Barney's Solution
"We would have unemployment below 8% if it weren't for the fact that Republican policies have forced cities and states to lay off 700,000 people. Firefights, police officers, teachers, public works employees, people who collect garbage, people who shovel snow because they've been hit by the property tax collapse. So, they have been losing. We've tried to help them out and the Republicans say no, we have to preserve tax cuts for the wealthy, we've got to send money overseas to the military in useful ways, and the result has been 700,000 jobs lost from state and local governments over these past couple years" -- Barney Frank (August 14).
Editor's notes: The notion that "Republicans policies have forced . . . . 700,000" public sector layoffs is nothing short of demented. In short, Barney is actually suggesting that part of the solution to the jobs crisis can be found in cities and states hiring more workers and raising taxes on the private sector to pay for these increases.
Who is to blame for the 700,000 lost public sector jobs? By inference and according to Barney, the private sector is not producing enough taxes. Barney's solution? To legislate a forced tax increase large enough to solve the problem. And how much of a tax increase is that?
Well, if Barney were serious about balancing the books, he would be talking about a tax increase of 42% on all taxpaying Americans. Understand that I am talking about a 42% tax increase across the board to include all taxes we pay to the Feds, including dividend taxes, income taxes, corporate taxes, the Feds portion of sales taxes (if any), inheritance taxes, penalties paid due to regulatory infractions, user fees, EPA fees including environmental fees and permit fees (all fees are, in reality, taxes on the private sector).
Understand that for every dollar spent in the private sector to pay taxes by whatever definition, 3 dollars are lost to the private economy due to taxes paid, permits, fees and penalties, and compliance costs (regulatory fees, book keeping and attorney fees). Obama's regulatory increases, alone, suck 2 trillion dollars out of the economy, each and every year. Want to know why the crisis continues? Start with this Obama nonsense. Re-elect Obama and expect to these taxes.
Think Barney is "way over the top?" Consider this fact: a second term for Obama -- all by his lonesome - will see progressive tax/fee increases to these categories :dividend taxes, dividend surtaxes, income taxes, corporate taxes, inheritance taxes, penalties paid due to regulatory infractions, user fees, EPA fees including environmental fees and permit fees (all fees are, in reality, taxes paid by the private sector), and the elimination of the home-owner mortgage tax deduct.
Understand that all these taxes will be shared by the working middle class. It is an outrageous lie for Obama to argue that he is not planning on taxing the middle class during his second term. Why do you think he wants to extend Bush's tax breaks on the middle class for just one more year? Whether you are a Democrat or a Republican, Obama is about to choke the life out of this nation.