- According to the Federal Reserve Board, the money supply in the U.S. has increased 271% over the past 5 months. Have prices for goods increased such as cars, homes, investments? No. All this money will hit the streets at one time someday and we'll see double-digit inflation. Example- Diamonds have a high value because of scarcity. If we tripled the amount of diamonds we have in the world, this would drive the price for diamonds down. Same goes for the dollar. Triple, as we have, the amount of dollars, it drives the value of the dollar down.
- January 6, 2009 Obama says "there will be no more earmarks."
- Obama himself is listed in $7.7 million for earmarks (for spending by/on the president?).
- 9,287 earmarks in the omnibus bill (bill to keep the government running) come to $12.8 billion. Earmarks include-
- $713,625 for woody biomass at SUNY College of Environmental Science and Forestry
- $951,500 for “Sustainable Las Vegas”
- $24,000 for the “A+ for Abstinence” program
- $300,000 for the Montana World Trade Center
- $950,000 for the Myrtle Beach International Trade and Convention Center
- $200,000 for the Oil Region Alliance
- $190,000 for the Buffalo Bill Historical Center in Cody, Wyoming, for digitizing and editing the Cody collection
- Omnibus increases discretionary spending by 8% ($31 billion more) over last fiscal year's levels, dwarfing the rate of inflation.
- We the tax payers (government) paid $25 billion for Citigroup stocks at $3.25 per share. As of Friday, March 6th this stock is now worth $1.02.
- So far the government has dumped $50 billion into Citigroup. Meanwhile, Citi's market capitalization is less than $6.5 billion. In other words, taxpayers could have bought Citi eight times over.
- The government has also dumped $180 BILLION into AIG. Roughly half the amount of last years defense budget.
- The private sector has no incentive to create new jobs because of a $1.3 TRILLION tax hike that's looming over the next decade.
- We will all see a $646 billion tax hike for energy because of Obama's carbon capping plan. To promote wind energy, solar energy, etc. he will raise the prices on current energy sources to drive down the price of wind and solar.
- The top 2 to 3 percent of wage earners in the U.S. will see a 20% tax hike.
- The capital gains tax rate will be raised to 20%, discouraging investing.
- Those who earn $200,000 or more account for a third of disposable income but will pay for 60% of America's income tax bill.. These spenders and investors are likely to spend less and invest less.
- The last stimulus bill was 1,079 pages long. Senators voted to pass this without reading it.
- Obama's "tax cuts" amount to $13 per week for 2009 and will be $7.70 per week in 2010.
- Obama's budget, by his own admission, redefines the role of government in our economy and society.
- Obama's budget calls for $4 TRILLION for spending, a $1.75 TRILLION deficit, and allows for another $750 BILLION bank bailout. Today we’re talking about adding another $500 BILLION to the pot to prop the FDIC.
What do you see in the media? Obama is cutting spending. Obama could only find a measly $1.164 billion in annual saving in the entire Federal budget (not including his defense cuts).
- The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents -- from George Washington to George W. Bush -- combined.
- Obama's budget reduces defense spending to a level not sustained since the dangerous days before World War II, while increasing nondefense spending (relative to GDP) to the highest level in U.S. history. And it would raise taxes to historically high levels (again, relative to GDP).
- New and expanded refundable tax credits would raise the fraction of taxpayers paying no income taxes to almost 50% from 38%.
- In the Ukraine, the government has nationalized the banking system. Last week, Ukrainian's stood in massive lines in an attempt to withdraw some of their money to pay expenses. They were told at the window, "Sorry, we simply don’t have the money now and can’t help you."
- Obama's budget will call for $634 BILLION over 10 years as a down payment. Independent experts say the cost will easily exceed $1 TRILLION for the DOWN PAYMENT.
- Canadian's are losing faith in their healthcare system. There is a shortage of doctors in Canada.
- Obama reversed the Abortion Funding Policy. Meaning the U.S. will send $100's of millions overseas to other countries for abortions.
- The DOW has dropped 3,000 points since Obama was elected President. It seems investors don't approve of his stimulus package or budget.
- $7.8 TRILLION in total bailout money has been committed, more to come.
- Since 2000, China has invested over $1.5 TRILLION eating up the US trade deficit. If China, (who has economic problems of their own) stops investing in the U.S., what happens? Interest rates will skyrocket and the dollar will slide. In other words, big trouble.
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2 comments:
Wow... couldn't have said it better myself.
Well all you idiots out there who voted for change are getting exactly what you voted for.
The change you voted for was:
-Work an extra 10 years to afford retirement
- Shortages of neccessities such as bread / housing due to the price ceilings going to be enacted once the inflation takes hold
-Higher gas prices due to the cap and trade being enacted which is just another tax on EVERY American
-Bailout after bailout
-BIGGER GOVERNMENT
-Tax payer funding of abortion and embryonic stem cell research
-Reduction of the mortgage interest tax deduction during the worst housing crisis is US history...brilliant.
-Bad recession thru terrible policy will turn into Great Depression II
....good luck everyone.
Inflation is peeking its evil head around the corner of the US economy and the US government is completely blind and naive of its inevitable destruction. Do not get me wrong, they are aware that their actions will cause inflation, but they arrogantly think that they can control it. Once inflation is put in play, it is uncontrollable because there are too many factors to try to control. (In hope of controlling all factors we would have to become a totalitarian government and the government would have to control every decision that an individual made. Even than it is quite impossible.) They recognize that inflation aids debtors and hurts creditors (let alone hurts the poor). They think that they can manipulate inflation just enough to decrease their debt and allow America’s economy to grow. This is insane! For all the brilliance these politicians claim to have, they do not learn anything from history, nor do they understand economics. President Obama and his administration are following the same path as President Roosevelt. In reviewing the actions of the 1920’s leading to the Great Depression, President Hoover does not get a pass, but The Great Depression cannot be thrown at his feet. An important question for this time is; why did the world undergo a recession, while America had a Great Depression? In so much, the Obama administration is following the President Roosevelt playbook, in blaming President Bush and capitalism and calling on big government to solve these problems.
The Obama administration, like President Roosevelt, perceive America’s economic crisis as an opportunity to take advantage of the fear throughout the country (and the world) and install a stronger central government. Once again, if we look back at history we can see how a strong central government functions at the best interest of the politicians, instead of the people, by creating special interest groups who help to secure their power.
The Obama Administration is no different than any other administration in their pursuit for power. The authors of the Articles of Confederation understood that central power would lead to benefiting a select few so they designed a system to spread the power among many representatives. This is the opposite of our current situation. The Obama Administration is in a position where they are the judge, jury, and executioner and they are able to play this role due to the fears of the many.
We all need to strap on our boots and get ready for a long ride, as our nation re-lives the lesson that economic growth cannot be transferred, borrowed or printed, but is determined on what we produce and consume. America was built on the principles of entrepreneur ability, persistence and hard work. Now is the time for us to pull together on these principles and fight for our nation and the freedom to do so.
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