Archive for the ‘News Appearance’ Category

Because of his support for big government, I don’t like Donald Trump. Indeed, I have such disdain for him (as well as Hillary Clinton) that I’ve arranged to be out of the country when the election takes place.

The establishment media, by contrast, is excited about the election and many journalists are doing everything possible to aid the election of Hillary Clinton. In some cases, their bias leads to them to make silly pronouncements on public policy in hopes of undermining Trump. Which irks me since I’m then in the unwanted position of accidentally being on the same side as “The Donald.”

For instance, some of Trump’s private tax data was leaked to the New York Times, which breathlessly reported that he had a huge loss in 1995, and that he presumably used that “net operating loss” (NOL) to offset income in future years.

As I pointed out in this interview, Trump did nothing wrong based on the information we now have. Nothing morally wrong. Nothing legally wrong. Nothing economically wrong.

All that people really need to know is that NOLs exist in the tax code because businesses sometimes lose money (the worst thing that happens to individuals, by contrast, is that we get laid off and have zero income). With NOLs, companies basically get a version of “income averaging” so that they’re taxed on their long-run net income (i.e., total profits minus total losses).

In other words, this is not a controversy. Or it shouldn’t be.

But if you don’t believe me, let’s peruse the pages of The Flat Tax, which was written by Alvin Rabushka and Robert Hall at Stanford University’s Hoover Institution and is considered the Bible for tax reformers.

Here’s what it says about business losses in Chapter 5.

Remember that self-employed persons fill out the business tax form just as a large corporation does. Business losses can be carried forward without limit to offset future profits (assuming your bank or rich relatives will keep lending you money). There is no such thing as a tax loss under the individual wage tax. You can’t reduce your compensation tax by generating business losses. Well-paid individuals who farm as a hobby or engage in other dubious sidelines to shelter their wages from the IRS had better enjoy their costly hobbies; the IRS will not give them any break under the flat tax.

And here’s the business postcard for the flat tax. As you can see, it’s a very simple system based on the common-sense notion that profits equal total receipts minus total expenses.

And it allows “carry-forward” of losses, which is just another term for a company being able to use NOLs in one year to offset profits in a subsequent year.

But it’s not just advocates of the flat tax how hold this view.

A news report for the Wall Street Journal notes that NOLs are very normal in the business world for the simple reason that companies sometimes lose money.

The tax treatment of losses, bound to become a subject of national debate, is a typically uncontroversial feature of the income-tax system. The government doesn’t pay net refunds when business owners lose money, but it lets taxpayers use those losses to smooth their tax payments as they make money. That reflects the fact that “the natural business cycle of a taxpayer may exceed 12 months,” according to a congressional report.

Megan McArdle of Bloomberg also comments on this make-believe controversy.

At issue is the “net operating loss,” an accounting term that means basically what it sounds like: When you net out your expenses against the money you took in, it turns out that you lost a bunch of money. However, in tax law, this has a special meaning, because these NOLs can be offset against money earned in other years. …this struck many people as a nefarious bit of chicanery. And to be fair, they were probably helped along in this belief by the New York Times description of it, which made it sound like some arcane loophole wedged into our tax code at the behest of the United Association of Rich People and Their Lobbyists. …Every tax or financial professional I have heard from about the New York Times piece found this characterization rather bizarre. The Times could have just as truthfully written that the provision was “particularly prized by America’s small businesses, farmers and authors,” many of whom depend on the NOL to ensure that they do not end up paying extraordinary marginal tax rates — possibly exceeding 100 percent — on income that may not fit itself neatly into the regular rotation of the earth around the sun.

I like how she zings the NYT for its biased treatment of the issue.

She also explains why the law allows NOLs and why businesses (including, presumably, Trump’s companies) would prefer to never be in a position to utilize them.

“If someone has a $20 million gain in one year and a $10 million loss in the second year, that person should be treated the same as someone who had $5 million in each of the two years,” says Alan Viard, a tax specialist at the American Enterprise Institute, who like all the other experts, seemed somewhat surprised that this was not obvious. “There are definitely tax provisions narrowly targeted to various industries that you could take issue with,” says Ron Kovacev, a tax partner at Steptoe and Johnson. “The NOL is not one of them.” …Losing $900 million dollars may save you $315 million or so on future or past taxes. But astute readers will have noticed that it is not actually smart financial strategy to lose $900 million in order to get out of paying $315 million to the IRS. Most of us would rather have the other $585 million than a tax bill of $0. …If Trump managed to pay no taxes for years, the most likely way he did this was by losing sums much vaster than the unpaid taxes. This is fair, it is right, it is good tax policy.

In other words, Trump used NOLs, but he would have greatly preferred to avoid the big $916 million loss in the first place.

Ryan Ellis, writing for Forbes, doesn’t suffer fools gladly on this issue.

…political reporters don’t know a damned thing about taxes. …That ignorance was on display in vivid colors over the weekend. We were told that this tricky NOL was some sort of “loophole” that only super-rich bad guys like Donald Trump got to use. We were told that this relieved him of having to pay taxes for 18 years, a laughably arbitrary, made up number that is the tautological output of simple arithmetic and wild assumptions. …It’s not difficult to see how political reporters got played like a fiddle here. Most of them have never actually run a business, much less learned about the tax rules surrounding them.

I especially like that Ryan also nails the NYT for bias, in this case because the reporters used made-up number to imply that he didn’t pay tax for almost two decades.

And Ryan also notes that NOLs are very common (and were even used in 2015 by Trump’s opponent).

…a net operating loss is very common in businesses. As Alan Cole of the Tax Foundation pointed out this morning, about 1 million taxpayers had an NOL in 1995. It results from business deductions exceeding business income in a particular year. …Trump’s not the only presidential candidate this year who once had a big loss on his taxes. In 2015, the Clintons realized a capital loss of nearly $700,000. That will be available in perpetuity to offset capital gains they might incur. Unlike an NOL, a capital loss can slowly be used to offset other income, albeit at a slow $3000 per year net of any other gains offset.

Now that we’ve established that there’s nothing remotely scandalous about NOLs, let’s see whether there are any lessons we can from this kerfuffle.

Let’s return to the Wall Street Journal story cited earlier in this column.

Real-estate developers can generate losses more easily than other taxpayers. …Unlike investors in other businesses, they can use those losses to offset other income. …Bryan Skarlatos, a tax lawyer at Kostelanetz & Fink LLP, said…“Trump appears to have a perfect storm of allowable real-estate losses that can be offset against streams of income from salaries from his companies and royalty fees from the use of his name,” Mr. Skarlatos said. “Most taxpayers who have large real-estate losses don’t have such large steady streams of other ordinary income; they just have losses that may turn into profits in the future when they sell the real estate.”

This doesn’t tell us whether Trump actually did use his NOLs to offset other income, though I’m guessing the answer is yes. And as I speculated in the above interview, I wonder whether the losses were real losses or paper losses.

And others have suggested that Trump actually lost other people’s money and he was able to use their losses to offset some of his income.

I have no idea if that’s even possible, just as I have no idea whether his losses were real.

But I do know that a flat tax would put an end to any possible gamesmanship since it is a cash-flow system (which means it is based on actual transactions that take place, not whether companies use currency).

In a world with a flat tax, Trump would be allowed to “carry forward” losses, but only if they are real. And as explained above, he wouldn’t be able to use those losses to offset income that gets reported on the individual postcard.

So as I argued in the interview, let’s rip up the corrupt and destructive internal revenue code and copy the simple and fair flat tax that is used by Hong Kong.

Read Full Post »

It’s not easy being a libertarian, especially in election years.

  • Do you choose not to vote because you either reject your choices or even the entire principle of majoritarianism?
  • Do you vote for the Libertarian Party even though that historically is nothing more than an ineffective way of sending a message?
  • Or do you strategically cast a vote for a major-party candidate, fully aware that such a person inevitably will be a disappointment in office?

If you’re normally in the last category, 2016 will be especially difficult.

Let’s start with Trump. On the positive side, he’s proposed a good package of tax cuts. And he’s…….ummm……..errrr……well……(scratch head)……

Actually, in terms of specifics rather than rhetoric, the tax cut is about the only market-oriented policy he’s embraced.

On the negative side, he’s a big fan of protectionism, and that’s definitely not a recipe for prosperity. And he’s rejected much-need reforms to entitlement programs, which therefore makes his big tax cut totally unrealistic.

But mostly it’s impossible to know what he really thinks for the simple reason that he probably doesn’t have deep thoughts about public policy (look at his flailing response to the question of debt). Even when he’s been specific, does anyone think he’s philosophically committed to what he has said while campaigning?

So my assessment, as explained in this interview with Neil Cavuto, is that Trump is a grenade that will explode in an unpredictable fashion.

So if you’re a libertarian and you choose to vote for Trump, just be forewarned that you’ll probably be standing next to the grenade when it explodes.

So what about the alternative? Is there a libertarian argument for Hillary Clinton (other than the fact that she’s not Trump)? Can a politician who has spent decades promoting cronyism and redistributionism actually deliver good policy?

Her husband actually did a good job when he was in the White House, but you can probably sense from this debate with Juan Williams on the Stossel show, I’m not overflowing with optimism that she also would preside over a shift to better policy.

Here are a few additional thoughts on my debate with Juan.

Keynesian economics doesn’t work, either in theory or in reality. And it’s laughable that the excuse for Keynesian failure is always that politicians should have spent more money.

Entitlements will cripple America’s economy if left on auto-pilot. I’ve repeatedly made the point that we’re like Greece 10 or 15 years ago. By claiming at the time that there was no crisis, Greek politicians ensured that a crisis eventually would occur. The same thing is happening here.

I’m skeptical about the claim that climate change is a crisis, but a revenue-neutral carbon tax is the most sensible approach if action genuinely is required. But the left prefers sure-to-fail (but very lucrative to cronies) industrial policy.

Government can help create conditions for prosperity by providing core public goods like rule of law, but that only requires a very small public sector, not the bloated Leviathans that exist today.

I’d be delighted to have a woman as President if she had the same principles and judgement as Margaret Thatcher. To be colloquial, that ain’t a description of Hillary Clinton.

Last but not least, I was rhetorically correct but technically wrong about welfare dependency in Hong Kong. I said fewer than 3 percent of Hong Kong residents get public assistance when I should have said that Hong Kong spends less than 3 percent of GDP on redistribution. That’s an amazingly small welfare state, but it does ensnare about 5.5 percent of the population. Which if far lower than the share of the population getting handouts in America, so my point was still very much correct.

Not that any of this matters in the short run since there’s a 99.9 percent probability that America’s next President will be perfectly content to let the country sink further into the swamp of statism.

Read Full Post »

The Social Security Administration has released the 2016 Trustees Report, which shines a spotlight on the overall fiscal condition of the program.

In previous years (2012, 2013, 2014), I’ve used this opportunity to play Paul Revere. But instead of warning that the British are coming, I sound the alarm about a future fiscal crisis resulting from demographic change and poorly designed entitlement programs.

Which is what I did in this interview on Fox Business.

It wasn’t a long interview, but I had the opportunity to touch on four very important issues.

First, I explained that the Social Security Trust Fund is nothing but a pile of IOUs. It’s money the government owes itself, which means that the bonds in the Trust Fund can only be turned into real money by taking more from the private sector.

But if you don’t trust me, perhaps you’ll believe the Clinton Administration, which admitted back in 1999 (see page 337) that the Trust Fund is just a bookkeeping gimmick.

These balances are available to finance future benefit payments and other trust fund expenditures–but only in a bookkeeping sense. …They do not consist of real economic assets that can be drawn down in the future to fund benefits. Instead, they are claims on the Treasury, that, when redeemed, will have to be financed by raising taxes, borrowing from the public, or reducing benefits or other expenditures.

In other words, the Trust Fund is like putting IOUs to yourself in a college fund. When it’s time for junior to start his freshman year, you’ll have to find the money to cash those IOUs.

Second, Social Security already is in the red and the rising burden of spending for the program will lead to huge fiscal shortfalls.

Here’s a chart, based directly on the data from Table VI.G9 of the Trustees Report, showing the annual deficit in the program based on today’s dollars.

Third, it’s grossly irresponsible for politicians such as Elizabeth Warren and Hillary Clinton to agitate for higher spending in the program.

Andrew Biggs of the American Enterprise Institute weighed in on this issue earlier this year. Here’s some of what he wrote in a column for the Wall Street Journal.

Mrs. Clinton would raise retirement payments for widows as well as provide Social Security credits for individuals who take time out of the workforce to care for a child or an infirm adult.

Andrew points out that Hillary also has expressed support for increases in the payroll tax rate and letting the government impose the tax on a greater share of income.

Mrs. Clinton…has recently spoken in favor of both approaches.

By the way, the latter option is especially dangerous for the economy, as explained in this video.

Fourth, Social Security is in bad shape, but the main long-run entitlement challenge comes from health-related programs such as Medicare, Medicaid, and Obamacare.

In other words, we need comprehensive long-run entitlement reform if we don’t want to become Greece.

P.S. For reasons that I’ve already covered, I didn’t like being called a “deficit hawk” by the host.

P.P.S. While proponents deserve credit for being serious, I think the Simpson-Bowles plan leaves a lot to be desired.

P.P.P.S. Here’s the right way to fix Social Security.

Read Full Post »

My favorite Margaret Thatcher moment might be when she pointed out there’s no such thing as public money, only taxpayer money.

Or perhaps when she exposed leftists for being so fixated on class warfare that they would be willing to hurt the poor if they could hurt the rich even more.

That being said, I wouldn’t be surprised if most people instead chose Thatcher’s famous line about socialism and running out of other people’s money.

Which is a great line that cleverly pinpoints the ultimate consequence of statism. Just think Greece or Venezuela.

But what can we say about starting point rather than end point? Why do people get seduced by socialism in the first place?

For part of the answer, let’s turn to the famous quote from George Bernard Shaw about how “A government which robs Peter to pay Paul can always count on the support of Paul.”

Very insightful, I hope you’ll agree.

Though it’s an observation on all governments, not just socialist regimes.

So I’m going to propose a new quote: “Socialism is fun so long as someone else is paying for it.”

And the reason I concocted that quote is because it’s a perfect description of many of the people supporting Bernie Sanders.

According to a poll conducted by Vox, they want freebies from the government so long as they aren’t the ones paying for them.

When we polled voters, we found most Sanders supporters aren’t willing to pay more than an additional $1,000 in taxes for his biggest proposals. That’s well short of how much more the average taxpayer would pay under his tax plan. …In other words, even Sanders supporters are saying they don’t want to pay as much to the federal government for health care as they are paying right now in the private sector. …The kicker for all of this? Some analysts believe Sanders’s plan will cost twice as much as his campaign estimates. …Sanders supporters are far and away the most likely to want free public college tuition. Still, 14 percent said they don’t want to pay additional taxes for it — and another half said they would only pay up to $1,000 a year…the majority of Sanders supporters in our poll (much less all voters) aren’t willing to pay enough to actually support those nationalized services.

As you can see from this chart, they want government to pick up all their medical expenses, but they’re only willing to pay $1,000 or less.

Gee, what profound and deep thinkers.

Maybe we should ask them if they also want private jets if they only have to pay $1,000. And Hollywood mansions as well.

The pie-in-the-sky fantasies of Bernie and his supporters are so extreme that even the statists at the Washington Post have editorialized against his proposals.

Mr. Sanders’s offerings to the American people are, quite simply, too good to be true, and much less feasible, politically or administratively, than he lets on. More expensive, as well. …Despite the substantial tax increases associated with Mr. Sanders’s policies, they would not be fully paid for — not even close. To the contrary, the tax hikes would be sufficient to cover just 46 percent of the spending increases, resulting in additional budget deficits of $18 trillion over 10 years. A deficit increase of that magnitude would cause an additional $3 trillion in interest payments over the same period — unless, of course, Mr. Sanders has another $18 trillion in tax increases or spending cuts up his sleeve.

The editorial writers at the Post, like so many people in Washington, make the mistake of fixating on the symptom of red ink instead of the underlying disease of excessive spending.

Would they actually favor his crazy ideas if he produced $18 trillion of additional tax hikes over the next 10 years?

Returning to the topic of whether Bernie voters actually would be willing to pay more tax, I recently appeared on Fox Business News to discuss the odd phenomenon of workers in the high-tech industry giving contributions to the anti-capitalist Senator from Vermont.

I confess that I don’t really know what would motivate someone to support Bernie Sanders, but I did share some thoughts.

  • Republicans in recent decades have been big spenders, so libertarian-minded voters in Silicon Valley may have decided to base their votes on social issues.
  • The high-tech industry may simply be sending “protection money” to leftist politicians, though that’s probably a motive only for senior executives.
  • It’s rather ironic that the left goes after companies like WalMart and Exxon when firms like Google and Apple have much bigger profit margins.

Don’t forget, by the way, that the only difference between Bernie and Hillary is how fast we travel on the road to Greece.

P.S. Unfortunately, I haven’t accumulated much Bernie humor, though the Sandersized version of Monopoly is quite clever.

Read Full Post »

I have no idea whether Donald Trump believes in bigger government or smaller government. Higher taxes or lower taxes. More intervention or less. Sometimes he says things I like. Sometimes he says things that irk me.

Politicians are infamous for being cagey, but “The Donald” is an entirely different animal. Instead of using weasel words that create wiggle room, he simply makes bold statements that are impossible to reconcile.

Consider his views on government debt.

Here’s an interview with Dana Loesch of Blaze TV from earlier this week. I was in Zurich and it was past midnight, so I was a tad bit undiplomatic about Trump’s endlessly evolving views. Simply stated, it’s not a good idea to default. And it’s not a good idea to monetize debt either.

For what it’s worth, while Trump is oscillating between different position on debt, one of his top advisers is claiming that his plan will produce a multi-trillion dollar surplus.


The sensible approach would be for Trump to make simple points.

  1. Debt is a symptom and the real problem is too much spending.
  2. The solution is to follow the Golden Rule.
  3. Therefore, impose a Swiss-style spending cap.

But he hasn’t asked me for advice, so I’m not holding my breath waiting for him to say the right thing.

It’s also a challenge to decipher Trump’s position on tax policy.

He actually put forth a good tax proposal, but nobody takes it seriously since he doesn’t have a concomitant plan to restrain spending.

So his campaign supposedly designated Larry Kudlow and Steve Moore to modify the plan, but then said the original proposal would stay unchanged.

This does not create a sense of confidence.

Trump also is getting pressure on his personal tax situation. He said he would release his tax return(s). Now he says he won’t. I speculated on what this implies in an essay for Time, listing five reasons why he may decide to keep his returns confidential.

The first two reasons deal with a desire for privacy and a political concern that he may appear to be less wealthy than he’s led folks to believe.

First, he may resent the idea of letting the world look at his tax returns for reasons of personal privacy, which is an understandable sentiment. …Can Trump get away with stonewalling on his returns? Perhaps. President Barack Obama refused to release his college transcript and didn’t seem to suffer any political damage. …Second, Trump’s tax return will probably show a surprisingly low level of income, and he might be concerned that such a revelation would erode the super-successful-billionaire aura that he has created.

I also suspect he’s worried that his tax return will make him look like…gasp…a tax avoider.

Third, to the degree that Trump’s return shows a lower-than-expected amount of taxable income, this will probably be because his accountants and tax lawyers have carefully plumbed the 75,000-page internal revenue code for deductions, credits, exemptions, exclusions and other preferences… Since we all seek to legally minimize our tax liabilities, that shouldn’t be a political problem. …That normally would be a persuasive answer, but voters may look askance when they learn that Trump is taking advantage of mysterious provisions dealing with things they don’t understand, like depreciation, carryforwards, foreign tax credits, muni bonds and deferral. …Fourth, for very wealthy individuals and large companies, the complexity of the tax code means there’s no way of knowing if a tax return is accurate. …Given Trump’s persona, he presumably pushes the envelope.

Last but not least, I imagine Trump has “offshore” structures.

Fifth, it’s highly likely that Trump does business with so-called tax havens. For successful investors and entrepreneurs with cross-border economic activity, this is almost obligatory because jurisdictions like the Cayman Islands have ideal combinations of quality governance and tax neutrality. …But in a political environment where the left has tried to demonize “offshore” tax planning, any revelations about BVI companies, Panama law firms, Jersey trusts and Liechtenstein accounts will be fodder for Trump’s many enemies.

Needless to say, I greatly sympathize with Trump’s desire to minimize his tax burden and I applaud his use of so-called tax havens (which are routinely utilized by wealthy Democrats).

And I even sympathize with his desire for privacy even though divulging personal financial information is now a routine obligation for politicians.

The point I should have made in my essay is that Trump would be in a stronger position if he said from the start that his tax returns are nobody else’s business.

And shifting back to policy, he’ll be in a stronger position if he picks a message and sticks to it (though ideally not the same message as Hillary Clinton).

P.S. Since I mentioned Obama’s still-secret college transcript, I may as well share this very clever mock transcript that explains a lot about his misguided approach to policy.

Read Full Post »

I normally enjoy working for the Cato Institute since it’s a principled and effective organization.

But every so often, my job requires an unpleasant task, and watching the State-of-the-Union Address as part of Cato’s live-tweeting program counts as one my least enjoyable experiences since joining the team.

But let’s make lemonade out of lemons by looking at lessons that can be learned from Obama’s speech. The most jarring part of the evening was when Obama bragged about the American economy.

Since we’re suffering through the weakest recovery since the Great Depression, that was rather bizarre.

Moreover, being proud that we’re doing better than Europe is akin to getting a participation ribbon in a soccer league for kids.

And the chest thumping about the unemployment rate was very misplaced since that piece of data only looks good because so many Americans have given up on finding a job.

I’ve pontificated on that issue before and cited the Labor Department’s overall data, but let’s dig a little deeper to fully understand why Obama should have apologized rather than patted himself on the back.

Here’s the employment/population ratio for the prime, working-age population of those between 25 and 54 years of age.

As you can see, this ratio has improved a bit over the past five years, but it appears that there’s very little hope that the overall employment situation will ever recover to where it was before the recession.

At least not with current policies.

Here’s another way of looking at the same data. It’s labor force participation by age. The lines don’t seem that far apart, but a 3-4 percentage point decline across age groups adds up to millions of people no longer productively employed.

Last but not least, here’s another way of approaching this data.

We have a chart from the St. Louis Federal Reserve Bank showing the number of working-age people not in the labor force.

There are two takeaways from this chart.

First, it’s clear that the problem started well before Obama.

But it’s also clear that the problem has gotten much worse during his tenure.

The bottom line is that the expansion of redistribution programs has lured more and more people out of the labor force, particularly when matched by government policies that have hindered the private sector’s ability to create jobs.

So you’ll understand why I cited labor-force participation (along with stagnant household income) as Obama’s real legacy in this interview.

By the way, one of the perils of live TV is that you sometimes get curve balls. And since the Ted Cruz birther controversy is now big news, I was asked my opinion even though I don’t have the slightest competency to discuss the issue.

Sort of like the time I went on a program for the ostensible purpose of discussing trade and wound up trapped in a discussion on America’s relationship with North Korea.

My only regret from yesterday’s interview is that I wasn’t clever enough to say that I was more worried about Cruz supporting a Canadian-style tax system than I was about Cruz being born in Canada.

P.S. While I’m not happy about Cruz including a value-added tax in his reform proposal, don’t read too much into that grousing since there are warts in the other candidates’ plans as well.

With one exception.

Read Full Post »

Okay, the title for today’s column is a bit grandiose. It implies weighty and ponderous analysis of America’s ever-growing entitlement state and potentially dour predictions about when we reach a tipping point of too much dependency.

But let’s focus on the short run, which isn’t quite so depressing. I was one of John Stossel’s guests as we looked at what happened in 2015 and gave a sober assessment of whether the United States is moving in the right direction or wrong direction.

If you don’t want to watch 30-plus minutes, here are the highlights.

I’ll start with what has me worried and/or glum.

According to the political betting markets (which I feel are more accurate than polls), Donald Trump’s chances keep increasing. I don’t feel confident, however, that he would shrink the size and scope of government if he made it to the White House. And he’s using up the oxygen of candidates who (while imperfect) seem more sincerely interested in advancing economic liberty.

I see little hope of fixing a refugee program that lures newcomers into welfare dependency (and may breed terrorism by creating a dispiriting environment of helplessness).

Speaking of which, as government gets bigger and bigger, it becomes even less competent about fulfilling legitimate responsibilities such as thwarting people who want to kill us.

Here’s what I’m happy and/or optimistic about.

People are displeased about what’s happening in Washington, and it’s healthy for there to be hostility and distrust toward government.

There’s a real opportunity for genuine entitlement reform in 2017.

American society is becoming more tolerant. As I argued on the program, I don’t care whether people approve of gays or pot smoking, but I do want to be part of a society that (unlike Iran!) doesn’t persecute or harass people for behaviors or beliefs that don’t harm others.

So some good things are happening.

Though I reserve the right to be really depressed later this year.

Read Full Post »

Older Posts »

%d bloggers like this: