Friday, May 27, 2011

Gulf Oil Moratorium and the Economy - #2937 - VIDEO: Voices from the Gulf - Hot Air (2) A 62% Top Tax Rate - Wall Street Journal (3) Obama Economy Worse Than 1970's - Townhall

Voices from the Gulf - Hot Air - A year ago today, President Barack Obama announced a moratorium on all deepwater drilling in the Gulf of Mexico. A knee-jerk reaction to the Deepwater Horizon oil spill, the moratorium might have made sense for a very brief period — and even that is debatable — but, a year later, the administration continues to punish the Gulf. While the official ban on drilling ended in October, the agency responsible for drilling permits has issued just 1 deepwater permit for truly new activity. Nobody knows better what this inactivity means than Gulf residents who work in and around the oil and gas industry. Thomas Clements is the owner of CNC Machining, a small company in Broussard, La., that manufactures parts for oil field equipment. In the past year, he’s faced steep revenue declines — declines that threatened to put him out of business entirely. Todd Hornbeck, president and CEO of Hornbeck Offshore Services, a supplier of offshore transport services near New Orleans, has also experienced the negative impacts of the president’s energy policies.  Read more....... AW: WARNING: This video has the potential to make you furious at Barack Obama and the Democrats in Congress.  The only good news, this might make everyone realize the importance of voting all Democrats out of office this November, and most important, November, 2012, especially BARACK OBAMA.

And if that wasn't bad enough, read the article below:

A 62% Top Tax Rate - Wall Street Journal - Media reports in recent weeks say that Senate Democrats are considering a 3% surtax on income over $1 million to raise federal revenues. This would come on top of the higher income tax rates that President Obama has already proposed through the cancellation of the Bush era tax-rate reductions.  If the Democrats' millionaire surtax were to happen—and were added to other tax increases already enacted last year and other leading tax hike ideas on the table this year—this could leave the U.S. with a combined federal and state top tax rate on earnings of 62%. That's more than double the highest federal marginal rate of 28% when President Reagan left office in 1989. Welcome back to the 1970s.  Here's the math behind that depressing calculation. Today's top federal income tax rate is 35%. Almost all Democrats in Washington want to repeal the Bush tax cuts on those who make more than $250,000 and phase out certain deductions, so the effective income tax rate would rise to about 41.5%. The 3% millionaire surtax raises that rate to 44.5%.  Read more..........

Obama Economy Worse Than 1970's - Townhall - The worst economic conditions in recent memory were during the Jimmy Carter era of stagflation. Stagflation was a term coined in the 1970s to describe high unemployment with high inflation. Stagflation is back. Translation: America’s middle class is getting poorer; a record number of middle class workers are out of work. If you are lucky enough to have a job, your wages aren’t going up, but you are facing higher prices for everything.  "Recent data suggests that the current economic recovery is both sluggish and slowing with unemployment stubbornly high." This from a page one story in Investor's Business Daily.  The Obama/Bernanke partnership has been a bust.  The Fed is winding down Ben Bernanke's experiment in money printing called “QE2”. He trumpets his success saying that QE2 has pointed the U.S. economy "in the right direction." But did it really? It turns out that QE2 has created maybe 700,000 full-time jobs, but at a cost of about $850,000 for each job.  Read more........

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