Jack Large
I was speaking to my financial advisers about to adjusting my Benevolent Trusts, to provide more money for my grandchildren.
I told them I expected that the economy was not going to improve, now the Obama was still in office.
They told me that they agreed and it will be even worse now that Obamacare is the law of the land.
They expect INFLATION to INCREASE even greater than in did during the four years of WWII, when it went up an historical 125%
The primary reason, beside the additional $1,000,000,000 per year for the past four years that Obama has added to the national debt, is the HIDDEN higher TAXES that are added by his healthcare law.
Taxes will go UP, in adding to NEW taxes some CURRENT taxes will increase over 330%, each of the next THREE years to pay for Obamacare and will adversely hurt large and primarily SMALL business.
Those costs must be passed on to consumers, even if NOT added to their percentage of profit and that will lead to business failures, changing current full time jobs to PARTTIME jobs, particularly to those companies that face competition from imports.
I believe Obama will be remembered as the worse President, when history is recorded.
2 Answers
ROMOS
Economists generally agree that high rates of inflation and hyperinflation are caused by an excessive growth of the money supply.
I thought the USA was mega trillions in debt, where will the money to generate high inflation come from?
If people aren't working you can't TAX them.
| 12 years ago. Rating: 4 | |
I'm protecting my grand children NOW
It is like believing in God.
If a believer is wrong, what difference does it make over time.
BUT if a non-believer is wrong, at the end of time there may be HELL to pay ;-)
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Jack LargeKarma: 56375
Inflation is the result of devaluation of the Currency.
FDR's "Lend Lease" Program that was neither a loan nor a lease.
Giving free stuff to European countries to stop the Nazis helped to devalued the dollar.
When ask about the inflation and the devaluing of the dollar he said "When one's house is on fire one does not worry about the water bill."
Of course he was right to help stop Hitler in Europe before we would need to do so at our borders.
So called "Free" healthcare is not our water bill.
One of the reasons Crude Oil is going up in price even when the world economy is bad, is because the Dollar had been declining in value.
The reason is a Dollar is taxed EVERY time one changes hands. The result is more Dollars in circulation the more revenue is received by the US Treasury.
Obama keeps blaming Bush but the fact is the Treasury took in more tax money during his second to sixth year in office than anytime in history. UP until Dimocrates took control of the Congress in 2006 and went on a spending spree with changes to "Fanny and Freddy" that forced 120% mortgages on the big Banks.
The last two quarters of 2004 and the last three quarter of 2005, the US Treasury was taking IN MORE than it was putting out!
The Dimocrates like to demagogue the people who no idea how our government works.
All spending Bills MUST ordinate in the House and be approved by the Senate to become law
If there are changes to the spending bill the changes must be approved by the House, via what is known as a "Reconciliation Bill" That is where the two compromise to get the final bill approved
What has been happening, since the Republicans gained controll of the House in 2010, is the Senate Majority Leader, Harry Reid, Dimocrat will not bring any of the bills to the floor. As a result the Senate can not create a "a "Reconciliation Bill" on which to vote.
Colleen
Obamacare contains 18 new taxes, 10 of which have yet to be implemented.
Description Year implemented Cost
2013 – 2022
Exclusion of unprocessed fuels from the existing cellulosic biofuel producer credit.
(What this has to do with health care is a mystery) 2010 $15.5 billion
Increase in corporate taxes by making it more difficult for businesses to engage in business activities that reduce their tax liability. 2010 $5.3 billion
10% excise tax on indoor tanning services. 2010 $1.5 billion
End of special deduction of Blue Cross/Blue Shield organizations. 2010 $0.4 billion
2010 Totals $22.7 billion
Fee on manufacturers and importers of branded drugs based on each individual company’s share of the total market. 2011 $32.4 billion
Increased penalty for purchasing disallowed products with HSAs to 20%. 2011 $4.5 billion
Reduction in the number of medical products taxpayers can purchase using funds they put aside in HSAs and FSAs. 2011 $4.0 billion
2011 Totals $40.9 billion
Fee on insured and self-insured health plans to fund PCORI. 2012 $3.8 billion
2012 Totals $3.8 billion
Increased hospital insurance (HI) portion of the payroll tax from 2.9% to 3.8:% for couples earning more than $250,000 a year ($200,000 for single filers); increased HI tax applied to investment income for the first time. 2013 $317.7 billion
2.3% excise tax on manufacturers and importers of certain medical devices. 2013 $29.1 billion
7.5% adjusted gross income floor on medical expenses deduction raised to 10%. 2013 $18.7 billion
Elimination of the corporate deduction for prescription expenses for retirees. 2013 $3.1 billion
Increase in taxes on health insurance companies by limiting the amount of compensation paid to certain employees they can deduct from their taxes. 2013 $0.8 billion
2013 Totals $369.4 billion
Penalty paid by employers that do not offer health coverage to their employees. 2014 $106.0 billion
Annual fee on health insurance providers based on each company’s share of the total market. 2014 $104.7 billion
Tax on individuals who do not purchase health insurance. 2014 $55.0 billion
Limit on the amount taxpayers can deposit in flexible spending accounts (FSAs) to $2,500 a year. 2014 $24.0 billion
2014 Totals $289.7 billion
40% excise tax on “Cadillac” health insurance plans costing more than $10,200 for individuals and $27.500 for families. 2018 $111.0 billion
2018 Totals $111.0 billion
Source: Heritage.org chart derived from the Joint Committee on Taxation and Congressional Budget Office
In the past 48 hours, these companies reported layoffs:
Westinghouse - 200
Research in Motion Ltd - 3,000
Lightyear Network Solutions - 15
Providence Journal - 23
Hawker Beechcraft - 410
Boeing 18,159
CVPH Medical Center - 17
US Cellular - 980
Commerzbank - 6,000
Iberia - 7,000
Momentive Performance Materials - 150
Brake Parts - 75
Gameforge Berlin - 20
Vestas Wind Systems 1,700
Husqvarna - 390
Ericsson - 14,000
SRA International - 222
PerkinElmer - 75
Majestic Star Casino and Hotel - 80
Center for Hospice NY - 80
Bristol-Myers - 500
Lower Bucks Hospital - 500
Oce North America - 9
Corning United Blood Services Gulf - 150
Atlantic Lottery Corporation - 16
Welch Allyn - 10% of manufacturing work force
Dana Holding - 12% of work force
Stryker - approx 5%
Boston Scientific - Unspecific amount
Medtronic - 1,000
Smith & Nephew - 80
Abbott Labs - 550
Covidien - 600
Kinetic Concepts - 300
St. Jude - 500
Hill Rom - 200
Darden Restaurants - 3%
JANCOA - 350
Kroger - 30
ING - 2,350
Caterpillar - 4,000 (Decatur plant)
Alcatel-Lucent - 5,000
Umatilla Chemical 34
Rocketdyne...100
Pepsi - 8,700
Bank of America 30,000
All announced layoffs since obama reelection.
I just spent about an hour researching the numbers people... this is just the BEGINNING.... - Lori Swonder
Thank you for voting for your social issues... rather than the survival of this country!!!
Daily Job Cuts:
http://www.dailyjobcuts.com/
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More Layoffs and Clossings: http://offthefbwall.wordpress.com/2012/11/09/hey-union-lover-boys-and-obamunists/
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Federal workers cheer Obama win but want pay unfrozen: http://money.cnn.com/2012/11/09/news/economy/obama-federal-workers/index.html?iid=HP_LN — with Martha Snow and Dar Gaudet Gardiner.
| 12 years ago. Rating: 2 | |
We are no longer a free country. Every aspect of our lives will be controlled by a dictator government and we have the people to thank who again voted him into office, People never learn from past mistakes and take the rest of us down too.
