Video: Speaker Boehner’s Address to the Economic Club of New York on Jobs, Debt, Gas Prices

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May 10, 2011. Tags: , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

Video: Paul Ryan unveils budget ~ Gen X is ready to take some pain, are you?

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Rep Ryan on Squawk Box this morning discussing his budget.

Gen X will be the first to hit the new Medicare Premium Assistance Program in 2022.

We always knew it would be us. At this point I am GLAD it is us. The Boomers don’t have the fortitude of their parents and all they do is consume.

Only the Thirteenth Generation aka Gen X, is prepared to sacrifice.

After all, we are used to it. We expected it. Hell, we have been waiting for the other shoe to drop on us since our first experience following Boomers, the Carter years, and then the pain of Volcker slaying inflation during Reagan’s recession. And don’t forget the FICA tax increase we got to pay for Boomers’ retirement, the $$ that is now-gone and which we will have to pay, again.

Fact is, we are a small enough generational cohort that the pols feel comfy shafting us, always have, always will.

Heaven forfend someone should ask the frakkin Boomers to share the pain. They still think they are God’s gift to the world.

So instead of righting the ship immediately, which we could do if the Boomers would give something up, we in Gen X will take the first hit.

So here we are, stepping up, ready to share the burden.

FIX IT NOW. CUT NOW. WE ARE READY.

We are the Eeyores of the current populace and we have always been ready to get the shaft, at least let us do it now so we feel we contributed something meaningful while we got screwed…

and PS-Thank you Rep. Ryan!

Andrew Stiles breaks out some numbers on NRO:

$6.2 trillion — Amount of spending cuts proposed relative to President Obama’s 2012 budget request.

$5.8 trillion — Amount of spending cuts proposed relative to the current CBO baseline.

2008 — Ryan’s plan would bring non-security discretionary spending to below 2008 levels (pre-stimulus, pre-bailout, pre-Obama).

20 percent — Target spending levels (as a percentage of GDP).

$4.4 trillion — Total deficit reduction over 10 years called for under the plan, compared to $4 trillion under Bowles-Simpson and just $1.1 trillion under Obama’s 2012 budget.

$4.7 trillion — Total debt reduction relative to Obama’s budget.

$178 billion — Amount of saving achieved in the Defense Department budget, per the recommendations of Defense Secretary Robert Gates, $100 billion of which would be reinvested, the rest used to reduce the deficit.

$750 billion — Total savings achieved through Medicaid reform, in the form of block grants to states, giving governors greater flexibility in their budgets.

2022 — Year that proposed Medicare reforms would take effect.

25 percent — The top tax rate proposed for both individuals and companies.

18-19 percent — Target revenue levels (as a percentage of GDP), in keeping with historic average levels.

$800 billion — Total amount of tax increases eliminated by repealing Obamacare.

1 million — Private-sector jobs created over the next year.

4 percent — Projected unemployment rate by 2015.

$1.5 trillion — Projected growth in real GDP over the next decade.

$1.1 trillion — Estimate increase in wages over 10 years, yielding an average increase in income of $1,000 per year for each American family.

10 percent — Proposed reduction to the federal workforce over the next three years.

$120 trillion — Total debt reduction by 2050 relative to Obama’s budget.

Update: Oh here we go, Boomers whining about not having enough to live in style in retirement. Cry me a frakkin river dudes, you spent it all and THEN some (and once again Gen X, following your shenanigans, got the 1st 10 yr run with no $$ in stocks) but dont worry your Berbanke is printing just as fast as he can so you can continue to take cruises every spring (until stagflation catches up to us).

Your idiotic brain trust picked out Obama to be POTUS! There are no more resources for you to consume! Jeebus, get a grip!

The 77 million-strong generation born between 1946 and 1964 has clung tenaciously to its youth. Now, boomers are getting nervous about retirement. Only 11 percent say they are strongly convinced they will be able to live in comfort.

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April 5, 2011. Tags: , , , , , , , , , . Economy, Finance, Healthcare, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St. Comments off.

U.S. Deficit to hit an all time high…

WSJ:

President Barack Obama will propose on Monday a $3.8 trillion budget for fiscal 2011 that projects the deficit will shoot up to a record $1.6 trillion this year, but would push the red ink down to about $700 billion, or 4% of the gross domestic product, by 2013, according to congressional aides.The deficit for the current fiscal year, which ends on Sept. 30, would eclipse last year’s $1.4 trillion deficit, in part due to new spending on a proposed jobs package. The president also wants $25 billion for cash-strapped state governments, mainly to offset their funding of the Medicaid health program for the poor…

But don’t worry! They are preapred to make the tough decisions! BWAAAAHAAAA!! ‘Present’

…White House officials say they are ready to make some tough choices to get the deficit under control. White House communications director Dan Pfeiffer wrote on the White House Web site this weekend that the president’s budget would propose to terminate or cut back more than 120 programs, saving about $20 billion in the fiscal year beginning in October.

The proposals include consolidating 38 education programs into 11, cutting the National Park Service’s Save America’s Treasures and Preserve America grant program, and eliminating the Advanced Earned Income Tax Credit, which allows low-wage workers to get tax-credit checks in advance but which is rife with abuse, White House officials say. The Brownfields Economic Development Initiative, which converts decayed former industrial sites to new uses, would be cut, and payments ended to states to restore abandoned mines, many of which have been long cleaned up.

But some of those efforts, such as the abandoned mines and Advanced Earned Income Tax Credit cuts, were proposed last year in Mr. Obama’s first budget. They were ignored by Congress. Other planned cuts are presidential perennials, attempted without success by Presidents Bill Clinton and George W. Bush before Mr. Obama, such as eliminating whaling partnerships and implementing deep cuts to the Army Corps of Engineers….

February 1, 2010. Tags: , , , , , . Economy, Finance, Obama Administration, Politics. Comments off.

Tuesday Roundup: Final revision to 3Q GDP in: 2.2%, Lobbyists have record year, and Reid slips supermajority requirement into Medicare cost cutting panel…

Update: Darth Vadar just rang the opening bell, I kid you not. LucasFilm is there, I see Bobba Fett!

We started at 3.5%, and now at third and final revision we are down to 2.2% on 3Q GDP. I am still calling for a double dip, because yes the Obamanomic policies ARE that bad.

In other news as MiM has predicted lo these many months, the Reid Amendment has put a supermajority requirement on overriding the iMAB panel decisions. Harry actually asked ‘cant we all get along after this’ on the floor this morning after they passed round 2 of their partisan vote to GUT MEDICARE. ugh what a tool. He is feathering his next for his LOBBYING job post election defeat.

LOBBYISTS had their BEST YEAR EVAH under Obama’s HOPEY CHANGEY NEW politics, HA!

Some folks still think the Medicare cuts will not happen, THEY WILL. This Supermajority rule is how it will be accomplished. No calls to Congress will make an impact when a Supermajority is required to overturn iMAB rulings. Like an HMO with no right of appeal, that is what they are giving our Seniors (and by extension through the exchanges which will follow these roolz, we are ALL getting this shaft)

This is the Orszagist dream panel where non practicing physicians like the loons who just announced the mammogram revisions will GUT MEDICARE. IT WILL HAPPEN. TELL EVERY SENIOR YOU KNOW.

SS is next. Gird your savings GEN X, they are coming for us.

December 22, 2009. Tags: , , , , , , , , , , , , , , , , , , , . Economy, Finance, Healthcare, Obama Administration, Politics, Taxes, Wall St. Comments off.

Update: Gold breaks $1200 an oz; Gooooooold!!! Hits another record $1196.80 an oz…

Update: 11:30am EST: Gold just broke $1200! 1200.3 , wow. Dollar is falling and stocks are up again, ignoring the reality that this is very bad for our economy long term a weak currency, DOW up 130 to 10,474.70…keep printing that money

And you know what that means! It’s Shirley Bassey Burl Ives time!!

December 1, 2009. Tags: , , , , , , , , . Economy, Finance, Wall St. Comments off.

Fed Policy, Interest Rates, Q.E. & the Dollar Debate

Great debate! Rickster and Steve goin at it. Larry tells Steve he is drinking the Fed koolaide, BWAAAHA!! I agree with Rick and Larry (not surprising since they both express concern for the ‘common man’ that’s the koolaide I drink, LOL!) Stay tuned to the very end for a GOLD forecast.

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CNBC:

Discussing whether the Fed is headed in the right direction, with Frank Holmes, U.S. Global Investors; David Goldman, First Things Blog; CNBC’s Steve Liesman & Rick Santelli.

more about “Fed Rates, Q.E. & the Dollar Debate“, posted with vodpod

November 4, 2009. Tags: , , , , , , , , , , , , , , , , , , . Economy, Finance, Labor Department, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. 1 comment.

Update: Deficit for FY 2009 to hit $1.4 trillion, another record: Congress faces hurdles in push for second stimulus…

Update: TOTUS voted against raising the debt ceiling as a Senator. The hypocrisy continues unabated

Another record deficit projection from CBO. Can’t we send TOTUS to the IMF and he can withdraw us from all foreign subsidy obligations the way he does with our defense agreements? I can see it now:

Of course, they are not letting this stop them from adding the ginormous healthcare entitlement to the economy but they appear wobbly on a jobs bill now, figures.

WSJ:

Democratic leaders pressed President Barack Obama on Wednesday to extend more elements of the existing economic-stimulus package, and to possibly add tax cuts that were rejected the first time around, despite a record budget deficit that is giving some lawmakers pause.

On Wednesday, the Congressional Budget Office estimated that the federal deficit for fiscal 2009 will be $1.4 trillion…The figure remains the largest budget deficit, measured as a percentage of gross domestic product, since World War II. That so far isn’t stopping Democratic leaders discussing further stimulus measures.

Worried that the economy isn’t creating jobs, House Speaker Nancy Pelosi (D., Calif.) and Senate Majority Leader Harry Reid (D., Nev.) went to the White House for a hastily planned meeting. White House economists had already embraced extending enhanced unemployment-insurance benefits and subsidies for the purchase of health insurance under Cobra. Both of those measures are currently set to expire Dec. 31.

After the meeting, Mr. Reid made it clear he also wants an extension of a generous tax credit for first-time homebuyers, something the White House was leaning against as too expensive for the number of jobs it might create(…) Go read the entire piece..

They are going to attempt a giant ROADS AND INFRASTRUCTURE BILL now, which is what they CLAIMED was in the giant spendulus package, guess Apollo Alliance didn’t have enough union jobs to warrant any real infrastructure when they wrote our stimulus bill. Frakkers.

October 7, 2009. Tags: , , , , , , , , , , , , . Economy, Finance, Housing, Obama Administration, Politics, Unemployment Statistics. 2 comments.

Update: Taxes, taxes everywhere and not a job in sight and when is a stimulus not a stimulus? When it creates no jobs and you tax the crap out of people…

newtaxrates

ZOMG! What are these people thinking?! They sold Obama as a Clinton Like Pro Business Moderate Dem. Ha I say HA! AS IF!!!!

Tell me that doesnt look like Joe Biden all the way on the right? Remember when 100 billion dollars was a lot of money?:

WSJ:

A huge new income surtax. The bill’s main financing comes from another tax increase on top of the increase already scheduled for 2011 under Mr. Obama’s budget. The surtax starts at one percentage point for adjusted gross income above $350,000 in 2011, rising to two points in 2013; a 1.5 point surtax at incomes above $500,000, rising to three in 2013; and a whopping 5.4 percentage points in 2011 and beyond on incomes above $1 million.

This would raise the top marginal federal tax rate back to roughly 47% or 48%, if you include the Medicare tax and the phase-out of certain deductions and exemptions. With the current top rate at 35%, this would be the largest rate increase outside the Great Depression or world wars.

The average U.S. top combined state-federal marginal tax rate would hit about 52%. This would be higher than in all but three (Denmark, Sweden, Belgium) of the 30 countries measured by the OECD. According to the nearby table compiled by the Heritage Foundation, taxpayers in at least five U.S. states would pay higher marginal rates even than Sweden. South Korea, which Democrats worry is stealing American jobs, would be able to grab even more as its highest rate is a far more competitive 38.5%.

House Democrats say they deserve credit for being honest about the tax increases needed to fund their ambitions. But then they also claim that this surtax would raise $544 billion in new revenue over 10 years. America’s millionaires aren’t that stupid; far fewer of them will pay these rates for very long, if at all. They will find ways to shelter income, either by investing differently or simply working less. Small businesses that pay at the individual rate will shift to pay the 35% corporate rate. When the revenue doesn’t materialize, Democrats will move to soak the middle class with a European-style value-added tax.

Practice your ‘European’ style living now. I will go with Germany..dance Dieter dance!!


The new payroll taxes and penalties in the health care proposal:

A new payroll tax. Unemployment is at 9.5% and rising, but Democrats will nonetheless impose a new eight percentage point payroll tax on employers who don’t provide health insurance for employees. This is on top of the current 15% payroll tax, and in addition to a new 2.5-percentage point tax on individuals who don’t buy health insurance. This means that any employer with more than $400,000 in payroll would have to pay at least 25% above the salary to hire someone. Result: Many fewer new jobs, with a higher structural jobless rate, much as Europe has experienced as its welfare states have expanded.

Other new taxes, including an as yet undetermined levy on private health plans. This tax, which Democrats say could raise $100 billion or so, would make it even harder for private plans to compete with the government plan, which would already benefit from government subsidies and lower capital costs. For good measure, the House bill also gets the ball rolling on tax increases on foreign-source corporate income….

In other age old philosophical questions, when is a stimulus NOT a stimulus? When Team TOTUS, who said we would see IMMEDIATE results from the stimulus, is now saying it worked as expected and was NOT supposed to work right away..Uhmm wha? Ed at HotAir has it covered

…Old White House spin: Porkulus has stimulated the economy and “saved or created” 150,000 jobs.  New White House spin: Stimulus?  What stimulus?  ABC’s Yunji de NIes reports from somewhere down the rabbit hole, er, the White House briefing room:

Turns out the $787 billion “American Recovery and Reinvestment Act” (AARA) was not designed for full economic recovery, but rather to “stabilize” the downturn.  That’s the word from White House officials today, who held off-camera briefings with reporters on how the AARA is working so far.

“This legislation was designed to cushion the downturn,” said White House Press Secretary Robert Gibbs. “That’s why we have always talked about this as one function of economic recovery.”

When pressed about the change in terminology, Gibbs said he was not trying to temper expectations after the fact….

Update: Via HA, House GOP Conference releases this video last night on the stimulus:

July 17, 2009. Tags: , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St. 1 comment.

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