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The Obama Timeline: Part II

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Harconen
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« on: July 31, 2009, 02:58:21 pm »



Obama’s proposed national health plan would create a federal health insurance policy as an “option” to private individual and public policies. This is Obama’s way of “guaranteeing an option” and allows him to say he is doing nothing to harm existing insurers. He is lying; his intention is to eliminate private insurers and make the government the sole provider of health coverage. If Obama’s “federal policy” costs more than private policies, there is of course no need to have it in the first place. No one, for example, would pay the government $600 per month for coverage that they could get from an existing private insurer for $550. Similarly, there is no point in having a “public option” if the price is equal to private policies. Obama will therefore price the public policies lower than the private policies. The only way he can do that is to subsidize the cost of the federal policy with taxes. That will force private health insurers out of business, as consumers will naturally cancel their private health policies and buy “Obamacare” if it saves them money. Eventually, all 300 million Americans (plus millions of illegal immigrants) will be covered by the federal health plan. The problem will then be that tax revenue and insurance premiums will be nowhere near enough to pay for the care of everyone. Obama will be forced to raise taxes to make up the difference, or engage in more deficit spending (resulting in inflation as more money is printed), or cut services (rationing). Obama’s health care scheme follows the usual approach followed by government as described by author and former Libertarian Party presidential candidate (1996 and 2000) Harry Browne: “The government is great at breaking your leg, handing you a crutch, and saying ‘You see, without me you couldn’t walk.’”

 

Democrats hold hearings to discus how to “help” Americans prepare for retirement, and consider eliminating tax breaks for 401(k) accounts and IRAs. The assets in those accounts would be confiscated by the government and then converted to universal “Guaranteed Retirement Accounts” (GRA) managed by the Social Security Administration. The plan has the support of Ross Eisenbrey, vice president of the Service Employees International Union. There is currently no bill in Congress to establish GRAs, but Democrats are considering the proposal as a way of generating additional tax revenue and making Americans more dependent on the federal government. [2785]

 

The Obama administration proposes raising the estate (death) tax to generate as much as $60 billion to help pay for a national socialized health care system. Obama and his fellow Democrats fail to understand that raising taxes on estates causes unemployment, as the heirs who inherit family farms or family businesses upon the death of the owner often have to liquidate the business to come up with the cash for the federal tax. [2786]

 

Secretary of Defense Robert Gates asks the top general in Afghanistan, David McKiernan, to resign; McKiernan will be replaced by Lieutenant General Stanley McChrystal. [2788, 2792]

 

After the fuss about the backup Air Force One publicity photos—that had New Yorkers scrambling for cover when they thought they were again being attacked by terrorists—the White Houser released one photograph. Not very impressive, the photograph allegedly cost the taxpayers $328,835. Photoshop users around the country quickly produced similar pictures of the plane flying past the Statue of Liberty, which were just as impressive—and cost nothing. [2789]

 

At a Washington hearing, Congressman Alan Grayson (D-FL) asks Elizabeth Coleman, inspector general of the Federal Reserve, a string of questions she is unable to answer. Coleman states that the Fed had decided to let Lehman Brothers fail without having done any research into the effect of the decision, even though it chose to bail out other financial firms. Grayson asks if anyone was keeping track of the trillions of dollars the Fed was injecting into the money supply; Coleman’s evasive responses clearly indicates that no one is doing so. “I am shocked to find out that nobody at the Federal Reserve is keeping track of anything,” states Grayson. Coleman responds to questions in typical federal doublespeak, “We have not looked at this specific area at the particular point on that specific review.” [2790, 2796]

 

The Heritage Foundation estimates that Obama’s plan to raise capital gains and dividends taxes will cause the value of stocks to fall by approximately $93 billion. Those harmed most by the tax changes will be senior citizens, who depend on dividends and the sale of stocks to finance their retirements; retired couples in their 70s or 80s cannot wait 20 years for the stock market to recover from Obama’s tax penalties. [2793]

 

The official White House website removes references to Obama’s pre-election commitment to reverse the Defense of Marriage Act (which was signed by Clinton in 1996 and approved overwhelmingly by both the House and the Senate). The website had stated, “Obama also believes we need to repeal the Defense of Marriage Act…” It now states that Obama “…supports full civil unions and federal rights for LGBT couples and opposes a constitutional ban on same-sex marriage…” A pledge to repeal the “don’t ask, don’t tell” policy for gays in the military has been changed to say that Obama “supports changing Don’t Ask Don’t Tell in a sensible way that strengthens our armed forces and our national security.” [2795]

 

Investor and former hedge fund manager Andy Kessler warns that the recent upswing in the stock market is a sucker’s rally and not the start of a bull market, because there is no sustainable, fundamental reason for the rise to continue, considering sub-par earnings, a declining dollar, and close to $2 trillion in budget deficits. [2798]

 
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