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Posts Tagged ‘Pelosi’

Wow. Not even a pretense of caring about fiscal responsibility. Keep the status quo, even if it means America is doomed to suffer a Greek-style budget meltdown.

Those were my thoughts when I heard that Harry Reid appointed Senators Kerry, Murray, and Baucus to the “super committee” created by the debt limit bill.

And then I was similarly stunned when Nancy Pelosi picked Representatives Clyburn, Becerra, and Van Hollen.

If you wanted to select the six most doctrinaire statists in Congress, you’d be hard pressed to come up with a different list. To understand just how left wing they are, here’s a chart showing their 2010 ratings from the National Taxpayers Union. They all had the same grade – a big fat F. And that is rather remarkable since NTU grades on a big curve. A score of 19 is all it takes to get a D.

For purposes of comparison, I’ve also added a line indicating Senator Ted Kennedy’s lifetime rating. He got an F, of course, but his average rating was higher than every single one of the big-government clowns named by Reid and Pelosi.

As I said earlier, wow.

I hope the too-eager-to-please GOPers realize that this super committee is nothing other than a tax increase trap.

Fortunately, there is a sure-fire winning strategy for the super committee, which I’ll write about next week.

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Anybody with an IQ above room temperature understands that companies only hire workers when they expect to generate net revenue (i.e., the total receipts associated with a new worker are expected to be higher than the total costs). That’s why it was so reprehensible for Congress to approve a 40-percent hike in the minimum wage – a step that was guaranteed to kill jobs. The Wall Street Journal’s editorial page reports on new research showing 100,000-plus jobs were wiped out. This awful legislation was approved in 2007, and all politicians associated with that choice should be ashamed of themselves.

Economic slowdowns are tough on many job-seekers, but they’re especially hard on the young and inexperienced, whose job prospects have suffered tremendously from Washington’s ill-advised attempts to put a floor under wages. In a new paper published by the Employment Policies Institute, labor economists William Even of Miami University in Ohio and David Macpherson of Trinity University in Texas find a significant drop in teen employment as a direct result of the minimum wage hikes. The wage hikes were implemented in three stages between 2007 and 2009, and not all states were affected because some already mandated a minimum wage above the federal requirement. But for the 19 states affected by all three stages of the federal wage increase, “there was a 6.9% decline in employment for teens aged 16 to 19,” write the authors. And for those who had not completed high school, “we estimated that the hikes reduced employment by 12.4%,” which translates to about 98,000 fewer teens in the work force. After isolating for other economic factors and broadening their analysis to include all 32 states affected by any stage of the federal wage increase, the authors conclude that “the federal minimum-wage hikes reduced teen employment by 2.5% translating to approximately 114,400 fewer employed teens.”

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Nancy Pelosi is being appropriately mocked for her strange assertion that subsidizing unemployment is a great way to “stimulate” the economy, but keep in mind that this she is just mindlessly regurgitating standard Keynesian theory. Here are two videos. The first is Pelosi’s ramblings and the second is my analysis of Keynesian economics. I hope my words are more convincing.

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A Denver Post column hits the nail on the head regarding the Obama-Reid-Pelosi healthcare strategy. They will make lots of fake concessions and offer whatever bribes are necessary in order to put in place an infrastructure that inevitably leads to complete government control of the health care sector:

Once Washington gains a toehold — and considering government controls 49 cents on every health care dollar spent, by toehold I mean “bear hug” — it is an inescapable reality that whatever they come up with will be expansive and expensive. That’s the message Pelosi was telegraphing to her allies when — in addition to pointing out how itty bitty the bill would be — she added that it would be “big enough” to put the country on a “path” toward sustainable health care reform. The righteous “path,” naturally, ends at the gates of a single-payer system. The infrastructure to reach this objective — price controls, new entitlements and wide-ranging mandates — will be set in place once Democrats use reconciliation to pass the bill, deal with the short-term electoral consequences, and let history work itself out. …Remember that Congress estimated Medicare’s cost at $12 billion for 1990 (adjusted for inflation) when the program kicked off in 1965. Medicare cost $107 billion in 1990 and is quickly approaching $500 billion. Who’s going to stop it?

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I don’t know which is scariest. Probably Biden. Maybe Frank.

Constipation

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The punitive class-warfare mentality of the left can be found buried in the healthcare bill. The Wall Street Journal dug deep and found a big capital gains tax increase. Ideally, there should be no double taxation of income that is saved and invested, which means the right tax rate is zero. Boosting the rate from 15 percent to 25.4 percent is a big step in the wrong direction, of course, and almost surely will lose revenue (and definitely will undermine growth):

Our job is to read bad legislation so you don’t have to, and on that score we may demand combat pay for plowing our way through the House health-care bill that passed on Saturday. …House Democrats are funding their new entitlement with a 5.4% surtax on incomes above $500,000 for individuals and above $1 million for joint filers. The surcharge is intended to snag the greatest number of taxpayers to raise some $460.5 billion, and so the House has written it to apply to modified adjusted gross income. That means it includes both capital gains and dividends. That surtax takes effect on January 1, 2011, or the day the Bush tax rates of 2001 and 2003 expire. Today’s capital gains tax rate of 15% would bounce back to 20% because of the Bush repeal and then to 25.4% with the surtax. That’s a 69% increase, overnight.

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This video provides 12 reasons in less than 7 minutes.

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