Obamanomics is why there is no recovery

[I AM NOT THAT GUY 5,715]

How many more months must Americans endure near-double-digit unemployment, little or no new-job creation, economic stagnation, a topsy-turvy stock market, and sagging consumer confidence before Washington politicians concede the "summer of recovery" is mostly a mirage?

They've spent nearly $8 trillion since 2007, including nearly $2 trillion on economic stimulus programs and an equal amount for the Troubled Asset Relief Program and similar bailouts. They've effectively nationalized Fortune 500 corporations, taken over the health care sector, and set the regulatory stage for more bailouts and takeovers, but the needle is still stuck. Worse, recovery isn't likely for many months ahead because those same politicians are planning more of the same failing policies.

Consider that entrepreneurial small businesses are the job-creation machine of a free-enterprise economy. But these firms are about to get smacked with significant tax rate increases that will keep most of them struggling just to survive. President Obama, Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi will let the Bush tax cuts of 2001 and 2003 expire as scheduled Jan. 1, 2011. The current 33 percent tax rate on individuals will go to 36 percent, and the current 35 percent rate will increase to 39.5 percent. Those are individual rates, but the majority of small-business profits are taxed as income to individuals.

According to Internal Revenue Service data,30 million tax returns reporting small-business income were filed in 2008, showing net business profits of $631 billion. Americans for Tax Reform pointed out Friday that "large chunk of this net profit -$457 billion - faced taxation in households making more than $200,000 per year. A majority of small business profits will face a tax rate hike under the Obama-Pelosi-Reid plan." So, those millions of small-businesses will soon have even less money to invest in expanding existing product lines or services, as well as job-creating new ventures.

As for the big corporations that are hoarding billions of dollars that would otherwise be flowing into new investments and fueling renewed economic growth, there is no mystery why they are putting off making such decisions. Who can blame them after seeing the nationalization of General Motors and Chrysler, or the moratoria under which hundreds of large and small energy firms were forced to stop drilling in the Gulf of Mexico and on land in places like Wyoming?

Also, an explosion of new anti-business regulations to further hobble the economy is coming soon, thanks to Obama-Reid-Pelosi policies. As ATR's Grover Norquist told The Examiner, "You don't know what the law will be next month, or if you will even be allowed to own your business. The only thing you can be sure of is they will raise your taxes. You would be a fool now to go out and hire somebody new."

Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/Obamanomics-is-why-there-is-no-recovery-471733-100652469.html#ixzz0wjfmAZzL

[Peikko 1,575]

How many more months must Americans endure near-double-digit unemployment, little or no new-job creation, economic stagnation, a topsy-turvy stock market, and sagging consumer confidence before Washington politicians concede the "summer of recovery" is mostly a mirage?

They've spent nearly $8 trillion since 2007, including nearly $2 trillion on economic stimulus programs and an equal amount for the Troubled Asset Relief Program and similar bailouts. They've effectively nationalized Fortune 500 corporations, taken over the health care sector, and set the regulatory stage for more bailouts and takeovers, but the needle is still stuck. Worse, recovery isn't likely for many months ahead because those same politicians are planning more of the same failing policies.

Consider that entrepreneurial small businesses are the job-creation machine of a free-enterprise economy. But these firms are about to get smacked with significant tax rate increases that will keep most of them struggling just to survive. President Obama, Senate Majority Leader Harry Reid and House Speaker Nancy Pelosi will let the Bush tax cuts of 2001 and 2003 expire as scheduled Jan. 1, 2011. The current 33 percent tax rate on individuals will go to 36 percent, and the current 35 percent rate will increase to 39.5 percent. Those are individual rates, but the majority of small-business profits are taxed as income to individuals.

According to Internal Revenue Service data,30 million tax returns reporting small-business income were filed in 2008, showing net business profits of $631 billion. Americans for Tax Reform pointed out Friday that "large chunk of this net profit -$457 billion - faced taxation in households making more than $200,000 per year. A majority of small business profits will face a tax rate hike under the Obama-Pelosi-Reid plan." So, those millions of small-businesses will soon have even less money to invest in expanding existing product lines or services, as well as job-creating new ventures.

As for the big corporations that are hoarding billions of dollars that would otherwise be flowing into new investments and fueling renewed economic growth, there is no mystery why they are putting off making such decisions. Who can blame them after seeing the nationalization of General Motors and Chrysler, or the moratoria under which hundreds of large and small energy firms were forced to stop drilling in the Gulf of Mexico and on land in places like Wyoming?

Also, an explosion of new anti-business regulations to further hobble the economy is coming soon, thanks to Obama-Reid-Pelosi policies. As ATR's Grover Norquist told The Examiner, "You don't know what the law will be next month, or if you will even be allowed to own your business. The only thing you can be sure of is they will raise your taxes. You would be a fool now to go out and hire somebody new."

Read more at the Washington Examiner: http://www.washingto...l#ixzz0wjfmAZzL

Many things I don't like about Obama, but suggesting he has has influence on the economy since 2007 is ridiculous. No, he is not responsible for the lack of growth in the economy. Nor is it sensible to suggest that business if scared of the regulations of the current government.

Suggesting any US company has been 'nationalized' is just lame.

[DEDixon 39]

Many things I don't like about Obama, but suggesting he has has influence on the economy since 2007 is ridiculous. No, he is not responsible for the lack of growth in the economy. Nor is it sensible to suggest that business if scared of the regulations of the current government.

oh please tell.

Suggesting any US company has been 'nationalized' is just lame.

AIG and Government motors are close. So close can't really say it is lame.

Edited August 16, 2010 by DEDixon

[Dan J 277]

AIG and Government motors are close. So close can't really say it is lame.

For some of the companies, the government has already begun to sell its ownership, or has plans to do so in the near future. But i suppose complete economic collapse would have been the better alternative to taking over a few companies.

[I AM NOT THAT GUY 5,715]

Many things I don't like about Obama, but suggesting he has has influence on the economy since 2007 is ridiculous. No, he is not responsible for the lack of growth in the economy. Nor is it sensible to suggest that business if scared of the regulations of the current government.

Suggesting any US company has been 'nationalized' is just lame.

2007 is when Democrats took over Congress.

[ready4ONE 5,400]

Partisan hack thread alert!!!!

[웃 910]

I wouldn't want Obama to be in charge of my personal savings. I highly doubt he would turn -$75,000 into a positive

Warren Buffet, Gates, Bloomberg, Oprah, BY, Sofiyya, Mawilson, Mitt Romney, now that's another story :whistle::whistle:

[Obama 2012 1,714]

2007 is when Democrats took over Congress.

shhhh, don't spoil the Democrats plans of letting their moronic voters stay in the dark about the fact they've been running this ship for the past 4 years.....

[ready4ONE 5,400]

shhhh, don't spoil the Democrats plans of letting their moronic voters stay in the dark about the fact they've been running this ship for the past 4 years.....

Shhh don't tell the RWN's Obama has been secretly in charge of the entire Federal government for four years!!!

[Peikko 1,575]

2007 is when Democrats took over Congress.

So what?

[HAL 9000 96]

How much facial twitching was involved in the creation of this thread?

[Peikko 1,575]

oh please tell.

AIG and Government motors are close. So close can't really say it is lame.

I've said many times the things I don't like about Obama, presumably when you read posts by 'leftist libruls' you have blinkers on so you can only read certain words.

AIG and GM are nothing like a nationalized company - all that has happened is that they have been given public money - Politicians have no boardroom influence beyond preventing them going down the tubes - which may not have been a great idea - I'm not convinced it was, but it doesn't make the company nationalized.

[Mr. Big Dog 10,747]

According to Internal Revenue Service data,30 million tax returns reporting small-business income were filed in 2008, showing net business profits of $631 billion. Americans for Tax Reform pointed out Friday that "large chunk of this net profit -$457 billion - faced taxation in households making more than $200,000 per year. A majority of small business profits will face a tax rate hike under the Obama-Pelosi-Reid plan." So, those millions of small-businesses will soon have even less money to invest in expanding existing product lines or services, as well as job-creating new ventures.

Millions of small businesses? Not according to the data:

About half of all small-business income is reported on the individual returns of people making over $250,000 a year, according to the taxation committee's data, though those taxpayers represent only about 3 percent of small businesses.

3% of 30 million isn't millions - it's less than a million. Beware when the rich demand help so they can help workers.

[Mr. Big Dog 10,747]

So what?

They had a clear vision and implemented Obamanomics a full 2 years before Obama actually took office. And faced with inevitability, the Bush administration played right along. Didn't you know?

[Peikko 1,575]

They had a clear vision and implemented Obamanomics a full 2 years before Obama actually took office. And faced with inevitability, the Bush administration played right along. Didn't you know?

I know now