After Senate Democrats met for hours yesterday trying to agreed on a position on extending the Bush tax cuts, Majority Leader Harry Reid emerged empty-handed, but Dinghy Harry still wants to hold a vote:
My friend [Republican leader Mitch McConnell of Kentucky] has offered some legislation to extend all them all, costing $4 trillion. I’ll be happy to arrange that, but he should also help arrange a vote on $250 thousand. Period.
Reid is adamant about only extending the tax cuts for those making $250 thousand or less, which even he seemed to recognize may not pass.
We want to give the Republicans an opportunity to vote on McConnell’s legislation. and we want opportunity and may be plural vote. We have to do it more than once, twice, whatever it takes, to show the American people that we support the middle class.
That’s garbage, Harry. You simply have orders from Obama to pass the legislation the way he wants it.
The legislation that Minority Leader McConnell introduced in September, was to permanently extend all the tax cuts.
According to McConnell:
This is the only bill that’s yet been offered that would prevent a tax hike on anyone. In other words, nobody in America would get a tax hike at the end of the year.
Meanwhile, back among those who pay the salaries of these politicians, fewer new businesses are starting in our country. and because of this, prospects for job growth and innovation are bleak.
More businesses are closing in America right now than are opening up. And those that are opening up are hiring fewer employees. The Labor Department reported Thursday that the number of companies with at least one employee fell by 100,000, or 2%, within the span of a year ending March 31.
That was the second worst performance in 18 years, the worst being the 3.4% drop in the previous year.
The Administration has a lot to be proud of.
Newly opened companies created a seasonally adjusted total of 2.6 million jobs in the three quarters ended in March, 15% less than the comparable time when investors and entrepreneurs were still digging their way out when the Dotcom bubble burst.
Obama’s economic policies have caused more funemployed Americans into business for themselves, working as consultants or trying to sell something…anything online. But these desperate people are not forming a company and hiring employees.
Businessmen are reluctant to invest in start-up firms. Venture-capital firms invested $25.1 billion in the year that ended in September, up 10% from the same period a year earlier but still down 27% from two years earlier, according to Dow Jones VentureSource.
Angel investment amounted to $8.5 billion in the 2010 first half—30% below the average level in the five years leading up to the financial crisis, estimates Jeffrey Sohl, director of the Center for Venture Research at the University of New Hampshire.
He plainly states:
I’ve never seen seed capital so low.
Obama , in his weekly Presidential Address after the shellacking known as the Midterm Elections, said that extending tax cuts for everybody, including those that actually hire Americans, would be detrimental and would add to the deficit:
President Ronald Reagan disagreed with increasing taxes to cut the budget deficit:
Obama and his administration have demonstrated over and over again they firmly believe in Keynesian Economics. This is an economic theory stating that active government intervention in the marketplace and monetary policy is the best method of ensuring economic growth and stability.
However, Reagan believed that if you eased taxes and the restrictions of government bureaucracy on American Business that we, as a nation, would reap the rewards. More Americans would be employed as established businesses grew, and Americans would be able buy goods and contribute back to the economy as a result of their employment. And, due to the pro-business stance of the Reagan Administration, American entrepreneurs were able to start their own businesses, and hire their own employees.
It’s funny how, during the economic expansion of the Reagan Administration, that the ultimate practitioner of Keynesian Economics (aka Marxism), the Soviet Union, began to lose their position as a world power as America’s power and prestige in the world increased.
Now, under Obama’s failed economic policies, Americans are watching our country’s economic standing, both foreign and domestic, being weakened to the point where we are just about at the point of being laughed off the world stage. While this administration is preaching Keynesian Economics, the rest of the world is beginning to embrace Capitalism.
When the new Congress convenes in January, they need to begin to address the situation. Unfortunately, though, while the thin-skinned, self-proclaimed smartest man in the room remains in the Oval Office and is able to exercise his veto power, I’m at a loss as to what they can do.
I hope that they have some ideas… because I never got a job from a poor man.
Sources: wsj.com, foxnews.com