Archive for July, 2012

Pronk Pops Show 84, July 25, 2012: Segment 0: Economic Consequences of Obama: Worse Economic Recovery in U.S. History–Jumping Off The Fiscal Cliff–Fuse Lit On Debt Bomb!–Videos

Posted on July 25, 2012. Filed under: American History, Books, Budgetary Policy, Business, College, Communications, Culture, Economics, Education, Employment, Federal Government, Fiscal Policy, Government Spending, Health Care, Health Care Insurance, History, Housing, Labor Economics, Law, Media, Monetary Policy, Philosophy, Politics, Regulation, Social Science, Success, Tax Policy, Technology, Videos, War, Wisdom | Tags: , , , , , , , , , , , , , |

Pronk Pops Show 84: July 25, 2012

Pronk Pops Show 83: July 18, 2012

Pronk Pops Show 82: July 11, 2012

Pronk Pops Show 81: July 8, 2012

Pronk Pops Show 80: June 28, 2012

Pronk Pops Show 79: June 27, 2012

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Segment 0: Economic Consequences of Obama: Worse Economic Recovery in U.S. History–Jumping Off The Fiscal Cliff–Fuse Lit On Debt Bomb!–Videos

Thelma & Luise – Alternative Final Scene

Going off the Fiscal Cliff–Better Not Look Down

Democrats: We’re Willing to Send America Off the Fiscal Cliff

Sen. Tom Coburn’ on ‘Debt Bomb’: Everybody Must Sacrifice

The Debt Bomb book Glenn Beck w/ Senator Tom Coburn on GBTV Stop Washington from Bankrupting America

Uncommon Knowledge: White America Is ‘Coming Apart’

Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

How Big Is the U.S. Debt?

U.S. Debt Clocks

http://www.usdebtclock.org/

Marc Faber China a Bubble about to burst

Douglas Holtz-Eakin: Going Off the Fiscal Cliff Is Irresponsible

Senator Pat Toomey on Fiscal Cliff: A Strong Recovery Is within Reach

Senator Pat Toomey on Fiscal Policy: We’ve Created a Chilling Environment

Dr. Coburn on Charlie Rose on US Debt Crisis, Leadership Deficit in Washington

The Fuse is Lit: European Perils

Marc Faber the Great Depression all over again

Jim Rogers – A Holocaust is Coming

Real gross domestic product (GDP) rose 1.9 percent in the first quarter of 2012 after rising 3.0 percent in the

fourth quarter, according to estimates released by the Bureau of Economic Analysis. The first-quarter growth rate was unchanged from the second estimate released in May.

Revisions to GDP

For the third estimate of first-quarter real GDP growth, upward revisions to net exports and business investment in structures were offset by downward revisions to consumer spending, inventory investment, and state and local government spending.

Disposable income and saving Real disposable personal income—which adjusts personal income for taxes and inflation—rose 0.7 percent in the first quarter, compared with 0.2 percent in the fourth quarter. The personal saving rate—saving as a percentage of disposable personal income—was 3.7 percent, compared with 4.2 percent in the fourth quarter.

The personal saving rate has declined for six quarters in a row.

GDP highlights

Net exports increased (after decreasing in the fourth quarter), consumer spending accelerated, and residential housing investment picked up in the first quarter. These positive economic contributions, however, were more than offset by a slowdown in inventory investment.

The slowdown in inventory investment reflected a sharp downturn in the manufacturing and wholesale industries. In contrast,

retail inventory investment turned up, especially by motor vehicles dealers.

http://www.bea.gov/newsreleases/national/gdp/gdphighlights.pdf

Congressman Forbes on Lou Dobbs Tonight discusses DHS circumventing immigration laws

IT’S OFFICIAL: Obama Recovery Now Ranks Dead Last in Modern Times

7/6/12

Obama now ranks 10th of 10 recoveries in both jobs & economic growth

“…With the new June jobs report in hand, President Barack Obama’s economic recovery now ranks as the worst in modern times in terms of both job creation and economic growth, says the GOP leader of Congress’s Joint Economic Committee.
Texas Congressman Kevin Brady, the top Republican on the Joint Economic Committee, observed that the June Employment Report released today by the Bureau of Labor Statistics along with the gross domestic product report released by the Bureau of Economic Analysis on June 28th has marked a milestone: President Obama’s economic recovery ranks as dead last in the post-World War II era.
“Since 1945, the United States has had ten economic recoveries that lasted more than one year. In terms of both how fast the U.S. economy has recovered and how many private sector jobs have been created since the recession’s low point, President Obama now ranks tenth of ten – that’s dead last”, said Brady.
“Three years after the recession officially ended in June 2009, we still have more than four million fewer private sector jobs than we did when the recession started,” he continued. “And for the 41st consecutive month, the unemployment rate has soared above a discouraging 8%.”
Brady says that while President Obama boosts about the 4.4 million private sector jobs he claims have been created during the latest 28 months, put in perspective “President Obama’s recovery has been weaker than every one of his predecessors in the past seven decades. He can try to spin it any way he wants but when measured by jobs or by economic growth he’s at the bottom of the list.”
Last week, the Bureau of Economic Analysis reported that real GDP grew expanded by 6.7% over eleven quarters since the recession ended. Today, the Bureau of Labor Statistics reported the number of private sector jobs had grown by a mere 4.1% since the cyclical low point.
In contrast, real GDP expanded by 17.6%, and private sector jobs ballooned by 10.7% during comparable periods of the Reagan recovery. “Obama’s economic record, frankly, is embarrassing,” Brady said.
“Think about it – despite President Obama’s stimulus, financial bailout, housing bailout, auto bailout, cash-for-clunkers, cash-for-caulkers and an unprecedented five trillion dollars in deficit spending, the Obama recovery is officially dead last in results. Can unemployed Americans really afford four more years of this failed economic leadership?” …”

http://kevinbrady.house.gov/brady-news-releases/its-official-obama-recovery-now-ranks-dead-last-in-modern-times/

Rep. Kevin Brady Jobs Numbers Interview with CNBC’s Larry Kudlow 07-06-12

CBS: “This Is The Worst Economic Recovery America Has Ever Had

THAT LOOKS BAD!

Krauthammer’s Epic Takedown of Obama’s Anti-Business Speech

Congressman Kevin Brady Questions Fed Chairman Ben Bernanke 6-7-12

‘Unintended Consequences’ Author Ed Conard on Bain Capital, Economics and Obama’s Record

‘Don’t Vote For Obama’ – President’s Harvard Professor

Robert Mangabeira Unger – “Beyond Obama”

Background Articles and Videos

U.S. debt crisis explained: IOUSA (1 of 8)

U.S. debt crisis explained: IOUSA (2 of 8)

U.S. debt crisis explained: IOUSA (3 of 8)

U.S. debt crisis explained: IOUSA (4 of 8)

U.S. debt crisis explained: IOUSA (5 of 8)

U.S. debt crisis explained: IOUSA (6 of 8)

U.S. debt crisis explained: IOUSA (7 of 8)

U.S. debt crisis explained: IOUSA (8 of 8)

Economic Cycles Before the Fed | Thomas E Woods, Jr.

The Creature From Jekyll Island (by G. Edward Griffin)

Read Full Post | Make a Comment ( None so far )

Pronk Pops Show 83, July 13, 2012: Segment 0: 7 Million Small Business Owners To President Barack Obama–You’re Fired for Lying, Stealing and Gross Incompetence!–Videos

Posted on July 18, 2012. Filed under: Budgetary Policy, Business, Communications, Crime, Economics, Employment, Federal Government, Fiscal Policy, Government, Government Spending, Law, Media, Philosophy, Politics, Polls, Radio, Regulation, Resources, Social Science, Success, Tax Policy, Videos, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , |

Pronk Pops Show 83: July 18, 2012

Pronk Pops Show 82: July 11, 2012

Pronk Pops Show 81: July 8, 2012

Pronk Pops Show 80: June 28, 2012

Pronk Pops Show 79: June 27, 2012

Listen To Pronk Pops Podcast or Download Shows 79-83

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Segment 0: 7 Million Small Business Owners To President Barack Obama–You’re Fired for Lying, Stealing and Gross Incompetence!–Videos

“If you’ve got a business – you didn’t build that.

Somebody else made that happen.’

~President Barack Obama, July 13, 2012, Roanoke, Virginia

‘If you’ve got a business – you didn’t build that. Somebody else made that happen.’

~President Barack Obama, July 13, 2012, Roanoke, Virginia

Obama: If You’ve Got A Business, You Didn’t Build That

Sopranos: Patsy extorting protection money

MILTON FRIEDMAN-what alinsky never told obama…

Barack Obama Lies To America

7 Lies In Under 2 Minutes

You’re Fired!

10 Ways to Get Fired

TRUE LIES – YOU’RE FIRED – CLASSIC

Small Business Owner Says Obama Should Apologize for Economy

operative – An intelligence officer or agent operating in the field.

legend (cover) – The complete cover story developed for an operative.

Who is the REAL Barack Obama?

Obama -The One Video

THE ENIGMA, PART 1: STRANGE BEDFELLOWS

Barack Obama’s Hidden Past – With Bill Whittle (Part 1)

Barack Obama’s Hidden Past – With Bill Whittle (Part 2)

Barack Obama’s Hidden Past – With Bill Whittle (Part 3)

Gen44: The Stunning Narcissism of President Obama

I’m the Fourth Best President™ in American History ~ Barack Obama

KNOW SAUL ALINSKY AND YOU KNOW BARACK OBAMA AND HIS REGIME

Saul Alinsky Takes the White House

Mark Levin – Oct 14th – Alinsky’s Rules for Radicals (Part 1 of 3)

Mark Levin – Oct 14th – Alinsky’s Rules for Radicals (Part 2 of 3)

From Al Capone to Saul Alinsky to Barack Obama -Methods of Organizing

The Chicago Way – The Untouchables

Obama Campaign Accuses Mitt Romney Of Committing A Felony Or Lying To The American People

Did Mitt Romney Commit A Felony By Failing To Correctly Report His Status At Bain Capital?

Obama Ad Calls Romney ‘The Problem’ With Job Losses To China

Obama Criticizes Romney Jobs Record In New Ad

Obama for America TV Ad: “Makes You Wonder”

Why Would Mitt Romney Invest Millions in the Cayman Islands?

Unrelenting Obama Jabs at Romney’s Job Record

Mitt Romney on US Immigration Policy: Why Won’t He Give a Straight Answer?

Mitt Romney Versus Reality: Global Edition

No Evidence

Political Payoffs And Middle Class Layoffs

Federal Reserve Exposed, Corrupt Banking Families 1/2

Federal Reserve Exposed, Corrupt Banking Families 2/2

PICKET:(VIDEO) Obama – ‘If you’ve got a business — you didn’t build that. Somebody else made that happen’

“…President Barack Obama addressed supporters in Roanoke, Virginia on Friday afternoon and took a shot at the business community. President Obama dismissed any credit business owners give themselves for their success:

There are a lot of wealthy, successful Americans who agree with me — because they want to give something back. They know they didn’t — look, if you’ve been successful, you didn’t get there on your own. You didn’t get there on your own. I’m always struck by people who think, well, it must be because I was just so smart. There are a lot of smart people out there. It must be because I worked harder than everybody else. Let me tell you something — there are a whole bunch of hardworking people out there. (Applause.)

If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got a business — you didn’t build that. Somebody else made that happen. The Internet didn’t get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.

The point is, is that when we succeed, we succeed because of our individual initiative, but also because we do things together. There are some things, just like fighting fires, we don’t do on our own. I mean, imagine if everybody had their own fire service. That would be a hard way to organize fighting fires.

“…There are a lot of wealthy, successful Americans who agree with me — because they want to give something back. They know they didn’t — look, if you’ve been successful, you didn’t get there on your own. You didn’t get there on your own. I’m always struck by people who think, well, it must be because I was just so smart. There are a lot of smart people out there. It must be because I worked harder than everybody else. Let me tell you something — there are a whole bunch of hardworking people out there. (Applause.)

If you were successful, somebody along the line gave you some help. There was a great teacher somewhere in your life. Somebody helped to create this unbelievable American system that we have that allowed you to thrive. Somebody invested in roads and bridges. If you’ve got a business — you didn’t build that. Somebody else made that happen. The Internet didn’t get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.

The point is, is that when we succeed, we succeed because of our individual initiative, but also because we do things together. There are some things, just like fighting fires, we don’t do on our own. I mean, imagine if everybody had their own fire service. That would be a hard way to organize fighting fires. …”

http://www.washingtontimes.com/blog/watercooler/2012/jul/15/picketvideo-obama-if-youve-got-business-you-didnt-/

The Invincible Lie

By Thomas Sowelll

“…The really big lie — and one that no amount of hard evidence or logic seems to make a dent in — is that those who oppose raising taxes on higher incomes simply want people with higher incomes to have more money, in hopes that some of their prosperity will “trickle down” to the rest of the people.

Some years ago, a challenge was issued in this column to name any economist, outside of an insane asylum, who had ever said any such thing. Not one example has yet been received, whether among economists or anyone else. Someone is always claiming that somebody else said it, but no one has ever been able to name and quote that somebody else.

Once we have put aside the lies and the convoluted use of words, what are we left with? Not much.

Obama is claiming that the government can get more tax revenue by raising the tax rate on people with higher incomes. It sounds plausible, and that may be enough for some people, but the hard facts make it a very iffy proposition.

This issue has been fought out in the United States in several administrations — both Democratic and Republican. It has also been fought out in other countries.

What is the real argument of those who want to prevent taxes from rising above a certain percentage, even for people with high incomes? It has nothing to do with making them more prosperous so that their prosperity will “trickle down.”

A Democratic president — John F. Kennedy — stated the issue plainly. Under the existing tax rates, he explained, investors’ “efforts to avoid tax liabilities” made them put their money in tax shelters, because existing tax laws made “certain types of less productive activity more profitable than other more valuable undertakings” for the country.

Ironically, the Obama campaign’s attacks on Mitt Romney for putting his money in the Cayman Islands substantiate the point that President Kennedy and others have made, that higher tax rates can drive money into tax shelters, whether tax-exempt municipal bonds or investments in other countries.

In other words, raising tax rates does not automatically raise tax revenues for the government. Higher tax rates have often led to lower tax revenues for states, the federal government and other countries. Conversely, lower tax rates have often led to higher tax revenues. It all depends on the circumstances.

But none of this matters to Barack Obama. If class warfare rhetoric about taxes leads to more votes for him, that is his bottom line, whether the government gets a dime more revenue or not. So long as his lies go unchallenged, a second term will be the end result for him and a lasting calamity for the country.”

http://townhall.com/columnists/thomassowell/2012/07/12/the_invincible_lie/page/full/

The Invincible Lie: Part II

By Thomas Sowell

“…As far back as the 1920s, a huge cut in the highest income tax rate — from 73 percent to 24 percent — led to a huge increase in the amount of tax revenue collected by the federal government. Why? Because investors took their money out of tax shelters, where they were earning very modest rates of return, and put their money into the productive economy, where they could earn higher rates of return, now that those returns were not so heavily taxed.

This was the very reason why tax rates were cut in the first place — to get more revenue for the federal government. The same was true, decades later, during the John F. Kennedy administration. Similar reasons led to tax rate cuts during the Ronald Reagan administration and the George W. Bush administration.

All of these presidents — Democrat and Republican alike — made the same argument for tax rate reductions that had been made in the 1920s, and the results were similar as well. Yet the invincible lie continues to this day that those who oppose high tax rates on high incomes are doing so because they want to reduce the taxes paid by high income earners, in hopes that their increased prosperity will “trickle down” to others.

In reality, high income earners paid not only a larger total amount of taxes after the tax rate cuts of the 1920s but also a higher share of all the income taxes collected. It is a matter of record that anyone can check out with official government statistics.”

http://townhall.com/columnists/thomassowell/2012/07/13/the_invincible_lie_part_ii

Background Articles and Videos

Obama’s Real History – The “Lost” Years

Glenn Beck GBTV Real News 2012 04 30 E139

Sam Vaknin Analyzes Barack Obama (Part 1)

Sam Vaknin Analyzes Barack Obama (Part 2)

Sam Vaknin Analyzes Barack Obama (Part 3)

Sam Vaknin Analyzes Barack Obama (Part 4)

Sam Vaknin Analyzes Barack Obama (Part 5)

Obama: Narcissist’s Reaction to Failure and Defeat

Narcissistic Personality Disorder

Narcissistic Defences and Personality

Related Posts On Pronk Palisades

Obama’s Unbroken Record of Repeated Lies And Broken Promises–Videos


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Pronk Pops Show 82, July 11, 2012: Segment 0: Obama’s Big Lie–No New Taxes For Americans Earning Less Than $250,000–Obamacare Is A Huge Massive Tax Increase–Do Not Believe or Trust Obama–The Liar and Narcissist!–Video

Posted on July 10, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, Foreign Policy, Government, Health Care, Health Care Insurance, History, Law, Media, Philosophy, Politics, Tax Policy, Videos, Wisdom | Tags: , , , , , , , , |

Pronk Pops Show 82: July 11, 2012

Pronk Pops Show 81: July 8, 2012

Pronk Pops Show 80: June 28, 2012

Pronk Pops Show 79: June 27, 2012

Pronk Pops Show 78: June 20, 2012

Pronk Pops Show 77: June 13, 2012

Pronk Pops Show 76: June 6, 2012

Listen To Pronk Pops Podcast or Download Shows 79-82

Listen To Pronk Pops Podcast or Download Shows 74-78

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Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

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Listen To Pronk Pops Podcast or Download Shows 22-26

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Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 0: Obama’s Big Lie–No New Taxes For Americans Earning Less Than $250,000–Obamacare Is A Huge Massive Tax Increase–Do Not Believe or Trust Obama–The Liar and Narcissist!–Video


Barack Obama’s version of “read my lips NO NEW TAXES”

Obama will cut deficit in half FEB 2009

OBAMA MANDATORY TAX ON HEALTH CARE IS NOT A TAX

Megyn Kelly: Democrats Committed Fraud By Not Representing Obamacare as a Tax

Fox News: Rehberg on New IRS Hires and 13,000 Pages of Obamacare Regs

Mar 25 10 Hearing on IRS Operations – Rep. Kind Questions on Health Reform and Effects on the IRS

WSJ Chief Economist: 75% of Obamacare Costs Will Fall on Backs of Those Making $120K or Less

ObamaCare: Obama’s Regressive Tax on the Middle Class

Judge Napolitano Explains What Will Happen If You Refuse to Pay for ObamaCare

Just Another Broken Promise

7 Lies In Under 2 Minutes

Obama, Which One Did You Vote For?

Who is the REAL Barack Obama?

Obama: Narcissist’s Reaction to Failure and Defeat

The Danger of Obama

President Obama’s Spending

“…Spending has gone up from $2.98 trillion in 2008—the year before Obama came into office—to a proposed $3.80 trillion in 2013. That is a 28-percent increase in five years, which represents a compound annual growth rate of 5.0 percent. Because the economy has stagnated during this period, spending has increased as a share of GDP. …”

http://www.cato-at-liberty.org/president-obamas-spending/

Krauthammer: Obama’s debt increase “radical, unprecedented”

President’s Revenue Proposals vs National Debt

Recent US Federal Deficit Numbers

Obama Deficits

Bush Deficits

FY 2013*: $901 billion

FY 2009: $1,413 billion

FY 2012*: $1,327 billion

FY 2008: $459 billion

FY 2011: $1,300 billion

FY 2007: $161 billion

FY 2010: $1,293 billion

Although the federal deficit is the amount each year by which federal outlays in the federal budget exceed federal receipts, the gross federal debt increases each year by substantially more than the amount of the deficit each year. That is because a substantial amount of federal borrowing is not counted in the budget.

http://www.usgovernmentspending.com/federal_deficit_chart.html

U.S. Debt Clock

http://www.usdebtclock.org/

Taxes and Trust – The Achilles Heels of Obamacare and Obama, Part I

By Pat Caddell

“…This November, if President Obama goes before the voters on the defensive–that is, on a rickety platform of defending Obamacare as a tax increase–it is he who has a huge problem. After all, his healthcare program was sold as a boon to the middle class, with a few regulatory sticks included therein. But if Obamacare can be exposed for what it is–a huge tax increase, the reality of which Obamacare proponents did their best to obscure–then the probability of his survival shrinks dramatically. To be sure, such an exposing of Obamacare as the ObamaTax will not be easy; the White House and the Democrats, as well as their handmaidens in the Main Stream Media, will do their best to armor up against any attack on the tax issue.

So Romney must wield that cudgel, and wield it hard. And so must Republicans, because if the campaign against Obamacare–the ObamaTax–is to be truly effective, it must be a top-to-bottom message. Indeed, as we shall see, the anti-ObamaTax message could be even stronger for down-ballot Republicans than for Romney himself.

The challenge is to keep the focus on the tax–the ObamaTax. Obamacare is many things, but the biggest single thing is the thing that they said it wasn’t–the ObamaTax.

The American people have shown that they can tolerate incompetent policy. But what they will not tolerate is being lied to. As a Jesuit might say, incompetence is a venial sin, but deception is a mortal sin. And so if troubling questions about Barack Obama’s incompetence turn into serious concerns about his character, the President will lose.”

http://www.breitbart.com/Big-Government/2012/07/09/taxes-and-trust

Examiner Editorial: Obamacare is loaded with big tax increases

“…If implemented in 2014, the penalty on individuals who don’t purchase health insurance will boost government revenue by $27 billion through 2021, according to an analysis done last year by the CBO. The requirement that certain employers provide acceptable insurance or pay a penalty would raise an additional $82 billion.

Additional destructive tax increases include a $259 billion Medicare payroll tax hike and $148 billion in taxes on medical device makers, drug companies and insurers. Such taxes will not only be inevitably passed on to consumers of all income levels, but will stifle innovation by vacuuming up money that could have otherwise been spent on research and development. The law also includes a 3.8 percent surtax on investment income for households earning more than $250,000, as well as a number of smaller tax increases, such as the 10 percent tax on indoor tanning.

In all, the CBO has identified $813 billion in taxes over the next decade (2012 through 2021). And even this number understates the true cost of the law to taxpayers, because many of the revenue-raising measures don’t go into effect for several years. In the most obvious example, Obamacare is set to impose a tax on benefit-rich insurance policies. At first glance, the CBO report shows this so-called “Cadillac tax” will raise $111 billion over 10 years. But a closer look shows that it isn’t scheduled to kick in until 2018, so that $111 billion number is only for the first four years of its implementation.

Instead of narrowly focusing on the issue of whether or not the mandate should count as a tax, opponents of Obamacare should use this opportunity to make a broader point about the many expensive and punishing taxes that the law piles on businesses and the American people.

http://washingtonexaminer.com/examiner-editorial-obamacare-is-loaded-with-big-tax-increases/article/2501296

The Republican-led House of Representatives headed toward a symbolic and mostly party-line vote on Wednesday to repeal President Barack Obama’s overhaul of the healthcare system.

By Thomas Ferraro and Donna Smith

“…The House was set to end two days of often spirited debate by 4 p.m. EDT (2000 GMT) and begin a roll call vote.

Most, if not all, Republicans were expected to back repeal. At least a few Democrats were expected to vote to repeal the law as well, but the vast majority appeared ready to stand with Obama.

The vote will mark at the 33rd time by the Republicans’ latest count that the House has passed a bill to defund or repeal portions of the law or the entire Affordable Care Act, as the law is called.

Democratic Representative Jim McDermott mocked Republicans, declaring: “As a psychiatrist, I’m qualified to say this: One definition of insanity is doing the same than over and over again and expecting a different result.”

House Speaker John Boehner and fellow Republicans scheduled the vote after a divided U.S. Supreme Court disappointed conservatives last month and upheld the law, which expands coverage and requires most Americans to obtain health insurance or face a tax penalty.

Voter dissatisfaction with the law helped Republicans win the House in the 2010 elections, and they hope it can give them a boost again this year. But Democrats are fighting back, buoyed by the Supreme Court ruling.

The House Democratic campaign committee has begun offering bumper stickers that read: “Dear John Boehner. It’s constitutional. Get over it.”

But House Republicans remained on the offensive.

“Obamacare’s new regulations, taxes and mandates are crushing our already weak economy,” said Republican Representative Diane Black. …”
http://www.reuters.com/article/2012/07/11/us-campaign-congress-healthcare-idUSBRE86A13120120711

Thousands of New IRS Agents Hired to Enforce Obamacare

Kurt Nimmo

“…Rep. Kevin Brady, a Texas Republican, warns that the IRS will hire up to 16,500 new enforcers in the coming months to go after citizens who do not pay the new Obamacare tax. The expansion is said to include criminal investigators who “make cases” in order to levy penalties on scofflaws.

Brady cites a recent analysis by the Joint Economic Committee and staff at the House Ways and Means Committee. The report says the IRS will need a fresh crop of agents to examine and audit tax information mandated by Obama’s misnamed Affordable Care Act.

In January of 2011, Rep. Michele Bachmann claimed the IRS planned to hire 16,500 IRS agents to police Obamacare compliance. CNN reported at the time that the number cited by the Minnesota Congresswoman originated in a GOP committee report, based on a preliminary estimate from the Congressional Budget Office.

“When most people think of health care reform they think of more doctors exams, not more IRS exams,” Brady said. “Isn’t the federal government already intruding enough into our lives? We need thousands of new doctors and nurses in America, not thousands more IRS agents.”

Jim Kouri writes that nearly two dozen new tax increases will be levied under Obamacare, many of them hidden from the American people. Kouri also notes that compliance will add to the legendary annual headache Americans suffer every April 15. “In addition to more complicated tax returns, families and small businesses will be forced to reveal further tax information to the IRS, provide proof of government approved health care and submit detailed sales information to comply with new excise taxes,” Kouri writes.

Characterizing Obamacare as a tax under the purview of the IRS is not mistake. The near mythical authoritarian power of the IRS will be used to make sure Americans do not challenge Obamacare and unquestioningly submit to its unprecedented intrusion.

“To even mention the name of this government institution can trigger waves of anxiety and stories of abuse and persecution that is unheard of for almost any other governmental body within this country,” writes Stock City News.

According to the noted polling service Rasmussen Reports, 43% of Americans fear the IRS more than the TSA. Only 20% feared the TSA more. …”

http://www.infowars.com/thousands-of-new-irs-agents-to-be-hired-to-enforce-obamacare/

IRS wants 4,000 new agents, $300 million budget to enforce Obamacare

Jonathan Benson

“…More than quadrupling an estimate it put forth last year for new agents (http://dailycaller.com), the Internal Revenue Service (IRS) now says that it will need more than 4,000 new agents to enforce the provisions of the Affordable Care Act (ACA), also known as Obamacare. And in addition to these new agents, the IRS is also asking for more than $300 million in new funding to help fortify the infrastructure it will supposedly need to unconstitutionally force Americans to purchase government healthcare. …”

“…“Health reform’s insurance mandate says if you do not have ‘adequate’ insurance, you’ll have to pay a fine as part of your tax return,” writes Elizabeth MacDonald for FOX Business (http://www.foxbusiness.com). “If your business doesn’t provide ‘affordable’ coverage, you’ll have to pay a fine to the IRS, too, as part of your tax return filing.”

According to FOX News analyst James Farrell, new IRS reporting requirements under Obamacare, should it end up being declared constitutional, will require individuals to disclose personal insurance plan information such as coverage provisions and costs to the IRS. The provisions will also require individuals to reveal whether or not they have been offered health insurance by their employers, and what this employer-sponsored insurance costs, information that the IRS has never before dealt with. …”

http://www.infowars.com/irs-wants-4000-new-agents-300-million-budget-to-enforce-obamacare/

What Romney Needs To Say About Romneycare

By Mona Charen

“…Before Romney’s time, Massachusetts had enacted a number of laws that made its health-care system needlessly expensive. All policies offered in the state were required to cover expensive treatments like substance-abuse counseling and infertility. In 1996, the state passed a law requiring “guaranteed issue” and “community rating” — meaning people could wait until they got sick to purchase health insurance. Naturally, rates skyrocketed. In addition, a 1986 federal law required hospital emergency rooms to treat all patients, regardless of ability to pay.

Romney’s idea was to permit Massachusetts insurers to sell catastrophic plans. As Avik Roy explained in Forbes, “Shorn of the costly mandates and restrictions originating in earlier state laws, these plans, called ‘Commonwealth Care Basic,’ could cost much less. Romney also proposed merging the non-group and small-group markets, so as to give individuals access to the more cost-effective plans available to small businesses.” Romney’s plan would also have involved a degree of cost sharing, so that those receiving subsidies would have an incentive to minimize their consumption.

Romney agreed to the mandate believing that Massachusetts citizens would get the opportunity to purchase inexpensive, catastrophic plans. But the legislature, together with Romney’s successor as governor, Deval Patrick, changed the law to require insurers to offer three tiers of coverage — all of them far beyond catastrophic care. Perhaps Romney ought to have foreseen what future legislatures and governors would do — but that’s a far cry from the accusation that Romneycare was indistinguishable from Obamacare.

Romney’s proposed reforms included fraud-prevention measures for Medicaid, requiring the income of both parents to be considered in children’s Medicaid eligibility, medical-malpractice tort reform, and giving individuals the same treatment as small businesses in the purchase of health plans. He envisioned a system of increased competition and choice.

The bill that passed the legislature contained a number of features Romney couldn’t countenance. He opposed the mandate, preferring to permit individuals to post a $10,000 bond in lieu of insurance. The legislature overrode him. He vetoed the employer mandate, coverage for illegal aliens, the creation of a new bureaucracy to be called the Public Health Council, a provision limiting improvements to Medicaid, and another provision expanding Medicaid coverage to include dental care. His vetoes were overridden.

The health-reform law Romney introduced — as opposed to the one that was implemented by his successor — stressed competition, reduced regulation, and expanded choice for the consumer.

It was a mistake for Romney to sign the bill. As Avik Roy put it, “The individual mandate was a loaded gun that Romney handed to his opponents, who used it to force individuals to buy comprehensive insurance they didn’t need.” But Romney’s bona fides as a free-market advocate and critic of Obamacare are not undermined by Romneycare. He can rightly claim that he foresaw, and attempted to prevent, the consequences of heavy-handed government control of the health-care market.”

http://www.nationalreview.com/articles/304834/what-romney-needs-say-about-romneycare-mona-charen

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Pronk Pops Show 81, July 6, 2012: Segment 0: Panic of 2012–Only 80,000 Jobs Created in June, 2012–The Panic of 2012 Button Pressed–President Obama Lights Up In Panic Room–Smoke em If You Have em–Videos

Posted on July 6, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, Government, History, Investments, Labor Economics, Law, Media, Monetary Policy, Philosophy, Politics, Polls, Tax Policy, Videos, War, Wisdom | Tags: , , , , , , , |

Pronk Pops Show 81: July 8, 2012 

Pronk Pops Show 80: June 28, 2012

Pronk Pops Show 79: June 27, 2012

Pronk Pops Show 78: June 20, 2012

Pronk Pops Show 77: June 13, 2012

Pronk Pops Show 76: June 6, 2012

Listen To Pronk Pops Podcast or Download Shows 79-81

Listen To Pronk Pops Podcast or Download Shows 74-78

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Listen To Pronk Pops Podcast or Download Shows 55-57

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Listen To Pronk Pops Podcast or Download Shows 1-9

Segment 0: Panic of 2012–Only 80,000 Jobs Created in June, 2012–The Panic of 2012 Button Pressed–President Obama Lights Up In Panic Room–Smoke em If You Have em–Videos

Only 80K jobs added in June; Jobless rate same

What Jobs Data Suggest for the Rest of 2012

[yourtube=http://www.youtube.com/watch?v=7H_uVQ8OYpE]

Rep. Kevin Brady’s Opening Statement at JEC “Economic Outlook” Hearing

BLS Commissioner: At The Rate, We Will Never Return To Pre-Recession Employment

Obama On 8.2% Unemployment: “Step In The Right Direction

Rep Darrell Issa (R-CA ) Questions BLS Director John Galvin on “Green Jobs” Numbers Reporting


U.S. Debt Clock

http://www.usdebtclock.org/

“Deficit” vs. “Debt”

Suppose you spend more money this month than your income. This situation is called a “budget deficit”. So you borrow (ie; use your credit card). The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you spend more than your income, another deficit, you must borrow some more, and you’ll still have to pay the interest on your debt (now larger). If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don’t have any money left over for anything else. This situation is known as bankruptcy.

http://www.federalbudget.com/

Recent US Federal Deficit Numbers

Obama Deficits

Bush Deficits

FY 2013*: $901 billion

FY 2009: $1,413 billion

FY 2012*: $1,327 billion

FY 2008: $459 billion

FY 2011: $1,300 billion

FY 2007: $161 billion

FY 2010: $1,293 billion

Although the federal deficit is the amount each year by which federal outlays in the federal budget exceed federal receipts, the gross federal debt increases each year by substantially more than the amount of the deficit each year. That is because a substantial amount of federal borrowing is not counted in the budget.

http://www.usgovernmentspending.com/federal_deficit_chart.html

Total Government Debt

“…At the beginning of the 20th century debt was equally divided between federal and state and local debt, totaling less than 20 percent of GDP. After World War I, the federal debt surged to 35% of GDP. But by the mid 1920s federal debt had declined to below 20 percent of GDP with state and local debt rising to 16 percent of GDP.

Chart Key:
– Federal gross debt
– State gross debt
– Local gross debt

Then came the Great Depression, and President Roosevelt decided to spend his way out of trouble, boosting federal debt to 40 percent of GDP. So did the local governments, with state debt peaking at over 5 percent of GDP in 1933 and local debt peaking at over 28 percent in 1933. Government debt, including federal and state and local debt rose to 70 percent of GDP.

But it was in World War II that the US really entered new debt territory. Starting at 45 percent of GDP in 1941 federal debt zoomed, reaching almost 122 percent of GDP in 1946 after the end of the war, with state and local debt adding another 7 percent. For the next 35 years successive governments brought down the debt, but then came President Reagan. He increased the federal debt up over 50 percent of GDP to win the Cold War. President Bush increased the debt to fight a war on terror and bail out the banks. President Obama is increasing the debt to fund a plan to revive the economy in the aftermath of the Crash of 2008. …”

http://www.usgovernmentspending.com/debt_deficit_history

Employment Level

Series Id: LNS12000000
Seasonally Adjusted
Series title: (Seas) Employment Level
Labor force status: Employed
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146397(1) 146157 146108 146130 145929 145738 145530 145196 145059 144792 144078 143328
2009 142187(1) 141660 140754 140654 140294 140003 139891 139458 138775 138401 138607 137968
2010 138500(1) 138665 138836 139306 139340 139137 139139 139338 139344 139072 138937 139220
2011 139330(1) 139551 139764 139628 139808 139385 139450 139754 140107 140297 140614 140790
2012 141637(1) 142065 142034 141865 142287 142415
1 : Data affected by changes in population controls.

Background Articles and Videos

Employment Situation Summary

Transmission of material in this release is embargoed                 USDL-12-1332
until 8:30 a.m. (EDT) Friday, July 6, 2012

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                         THE EMPLOYMENT SITUATION -- JUNE 2012

Nonfarm payroll employment continued to edge up in June (+80,000), and the 
unemployment rate was unchanged at 8.2 percent, the U.S. Bureau of Labor 
Statistics reported today. Professional and business services added jobs, 
and employment in other major industries changed little over the month.

Household Survey Data

The number of unemployed persons (12.7 million) was essentially unchanged 
in June, and the unemployment rate held at 8.2 percent. (See table A-1.)

Among the major worker groups, the unemployment rate for blacks (14.4 percent)
edged up over the month, while the rates for adult men (7.8 percent), 
adult women (7.4 percent), teenagers (23.7 percent), whites (7.4 percent),
and Hispanics (11.0 percent) showed little or no change. The jobless rate
for Asians was 6.3 percent in June (not seasonally adjusted), little changed
from a year earlier. (See tables A-1, A-2, and A-3.)

In June, the number of long-term unemployed (those jobless for 27 weeks 
and over) was essentially unchanged at 5.4 million. These individuals 
accounted for 41.9 percent of the unemployed. (See table A-12.)

Both the civilian labor force participation rate and the employment-
population ratio were unchanged in June at 63.8 and 58.6 percent,
respectively. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes 
referred to as involuntary part-time workers) was essentially unchanged at 
8.2 million. These individuals were working part time because their hours 
had been cut back or because they were unable to find a full-time job. 
(See table A-8.)

In June, 2.5 million persons were marginally attached to the labor force, 
down from 2.7 million a year earlier. (These data are not seasonally 
adjusted.) These individuals were not in the labor force, wanted and were 
available for work, and had looked for a job sometime in the prior 12 
months. They were not counted as unemployed because they had not searched 
for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 821,000 discouraged workers 
in June, a decline of 161,000 from a year earlier. (These data are not
seasonally adjusted.) Discouraged workers are persons not currently
looking for work because they believe no jobs are available for them.
The remaining 1.7 million persons marginally attached to the labor
force in June had not searched for work in the 4 weeks preceding the
survey for reasons such as school attendance or family responsibilities. 
(See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment continued to edge up in June (+80,000). 
In the second quarter, employment growth averaged 75,000 per month, 
compared with an average monthly gain of 226,000 for the first quarter of 
the year. Slower job growth in the second quarter occurred in most major 
industries. (See table B-1.)

Professional and business services added 47,000 jobs in June, with temporary 
help services accounting for 25,000 of the increase. Employment also rose 
in management and technical consulting services (+9,000) and in computer 
systems design and related services (+7,000). Employment in professional 
and business services has grown by 1.5 million since its most recent low
point in September 2009.

Employment in manufacturing continued to edge up in June (+11,000).
Growth in the second quarter averaged 10,000 per month, compared with
an average of 41,000 per month during the first quarter. In June,
employment increased in motor vehicles and parts (+7,000) and in
fabricated metal products (+5,000).

Employment continued to trend up in health care (+13,000) and wholesale 
trade (+9,000) in June.

Employment in other major industries, including mining and logging,
construction, retail trade, transportation and warehousing, financial
activities, leisure and hospitality, and government, showed little or
no change.

The average workweek for all employees on private nonfarm payrolls
edged up by 0.1 hour to 34.5 hours in June. The manufacturing workweek 
edged up by 0.1 hour to 40.7 hours, and factory overtime was 3.3 hours 
for the fifth consecutive month. The average workweek for production and
nonsupervisory employees on private nonfarm payrolls edged up by 0.1
hour to 33.8 hours. (See tables B-2 and B-7.)

In June, average hourly earnings for all employees on private nonfarm
payrolls increased by 6 cents to $23.50. Over the year, average hourly
earnings have increased by 2.0 percent. In June, average hourly earnings 
of private-sector production and nonsupervisory employees increased by 
5 cents to $19.74. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for April was revised
from +77,000 to +68,000, and the change for May was revised from
+69,000 to +77,000.

____________
The Employment Situation for July is scheduled to be released on
Friday, August 3, 2012, at 8:30 a.m. (EDT).



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