Tuesday, September 13, 2011

Obama's Jobs Plan - #3242 - GOP Balks at Taxes to Finance Jobs Plan - Wall Street Journal (2) VIDEO: U.S. Census Data Shows Rising Poverty, Failing Income - Bloomberg (3) Surprising Facts About America's Poor - Heritage Foundation

The prospects for President Barack Obama's $447 billion jobs plan grew dimmer Monday as he unveiled the fine print of how it would be paid for—primarily through tax increases that Republicans said would destroy jobs, not create them. Mr. Obama proposed limiting itemized deductions for families with taxable income of $250,000 or more a year, ending tax breaks for oil companies and corporate jet owners, and cutting out a tax break for investment-fund managers. The White House says the tax changes would take effect in 2013 and estimates they would raise $467 billion in additional revenue over 10 years. Republicans in Congress, who had been striking a more conciliatory tone about backing at least parts of the proposal the president unveiled last Thursday, disputed the White House contention that the plan would cause no additional job losses for the struggling economy. "It would be fair to say this tax increase on job creators is the kind of proposal both parties have opposed in the past,'' said Michael Steel, a spokesman for House Speaker John Boehner (R., Ohio). "We remain eager to work together on ways to support job growth, but this proposal doesn't appear to have been offered in that bipartisan spirit.''  Read more........

U. S. Census Data Shows Rising Poverty Failing Income - Bloomberg - The U.S. poverty rate rose to the highest level in almost two decades and household income fell in 2010, underscoring the lingering impact of the worst economic slump in seven decades.  Data released by the Census Bureau today showed the proportion of people living in poverty climbed to 15.1 percent last year from 14.3 percent in 2009, and median household income declined 2.3 percent. The number of Americans living in poverty was the highest in the 52 years since the U.S. Census Bureau began gathering that statistic. Those figures may have worsened in recent months as the economy weakened.  “Families are struggling to put food on the table, and they don’t have the purchasing power to help the economy recover,” said Isabel Sawhill, a senior fellow at the Brookings Institution in Washington.  Stagnating incomes and rising poverty will be at the heart of the 2012 presidential campaign that’s focusing on joblessness and will give added urgency to debates in Washington and statehouses across the U.S. over budget cuts to programs designed to protect families from hardship.  The ranks of people in poverty increased to 46.2 million from 43.6 million. The last time the poverty rate reached 15.1 percent was in 1993. It climbed to 15.2 percent in 1983. Median household income in 2010 was $49,445, down from $50,599 the year before.  Read more.....

Surprising Facts About America's Poor - Heritage Foundation - In his address to the joint session of Congress last week, President Barack Obama called for $477 billion in new federal spending, which he said would give hundreds of thousands of disadvantaged young people hope and dignity while giving their low-income parents “ladders out of poverty.” And today, the U.S. Census released its annual poverty report, which declared that 46.2 million persons, or roughly one in seven Americans, were poor in 2010. What President Obama didn’t tell America as he was pleading for more spending–and what the Census Bureau didn’t report–is what it really means to be poor in America.  In a new report, Heritage’s Robert Rector and Rachel Sheffield lay out what the U.S. government’s own facts and figures really say about poverty in the United States. The results might surprise you, especially if your view of poverty is the conventional one, perpetuated by the media–namely, destitute conditions of homelessness and hunger. In reality, though, the living conditions of those defined as poor by the government are much different than that popular image. The following are facts about persons defined as “poor” by the Census Bureau:  Read more...... 80 percent of poor households have air conditioning
Nearly three-fourths have a car or truck, and 31 percent have two or more cars or trucks
Nearly two-thirds have cable or satellite television
Two-thirds have at least one DVD player and 70 percent have a VCR
Half have a personal computer, and one in seven have two or more computers
More than half of poor families with children have a video game system, such as an Xbox or PlayStation
43 percent have Internet access
One-third have a wide-screen plasma or LCD television
One-fourth have a digital video recorder system, such as a TiVo

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