Wednesday, April 27, 2011

Steve Peters Commentary - #2848 - Obama Says It's Only Fair to Raise Taxes on the Rich. He's Wrong - Washington Post (2) The Auto Bailout and the Rule of Law - National Affairs (3) Even in California.....Investors.com

President Obama’s criticisms of the Republican budget proposal put forward by Rep. Paul Ryan of Wisconsin center on one main objection: It is unfair. The Ryan plan is based on three premises. First, our economy is headed for a predictable disaster because of the ruinous levels of government spending. (Standard and  Poors’ decision this week to downgrade its outlook for U.S. debt only confirms this worry.) ........But when a government that has overspent for years turns to tax increases instead of spending cuts simply for the sake of “fairness,” it weakens free enterprise, lowers opportunity and impoverishes us in many ways. And that is simply unfair.  Read more.......... SP: Be careful what you ask for is not to much of the total profits, because the law of unintended consequences could result in a collapsing economy as the producers walk away. Call it the sweet spot for America's job growth engine, the small business owner. He or she works any 60- 80 hours or more a week they choose, growing their business and creating jobs. They historically produce about 65% to 70% of all new jobs, probably higher in todays economic environment. Will they continue to produce jobs and wealth under the continuing onslaught of increasing taxes and regulations? Would You?

The Auto Bailout and the Rule of Law - National Affairs - When President Dwight Eisenhower named Charles Wilson — then the president of General Motors — to be his secretary of defense in 1953, some senators considering the nomination wondered whether Wilson could distinguish his loyalty to GM from his obligations to the country...... The bailouts of General Motors and Chrysler have been held up by President Obama and his supporters as a great success story — proof that, by working together, government and business can save jobs and strengthen the economy. But this popular narrative is dangerously misleading. Far from a success story, the events surrounding the bailouts offer a cautionary tale of executive overreach. And their example clarifies the Obama administration's broader approach to economic policy — an approach that is both harmful to economic growth and dangerous to the rule of law.  Read more......  SP: Ford planned ahead for the Great Recession, and now with out any government handouts is doing far better than it's competitors that were handed your tax revenue dollars. The unions made millions from the GM restructured stock Obama gave them, overriding the bondholders interest in violation of over 200 years of contract law. What did the taxpayers get, a net loss of around $11 BILLION, if the Government tried to sell the GM stock it is holding today. It was a superb deal for the unions, but perhaps a bankrupt restructuring of General Motors without Government assistance would have produced a far stronger and efficient competitor today.


Even in California....... Investors.com - Labor: Have California's voters finally said "enough" to the lavish pensions and perks its public-employee unions draw? A new poll says yes. The only remaining question is why they keep voting for politicians who disagree.  There's no bigger mockery from the term "public servant" than the outsized taxpayer-paid pensions that go to those who spend a lifetime abusing us at the tax office, saddling us with looney environmental regulations, losing our permit paperwork, working with casual sloth, shoveling taxpayer goodies to illegal aliens, and drawing full pay for years even after molesting schoolchildren.  A new L.A. Times/University of South California poll shows that even in blue California, voters want public employees to start living like them — instead of the privileged class their political patrons have made them.  Read more......... SP:If 70% of Blue California voters want public union employees to cut back on compensation, and start living like the rest of us, maybe there is a really wave of change coming to America in 2012. There are signs of the push back by the voters in a multitude of state legislatures like Wisconsin and Indiana.

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