Labor Day Economics

Happy Labor Day. How many people are working today? What is the real rate on unemployment? 18% with those off the unemployment compensation roles due to their 99 weeks benefits ending? How many jobs have been permanently lost in our economy since 2008? How many jobs will either be lost or gained from our recent hurricane? How much does federal government interference and regulations cost in actual new job creation? How can new job creation occur with chronic government overreach in the labor market? How many more failed jobs plans can the Obama Administration create? Why are Unions given their current salary and pension structures which are in the case of Connecticut still not addressing long term unfunded liabilities? Why can't the free market system allow for the creation of new jobs without governmental subsidies paid for by taxpayers? Why is Connecticut's unemployment fund broke?
Happy Labor Day-hopefully you have a job as do many, many politicians and governmental workers at all three levels of government have. If you don't have a job...well...

More Poor Economic News

Taking a break from the 24/7 hysteria of Tropical Storm Irene, we need to examine more poor economic news coming from Connecticut and our nation.
From Connecticut I envision many taxpayers not fully understanding the new higher retroactive tax rates coming out of our one party rule in Hartford and ending up owing much more in state income taxes come filing time. Trying to understand the retroactive part of this rate is nearly impossible if one was to read the Department of Revenue Services website. Maybe it could be explained in plain English for a change.
Also from Connecticut the obvious costs of the storm will be enormous, the losses will be staggering and forthcoming will be increases for all for their property insurance whether or not a claim has been filed or not.
On a National level, not even mentioning the still out-of-control National Debt, is the now downward revision of economic growth to less than 1% for the last quarter. For any economy to expand its needs strong economic growth which our country does not have now. Couple this with a real unemployment rate of 18+% and you spell recession/depression for the remainder of this year and next. Economic gloom is here and will remain with the economically irrational policies of the Obama Administration. Mercifully I can truly see a new President being elected come November.
More poor economic news, more to come.

Why Not Write The Check Warren?

Why not write it? I continue to be amazed at Warren Buffet and his demand to pay more taxes. His $6,938,744 that he paid last year in Federal taxes apparently was not enough. Why not write the check then Mr. Buffet? There is a way for any taxpayer to pay more in taxes to our spendthrift Federal government. Way back in 1843, an account was formed so that citizens could give gifts to the government including money.
From the US Treasury Website:
Gift Contributions to Reduce Debt Held by the Public

The Bureau of the Public Debt may accept gifts donated to the United States Government to reduce debt held by the public. Acting for the Secretary of the Treasury, Public Debt may accept a gift of:

Money, made only on the condition that it be used to reduce debt held by the public.
An outstanding government obligation, made only on the condition that the obligation be retired and the redemption proceeds used to reduce debt held by the public.
Other intangible personal property made only on the condition that the property is sold and the proceeds from the sale used to reduce the public debt.
Gifts to reduce debt held by the public may be inter vivos gifts or testamentary bequests.

Thus in Fiscal Year 2011 $2,035,349.94 has been given so far. With a $14.5 trillion dollar debt it helps buy our government a few more seconds of deficit spending.

So again I ask why can't Mr. Buffet and his liberal friends put their money where their mouths are? Send your billions to pay off the national debt. Your illogical economic arguments about higher taxes leave a great deal to be desired. Higher taxes on people who earn $250,000 and more are stale and do little to help our economy or economic growth. Those are income earners who are paying the bulk in taxes, not you Mr. Buffet and your liberal rich friends. Maybe Congress could pass a Buffet tax. A tax to bring your tax rate to lets say 90%? Or how about 100%? If that were to happen watch the outcry by these same liberal rich folks-how dare you take our hard earned income! But it is acceptable to tax our $250,000 millionaires in our economy?
Just write the check.

The Tea Party-Alive and Well

Liberals and Democrats seem to strongly dislike the Tea Party movement. Why? The Tea Party movement in my economic opinion is long overdue. It is a grassroots movement which has a simplistic and long overlooked economic premise. You can only spend as a government what you have and no more. Deficits and debt compromise the economic well being, economic growth, jobs and interest rates of any economy. The out-of-control spending and debt crisis of the Obama Administration has helped fuel this resistance movement for our economy. It is not radical nor does it vote in Congress. It is an economic movement which has been long overdue in our economy.
Taxpayers are fed up with the waste and fraud of our government's spending and lack of checks and balances when it comes to deficits and debt. The Tea Party movement addresses these concerns. And the truth hurts both sides of the political aisle. And the truth especially hurts a liberal and biased media in our economy.
The Tea Party is here to stay no matter what a biased poll states. The Tea Party movement is the only remaining check to balance out-of-control governmental deficits and debt. The Tea Party movements strength is only beginning to show and it will grow even more so with the upcoming Presidential election. Yes, liberals the Tea Party is here to stay.

Debt and More Debt

And the debt continues. Congress and the President choose to avoid economic reality with the new/old debt ceiling lie. We can see no meaningful reductions in federal spending nor any economic efficiencies taking place with this new deal.
And the blame is everywhere depending on whose side you take. However in my economic opinion to blame the Tea Party movement is illogical and irrational. Our government can not sustain uncontrollable spending in which the bulk of the money they are spending is just paying interest on the national debt itself. It is totally non productive. The Tea Party movement has brought this issue of uncontrollable spending out in the open for all to see and for all to be upset by. Look at the money middle income taxpayers are spending to support this economic debacle. General Electric is not paying these taxes, nor is Warren Buffet. I have never heard General Electric, Bill Gates or Warren Buffet offering to give the government a few billion to pay down the national debt. Middle income taxpayers are paying it. You are not rich if you earn $200,000 a year nor should have to make up for what these companies and individuals are not paying in taxes.
And the debt continues ad infintum (Latin: to infinity-if there is still one).

What Plan?

Why don't the Democrats and the media understand that Mr. Obama has no plan to resolve either deficit spending or the national debt? Because if he had a plan of any sort economically he may have mentioned what it actually was. He has been in office over 2 1/2 years now-where is the plan? What is the plan? What is the problem?
And why is the blame on the Republicans in the House? They are trying to balance the budget and reduce the deficit. The Senate Democrats still have yet to develop a budget in 800+ days now. Is that right and justified? Or is that an abuse of their power and an insult to the taxpayers of America?
Thus its politics as usual and I place the blame for this debt crisis solely upon the Obama Administration and Congressional Democrats. There is absolutely no economic leadership from the Democrat party. None.
Come now-what is the plan?

More Taxes And Spending, More Democratic Rhetoric

Well, we have more taxes and more spending by the transparent Malloy Administration. We have been given shared sacrifice if you work for a living and pay taxes here in Connecticut. Malloy has given us more taxes and more state spending. Malloy has given us absolutely no reform on state salaries, benefits or long term pension obligations. Malloy and his legislature have given us more of the same rhetoric we have heard for the past twenty years, more taxes and more state spending will solve all of our state's problems.
When in economic reality all we have is more of the same. We are one of the top three taxed states in the country. We have unfunded liabilities of $100 billion dollars and counting. We have negative job growth. How does higher taxes and higher state spending do anything to create economic growth in the private sector? Why these stale politicians are continued to be voted into office is beyond me.
More Democratic rhetoric, how poorly can they continue to govern our state?

Why Not A Balanced Budget In Washington?

Here is a novel solution to the self imposed debt ceiling economic debacle created by the Obama Administration: balance the budget and create a plan to pay off the national debt of $14.5 trillion dollars.
Simplistic?
Yes.
Realistic?
No.
We as taxpayers must live within our means. We can not spend more than we earn or we face bankruptcy. That is also known as economic reality.
To me, there is little economic reality being offered by the Obama Administration. Raising the debt ceiling along with raising taxes and increasing spending is more of the same poor economic plan which has helped to create a mere $3 trillion more in the National Debt since Obama has taken office. Why has this happened? Why has this help to create stagflation? Are there any economic solutions that this Administration can actually offer that does not include more spending and more taxes? No-it is just more of the same. Something that does not work keeps being used over and over again.
Balance the budget and create a plan to pay off the national debt of $14.5 trillion dollars. Change that never happened-since 2009, change that ends not quick enough in 2012.

The Politics Of Hartford

The politics of Hartford never ceases to amaze me. Realizing that as a taxpayer I really do not have any say whatsoever in our state government. We have a wildly swinging Governor who seems to be in over his head in self created economic turmoil. He chooses a well know political tactic by cutting programs and areas which he knows will upset many in the state. Illogical random choices by far and wide are essential so that the Governor can make his point politically. We will assume at the last second there will be some sort of union/Democrat compromise along with yet another round of tax hikes and all the previously mentioned cuts will not take place. The theatrics of Malloy, Democrats and the unions make for some good laughs and good political theater for the media.
However, it does nothing to help the state, those who own businesses in the state or the long forgotten taxpayers who support this economic debacle. It continues to accelerate the great drain of business, industries and youth from our state. For example the buying of 200 jobs for large corporations such as Cigna at the cost to taxpayers of upwards of $47 million plus does little to foster economic growth for the state. Again it is just the politics of Hartford. More of the same, taxpayers being thrown under the train (which will now cost even more to ride).

Why Raise The National Debt Ceiling?

The National Debt is a critical economic issue in our country. In my economic opinion, it continues to be the most serious economic problem of our country. Government spends much more than it takes in, it truly has no idea what is owed nor where the money is going. It is an economic debacle. Our elected officials in many cases envision that higher taxes continue to solve all problems yet we continue to see that higher taxes does little to solve debt problems nor stimulate the economy. Especially higher taxes on wealthier individuals.
Wealth should not be viewed as a burden to our economy. Wealthy members of Congress are hypocritical with regards to this issue, as they are able enjoy their wealth but not anyone else (Look at Nancy Pelosi as an example). The National Debt can be resolved by cutting spending. It is a simplistic concept. Less money is spent thus driving down the need for more money to be borrowed by the Federal Government. It is a realistic plan. It is a logical plan and it is a plan that needs to be implemented by Congress.
Mr. Obama is lost economically. His economic policies and programs have failed our economy miserably. The Debt ceiling does not need to rise to further promote inefficient spending by his Administration nor are new taxes needed. Cut spending now.

Should There Be Any Concessions?

Really should there be any union concessions in Hartford? Why bother? A drop dead offer and vote is agreed upon and now both sides need to save political face. This is occurring while taxes have increased to one of the highest levels in the country, people are still moving out of the state, and taxpayers have been completely disrespected through this whole sham of a negotiation process.
It is tough to remind our one party rule in Hartford that there is more to the state economy than state union workers. It is tough to remind our one party rule in Hartford that taxpayers who actually work for a living are supporting this current economic debacle called state government. It is tough to remind our one party rule in Hartford that they are the cause of this fiscal crisis through their ineptness in governing.
Thus the only concessions that occurred in Hartford were by state taxpayers who now must pay more to support both a totalitarian union and state one party rule government. What a great agreement for us!

July 4, 1776 -July 4, 2011 235 Years Of Freedom

IN CONGRESS, JULY 4, 1776
The unanimous Declaration of the thirteen united States of America

When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. — Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.

He has refused his Assent to Laws, the most wholesome and necessary for the public good.

He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his Assent should be obtained; and when so suspended, he has utterly neglected to attend to them.

He has refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of Representation in the Legislature, a right inestimable to them and formidable to tyrants only.

He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their Public Records, for the sole purpose of fatiguing them into compliance with his measures.

He has dissolved Representative Houses repeatedly, for opposing with manly firmness his invasions on the rights of the people.

He has refused for a long time, after such dissolutions, to cause others to be elected, whereby the Legislative Powers, incapable of Annihilation, have returned to the People at large for their exercise; the State remaining in the mean time exposed to all the dangers of invasion from without, and convulsions within.

He has endeavoured to prevent the population of these States; for that purpose obstructing the Laws for Naturalization of Foreigners; refusing to pass others to encourage their migrations hither, and raising the conditions of new Appropriations of Lands.

He has obstructed the Administration of Justice by refusing his Assent to Laws for establishing Judiciary Powers.

He has made Judges dependent on his Will alone for the tenure of their offices, and the amount and payment of their salaries.

He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people and eat out their substance.

He has kept among us, in times of peace, Standing Armies without the Consent of our legislatures.

He has affected to render the Military independent of and superior to the Civil Power.

He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his Assent to their Acts of pretended Legislation:

For quartering large bodies of armed troops among us:

For protecting them, by a mock Trial from punishment for any Murders which they should commit on the Inhabitants of these States:

For cutting off our Trade with all parts of the world:

For imposing Taxes on us without our Consent:

For depriving us in many cases, of the benefit of Trial by Jury:

For transporting us beyond Seas to be tried for pretended offences:

For abolishing the free System of English Laws in a neighbouring Province, establishing therein an Arbitrary government, and enlarging its Boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule into these Colonies

For taking away our Charters, abolishing our most valuable Laws and altering fundamentally the Forms of our Governments:

For suspending our own Legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.

He has abdicated Government here, by declaring us out of his Protection and waging War against us.

He has plundered our seas, ravaged our coasts, burnt our towns, and destroyed the lives of our people.

He is at this time transporting large Armies of foreign Mercenaries to compleat the works of death, desolation, and tyranny, already begun with circumstances of Cruelty & Perfidy scarcely paralleled in the most barbarous ages, and totally unworthy the Head of a civilized nation.

He has constrained our fellow Citizens taken Captive on the high Seas to bear Arms against their Country, to become the executioners of their friends and Brethren, or to fall themselves by their Hands.

He has excited domestic insurrections amongst us, and has endeavoured to bring on the inhabitants of our frontiers, the merciless Indian Savages whose known rule of warfare, is an undistinguished destruction of all ages, sexes and conditions.

In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince, whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people.

Nor have We been wanting in attentions to our British brethren. We have warned them from time to time of attempts by their legislature to extend an unwarrantable jurisdiction over us. We have reminded them of the circumstances of our emigration and settlement here. We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow these usurpations, which would inevitably interrupt our connections and correspondence. They too have been deaf to the voice of justice and of consanguinity. We must, therefore, acquiesce in the necessity, which denounces our Separation, and hold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.

We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these united Colonies are, and of Right ought to be Free and Independent States, that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. — And for the support of this Declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our Lives, our Fortunes, and our sacred Honor.

— John Hancock

New Hampshire:
Josiah Bartlett, William Whipple, Matthew Thornton

Massachusetts:
John Hancock, Samuel Adams, John Adams, Robert Treat Paine, Elbridge Gerry

Rhode Island:
Stephen Hopkins, William Ellery

Connecticut:
Roger Sherman, Samuel Huntington, William Williams, Oliver Wolcott

New York:
William Floyd, Philip Livingston, Francis Lewis, Lewis Morris

New Jersey:
Richard Stockton, John Witherspoon, Francis Hopkinson, John Hart, Abraham Clark

Pennsylvania:
Robert Morris, Benjamin Rush, Benjamin Franklin, John Morton, George Clymer, James Smith, George Taylor, James Wilson, George Ross

Delaware:
Caesar Rodney, George Read, Thomas McKean

Maryland:
Samuel Chase, William Paca, Thomas Stone, Charles Carroll of Carrollton

Virginia:
George Wythe, Richard Henry Lee, Thomas Jefferson, Benjamin Harrison, Thomas Nelson, Jr., Francis Lightfoot Lee, Carter Braxton

North Carolina:
William Hooper, Joseph Hewes, John Penn

South Carolina:
Edward Rutledge, Thomas Heyward, Jr., Thomas Lynch, Jr., Arthur Middleton

Georgia:
Button Gwinnett, Lyman Hall, George Walton

The Lost Legislative Session

While the media and Democrats are up in arms that the Unions turned against them and while Governor Malloy attempts to sidestep Constitutional law, we have an economic debacle come July 1. For on this day we will have the highest tax increase in our state's history, we will still have an unbalanced budget, we will have the highest per capital tax burden in the country, we will have a lower bond rating thus higher interest rates on state bonds, and finally we will have more of the same, economically inept government that we have had since Lowell Weicker.
We have had as taxpayers a lost legislative session. We do not have leadership from this stale one party rule in Hartford. Taxpayers monies were completely wasted by this past and continuing legislative session. And the end result is a continuing economic recession induced by the Democratic party in Hartford.
What a waste of time and money.

Unions Say No-I Am Confused As A Taxpayer

I wonder why? I wonder the unions said no? I am confused as a taxpayer. I know that apparently I and many other individuals who work and own businesses in the state of Connecticut are responsible for the state's fiscal woes not anyone who works or runs state government. Therefore, I know that apparently I and many other individuals who work and own businesses in the state of Connecticut should now have to pay more in taxes of all shapes, sizes and types. There really is no need for any sacrifice from anyone who works or runs state government. I know that apparently I and many other individuals who work and own businesses in the state of Connecticut will have to cut back on our personal and business spending to try to cope with this massive burden our elected officials in Hartford are dumping on us-all in the name of shared sacrifice-for us not them.
I wonder why voters in Connecticut choose to keep voting into office these economically challenged and economically illiterate politicians?
I guess it is all in the name of shared sacrifice-for us-not them. Twenty years of no new job growth, no make that twenty four now. A record that the Democrats should and are proud of. I am still confused.

Yet Another Listening Tour In Which Nothing Is Heard

I have to hand it to the Governor. He wants to spend more of taxpayers monies by taking a listening tour with his new director of economic development to talk to businesses in our state. He should understand he is an anti-business, anti-economic growth, liberal Governor.
I personally would ask him to save his time as I have nothing to say but the following:
How are you helping businesses by passing the largest tax increase in the state's history?
How are you helping businesses by increasing state spending once again?
How are you helping businesses by not doing anything to address the state's unfunded liabilities?
How are you helping businesses by passing a mandated sick leave law-the only state in the country to do so?
How are you helping businesses by still having one of the highest workers compensation costs in the country?
How are you helping businesses by having a poor transportation system with constant construction on the roads?
How are you helping businesses by having negative job growth for 20 years now?
How are you helping businesses by having your best and brightest youth continue to flee the state?
How are you helping businesses by having an archaic property tax system?
No, it will be another photo op for the Governor, who just does not seem to get enough of himself and his ego in the media.

Why Have Another Session For Jobs?

I am curious. Why is the Governor wanting to waste even more of Connecticut's remaining taxpayers monies by holding a special session in the fall for jobs? Doesn't he and his Super Democrat Majority-one party rule in Hartford realize they have done a great job over the past twenty years in ruining and eliminating new job creation in the state? There has been negative new job formation in the past twenty years in our state. The economic reasons of excessive high taxes on both personal and corporate income, excessive unemployment compensation taxes, excessive workers compensation costs, a poor transportation infrastructure and anti-business Attorney General (who beyond rational comprehension is our Senator now) have helped to contribute to businesses and industries moving out of Connecticut. This past legislative session will only force even more business and industries to move with even more regulations and yet even higher taxes.
Twenty years and waiting for new jobs. And if voters keep electing Super Democrat Majority-one party rule in Hartford, there will never be any new jobs in the state Ad Infinitum.

How Did Spending Get Cut In The State Budget?

I am really at a loss as to how economics and finance are rationalized and utilized in Hartford. Our Governor insists that spending was cut in the new budget, however spending increased from 3 to 5% depending how you read this secret document. I find it appalling as a taxpayer that this budget is not published throughout the state so that taxpayers could see where monies were actually being spent, how money was wasted and how this budget was business as usual for the Connecticut Democrat Super Majority-one party rule that we have in Hartford.
How was anything changed in the budget, I really can not see nor understand in economic terms. Nothing was cut, pays were increased in some cases and taxes were raised to an unmanageable level for those remain to work and do business in the state.
Thus, how did spending get cut in the state budget? How did anything change? How did any nepotism get eliminated? More importantly, how is Connecticut open for business? All lies emerging and compounding from our one party rule in Hartford.

Another Lost Four Years-No Make That Twenty Four Now

Well it looks like another lost four years here in Connecticut. After the rash of economically illiterate and leftist legislation which was passed by the Connecticut Democratic Super Majority this session, Connecticut is on its way for another wasted four years. This will go along with with the past 20 years which have been wasted with no new job formations since 1991.
Thus I am supposed to buy into the lies that the Connecticut Democratic Super Majority offer taxpayers, that higher taxes, socialistic governmental intervention of businesses and excessive liberal laws will make Connecticut open for business. All these failed bills, taxes and laws will do is make our border states much more attractive for any state business to move to. Really nothing has been done to improve our business climate, address runaway state spending, unfunded liabilities or excessive taxation. No, we as taxpayers have been given more of the same, higher state spending, more intrusive laws and higher taxes. It has been like this for 20 years now.
Better make that 24 years now.

This Is Good Government?

Is this really good government?
The Federal Government's unfunded liability is at $61.6 trillion dollars and climbing.
Connecticut's government unfunded liability depending upon what you believe is between $50 and $80 billion dollars and climbing.
The National Debt of the United States is $14.4 trillion dollars and climbing.
We now have one of the highest tax burdens in the world with no economic growth in the foreseeable future.
Connecticut continues to have negative job growth with an unrecorded unemployment rate of 18+% (those who are still out of work and no longer receive benefits).
Connecticut on July 1 will have the largest tax increase in the state's history and still does not have a balanced budget.
The United States Congress seems to have an unquenchable appetite for sexual adventures, all while we as taxpayers pay for it. Democrats in this area of sex must remain in power while Republicans are forced to resign their positions.
Why are we as taxpayers continuing to support this type of government?

State Government Out Of Control-Tax The Mountain Laurel

State government out of control. The Connecticut Democratic Super Majority will now come up with a new tax, taxing anyone who has a Mountain Laurel, the state flower, on their property. The Democrats could start up a new Unionized state department staffed by nepotism and payoffs to drive around in state vehicles and look at all of the private property in the state to see if anyone has the mountain laurel on their property. They would count by hand how many of these flowers you had and then have the State send you a tax bill on them. How high a tax on the state flower? As high as the Connecticut Democratic Super Majority wants it to be. For they are the dictatorship running and ruining our state simultaneously. Don't laugh, their freedom grabs and economic illiteracy are in plain view for all taxpayers to see in this session. Our state government is out of control. It is sickening to view.