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Tuesday, May 4, 2010

I.M.F. / Greece - Boondoggled again...

First: BAD news

Europeans Fear Greek Debt Crisis Will Spread

Everyone is hearing about the crisis in Greece. Clearly no one in the EUROPEAN UNION that has any money left wants to pour it into the socialist sink hole. So, the clever thing they are doing is getting the IMF (International Monetary Fund) to bail Greece out. That way the EU nations won't have to be on the hook nor should they be on the hook for Greece's mismanagement of their socialist country…..

This is a test question: Having the IMF do the heavy financial lifting guess where most of the money in the IMF comes from…? Guess who is really going to pick up this bill...? IF we were betting , a "good bet" is the American tax payer on average, hasn't any idea what the IMF is or does and not a clue it will mostly be their tax dollars that will end up bailing out Greece, Spain, and Portugal. All socialist countries. Most of the money in the IMF comes from us.(Our liberal press nor our elected representatives nor our President have let the voters in on this secret. )

Over time our Congress has committed the American tax payer to untold amounts of debt. The debt is hidden from the American voter and often disguised as aid to this or that country and to a myriad of other social causes around the world.

(At a personal level I am sorry about Haiti and their disaster. I feel bad for them but so long as people in our country are in need, I don't want to see one cent of our tax money go elsewhere. We cannot buy goodwill and trying to be the checkbook for the world is hurting every person in America.)

(To digress: As far back at 1959 the world had figured us out. Peter Sellers made a film titled "The Mouse That Roared".. The setting was a small European county that had no money. So it decided to attack America. The country knew after America won the war it would give the little country lots of money. So off they went with their ten soldiers in a little boat to New York. The plan was to just get off the boat and surrender. That would be all that was needed. Here a half century later America is still in the game.)

As the European Union and the IMF debate the politics of Greece’s laying off civil servants or persuading its doctors to pay income tax, it is becoming apparent that the international community may need to come up with a much larger sum to backstop not just Greece, but also Portugal and Spain.

“The number will be huge,” said Piero Ghezzi, an economist at Barclays Capital. “Ninety billion euros for Greece, 40 billion for Portugal and 350 billion for Spain — now we are talking real money.”

Mr. Rogoff says that the I.M.F. could commit as much as $200 billion to aid Greece, Portugal and Spain, but acknowledges that sum alone would not be enough.


http://www.nytimes.com/2010/04/28/business/global/28euro.html?th&emc=th

Second BAD news:

National Review: The chief actuary for Medicare has released a memorandum providing cost estimates for the final health legislation passed by Congress and signed by the president…For starters, the actuary says that the legislation will increase health care costs, not reduce them — by about $300 billion over a
decade…

The actuary also says that the financial incentives in the bill will lead many employers to stop offering coverage altogether. That means about 14 million people with job-based insurance today will lose it. Moreover, he estimates that the cuts in Medicare Advantage will reduce enrollment by 7 million people…

The memo says the Medicare cuts will total nearly $600 billion through 2019, and that they will almost certainly jeopardize access to care for seniors by driving scores of institutions into financial distress. Employers will pay taxes totaling $87 billion over a decade for not offering qualified coverage, and individuals who don’t sign up with approved insurance will pay another $33 billion in fines over the same period…

http://healthcare.nationalreview.com/

Don't you just wonder why it has taken Medicare so long to release these numbers? Medicare was involved with Congress in putting the Health Care Bill together. Can we really believe Medicare has finally discovered what the real cost will be IF in fact these are the real numbers? Very doubtful. However, the press and the Whitehouse will find a way to spin this off.

Third BAD news:

Earlier this month, Congressman Jim Jordan (R-Ohio) introduced the Economic Freedom Act. Modeled after the American Solutions Jobs First plan, the bill would:

1) Eliminate the capital gains tax.
2) Reduce the corporate tax rate to 12.5%.
3) Permanently eliminate the death tax.
4) Provide immediate business expensing.
5) Reduce the payroll tax by half for 2010.
6) Repeal the "stimulus" spending (except for unemployment benefits and the tax cuts).
7) Terminate the TARP program.

Anyone reading this Jordan Bill and believes the current Congress would pass any part of the Bill raise your hand. How is it that Congressman Jordan is "just now" introducing such a bill? Why has he decided to put on this political show with all of these really good ideas? Wonder what his poll numbers are?

It seems that no matter which party our elected representatives associate themselves with they are always in the throws of trying to manipulate our perceptions of them. (called - bamboozling) Shame on him. Jordan will talk about his "side show" bill during his campaign. No one will ask him why he didn't introduce this bill the first year he was in office and shame on them for not asking.

Come November…Come November come with us to the voting booth. Bring one new voter with you and let us elect folks who have values, courage, and insight to end these mismanagement nightmares.

Ron

http://theoxfordteaparty.blogspot.com/

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