Monday, May 16, 2011
Friday, May 13, 2011
The truth about tax cuts for the rich:
Since the federal income tax was established in 1913, the US economy grew faster and created more jobs when top tax rates were the highest.
"In those years where the top tax rate was 70% or above (48 out of the last 97 years), GDP growth averaged 9.0% and job growth averaged 2.6%. In those years where the top tax rate was 40% or below (37 out of the last 97 years), GDP growth was 4.4% and there was no job growth. Surprisingly, when the top tax rates were the lowest, job growth averaged zero!" ---Bryan Ganz
Bryan Ganz is the CEO and Managing Partner of Scudder Bay Capital. Mr. Ganz has served on the Board of Governors of Citizens Against Government Waste, a watchdog organization dedicated to promoting fiscal responsibility within Congress. Mr. Ganz graduated with honors from Georgetown University’s Business School with a BSBA in accounting in 1980. He received his JD from Columbia Law School in 1983, where he was a Harlan Fiske Stone Scholar.
If I get it, it can't be that complicated:
THE FIVE FACTORS DRIVING OUR SKYROCKETING DEBT
According to the Center on Budget and Policy Priorities and the Congressional Budget Office, just about half of the tidal wave of debt we are facing over the next decade can be directly attributed to the “temporary” reduction of the top tax rate in 2001 (from 39% to 35%) plus the cost of two middle east wars.
Put another way, if we did nothing more than simply let the so-called Bush tax cuts expire and--now that Bin Laden is dead--brought our troops home from Irag & Afghanistan, we could cut the deficit in half over the next ten years.
There is no easier path to big-time deficit reduction, and we can’t even do that. How in the world do we expect to tackle the tougher long term challenges of Medicare and Social Security?
For the simplest 2 minute explanation (even though its a year old) of why leaving tax cuts for the rich on the books only makes the deficit bigger and the problem even worse, watch this:
Tuesday, May 10, 2011
Thursday, May 5, 2011
Monday, May 2, 2011
The happy young college student in the top hat (my son Joey) was 9 years old when he watched the twin towers fall.
YOUNG PEOPLE AND BIN LADEN | GLOBE EDITORIAL
May the rejoicing go on
May 3, 2011
THOUSANDS OF young people took to the streets to cheer the death of Osama bin Laden on Sunday night and yesterday. They were expressing pride in their country, but also the lifting of a burden that weighed more heavily on their generation than on Americans of other ages.
Celebrating the end of a man’s life with chants more suitable for a sporting event can feel unseemly — more like the angry passions aroused in bin Laden’s followers than his victims. But it was no accident that the revelry was especially great in New York, Washington, and Boston — the cities most directly affected by the 9/11 attacks. And the outpouring can only be understood in the context of what bin Laden represented to today’s young adults.
On the morning of Sept. 11, 2001, they were getting ready for school, or already sitting in classrooms, when the unthinkable occurred. Their country was attacked with a cunning and cold-blooded viciousness that was difficult even for adults to comprehend. But for children the questions had a special poignancy: Would their neighborhoods be attacked? Would their parents be killed? Would they live their lives in a country shadowed by fear?
For everyone, remembering where they were when the World Trade Center towers tumbled is a searing memory. The world seemed to stop. Horrific images played on television screens, again and again.
What followed was equally traumatic. A terrifying series of anthrax attacks. Tightening of security at airports, where the most insidious threats were made visible in ever-changing precautions: Shoes removed, liquids confiscated, pat-downs reaching into uncomfortable places.
There was also 10 years of war, during which the children of 9/11 grew into the soldiers on the ground in Afghanistan or Iraq. Close to 6,000 US service members died, and tens of thousands were injured. The cost was visible to almost every high-school class that graduated after 2001.
Bin Laden’s death was, for many, the first event to diminish the sense of horror that arrived in their childhood and followed them ever since. Will it ever go away completely? If revelry is a sign of purging, an almost physical shedding of weight, then let them revel.
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