June 30, 2011
I'm not a cynic, but I play one on TV
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The U.S. is in the midst of yet another national debt brouhaha. It's a common situation - the country has experienced federal debt since its founding (BTW - happy birthday), with war being a consistent culprit. Currently the U.S. is in the highest spike of the percentage of its total debt to GDP (2010 = 96.3%) ratio since World War II. But the debt sunk quickly in the prosperous post-war years, while today financial wonks in public accounting agencies and private sector economists are in lock-step agreement as to the path of sustainability the country is on, or more accurately flying wildly off of.
The U.S. is in the midst of yet another national debt brouhaha. It's a common situation - the country has experienced federal debt since its founding (BTW - happy birthday), with war being a consistent culprit. Currently the U.S. is in the highest spike of the percentage of its total debt to GDP (2010 = 96.3%) ratio since World War II. But the debt sunk quickly in the prosperous post-war years, while today financial wonks in public accounting agencies and private sector economists are in lock-step agreement as to the path of sustainability the country is on, or more accurately flying wildly off of.
Is it coincidence that the U.S. is experiencing some of the highest federal debt during a half-century low of its marginal tax rates? Could there be some kind of correlation between tax rates and tax revenue? In the parlance of the new GOP math, of course, "lower taxes increase revenue."
I'm seriously thinking of adopting this method, as surely it would help my personal budget in a manner similar to the government's current faux fortune. Yeah, that's it - if I spend more than I make, I'll just work less hours to make up for it.
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I'm seriously thinking of adopting this method, as surely it would help my personal budget in a manner similar to the government's current faux fortune. Yeah, that's it - if I spend more than I make, I'll just work less hours to make up for it.
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October 03, 2008
One bad mutha...SHUTCHOMOUTH !
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This just in:
I am a Wachovia customer. As I have deposits that amount to half a gnat's turd in the grand scheme of things, I have not been worrying much in the face of news about the bank's travails. But now I'm inclined to go get mine, slide (not stuff) it into the mattress and let these assholes duke it out without me.
But the BIG economic news, of course, is that the Bush Bailout+ finally, after five grueling days of uncertainty for Wall Street and its minions, slithered its 451-pages of graft through the House, which had wisely slapped down a much trimmer bill earlier this week.
Many economists are regarding October 3, 2008 as a date that will live in infamy. I use that turn of phrase to point out the irony of how the world's richest man, as told to Charlie Rose on Wednesday , regards the entire U.S. economic situation.
So, what are we being bombarded with? How about the "Exemption From Excise Tax For Certain Wooden Arrows Designed For Use By Children" which, appearing on page 301, is among hundreds of tax relief sausages cooked up on the big Congressional barbe-queue [sic]. The EFETFCWADFUBC, as I will fondly dub it probably just this once, applies (I think) to manufacturers of "certain wooden arrow shafts...consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type which after its assembly (1) measures 5/16 of an inch or less in diameter and (2) is not suitable for use with a bow as described in bullah, bullah, bullah..."
What is this saying about Congresspeeps who, finding Monday's 108-page version of a free (and credit) market/home/business-saving $700 MMM financial rescue objectionable, switched their nay to yay for the fattiness that includes a children’s wooden arrow excise tax exemption in it? Only that as usual, they are all too willing to give their constituents the shaft.
With a h/t to DCup - "Because what goes around comes around"
This just in:
Wells bids $15 MMM for Wachovia; scuffles with Citi
Reuters, Friday October 3, 2008
NEW YORK - Wells Fargo & Co agreed to buy Wachovia Corp for about $15 billion, upstaging a government-backed Citigroup Inc bid for Wachovia's banking assets with a deal that would catapult it into the top ranks of national consumer banking.
Citigroup demanded Wells Fargo drop its surprise bid, which comes four days after Wachovia preliminarily agreed to sell its banking assets to Citi...
I am a Wachovia customer. As I have deposits that amount to half a gnat's turd in the grand scheme of things, I have not been worrying much in the face of news about the bank's travails. But now I'm inclined to go get mine, slide (not stuff) it into the mattress and let these assholes duke it out without me.
But the BIG economic news, of course, is that the Bush Bailout+ finally, after five grueling days of uncertainty for Wall Street and its minions, slithered its 451-pages of graft through the House, which had wisely slapped down a much trimmer bill earlier this week.
Many economists are regarding October 3, 2008 as a date that will live in infamy. I use that turn of phrase to point out the irony of how the world's richest man, as told to Charlie Rose on Wednesday , regards the entire U.S. economic situation.
So, what are we being bombarded with? How about the "Exemption From Excise Tax For Certain Wooden Arrows Designed For Use By Children" which, appearing on page 301, is among hundreds of tax relief sausages cooked up on the big Congressional barbe-queue [sic]. The EFETFCWADFUBC, as I will fondly dub it probably just this once, applies (I think) to manufacturers of "certain wooden arrow shafts...consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type which after its assembly (1) measures 5/16 of an inch or less in diameter and (2) is not suitable for use with a bow as described in bullah, bullah, bullah..."
What is this saying about Congresspeeps who, finding Monday's 108-page version of a free (and credit) market/home/business-saving $700 MMM financial rescue objectionable, switched their nay to yay for the fattiness that includes a children’s wooden arrow excise tax exemption in it? Only that as usual, they are all too willing to give their constituents the shaft.
With a h/t to DCup - "Because what goes around comes around"
Labels: gummint, madness, No Ordinary Bill, Nothing about Yoko, politix, rants, taxes, terms of enragement
August 07, 2007
Supplies eyed
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My good half went shopping recently for her teacher-provided-at-own-personal-expense school supplies for the upcoming year. Once again certain of Georgia’s teachers received a $100 “gift card” courtesy of the guvnah’s schmoozing in last year’s campaign. Yep, it’s a bona fide prepaid VISA card for one hunnert bones. You see, the guv knew that his 2002 upset victory over his predecessor, the incumbent Democrat, was on the backs of a huge chunk of teachers who were pretty pissed off that said predecessor said he didn’t need the teachers to get re-elected (that’s the short version anyway). So as ’06 loomed the first Republican guv since Reconstruction decided he needed a gimmick to stay on the teachers good side, especially after gutting the education budget (or to be nice I should say that teachers took it in the teeth with a budget that the guv and his team passed which whittled away at teacher retirement benefits and cut funding to local school districts whilst giving big business a billion dollars in tax relief aka “economic development” – fwoooh – and if you can believe it, short version). Yeah, hunnert bucks oughtta do it. Well I don’t know how many teachers bought the guv’s fancy charts and campaign BS – they got what they deserved if they did – but none of them are going to look a gift card in the, er, well they’re not about to complain about some cash for stuff that their school doesn’t provide each year.
Some schools had provided what must be considered a modest annual reimbursement, but once the guv stepped up to the plate to bunt many administrators saw the squeeze play was on and took it as a great opportunity to cut the reimbursements from their local budgets. Every little bit helps, right Mr./Mrs. School Board Member? Surfing about I came across this comment on one teacher’s blog:
As an additional “benefit” (read adding insult to injury) the cards must be used during the spectacular state tax-free holiday, whereby a plethora of retail items have been seemingly flung up in a taxpayer bribe that could be best described as 52-minus-Three-Card-Monty-pickup. What does and doesn’t make the list is amusing, to say the least:
From the Atlanta Journal-Constitution:
So, back to school with the teacher-wife. What $100 bought:
Pencils - CHECK
Notebooks - CHECK
Copious amounts of sanitizing supplies - CHECK, CHECK, CHECK
My good half went shopping recently for her teacher-provided-at-own-personal-expense school supplies for the upcoming year. Once again certain of Georgia’s teachers received a $100 “gift card” courtesy of the guvnah’s schmoozing in last year’s campaign. Yep, it’s a bona fide prepaid VISA card for one hunnert bones. You see, the guv knew that his 2002 upset victory over his predecessor, the incumbent Democrat, was on the backs of a huge chunk of teachers who were pretty pissed off that said predecessor said he didn’t need the teachers to get re-elected (that’s the short version anyway). So as ’06 loomed the first Republican guv since Reconstruction decided he needed a gimmick to stay on the teachers good side, especially after gutting the education budget (or to be nice I should say that teachers took it in the teeth with a budget that the guv and his team passed which whittled away at teacher retirement benefits and cut funding to local school districts whilst giving big business a billion dollars in tax relief aka “economic development” – fwoooh – and if you can believe it, short version). Yeah, hunnert bucks oughtta do it. Well I don’t know how many teachers bought the guv’s fancy charts and campaign BS – they got what they deserved if they did – but none of them are going to look a gift card in the, er, well they’re not about to complain about some cash for stuff that their school doesn’t provide each year.
Some schools had provided what must be considered a modest annual reimbursement, but once the guv stepped up to the plate to bunt many administrators saw the squeeze play was on and took it as a great opportunity to cut the reimbursements from their local budgets. Every little bit helps, right Mr./Mrs. School Board Member? Surfing about I came across this comment on one teacher’s blog:
“I wish we could call them school supply cards instead of teacher gift cards. I don’t think I was GIVEN anything. My class was given additional, state-paid supplies. I did not get any gift. Will we have to claim the $100 on our income tax?!”Well put, and the sentiment is understood and hereby sympathized with. Here’s another:
“Why didn’t speech langauge pathologist recieve the gift cards? We buy just as many supplies as teachers do, and we dont have parents that send in ‘classroom supplies’? Our contract says that we are teachers, so why did we recieve what the teachers got?”Please note I copied that comment verbatim, so while I don’t think this “langauge” pathologist was screwed out of “recieve”-ing money on grammatical grounds, in reading her missive I did have an “OY” moment for teachers everywhere. Lady, the south’s got a hard enough time as it is.
As an additional “benefit” (read adding insult to injury) the cards must be used during the spectacular state tax-free holiday, whereby a plethora of retail items have been seemingly flung up in a taxpayer bribe that could be best described as 52-minus-Three-Card-Monty-pickup. What does and doesn’t make the list is amusing, to say the least:
Clothes and shoes sold for $100 or less per item, INCLUDING helmets, jogging suits, lingerie, inline skates and sport coats BUT NOT umbrellas, cuff links, watch bands and ponytail holders.Oh, yeah:
Up to $1,500 worth of computers, computer accessories and nonrecreational software INCLUDING antivirus software, computer batteries, cables, database software, finance software, keyboards, monitors, other peripheral devices, personal digital assistant, modems for Internet and network access, scanners, Web cameras, zip drives, printers and storage devices BUT NOT action or adventure games, regular batteries, CD/DVD (music, voice or prerecorded), computer bags, computer games, controllers, copy machines, digital cameras, game systems, LCD/plasma televisions, MP3 players, personal digital assistant carrying cases, projectors, surge protectors and cell phones.
SCHOOL SUPPLIES under $20 each INCLUDING appointment books, backpacks, book bags, book covers, book markers, calculators, CD/DVD/floppy disks, chalk, chalkboard erasers, glue, pens, pencils, protractors, rubber bands, scissors and wire bound notebooks BUT NOT books (except children's books, dictionaries and thesauruses), briefcases, envelopes, janitorial supplies, medical supplies or supplies used in a trade or business.Now, if it's such a fabulous idea for a few days in August, why not the rest of the year? Better yet, why not follow the lead of Alaska, Delaware, Montana, New Hampshire and Oregon, which have NO state sales tax at all and are doing pretty well? Why the General Assembly couldn’t just pass lasting, across-the-board tax relief for the middle and lower classes that this ponzi scheme is aimed at is anyone’s guess. And if anyone is Alan Essig (aka “my hero”), executive director of the Georgia Budget and Policy Institute, they could argue that “it would make more sense to invest that money in supplies and materials in schools than to give the minimal benefit to folks.”
From the Atlanta Journal-Constitution:
Proponents have argued that tax holidays are good for getting people into stores because shoppers tend to pick up products that are taxed on top of the items on their shopping lists.
But Essig said there's no evidence to support that analysis. Tax holidays are good politics, he said, but not necessarily sound fiscal policy.
He added that some stores may hold off on sales (on the tax-free) weekend because they know the tax break will draw customers in anyway.
“People think they're getting a great deal,” he said. “The real question is, if you shop the week after, do you get a better deal?”
So, back to school with the teacher-wife. What $100 bought:
Pencils - CHECK
Notebooks - CHECK
Copious amounts of sanitizing supplies - CHECK, CHECK, CHECK
Labels: gummint, law, Nothing about Yoko, politix, rants, school, taxes
