowley