Chris Christie just keeps on making me love him:

 

Chris Christie Blast John Boehner

The Sandy Bill is a joke.. It contains billions in pork for tons of stuff NOT related to the relief effort...

The Sandy Bill is a joke.. It contains billions in pork for tons of stuff NOT related to the relief effort...

 

Now there's a surprise. Kind of like leaving the tax breaks for Nascar and Hollywood in the fiscal cliff agreement. Don't let a little thing like a national crises get in the way of politics.

This group is already hit very hard. It is just enough to have most of their income be taxed for FICA, it is too much income to get any kind of federal relief for education for themselves or their children, and this is likely a group of salaried professionals who invested a lot in their non-deductible education to make that kind of money. Hitting this group harder is going to take away a lot of incentive for two-income couples and carrying high student loan debt. Do you have another agenda?

 

What Bonnie and Clyde? Or John Dillion who answered the question of 'Why do you rob banks?' with "Because that is where the money is.' The taxable revenue is with families between 100,000 and 200,000. Just to prove that point there is the phaseout of losses on rental property as it to its ability to offset income from other sources. At $100,000 MAGI you can take up to $25,000 in losses on rental property on other income. At $150,000 MAGI - you can not take any losses against other income. You can 'bank it' for the future. But they know they need your tax revenue in this range. Same with AMT. Even with 'the patch' it really kicks in around $150,000. It is the silent tax for those under $250,000. They acted like they were doing everyone a favor with not touching the home interest deduction. Clearly they still have that in their sites.

 

Obama is hardened and dyed in the wool redistributer from his days at Occidental (aka Moscow of the west coast) and Maxine Waters was singing from his hymn book today on CNBC.

The Sandy Bill is a joke.. It contains billions in pork for tons of stuff NOT related to the relief effort...

I haven't seen any details on it. What are some of the specifics? BTW, it doesn't surprise me a bit but makes me madder than hell.

What Bonnie and Clyde? Or John Dillion who answered the question of 'Why do you rob banks?' with "Because that is where the money is.' The taxable revenue is with families between 100,000 and 200,000. Just to prove that point there is the phaseout of losses on rental property as it to its ability to offset income from other sources. At $100,000 MAGI you can take up to $25,000 in losses on rental property on other income. At $150,000 MAGI - you can not take any losses against other income. You can 'bank it' for the future. But they know they need your tax revenue in this range. Same with AMT. Even with 'the patch' it really kicks in around $150,000. It is the silent tax for those under $250,000. They acted like they were doing everyone a favor with not touching the home interest deduction. Clearly they still have that in their sites.

 

Obama is hardened and dyed in the wool redistributer from his days at Occidental (aka Moscow of the west coast) and Maxine Waters was singing from his hymn book today on CNBC.

 

Ok so your real point is to continue to tax and spend? ...but at a greater rate.

To me it is just an unbelievable public relations victory for the democrats that they have done virtually nothing to address spending cuts that were agreed, but it is the republicans who get the blame for holding the economy hostage. Truth has gone out the door.

Anyone notice all the "pork" tacked on to the bill?

YES! I was just going to post this too. To avoid the fiscal cliff and pass it, we had to add earmarks? Yet we are talking about how we need to cut spending? Also, after the vote Boehner told off members of Congress when asked about the Sandy relief vote, that he promised would happen last night as well.

Ok so your real point is to continue to tax and spend? ...but at a greater rate.

 

When the intelligent Congress member say 'cut spending' they are taking about cutting Medicare and more directly the cost impacts driven by Obamacare. Its the only controllable spending line item that can be cut. Social Security is off-budget since it is actually still running a surplus. The interest on the debt is required to be paid or else the dollar goes the way of the Weir mark. Yes, this element of the budget almost doubles by 2017 and the budget for Treasury reaches almost a $1T in 2017. It is only a mere $600B right now.

 

HHS (Medicare/Obamacare) and Treasury (Interest) consume the Federal budget. So again - 'cut spending' really means 'cut Medicare/Obamacare' spending when used by the politicians who understand or care want is really facing us.

 

'Compromising' means raising rates and acting like it will raise revenues. It will not. Rates and revenue are not related. Revenue from taxes has always been between 17 and 19% of GDP - regardless of rates. So revenue is fixed. But 'raising revenues' and having 'the rich pay their fair share' is all we will here from the others.

 

When challenged today on 'cutting spending' Maxine Waters used all the tax and spend catch phrases. It was saddening. If spending - Medicare/Obamacare - is not cut and cut deeply from its current outlook we are doomed as a nation. And then we will look like Germany in the 1930s after the US dollar loses its role as the reserve currency. The debt - driven by Medicare/Obamacare spending - is the waiting terrorist for the country.

 

Linnk with interest insight into Germany's Weir Mark issues in the 1930s - Hyperinflation germany 1930s

 

"But the mark was cheap. It seemed like a terrific investment opportunity. Most people believed Germany would find a way to finance its debts. We imagine foreign investors at the time said, "Oh, hyperinflation could never happen in Germany..." And so speculators pumped another $2 billion of additional credit into Germany. Then came trouble. Germany's main creditor (France) refused to renegotiate the terms of the armistice. And the German people lost confidence in their own government. The people didn't want to pay the debts. Assassinations began to occur, most notably the murder of Walther Rathenau – the foreign minister. Investors lost confidence in the country. They abandoned the mark."

 

Now lets slightly modify the above.....

 

 

But the dollar is cheap. It seemed like a terrific investment opportunity. Most people believe the US will find a way to finance its debts. We imagine foreign investors at the time said, "Oh, hyperinflation could never happen in US..." And so the Fed and China are pumping another $x trillion of additional credit into the US. ...

 

Amazing how much the scenarios parallel each other. But Maxine and the tax and spend crowd has not a clue, does not care or is intentionally trying to destroy the US dollar's role as the Worlds reserve currency. They are doing very well. As noted - the Dems come out looking good here. It sort of like cheering the captain of the Titanic for backing off the iceburg.

To close the night and cheer on the Cards in the second half....

 

To close the night and cheer on the Cards in the second half....

 

 

I thought I was the only one who'd read that! Interesting thing about that work...his points are on point for social as well as economic matters. One of the best studies of American Democracy to date....and foreseen well, WELL in advance of current issues.

 

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Need to get Hilary well for the 20916 blasting she'll give em!

I haven't seen any details on it. What are some of the specifics? BTW, it doesn't surprise me a bit but makes me madder than hell.

The estimate of insured losses from Sandy comes in around $20 billion—but the total aid package proposed is three times that amount. Morning Bell: Hurricane Sandy Relief Package: Uproar Over Bloated Bill

Need to get Hilary well for the 20916 blasting she'll give em!

 

I'll even vote for her in 20916!

YES! I was just going to post this too. To avoid the fiscal cliff and pass it, we had to add earmarks? Yet we are talking about how we need to cut spending? Also, after the vote Boehner told off members of Congress when asked about the Sandy relief vote, that he promised would happen last night as well.

 

Are you surprised? It's part of all bills, Democrats or Republicans.