Amongst the protests about Arizona’s passage of a tough immigration law, and the Crap & Tax bill making it’s reappearance in the Senate, Investors.com reported on this little jewel coming to the Congresscriminal near you:
Barely a month after the 2,600-page health care bill became law, Congress has teed up another landmark piece of legislation: a 1,600-page financial overhaul. So what’s the big hurry?
As with the health care measure, no one seems to know exactly what’s in this massive new bill. And what we have seen leaves a lot to be desired.
• It makes bailouts a routine part of America’s financial markets, putting smaller, entrepreneurial financial houses at a serious competitive disadvantage to bigger firms such as Goldman Sachs that give millions to Democratic candidates.
• Fannie Mae and Freddie Mac, which triggered the housing meltdown in 2005 with an unparalleled surge in mortgage lending, go untouched. And taxpayers are still on the hook for a $400 billion bailout of the two largest mortgage banking companies on Earth.
• Sweeping new powers are given to the Fed to regulate not just banks, but all financial companies, across the board. As Peter Wallison of the American Enterprise Institute wrote: "The Fed, never having regulated a hedge fund or an insurance company, is now supposed to set capital levels, liquidity requirements and permissible activities for each type of business and for each individual institution." Good luck with that, Ben Bernanke.
And all of this being considered without any consideration of compromise from Republicans by the majority Democrats. Does this get any better? Let’s consider these excerpts from Phyllis Schlafly:
The news that the U.S. has become a two-class society — i.e., half of Americans pay federal income taxes and half don’t — has bounced around the media and shocked Americans. Most people had no knowledge of this appalling economic fact.
Even worse is the reality that 40% of Americans receive federal government handouts of cash and valuable benefits. Those handouts are financed by the people who do pay federal income taxes.
Those handouts create a big bloc of people who depend on the government for their living expenses. The Tax Foundation reports that 20% of Americans get 75% of their income from the federal government and another 20% get 45% of their income from the government.
Obama’s stimulus law will add nearly $800 billion in new means-tested welfare spending over the next decade. That means $22,500 for every poor person in the U.S., which will cost over $10,000 for each family that pays federal income taxes.
According to the Tax Foundation, married taxpayers pay three-fourths of all federal income taxes, whereas two-thirds of single parents who file as head of household pay no income tax at all. According to a Heritage Foundation report, taxpayers (mostly those who are married) will spend more than $300 billion providing welfare aid to single parents (mostly women).
Here in Michigan, we are very, very close to becoming a state where one half of the population supports the other half. There are approximately 7 million people living in the State of Michigan, of which there are approximately 3.2 million receiving government aid of some nature (Welfare, Medicaid, & Medicare). This means that 55% of the population is supporting the other 45%. And our State legislature is still proposing budgets that raise spending as well as taxes.
But let’s stop and think for a couple of seconds. Any time that government gets involved with anything, whether it is health care, climate change, welfare, defense, energy, or the like, it is the taxpayer, not the Congresscriminal, that is on the hook to pay the bills. Considering the trillions of dollars that will be paid in interest on top of the principal that Congress has borrowed to spend our way to prosperity, our great-great-great-great grandchildren might see some daylight only if Congress does not commit the United States to any more debt.
As if we could expect swine and bovines to fly at supersonic speeds…
We have been told for years that government has the American people’s interests at heart, but it has been painfully obvious that the majority of professional politicians that are elected to the highest offices in the land are not, repeat, not servants of the people. Instead, they are self-serving, aspiring to accumulate only more and more power through their policies and legislation.
If the recently passed healthcare bill is any indication, take this from AP:
Nearly 4 million Americans — the vast majority of them middle class — will have to pay a penalty if they don’t get insurance when President Barack Obama’s health care overhaul law kicks in, according to congressional estimates released Thursday.
The penalties will average a little more than $1,000 apiece in 2016, the Congressional Budget Office said in a report.
"The individual mandate tax will fall hardest on Americans who can least afford to pay it, many of whom were promised subsidies by the Democrats and who the president has promised would not pay higher taxes," said Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee.
Does this sound like something that has the American People’s welfare at heart, or is it another method of controlling the population through greater and greater financial obligations through the threat of imprisonment? If not, then why is the government on the verge of hiring 18,000 more IRS agents for the specific purpose of making sure that you pay your “fair share” of the health care costs? Didn’t the Founders of this country revolt under the burden of unfair taxes?
I’ve heard the word “unsustainable” many, many times over the past few months. Our country is on this path via the “leadership” of the politicians of both political parties. It’s time for the politicians to put the country first and themselves last. Otherwise, I fear for the future of this country and our progeny.