Is Atlas going to shrug?
Consider that Barry's "economic reform" proposal of increased income taxes on those with enough money to invest, increased capital gains taxes, and a bump on dividends taxes couldn't put the already-staggering economy down for the count faster if he'd actually aimed between the running lights, one wonders how much longer before those who are pulling the wagon get tired of the weight...
The comments at that post of Dr. Helen's make for fascinating reading.
It has all happened before, and will all happen again.
ReplyDeleteIt's called "stagflation": consumer prices rise due to decreasing supply amid rising unemployment. With no incentive for growth, small industries stay small, big industries shrink. Jobs are lost, overall tax revenues shrink, and the economy tanks.
Our last Barry was named Carter.
I read half the comments, then just saved it for later. Don't have the strong drink on hand that such reading requires.
ReplyDeleteVerbal diarrhea resulted on my blog as a result.
I'm till trying to grasp the fact that I didn't get a "stimulus check" because being single they said I make too much money to stimulate the economy. Spending is spending, if the purpose was to increasing consumer spending why not give everyone the same amount, and give it to US citizens. I know a number of non citizens who work here legally that got checks, and sent it to their homelands thereby stimulating a foreign economy. I'm not quite sure of the rational in that but I'm still trying to get my head wrapped around that whole Al Gore global warming thing that caused Michael Jackson's face to melt.
ReplyDeleteWho is John Galt? He is one of many of us.
Atlas is certainly going to shrug. I'm stocking up on various supplies in prep for it.
ReplyDeleteI'm certainly going to scale back on any large purchasing -- we've moved to an almost exclusive cash existence, and we're within a hair of paying off all credit debit. We're hunkering down for the next four to eight, period.
I worked in Minneapolis in the mid-1980's. At the time Minnesota's state tax was second only to California. Sioux Falls, SD was enjoying a moderate boom period, from businesses flocking from the Twin Cities to escape punitive taxes. When Minnesota tried to offer businesses tax incentives to move to MN, they were told the individual taxes prevented many people from moving there.
ReplyDeleteLater NAFTA cemented the practice of moving jobs and facilities offshore to use cheaper labor - and escape punitive taxes and regulations. My old Ford F-250 pickup had a sticker "Proudly assembled in Canada" - meaning Ford didn't include that vehicle in their report to the EPA on fleet fuel efficiency. Makes me wonder what the *!?? it means to 'buy American'. A friend bought me a kazoo last week. "Made in China".
I don't think you have to look around to find examples of what punitive taxes accomplish. Not just John Galt and Ayn Rand, but Herbet Hoover and the Monroe Doctrine, inventors of WWII - wait - they just did what Barry wants to do!
No, what you are seeing is the sale of the Presidency. Marketing works. Barry is buying so much air time, and selling the lie that Bush is the problem instead of the same Democrat-led Congress he will have.
I still don't understand why McCain didn't pick out individual Democrat leaders, show how they created and exacerbated the problems, and watch Barack tumble into the dust with them.
I wilfully and deliberately "shrugged" in 1979. I decided that I would no longer generate wealth which could be taxed and that money given to the drones and slugs of our society. I was 45 years old, and at the peak of my earnings years.
ReplyDeleteI've stayed legal during the development of my "micro-empire" but I've paid a minimal amount of taxes. I just hope they're happy with my annual IRS checks in the range of $32 to $216.
Still shrugging...
Art
The Democratic caucus has decided to eliminate the tax breaks on all 401k's.
ReplyDeleteIn otherwords, you can still save money, even call it a 401k, but it won't be a 401k, just a conventional savings account, subject to taxes before the money goes in, and taxes while it's "In the can" trying to grow.
So, from the people who've bankrupted the Social Security system (it starts reducing benefits in ten years), the only individually controllable counterweight in our grasp has just been marginalized.
Justification? The eighty billion "saved" each year will go towards the creation of a more equitable social safety net.
To each according to his needs...
My sister has been e-mailing around a cartoon showing a man rooting through the candy bags of two trick-or-treaters, saying "Look at all the candy you kids have!" I'm going to take half of it and give it to the kids too lazy to trick-or-treat!" One of the kids is saying "Oh crap, a Democrat!"
The first thing people have to do is get off the credit treadmill. You don't need a house that is 4000 square feet, not unless you have a whole lot of kids.
ReplyDeleteNew cars, big houses, large TVs, restaurant meals, ....
"In the glare of a light
I see a strange kind of sight
Of cages joined to form a star
Each person can't go very far
All tied to their things
They are netted by their strings
Free to flutter in memories of their wasted wings"
Extra points if you can name the song that quote comes from.