Obama fed plan to swell mortgage foreclosures December 1st, 2010 By Peter G. Miller
The White House plan to halt federal pay increases in 2011 and 2012 is a textbook example of the wrong idea with the wrong marketing plan, one which will unfortunately increase foreclosures nationwide. To start, the White House explains that “because of the irresponsibility of the past decade, the President inherited a $1.3 trillion projected deficit upon taking office and an economic crisis that threatened to put the nation into a second Great Depression. He moved quickly to get the economy moving again. Now, the economy is growing, and we have gained private sector jobs for the past 10 months.”
This is nonsense for two reasons: First, one needs to look at the bigger picture, the Bush Administration racked up a deficit of $4.35 trillion over eight years according to official Treasury Department figures. This was after four years of surpluses originated under the Clinton Administration and talk of actually paying off the entire deficit by now. Second, the problem is not just the Bush deficit. The problem is the unwillingness of the current Congress to raise taxes on higher income households, specifically those making $250,000 and more.
Buffett & Taxes
Warren Buffett, one of the richest people in the world, explained the situation on ABC News very simply: “If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end — people like myself — should be paying a lot more in taxes. We have it better than we’ve ever had it.”
Just how good does Buffett have it?
The current top tax rate is 35 percent. According to Stanford University, the top federal tax rate in 1950 was 84.357%. That’s not all: The top rate was 91% in 1960, 71.75% in 1970 and 70 percent in 1980. In other words,.....
Read entire article
The White House plan to halt federal pay increases in 2011 and 2012 is a textbook example of the wrong idea with the wrong marketing plan, one which will unfortunately increase foreclosures nationwide. To start, the White House explains that “because of the irresponsibility of the past decade, the President inherited a $1.3 trillion projected deficit upon taking office and an economic crisis that threatened to put the nation into a second Great Depression. He moved quickly to get the economy moving again. Now, the economy is growing, and we have gained private sector jobs for the past 10 months.”
This is nonsense for two reasons: First, one needs to look at the bigger picture, the Bush Administration racked up a deficit of $4.35 trillion over eight years according to official Treasury Department figures. This was after four years of surpluses originated under the Clinton Administration and talk of actually paying off the entire deficit by now. Second, the problem is not just the Bush deficit. The problem is the unwillingness of the current Congress to raise taxes on higher income households, specifically those making $250,000 and more.
Buffett & Taxes
Warren Buffett, one of the richest people in the world, explained the situation on ABC News very simply: “If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further. But I think that people at the high end — people like myself — should be paying a lot more in taxes. We have it better than we’ve ever had it.”
Just how good does Buffett have it?
The current top tax rate is 35 percent. According to Stanford University, the top federal tax rate in 1950 was 84.357%. That’s not all: The top rate was 91% in 1960, 71.75% in 1970 and 70 percent in 1980. In other words,.....
Read entire article
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