Posts Tagged ‘individual mandates’

Obama Wreckovery Adding Whopping 260 Jobs PER STATE

June 30, 2010

Rush Limbaugh made me aware of the math: what’s 13,000 jobs divided by 50 states?  An infinitesimal 260 jobs per state.

So much for Obama’s “recovery.”

And, of course, it gets even worse when you divide that 13,000 jobs by the 57 states that Obama claimed he had visited [I'd forgive him for that if he were born in Kenya; but given that he claims to be a natural-born American, the '57 states' thing will always remain an example of the quintessential ignorance about America and everything American of our current president to me].

260 jobs per state.  That’s a record to boast about.  Want to wait in a line to get one of those jobs?

Report: Private sector added only 13,000 jobs in June

The private sector of the U.S. economy added only 13,000 jobs in June, according to ADP employment services, a disappointing number that came in below estimates and portends bad things from the government’s June jobs report due out Friday.

In May, according to ADP, the private sector added 57,000 jobs. But in June? Statistically, across a workforce as big as the United States’? Zero job growth; 13,000 new jobs is a statistically meaningless number.

This is bad news for the economy. If the ADP report is seconded by the Labor Department’s June jobs report, it means that the private sector — which is the engine of growth in this economy, lest we’ve forgotten that, amid all of our various government stimulus programs and subsides — is refusing to add jobs. That means employers are not comfortable enough with their prospects to hire.

In May, according to the government, the economy added more than 440,000 jobs. But almost every one of those was a census worker, jobs that will go away when the count ends in the fall.

Today’s report adds to concerns that the economic recovery is stalling and gives ammunition to the more bearish among us who worry that we’re headed into a double-dip recession.

That “Welcome back, Carter” “malaise” is just an accepted fact from the Obama administration.  They may say something different when they know their statements are going to be publicized, but here’s what they say in private when they think only their worshipers are around:

Vice President Joe Biden gave a stark assessment of the economy today, telling an audience of supporters, “there’s no possibility to restore 8 million jobs lost in the Great Recession.”

Now, let’s go back to September of last year, when Joe Biden said of the stimulus:

In my wildest dreams, I never thought it would work this well.”

Now we find that same guy saying all the jobs that were lost are gone forever.  How’s that for the stimulus working beyond your wildest dreams?

Gateway Pundit includes a graph summarizing the results of Obama’s wreckovery:

Let’s see.  Thanks to Obama, taxes on businesses are going to skyrocket – especially the small businesses, who file primarily as individuals and therefore fall prey to Obama’s shocking increases on those earning more than $250,000 a year.  Businesses are being forced to take into account that they won’t have nearly as much money under Obama, and must therefore plan accordingly.

From Politico:

… Obama’s stated plan to raise taxes on households making $250,000 or more in income is a tax increase on small business. The simple answer to this dilemma can be found in the IRS Statistics of Income Bulletin (Table 1.4, for those who are interested).So what do the data say?

In 2006 (the latest year available), $706 billion of such income was reported to the Internal Revenue Service. Of this, about half was reported by households in the top marginal income tax rate. Interestingly, two-thirds of this income was reported by households making $250,000 per year or more — the very same households that Obama wants to increase taxes on.

Intellectually bankrupt liberals are hyping the Marxist class warfare strategy of demonizing businesses.  But when the government taxes businesses and business owners, businesses and those who own them merely a) raise their prices and pass those taxes on to you the customer, and b) invest less and hire less.  And who ends up getting hurt the most?

Thanks to Obama, taxes on those who create wealth and build the economy by investment are going to shelter their money.  Stephen Moore put it this way:

[I]f you think it’s bad this year, you’re right. It’s going to get a whole lot worse next year because the Bush tax cuts expire. That means that we’re going to see an increase in the capital gains tax. We’re going to see an increase in the tax on dividends, perhaps a doubling or tripling of that tax. And then we’re also talking about higher income tax rates next year. So this is going to be a tough year this year, but I think things get a whole lot worse next year as we see rates across the board increase. And let’s not forget, there’s also a lot of talk about a value-added tax on top of all of that. [...]

[T]here’s something called the Laffer curve, and that’s especially true with these investment taxes. I think it’s a big mistake to be raising taxes on stocks and investment at the very time we need businesses to be doing more investment. So a lot of economists think we’re going to have a pretty good year this year, in 2010, but once those new taxes kick in, in 2011, might cause a double-dip recession.

Intellectually bankrupt liberals are hyping the Marxist class warfare strategy of demonizing private investors.  But they are trying to kill the geese that lay the golden eggs.  Rich private investors create opportunities for businesses to grow by their investments.  And private investors – who are investing their own money rather than someone else’s as government bureaucrats always do – are rewarding well-run businesses that will make the most of their capital to most effectively expand and create jobs.

If you tax the investments and seize the profits that investors took risks to obtain, then they will risk less and invest less.  It is as simple as that.  You are killing businesses by taking away the investments that sustain their growth.

Thanks to Obama, the cost of providing health care to employees will go up shockingly.  And employers will HAVE to provide health care insurance, or pay fines.

It’s been a banner week for Democrats: ObamaCare passed Congress in its final form on Thursday night, and the returns are already rolling in. Yesterday AT&T announced that it will be forced to make a $1 billion writedown due solely to the health bill, in what has become a wave of such corporate losses.

This wholesale destruction of wealth and capital came with more than ample warning. Turning over every couch cushion to make their new entitlement look affordable under Beltway accounting rules, Democrats decided to raise taxes on companies that do the public service of offering prescription drug benefits to their retirees instead of dumping them into Medicare. We and others warned this would lead to AT&T-like results, but like so many other ObamaCare objections Democrats waved them off as self-serving or “political.”

Dumbass quiz: do you think that makes a business more or less likely to hire a new employee?

Meanwhile, Obama will massively tax every American by forcing them to buy health insurance, leaving us all with less money to spend purchasing goods and services from businesses.

Thanks to Obama, banks will soon face onerous new regulations that will burden the economy by sustaining the credit crisis:

While certain ramifications of the legislation will only emerge over the coming years, our initial reaction is that this bill will further hinder the U.S. economy’s already fragile recovery. Tough new restrictions on traditional credit products and more onerous capital requirements will further curtail credit availability and product innovation, including affordable credit options designed for higher-risk customer segments. As a result, both industry and economic growth will likely be suppressed for an extended period as banks continue to de-leverage and develop a more thorough understanding of the broad-based structural changes likely to affect the industry in the coming years.

Thanks to Obama, energy will ultimately become far more expensive to already-squeezed businesses.  As Obama taxes productivity, there will be less and less incentive to be productive.

And the added cost to the average household will be some $1,761 a year, leaving us all with less money to spend.  And thus hurting businesses even more.

You add all of these disastrous Obama policies up and you get… absolutely nothing.  At least nothing in terms of jobs.

One day Barack Obama will surely end up in hell, and Karl Marx will say to him, “Well done, my good and faithful servant.”

Why ObamaCare Passage Marks A Day That Shall Live In Infamy

March 22, 2010

The pundits have rightly compared the gigantic ObamaCare bill with the Roosevelt administration – if nothing else than because we haven’t seen any government program so gigantic since then.

In a way that is very fitting.  Because we can bookend December 7, 1941 and March 21, 2010 with the same prediction: a day that shall live in infamy.

December 7th was a disaster because FDR utterly failed to see a clear and present danger building on opposite sides of both oceans.  We failed to take precautions.  We failed to arm ourselves.  We even failed to protect ourselves.  What made it so criminal was that we had years of ample warning, but simply chose to ignore it.

March 21 was hardly a surprise, either.  Just as with December 7, a lot of Americans saw it coming, but lacked the power to do anything but point and shout about the coming disaster.  The major difference is that on December 7, 1941, our government failed to protect our way of life, whereas on March 21, 2010, our government actively attacked our way of life.

And now it is here.  And now that it is here, it will grow like a cancer.  Slowly at first – it doesn’t fully kick in until 2014 – and then it will erupt like a big poisonous mushroom.

Charles Krauthammer described what the passage of ObamaCare means with his usual brilliance:

“Nonetheless, it will be the law of the land as of tonight and we’re going to be a different country.  We are on our way, there is absolutely no chance we are not going to end up with national health care.   This is nationalizing health care, the insurance companies are now utilities, they are contractors. the government makes all of these decisions, only a matter of time and will probably happen after the Obama administration.  But he will be remembered as the father of national health care as they have in Canada or Britain and it starts tonight.”

Krauthammer is in no way exaggerating or politicizing the regulatory takeover of private insurance companies by the government under ObamaCare.  That can be demonstrated merely by examine what Dennis Kucinich said about ObamaCare and about the role of private insurance companies before he went ahead and voted for it anyway:

  • “I don’t know what there is for my constituents”
  • It’s “a license to just steal money from people”
  • ObamaCare is a “giveaway to the insurance industry”
  • This bill is “not going to protect consumers from these rapid premium increases
  • It provides “no guarantees of any control over premiums”
  • It is “forcing people to buy private insurance”
  • It’s going to result in “five consecutive years of double-digit premium increases”
  • “I just don`t see that this bill is the solution”
  • “The insurance companies are the problem and we`re giving them a version of a bailout”
  • “This bill doesn`t change the fact that the insurance companies are going to keep socking it to the consumer”
  • It results in a “giveaway to the insurance industry”
  • “You`re building on sand. There`s no structure here”
  • If we pass this bill, “all we`re going to have is more poverty in this country”
  • If we pass this bill, “people aren`t going to get the care that they need”

This remaking of private insurance companies as utilities, as contractors for the government, is fascism, pure and simple.  The government didn’t nationalize them, as it would do under communism, but it created a massive new set of regulations, and bureaucracies, and mandates, and taxes that quintessentially takes them over as agents of the state.  And that is what fascism is all about:

The entry under “Fascism” in The Concise Encyclopedia of Economics reads in part:

Where socialism [i.e., communism] sought totalitarian control of a society’s economic processes through direct state operation of the means of production, fascism sought that control indirectly, through domination of nominally private owners. Where socialism nationalized property explicitly, fascism did so implicitly, by requiring owners to use their property in the “national interest”–that is, as the autocratic authority conceived it. (Nevertheless, a few industries were operated by the state.) Where socialism abolished all market relations outright, fascism left the appearance of market relations while planning all economic activities.

And that is exactly what is happening.  Liberals may not like my term, but it couldn’t be more applicable here.  Obama demonized the insurance companies, and he will now regulate and control and dominate them “in the national interest.”

ObamaCare amounts to a regulatory takeover of the private health insurance companies.  They will be told what to do, how to do it, and how much to charge (although you might see them massively raise rates in preparation to protect themselves for the onslaught that is coming their way).  The government under Obama already owns General Motors and Chrysler.  His administration already essentially owns many banking institutions.  The government under Fannie Mae and Freddie Mac controls more than 90 percent of the nation’s secondary mortgage market.  And Paul Volcker acknowledged that “the federal government was responsible for up to 95 percent of all new home mortgages in the fourth quarter of 2009.”

Even the student loan industry was effectively nationalized under ObamaCare.

It’s naked fascism.  And that fascism which was slowly trickling onto us during the Bush years has now become an massive avalanche under Obama.

Fascism is bad, of course.  But the economic consequences of this fascist takeover of our health care system may be even worse than the political ones.

As for that, consider what Weekly Standard journalist Steve Hayes said (link includes video of the following):

I think that if you take a step back from this the real story here is is the deficit and that story.  Everybody’s familiar with the debt clock; we’ve all seen how fast it moves.  This is going to put it on double time or triple time because when you go back and you look at the history of entitlements in the country, that’s the patternThere are promises that this is going to cut deficits or debt, and it never does.  You look back at at what FDR said when he signed Social Security into law in July 1935. He said it would act as a protection for future administrations against the necessity of going deeply into debt to furnish relief to the needy. He also said this is a law that will take care of human needs and at the same time provide the United States and economic structure of vastly greater soundness. Social Security today?  $43 Trillion dollar unfunded liability – that’s 400 thousand dollars per household in the United States today. And you go back to 1965.  LBJ did the same thing. You saw Nancy Pelosi carrying the gavel – it’s the same argument.  He said it would be $1.50 a month for the average worker.  $1.50 a month.  Three dollars per month after you’re 65.  Today, Medicare has a $57 trillion dollar unfunded liability.  $500,000 dollars per American household.  This will bankrupt the country.”

FDR said in 1935 when he signed Social Security into law:

It is a structure intended to lessen the force of possible future depressions. It will act as a protection to future Administrations against the necessity of going deeply into debt to furnish relief to the needy. The law will flatten out the peaks and valleys of deflation and of inflation. It is, in short, a law that will take care of human needs and at the same time provide for the United States an economic structure of vastly greater soundness.

$43 TRILLION dollars of unfunded liability.  That is $400,000 for every household in the country.  That is $184,000 for every single man, woman, and child in the country.  Please pay up now.

Does that sound like something that lessened the force of possible future ANYTHING? A protection to future administrations against the necessity of going deeply in debt???  Something that provides the United States with an economic structure of vastly greater soundness???  We’re doomed.

Maybe you don’t care that this giant boondoggle is going to crash and burn your country, and that your children or grandchildren will literally die as a result of your greed and selfishness.  But I do.

They promised us a bogus Utopia, and that Utopia is about to collapse into the fiery pit of hell.

What was it that Lyndon Johnson promised us when he sold his load of Medicare malarkey?

Now here is how the plan will affect you.

During your working years, the people of America–you–will contribute through the social security program a small amount each payday for hospital insurance protection. For example, the average worker in 1966 will contribute about $1.50 per month. The employer will contribute a similar amount. And this will provide the funds to pay up to 90 days of hospital care for each illness, plus diagnostic care, and up to 100 home health visits after you are 65. And beginning in 1967, you will also be covered for up to 100 days of care in a skilled nursing home after a period of hospital care.

And under a separate plan, when you are 65–that the Congress originated itself, in its own good judgment–you may be covered for medical and surgical fees whether you are in or out of the hospital. You will pay $3 per month after you are 65 and your Government will contribute an equal amount.

Let me tell you how Medicare affects me: It affects me with a $57 trillion unfunded liability.  It affects me with a bill of $500,000 for every single household in America.  It affects me with an individual bill (that every single man, woman, and child in this country owes) of $230,000.

The forerunner of the CBO underestimated the actual cost of Medicare by a whopping factor of 10.  If they repeat their little boo-boo, ObamaCare will cost $10 trillion dollars over ten years, and the United States will completely collapse as an independent nation-state.

And that’s $230,ooo on top of the $184,000 I owe for Medicare.  I owe $414,000.  And my household owns $900,000.  And great googly moogly, we don’t got it.  We’re on a speeding train that is going to keep hurtling along until it flies off a cliff and crashes.

Hey, I got an idea: let’s double that.  Hell, let’s triple it.

If you believe that the government is going to create a trillion dollar entitlement that ensures 47 million more people – (John Larson, chairman of the Democratic caucus, used the “47 million” figure on ABCs “This Week” just yesterday; he used it again on CNNs “State of the Union”) and spends less money than is spent now, you are an abject fool.

And that “47 million” clearly includes 17 million illegal immigrants.  The Democrats’ incredibly cynical plan is to take health resources from you and from your children and grandchildren and give those resources to illegal immigrants so they can capture the Hispanic vote.

The metaphor is a dozen people rushing into your house to eat your food and consume your resources while your own kids go hungry.  No one would do this.  But your government is doing it under Democrat Party tyranny.

The real cost of this bill is over $6 TRILLIONThe Democrats filled their legislation with gimmicks, such as assuming they would cut doctors’ Medicare reimbursements by 21% when they know they won’t, then putting that “Doctor fix” in another bill.  That will add $208 billion to the real cost of their plan.  Then they falsely start the bill’s ten-year score in 2010, when the benefits don’t start getting paid out until 2014.  That accounting deceit masks the fact that the REAL cost of the bill is $2.3 trillion.

The $6 trillion (PLUS!!!) figure comes from the biggest and most despicable shenanigan of all: all the money from American citizens who will be unconstitutionally forced to purchase health insurance isn’t counted in the CBO score.  At all.  Not one penny.

In other words, your ObamaCare – which really isn’t even deficit neutral at all – was sold as “deficit neutral” because it doesn’t count the trillions and trillions of dollars that American citizens will be compelled by their government to pay for health insurance.

ObamaCare amounted to the slitting of the national wrists.  And we’re going to start bleeding out until we either abandon it or die.

The Republicans have a few more tactics to fight this bill, but they amount to starting backfires to try to temporarily contain a massive hungry forest fire.  It won’t be enough, and it probably won’t ultimately succeed.

Thirty-eight states and counting are now working to preempt the ObamaCare disaster by protecting their citizens from this disgraceful and unconstitutional boondoggle.

Having this monster 2,700-page government takeover of health care may be the only chance this nation has of avoiding a very-near term financial implosion.

If this bill isn’t stopped, one day Americans will look back at the late great former United States of America and realize that that was the anvil that broke the camel’s back.


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