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Forum topic by Clint Searl posted 07-28-2012 04:14 PM 985 views 0 times favorited 12 replies Add to Favorites Watch
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Clint Searl

1457 posts in 1017 days


07-28-2012 04:14 PM

Fresh evidence of a significantly slowing U.S. economy Friday posed new headaches for President Barack Obama’s re-election bid – coming on top of weak readings in recent weeks on employment numbers and concerns that the seemingly endless European debt crisis will keep the American economy from getting off the mat.
The economy grew at an annual rate of 1.5 percent in second quarter compared to a 2 percent rate in the first quarter of 2012, the U.S. Department of Commerce’s Bureau of Economic Analysis reported on Friday.

And the report offered little hope for a dramatic uptick in the third quarter – a number that will be released just five weeks before the Nov. 6 election.

“Nobody is going to be really happy with the economy going into the end of the year,” said Mark Zandi, chief economist of Moody’s Analytics

COMMENT: This is more evidence that Keynesian economics doesn’t work. We’ve had the $170 billion Bush stimulus, then the $785 billion Obama stimulus, and according to the Democrats, we need to add in the cost of food stamps ($320 billion at $80 billion per year) and the government’s share ($184 billion) of unemployment insurance payments. It all adds up to nearly $1.5 trillion, but Obama will say it wasn’t enough. We could add to that the trillions the Fed has dumped in and the cost of bailouts from auto industry to Fannie and Freddie. It doesn’t work! Of course their current, whiny, response is: “It could have been worse.”

-- Clint Searl....Ya can no more do what ya don't know how than ya can git back from where ya ain't been


12 replies so far

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jim C

1452 posts in 1755 days


#1 posted 07-28-2012 04:29 PM

Here’s helping the economy!!

Indiana company scraps plans for expansion over ObamaCare device tax

An Indiana-based medical equipment manufacturer says it’s scrapping plans to open five new plants in the coming years because of a looming tax tied to President Obama’s health care overhaul law.
Cook Medical claims the tax on medical devices, set to take effect next year, will cost the company roughly $20 million a year, cutting into money that would otherwise go toward expanding into new facilities over the next five years.
“This is the equivalent of about a plant a year that we’re not going to be able to build,” a company spokesman told FoxNews.com.
He said the original plan was to build factories in “hard-pressed” Midwestern communities, each employing up to 300 people. But those factories cost roughly the same amount as the projected cost of the new tax.
“In reality, we’re not looking at the U.S. to build factories anymore as long as this tax is in place. We can’t, to be competitive,” he said.
Company executive Pete Yonkman first revealed the scuttled plans in an interview with the Indianapolis Business Journal. The company later confirmed the decision to FoxNews.com.
The Affordable Care Act imposed a 2.3 percent tax on medical devices beginning in 2013. It is projected raise nearly $30 billion over the next decade.
But the Cook Medical spokesman said the impact is greater than just a 2.3 percent uptick in taxes. He said the impact on actual earnings is another 15 percent, and he projected the company’s total tax burden next year will rise to over 50 percent.
Republicans and medical device makers have been railing against the tax all along, with the GOP-controlled House approving a bill last month to repeal it. The Senate, though, hasn’t taken it up.
A recent study by the left-leaning Center on Budget and Policy Priorities, though, said the complaints by the industry are exaggerated.
“The tax will not cause manufacturers to shift production overseas. The tax applies equally to imported and domestically produced devices, and devices produced in the United States for export are tax-exempt,” the study said. It also said repealing the tax would “undercut health reform” by requiring Congress to offset the repeal by potentially killing spending provisions in the law and by potentially encouraging similar repeals.

From Fox News…....For you libs…....It’s fair AND balanced

-- When I was a boy, I was told "anyone can be President", now I'm beginning to believe it!

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Howie

2656 posts in 1579 days


#2 posted 07-28-2012 07:39 PM

Our economy would start to improve immediately if we would get out of afganistan and iraq and quit pissing away billions every week on a bunch of goat herders. Would not make any difference who was in office.
In election years any company can come along and say they were going to expand but changed their minds because of politics. It’s all smoke and mirrors.

-- Life is good.

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waho6o9

4929 posts in 1233 days


#3 posted 07-28-2012 07:57 PM

Trillions have been spent. Where did the money go? The anemic growth of the private sector
is the result of Obama’s policies. 1 20 2013 is Obama’s last day.

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Howie

2656 posts in 1579 days


#4 posted 07-28-2012 08:07 PM

While I cannot disagree with what waho609 is saying, I still blame both parties because of the gridlock. It’s been that way for years.
Look at my tagline..it’s from a book of the same name by Jack Cafferty that was written in 2007. Go to the library and get the book and read it, nothing has changed.
When you ship footlockers full of 100 dollar bills to pass out to “people(warlords) and no way to account for it you are asking for a problem. And this goes on every day.

-- Life is good.

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jim C

1452 posts in 1755 days


#5 posted 07-29-2012 12:11 AM

The gridlock was present for years from Johnson to Carter. Gas lines, 21% interest on loans, general malaise.
Then along came a guy named Reagan who instilled faith in our principals, constitution, and general values.
We have fallen back the last 20 years, because when things get better under American strict constitutional leadership, we always get lazy and the malaise sets back in.
It’s like the phony global warming, every thirty years things change for better or worse. The pundits come out and have an answer, then they change again, proving them wrong.
We have to again swing to the right, and set things back on course.
This present crap isn’t getting it.

-- When I was a boy, I was told "anyone can be President", now I'm beginning to believe it!

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oldnovice

3766 posts in 2024 days


#6 posted 07-29-2012 04:47 AM

This should send shudders down everyone’s spine when you hear ”we are from the government and we are here to help”!

-- "I never met a board I didn't like!"

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Rick

6454 posts in 1689 days


#7 posted 07-29-2012 09:01 AM

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-- COMMON SENSE Is Like Deodorant. The People Who need It Most, Never Use It.

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jim C

1452 posts in 1755 days


#8 posted 07-29-2012 02:08 PM

The Mess and how Obama inherited it – read it slowly and let it sink…

This tells the whole story, why Bush was so bad at the end of his term.

Don’t just skim over this, it’s not long, but read it slowly and let it sink in. If in doubt, check it out!

The day the democrats took over was not January 22nd 2009, it was actually January 3rd 2007, the day democrats took over the House of Representatives and the Senate, at the very start of the 110th Congress.

The Democrat Party controlled a majority in both chambers for the first time since the end of the 103rd Congress in 1995.

For those who are listening to the liberals propagating the fallacy that everything is “Bush’s Fault”, think about this:

January 3rd, 2007 was the day the Democrats took over the Senate and the Congress. At the time:

The DOW Jones closed at 12,621.77

The GDP for the previous quarter was 3.5%

The Unemployment rate was 4.6%

George Bush’s Economic policies SET A RECORD of 52 STRAIGHT MONTHS of JOB GROWTH

Remember the day…

January 3rd, 2007 was the day that Barney Frank took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee.

The economic meltdown that happened 15 months later was in what part of the economy?

BANKING AND FINANCIAL SERVICES!

Unemployment… to this CRISIS by (among MANY other things) dumping 5-6 TRILLION Dollars of toxic loans on the economy from YOUR Fannie Mae and Freddie Mac FIASCOES!

Bush asked Congress 17 TIMES to stop Fannie & Freddie – starting in 2001 because it was financially risky for the US economy.

And who took the THIRD highest pay-off from Fannie Mae AND Freddie Mac? OBAMA

And who fought against reform of Fannie and Freddie?

OBAMA and the Democrat Congress

So when someone tries to blame Bush..

REMEMBER JANUARY 3rd, 2007…. THE DAY THE DEMOCRATS TOOK OVER!”

Budgets do not come from the White House. They come from Congress and the party that controlled Congress since January 2007 is the Democrat Party.

Furthermore, the Democrats controlled the budget process for 2008 & 2009 as well as 2010 &2011.

In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.

For 2009 though, Nancy Pelosi & Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the 2009 budgets.

And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete 2009.

If the Democrats inherited any deficit, it was the 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets.

If Obama inherited anything, he inherited it from himself. In a nutshell, what Obama is saying is I inherited a deficit that I voted for and then I voted to expand that deficit four-fold since January 20th.

-- When I was a boy, I was told "anyone can be President", now I'm beginning to believe it!

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waho6o9

4929 posts in 1233 days


#9 posted 07-29-2012 02:37 PM

+100 for JimC

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jim C

1452 posts in 1755 days


#10 posted 07-29-2012 05:51 PM

-- When I was a boy, I was told "anyone can be President", now I'm beginning to believe it!

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TopamaxSurvivor

14752 posts in 2332 days


#11 posted 07-30-2012 01:20 AM

This is not a 4 year story. You have to go back to 1978 they they decided to destroy the middle class as a ideological policy commitment. It starts with the link in my tag line.

We did not have a banking failure from 1935 until Reagan’s policies set up the S&L disaster. Phil and Wendy Graham were the driving force that set up the current disaster.

We do not have a spending or debt problem, we have economic terrorism by the the Wall Street elite to take it all. As Larry Ellison, Oracle CEO said, “It is not good enough that we win, everyone else has to lose.” Reaganomics is the basis for this Monopoly Game ;-((

-- "some old things are lovely, warm still with life ... of the forgotten men who made them." - D.H. Lawrence

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TopamaxSurvivor

14752 posts in 2332 days


#12 posted 07-30-2012 01:30 AM

NBC just reported the Adamsville, RI General Store closed today, July 29, 2012. It was established in 1788, the longest operating family owned store in America. Sort of ironic it was established at the time Adam Smith and Alex Hamilton were setting the policies for the “Wealth of Nations” and the economic policy that served us, U.S. for 200 years. The most amazing part being the resilience the American economic system has shown in the face of destructive forces Art Laugher’s theory, Reaganomics, and Wall Street’s criminal activities.

Go here to read about just one incident in the most corrupt administration in the history of the Republic. http://www.bloomberg.com/news/2011-11-29/how-henry-paulson-gave-hedge-funds-advance-word-of-2008-fannie-mae-rescue.html

BTW, It was Bush the dumbest that convinced me I never should have been a R ;-((

-- "some old things are lovely, warm still with life ... of the forgotten men who made them." - D.H. Lawrence

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