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One Man's View » national Debt http://onemansview.us Have you had enough of the insanity in Government? Sat, 01 Sep 2012 21:28:06 +0000 en-US hourly 1 http://wordpress.org/?v=3.4.2 Change We Can Believe In – Yeah, Right! http://onemansview.us/government/political/change-we-can-believe-in-yeah-right/ http://onemansview.us/government/political/change-we-can-believe-in-yeah-right/#comments Thu, 05 May 2011 22:13:28 +0000 Chuck http://onemansview.us/?p=1113

“I can make a firm pledge:  Under my plan, no family making less than $250,000 a year will see any form of tax increase.  Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”

- – Then Senator Barack Obama, September 12, 2008

According to GOP.gov:

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income, including the sale of single family homes, townhouses, co-ops, condominiums, and even rental income.

In February 2010, 5.02 million homes were sold, according to the National Association of Realtors.  On any given day, the sale of a house, townhome, condominium, co-op, or income from a rental property, can push middle-income families over the $250,000 threshold and slam them with a new tax they can’t afford.

This ObamaCare tax is the first time the government will apply a 3.8 percent tax on unearned income.  This tax on home sales, unearned income and other Medicare taxes raise taxes more than $210 billion to pay for ObamaCare.   The National Association of Realtors called this new Medicare tax on unearned income “destructive” and “ill-advised” and warned it would hurt job creation.

No thanks!  I’ll keep my guns, my God and my money.  You can keep “The Change”.

 

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Definition of a Socialist (spoken to the tune of “You Might Be A Redneck”) http://onemansview.us/humor/definition-of-a-socialist-spoken-to-the-tune-of-you-might-be-a-redneck/ http://onemansview.us/humor/definition-of-a-socialist-spoken-to-the-tune-of-you-might-be-a-redneck/#comments Wed, 06 Apr 2011 19:30:13 +0000 Chuck http://onemansview.us/?p=1014

OK… I can’t take credit for this. Credit goes to Wayne Allyn Root – The Washington Times 6:17 p.m., Monday, April 4, 2011 MugshotIllustration. Wayne Allyn Root is a former Libertarian vice-presidential nominee and author of “The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold, Gambling & Tax Cuts” (Wiley, 2009). He writes at RootforAmerica.com.

Socialist Obama by Alexander Hunter for The Washington Times: “I ought to know. I was Mr. Obama’s college classmate at Columbia University Class of ’83. Our college was dominated by socialists and Marxists who hated capitalism and America.” Let’s look at the facts up close and personal – Jeff Foxworthy style. Mr. Foxworthy leaves no doubt as to “who might be a redneck.” Let me leave no doubt that “Obama might be a socialist.”

  • If you believe it’s greedy for American taxpayers to want to keep more of their own money, but not greedy to demand that government confiscate other people’s money and redistribute it to those who didn’t earn it, you might be a socialist.
  • If you don’t understand (or care) that babies scream and cry the moment they are born because they are already heavily in debt and facing a bleak future and lower quality of life, you might be a socialist.
  • If the only thing you, your Cabinet members and czars know about business is from books read at Harvard Law School, written by Karl Marx, you might be a socialist.
  • If you want to allocate hundreds of millions to the Internal Revenue Service to go after tax cheats when your administration is filled with tax cheats, including the guy in charge of America’s taxes (Treasury Secretary Timothy Geithner), you might be a socialist.
  • If you think the “White House Party Crashers” are terrible people because they came to a state dinner without an invitation, but you want to give instant citizenship to 12 million uninvited “illegal aliens” who crashed our border, you might be a socialist.
  • If you think anyone who doesn’t read the New York Times is dumb and ignorant, but think it’s OK for Congress to pass a 2,000-page health care bill without reading it, you might be a socialist.
  • If you think Times’ columnist Paul Krugman deserves a Nobel Prize for economics and you deserve a Nobel Peace Prize even though neither of you created a job or ended a war, you might be a socialist.
  • If you think it’s OK to meet with dictators, bullies, tyrants and terrorist sympathizers without preconditions, but have no interest in meeting with conservatives in Congress, you might be a socialist.
  • If you think it’s OK to give constitutional rights to terrorists, but not to the bondholders, shareholders and secured creditors of GM and Chrysler when you stole the company from them and awarded it to the unions that bankrupted them, you might be a socialist.
  • If you think Raul Castro, the leader of communist Cuba, in firing 500,000 government employees by telling them “government can no longer employ or take care of everyone” isn’t a hint that perhaps America needs to reduce our obscene number of government employees, you might be a socialist.
  • If you think George W. Bush’s spending was an embarrassment, a travesty and a sin, but you have no problem increasing the national debt more in one day than the entire 2007 budget deficit, you might be a socialist.
  • If you think Whoopi Goldberg and Joy Behar of “The View” represent the moderate wing of the Democratic Party, you might be a socialist.
  • If you think it was OK for Nancy Pelosi to pass Obamacare so she could benefit from the special clause on Page 1,890 that gives free facelifts to public officials, you might be a socialist (just kidding!).
  • If you want to convert America to a “green economy” to create jobs, after Spain has proven the green economy destroys three times as many jobs as it creates and leads to 20 percent unemployment, you might be a socialist.
  • If you think denying someone a job, government contract or entry to college because of the color of their skin is immoral and criminal, but giving someone a job, government contract or college admission because of a different color of their skin is “social justice”, you might be a socialist.
  • If you want to abandon capitalism and put the economy under the control of government bureaucrats, even though virtually every city, county, state and federal department run by these same bureaucrats is insolvent and bankrupt, you might be a socialist.
  • If you favor taxpayer bailouts of companies who give you campaign contributions and hide it by refusing to disclose who got the money or how much, and you demand your cronies in Congress pass the 1,000-plus page bailout bill without reading it, you might be a socialist.
  • If you think spending an extra trillion dollars will save money on health care and reduce the deficit, you might be a socialist (and possibly learned math in public school).
  • If your solution to Medicare driving the country into bankruptcy is expanding it to everyone with Obamacare, you might be a socialist.  If want to lower the cost of health care but left out tort reform, you might be a socialist lawyer.
  • If you’re a Columbia University professor and gave a student named Barack Obama an A in economics, you are definitely a socialist (and a moron – addition and emphasis mine).
  • And finally, in the eighth year of the Obama presidency, if Bangladesh is hosting “Aid America” concerts or you’re standing in line for toilet paper, you have a socialist president.

It’s time to stand up and loudly call a socialist… a socialist!

Of course, that’s just One Man’s View.  YMMV, and you’re welcome to comment here.

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Some Thoughts On The Tea Party http://onemansview.us/government/political/some-thoughts-on-the-tea-party/ http://onemansview.us/government/political/some-thoughts-on-the-tea-party/#comments Wed, 14 Apr 2010 17:43:31 +0000 Chuck http://onemansview.us/?p=584

I ran into a friend at the market last night, who also happens to be my CPA. Brian was picking up groceries for dinner with his 84 year old father, a Tuesday night ritual for them. Brian invited me to join them for some liquid refreshment, snacks and conversation. Even though I had already dined (my wife is off visiting my daughter for a few days), I really enjoy sitting down with him and solving the world’s problems over a glass or 3 of wine (or a fine Scotch) so I agreed to join them.

The conversation eventually turned to the current State of the U.S., as it usually does.

We were discussing the National Debt, when I made mention that “a little debt is healthy”.  Brian was quick to remind me of my many comments that the Government needs to be run like a non-profit corporation, asking “How can a non-profit corporation ever hope to pay off any debt when its goal is to have no profits with which to pay it?”  This was an excellent point, and one which bears more discussion at another time.

By now you’re probably asking “What does this have to do with the Tea Party?”.  Well,  I have been thinking a lot about the Tea Party of late… mostly about where they’re headed in terms of influencing our political process.  Brian and I also discussed where they fit in the overall political spectrum, and how they could be most effective… and how they might self-destruct.  I spent some time floating around their web site, and came across their Mission Statement:

The impetus for the Tea Party movement is excessive government spending and taxation. Our mission is to attract, educate, organize, and mobilize our fellow citizens to secure public policy consistent with our three core values of Fiscal Responsibility, Constitutionally Limited Government and Free Markets.

While their Mission is laudable, I think those who are highly active in the movement need to reach a consensus on how they plan on making their mission successful.  That said, here are some of my thoughts… which will probably prove highly unpopular to a LOT of people:

  1. Do NOT engage in putting any candidate on any ballot as a “Tea Party Candidate”… ever!  This will only result in pulling votes from any viable Conservative on the ballot.  This applies to State and Federal elections.  There is no reason the Party can’t also be involved at the State and Local levels.  Fiscal responsibility needs to trickle all the way down.
  2. DO use your numbers to influence the campaigns of those candidates that agree with the Party’s Mission, regardless of the candidate’s party affiliation.  This means they need to get to know the candidates of both parties and grill them incessantly on their positions in terms of the Mission.  It also means Tea Party support for Republican candidates isn’t a slam dunk.  GOP… take notice.
  3. Develop a sound fiscal plan that will allow our nation to pay off our existing debt, and not incur anymore.  Clearly this will involve some serious sacrifice on the part of the general populace, and will be a difficult sell.  However, if we’re ever going to avoid the eventual financial train wreck of a ruined Bond Rating and runaway inflation, it must be done.
  4. Put together a clearly worded Balanced Budget Amendment to the Constitution, and make sure any candidates they choose to endorse guarantees in writing to support it.
  5. Put together a realistic Fair Tax initiative, working toward the eventual elimination of the Internal Revenue Service and repeal of the 13th Amendment.  Once again, make sure any candidates they choose to endorse guarantees in writing to support it.  There is absolutely NO REASON 50% of America’s citizens shouldn’t be paying any income taxes.  EVERYBODY SHOULD PAY, and the Fair Tax is the best way to ensure that happens.  The Treasury Department is the third largest expense (including interest on the Debt) in the Federal Budget, behind DoD and HHS and it’s time to reign them in.  Reign them all in.
  6. Develop a Constitutional Amendment setting term limits for both houses of Congress.  I advocate three 2-year terms in the House and two 6-year terms in the Senate.  A member of one House cannot immediately run for office in the other after expiration of their maximum term in the first.  They must sit out for a 2-year “cooling off” period.  The goal here is to eliminate career politicians.  If we can amend the Constitution to limit Presidential terms, we can do it for Congress, too.
  7. Develop and promote legislation making it illegal for members of both Houses of Congress to meet privately with any Lobbyist.  Any meetings with Lobbyists must be held in an open forum (even if held in the Member’s offices) and be recorded in audio and video.  The goal here is to significantly reduce the influence of special interests in our legislative process and help eliminate Earmark/Porkbarrel  Spending.
  8. Make former AK Governor Sarah Palin the Party’s Spokeswoman.  She is more effective in that role than she would ever be in another elected office.  Governor, if you ever happen to read this, please heed my advice.  Don’t run for office… you don’t need to.  You have an opportunity right here to reach out to millions of Americans and bring them into the fold.

A lot to chew on?  Absolutely!  However, if the Tea Party can reach a general, national consensus on the 8 items I listed above, they will be a force to be reckoned with forevermore.  Of course, these 8 items aren’t all that need to be done to fix what’s wrong with our political processes today… but they’ll go a long way toward it.

Of course, this is just One Man’s View.  As always, your comments are most welcome.

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The State of Our Government – Part 4 http://onemansview.us/government/economy/the-state-of-our-government-part-4/ http://onemansview.us/government/economy/the-state-of-our-government-part-4/#comments Fri, 26 Mar 2010 21:10:52 +0000 Blogger http://onemansview.us/?p=397

In the first article of this series I made mention of the need for Government to be run more like a business.  I’m going to expand that discussion here.  I meant to get to this sooner, but I kind of went out in the weeds over the Health Care debacle.

In order for what I’m about to say to make sense to those without financial backgrounds, a brief lesson in financial accounting is necessary.  This is the stuff you’d learn in Basic Financial Accounting 101 in college.  If you already have this background, you can skip down to the more detailed discussion.

There are two (2) basic financial statements:  The Balance Sheet and the Income Statement, also known as the Profit & Loss or P&L.  We’ll discuss the Balance Sheet first.

Balance Sheet

In creating a balance sheet, there is one simple equation:  Assets = Liabilities + Equity.

Assets are typically broken down into Cash, Receivables (short and long term), physical items such as inventory and property, and investments.  These aren’t all, but they’ll work for this discussion.

Liabilities can generally be considered as Debt (short and long term) in one form or another.

Equity is what’s left over when you subtract Liabilities from Assets.

Using your home as an example, is it’s worth $200,000 (Asset Value) and you owe $100,000 (Liability), you have $100,000 in Equity.

Income Statement

The Income Statement’s equation is simply Revenue – Expenses = Profit.

The Balance Sheet and Income Statements are generally used to determine a company’s or individual’s financial health.  Almost every time you complete a credit application, you’re required to provide this information in terms of your monthly income and expenses, plus list what your assets are, and how much, if anything, you owe on them.  Some of this information is used to determine your FICO Score, but that’s another topic.

There are a number of ratios used to determine a firm’s performance and financial situation.  The ones we’re most concerned with are:

  • Current Ratio:  Current Assets divided by Current Liabilities (provides information about a firm’s ability to meet its short-term financial obligations. They are of particular interest to those extending short-term credit to the firm)
  • Debt Ratio:  Total Debt divided by Total Assets (provides an indication of the long-term solvency of the firm)
  • Debt-to-Equity Ratio:  Total Debt divided by Total Equity (provides an indication of the long-term solvency of the firm)
  • Return on Equity:  Net Income divided by Shareholder Equity (i.e.,  the bottom line measure for the shareholders, measuring the profits earned for each dollar invested in the firm’s stock)

We’ll apply these to our nation’s current financial statements later, so you can see how we’re doing.  When interpreting the Financials, remember, YOU are the shareholder… the investor in the business.  You buy company stock every time you pay a tax on anything to the Federal Government.  Congress is the Board of Directors.  The Cabinet and President are the Corporate Officers.  The Board makes policy and the Officers carry out the policy (ignoring for the moment the President’s Veto power).

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