There is no way to end entitlements and stop the pending doomsday bankruptcy when THIS MANY people are relying on the government!!!
WSJ: Nearly half, 48.5%, of the population lived in a household that received some type of government benefit in the first quarter of 2010, according to Census data. Those numbers have risen since the middle of the recession when 44.4% lived households receiving benefits in the third quarter of 2008.
The share of people relying on government benefits has reached a historic high, in large part from the deep recession and meager recovery, but also because of the expansion of government programs over the years.
Another 14.5% lived in homes where someone was on Medicare (the health care program for the elderly). Nearly 16% lived in households receiving Social Security.
High unemployment and increased reliance on government programs has also shrunk the nation’s share of taxpayers. Some 46.4% of households will pay no federal income tax this year, according to the nonpartisan Tax Policy Center. That’s up from 39.9% in 2007, the year the recession began.
Just 18.1% of households pay neither payroll nor federal income taxes and they are predominantly the nation’s elderly and poorest families.
Showing posts with label bankruptcy. Show all posts
Showing posts with label bankruptcy. Show all posts
Saturday, October 8, 2011
Saturday, February 27, 2010
California no longer Golden State: bankruptcy, gay marriage, illegals & free the prisoners
Following the initial publishing of "State of the Nation" by Brandon Jones at Desk of Brian -- original post here: http://sites.google.com/site/thedeskofbrian/state-of-the-nation/californianolongergoldenstatebankruptcygaymarriageillegalsfreetheprisoners
The old phrase "As California goes, so goes the nation" will spell disaster for America. Orange County alone is shackled with the burden an millions and millions illegal aliens and a verdict is pending to possible overturn the voice of the people on Prop 8.
57,000 individuals would disagree with me right from the onset as a federal judge has ordered the State of California, the "Golden State", to release these thousands of prisoners to ease the burden on the budget.
"This order, the latest intrusion by the federal
judiciary into California's prison system, is a blunt instrument that
does not recognize the imperatives of public safety, nor the challenges
of incarcerating criminals, many of whom are deeply disturbed." - Attorney General Jerry Brown
From an article by Guy Adams: "Arnold Schwarzenegger has sent redundancy notices to 20,000 government
employees and shut down California’s last remaining public works
projects yesterday, as state politicians failed to pass a budget that
will prevent his administration from running out of money."
The solution in the California State Senate is raise taxes.
In the middle of the worse recession in modern times and their cure (for the $12 billion deficit this year alone) is more taxes. Income tax revenues are in decline -- translation to Liberals: then there's room to tax them more; translation to a Conservative: more tax yields less activity so lower the taxes.
Meanwhile, across the state, Prop 8, the official amendment blocking recognition of gay marriage, is under siege. Similarly, the judicial system can overturn millions of voters, cost the state billions and ignore the constitution entirely.
Californians ignore the constitution, fiscal responsibility and personal responsibility.
There is now increasing cries for a "bailout" for California. A state cannot officially declare "bankruptcy" and President Obama (and Congress) have proved that 49 states can be required to carry the burden of one (see Nebraska's Medicaid clause in the proposed health care bill.)
"It is a paradoxical truth that tax rates are too high and tax
revenues are too low and the soundest way to raise the revenues in the
long run is to cut the rates now ... Cutting taxes now is not to incur
a budget deficit, but to achieve the more prosperous, expanding economy
which can bring a budget surplus." - John F. Kennedy, 1962
California, we hope you wake up. We don't follow you or have any desire to emulate your politics. I will push, protest, call and write any and every member of Congress: DO NOT BAILOUT CALIFORNIA!
California you have a few objectives that you need to wake up to: first, illegal aliens are just that: here illegally. They are an anchor around the budget and tax liability of the people. Start by sending them back through immigration to gain legal citizenship.
Next, acknowledge and obey the state Constitution. You can vote on measures, be unhappy with the outcome and then try backdoor, backhanded means to achieve the results you want. This is tyrannical and we all hope you can see that at some point. If you want gay marriage, then write another amendment and go do it properly.
Lastly, less government -- California, your state is proof to the rest of us that none of this "microtaxation" on cigarettes, soda, plastic bags, a ridiculous gas tax, etc...is the solution to anything.
I quoted JFK for a reason, maybe you'll see that.
Judge over release of 57,000 prisoners: http://www.reuters.com/article/idUSTRE5190CB20090210
Stop 8 Pic: http://queertoday.ning.com/
The old phrase "As California goes, so goes the nation" will spell disaster for America. Orange County alone is shackled with the burden an millions and millions illegal aliens and a verdict is pending to possible overturn the voice of the people on Prop 8.
57,000 individuals would disagree with me right from the onset as a federal judge has ordered the State of California, the "Golden State", to release these thousands of prisoners to ease the burden on the budget.
"This order, the latest intrusion by the federal
judiciary into California's prison system, is a blunt instrument that
does not recognize the imperatives of public safety, nor the challenges
of incarcerating criminals, many of whom are deeply disturbed." - Attorney General Jerry Brown
From an article by Guy Adams: "Arnold Schwarzenegger has sent redundancy notices to 20,000 government
employees and shut down California’s last remaining public works
projects yesterday, as state politicians failed to pass a budget that
will prevent his administration from running out of money."
The solution in the California State Senate is raise taxes.
In the middle of the worse recession in modern times and their cure (for the $12 billion deficit this year alone) is more taxes. Income tax revenues are in decline -- translation to Liberals: then there's room to tax them more; translation to a Conservative: more tax yields less activity so lower the taxes.
Meanwhile, across the state, Prop 8, the official amendment blocking recognition of gay marriage, is under siege. Similarly, the judicial system can overturn millions of voters, cost the state billions and ignore the constitution entirely.
Californians ignore the constitution, fiscal responsibility and personal responsibility.
There is now increasing cries for a "bailout" for California. A state cannot officially declare "bankruptcy" and President Obama (and Congress) have proved that 49 states can be required to carry the burden of one (see Nebraska's Medicaid clause in the proposed health care bill.)
"It is a paradoxical truth that tax rates are too high and tax
revenues are too low and the soundest way to raise the revenues in the
long run is to cut the rates now ... Cutting taxes now is not to incur
a budget deficit, but to achieve the more prosperous, expanding economy
which can bring a budget surplus." - John F. Kennedy, 1962
California, we hope you wake up. We don't follow you or have any desire to emulate your politics. I will push, protest, call and write any and every member of Congress: DO NOT BAILOUT CALIFORNIA!
California you have a few objectives that you need to wake up to: first, illegal aliens are just that: here illegally. They are an anchor around the budget and tax liability of the people. Start by sending them back through immigration to gain legal citizenship.
Next, acknowledge and obey the state Constitution. You can vote on measures, be unhappy with the outcome and then try backdoor, backhanded means to achieve the results you want. This is tyrannical and we all hope you can see that at some point. If you want gay marriage, then write another amendment and go do it properly.
Lastly, less government -- California, your state is proof to the rest of us that none of this "microtaxation" on cigarettes, soda, plastic bags, a ridiculous gas tax, etc...is the solution to anything.
I quoted JFK for a reason, maybe you'll see that.
Judge over release of 57,000 prisoners: http://www.reuters.com/article/idUSTRE5190CB20090210
Stop 8 Pic: http://queertoday.ning.com/
Thursday, December 3, 2009
Dubai: Is it too Big too Fail?
Beyond the Tiger Woods headlines was the reports of the collapse of Dubai. The glamorous fairy tale that was being built in Dubai is marred in late bills and the collapsing world economy.
The UAE has bought $10 billion in bonds to assist the bailout as construction and expansion plans screeched to a halt. From WSJ.com: "The Dubai government said in a statement Sunday it would issue $20 billion in long-term bonds, and that the first installment of $10 billion was fully subscribed by the U.A.E.'s central bank."1
Let the borrowing begin.
From that same article, the UAE stated: The bond issuance will provide Dubai "with the necessary liquidity to substitute the liquidity that has dried up globally in the last 12 months and accordingly meet all upcoming financial obligations" -- doesn't that sound like TARP
Throw some cash at the problem, call is "liquidity" and watch the disastrous pattern repeat itself.
"Dubai's once-soaring real-estate market comes crashing down. Falling prices, some down by 50% or more, have burned speculators who never intended to hold on to properties in the first place. Sales have plummeted, crimping cash flow for developers -- which are now scrambling to shed employees, cancel or postpone billions of dollars worth of projects and extend installment plans to avoid missed payments.
Banks, meanwhile, aren't lending to buyers or to developers."
Dubai’s ruler Sheik Mohammed bin Rushad Al-Maktown told media critics to "shut up," and sought to assure international investors that all was well with Dubai’s finances.
This is the worldwide collapse with the exact same language, problems and results.
The sooner the crisis is accepted and faced head-on, the sooner recovery can actually occur.
This isn't just a financial crisis, this is the first sign of financial collapse for a sovereign state. At home we see the pending bankruptcy of several states: California, New York, New Jersey, Rhode Island...how long do they have?
1. http://online.wsj.com/article/SB123532630416442781.html
http://finance.yahoo.com/real-estate/article/108269/in-wake-of-dubai-trying-to-predict-the-next-blowup
http://www.americanbankingnews.com/2009/11/28/dubai-seeking-options-amidst-debt-collapse-banks-await/
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