President Obama is working hard to ensure he only serves one term
Posted by Mike Sylvester - 9/20/09 @ 2:39 pm - Filed Under National Politics
Since President Obama was elected I have predicted he will serve only one term. I stand by that prediction.
He has broken so many campaign promises that it staggers the mind.
One of the promises that he made over and over during and after his successful Presidential campaign was that he would NOT increase taxes on families that make less than $250,000 per year. I cannot tell you how many times President Obama made that promise.
Well, now it seems he may well break that promise:
President Obama is claiming:
President Barack Obama says requiring people to get health insurance and fining them if they don’t would not amount to a backhanded tax increase.
We can argue about whether or not it is a tax increase or not. I think many reasonable people will argue that it is a penalty and not a tax increase. That being said lets look at how this penalty would be collected from taxpayers… Drumroll please…
The penalty will be assessed on the taxpayers individual tax return. The penalty will be collected by the Internal Revenue Service.
This means that many of the Americans who have to pay this penalty will consider it a tax increase because they are paying the penalty to the IRS…
I still think the only way President Obama can possibly win a second term is if the Republicans choose a candidate who is as bad as Kerry was in 2004.
Mike Sylvester
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21 Responses to “President Obama is working hard to ensure he only serves one term”
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I agree that Obama’s highly unsatisfactory in the office he currently infests. On the other hand, the possibility of the GOP choosing as poor a candidate as Kerry is, shall we say, not exactly remote. Why, just recently they ran Ol’ Grampaw Angry-Pants, and stood by while he selected Sarah the Silly as his (so to speak) running mate.
By the time the GOPpers eliminate their closeted sexual deviants, they’re pretty much down to … well, I read some online conjecture the other day that “Morning Joe” might get the pachyderm call. And why not? He’s screen-tested.
Face it, America fans. It’s over. Your national VISA card’s been maxed out on a scale you can’t begin to grasp. We are so screwed.
Jim
I will agree with you that McCain was a terrible pick. Whoever said never take advice from your enemies sure knew what he/she was talking about.
As for “Sarah the Silly,” just ask yoruself when is the last time the media gave a rat’s ass about an unsuccessful republican vp candidate? Did they do story after story on Jack Kemp after 1996? Did they continue to make fun of Quayle after 1992? No, because they were nonfactors. Palin scares them to death. She is the only GOP political figure who has rockstar like status. And she’s can’t do any worse than BO.
First of all, who makes over a quarter of a million dollars and still can not afford health insurance? Whether it’s defined as a fine or a tax increase, I doubt if it will affect many people at that level.
Also, to be fair, you have to consider that with the massive amounts of money being borrowed and printed, it is just a matter of time before inflation kicks in and seriously devalues the dollar. The people who will be making $250 million at the end of Obama’s term will only be making $125 million in today’s terms. Call it a campaign COLA.
Jim Wetzel,
I agree that it is very possible that the GOP will pick an awful candidate…
Mike Sylvester
Ummm…..and how else would the government take in money? The ONLY mechanism they have is the IRS…isn’t it?
Ummmmm….and what do we call money that the government takes from the citizens? I doubt if “donation” is appropriate…
Kevin,
There are many Federal Agencies who collect money and taxes… The IRS is the largest of them…
If Congress is dumb enough to levy a fine against Americans who do not have “sufficient” health insurance I agree it will likley be the IRS who will collect it.
Mike
Mike, not being a smart-ass: who else takes in money and taxes for the federal govt???
Kevin,it was not about stimulus,it is not about health care reform,it is not about the environment,it is about Obama’s vision to change this country into his vision of Marxism.And to do that it has been a race to get as much as he can before the American people wake up.And that strategy seems to be running out of steam.As tax payers now get what “change” means.I think what the question is now would be how far his administration will go to force his agenda on our country.
Does carrying water for the left starting to get heavy?
Kevin,
I am sure I could come up with a huge list if needed, lets just start with:
The Federal Reserve
The Social Security Administration
The FDIC
The Federal Housing Authority
These are just a few Federal agencies that collect money Kevin…
Mike Sylvester
Mike,
Don’t forget the GSA, HUD and the US Marshall’s Service, which collect revenue from seized and forfeited property.
Also, the SBA, which generates revenues in a variety of fashions. Also, the U.S. Postal Service, the Customs and Border Protection, US Department of Homeland Security which generates revenues in a similar fashion via auctions.
In addition, the Treasury Department, selling bills, notes and bonds. Or, how about the Federal Highway Administration? There’s so many more.
The fact is, Knuth doesn’t do his homework and is displaying nothing more than his typical blow hard mouthpiece tactics for the left (or lies), without really considering all of the facts.
Abe,
You’ve hit on a brilliant idea! In a few years, the rest of the world will probably begin dumping the increasingly worthless U.S. dollar in a major way. We can then force the uninsured to buy the junk U.S. bonds as a fine and thus help to stabilize their value.
Keep a close eye on Treasury Auctions. When the bid rate falls below one, watch out. In equity markets we would call it a squeeze. Because of the shift to short term notes, the Treasury is increasingly having to auction off large amounts of debt to pay the debt holders whose debt obligations have matured. Anyone ever see the Movie “Trading Places?” How do you squeeze the shorts?
The Treasury note is paying nearly 0%. It is a debt obligation and it is naked.
So William were would you put your money?It sounds like doomsday.
Abe- I asked a question so I could learn. For that you say “The fact is, Knuth doesn’t do his homework and is displaying nothing more than his typical blow hard mouthpiece tactics for the left (or lies), without really considering all of the facts.”
I am thinking you are an asshat!
Bill,
I’m not following your logic. The last two 1-year auctions had the highest bid to cover ratio in history.
And what treasury are you claiming is paying 0%? There has been a massive rally since 1st quarter lows in treasuries across the board. 10 year bonds are creeping towards the five year average.
I think bonds could go either direction from here but the situation is nowhere near as dire as you make it sound IMO…
J Bloom,
I’d go with gold.
http://www.youtube.com/watch?v=JhaEc_4zuFI&feature=channel
Kevin said: “Abe…I am thinking you are an asshat!”
Is that another question or are you positing it as a statement of fact?
J Bloom, I would love to be able to answer your question, but after looking at this question for over 35 years, I am not sure where is best.
Gold during the depression fell in value because we had deinflation. Stocks took years to recoup with many companies going out of business. Cash was king if you could get yours out of the bank. If you had un developed realestate, you still had to pay property taxes on it and it did not increase in value and produces no return. Developed property may produce a return if those who lease or rent it pay you, but you still have to pay property taxes. In the end many during the depression who had millions in land were what they called land rich, cash poor and lost it all.
In today’s environment what do you want and what do you need? Land will produce food. During the depression people spent their last nickle to buy gasoline. With the government actually printing money, I would say you do not want any US treasury debt. Inflation will increase and I am afraid the Treasury will be squeezed. This would also include US currency paper. Gold is rising and the mint has run out of gold several times to mint gold coins. Bullion and gold coins are on par. Coins are smaller and can be used to buy goods and services. In Europe the Silver Euro coin is hard to get and if you find them they limit you to a few coins.
My inclination is gold coins, any country will do. My second option is to stock up on non perishable food and durable goods. You can probably trade or barter these for things you need. How bad can it get, I have no idea, but I have a good imagination.
Jeff,
“The last two 1-year auctions had the highest bid to cover ratio in history.
..
There has been a massive rally since 1st quarter lows in treasuries across the board. 10 year bonds are creeping towards the five year average.”
Jeff, the treasury auctioned off a lot of debt in the past 18 months that will be coming do this year and next. As for the bid ratio, I see the treasury itself is bidding which artificially keeps the ratio higher. Subtract out the treasury bid and you will see a different picture.
Keep an eye on the dollar. If it begins to fall against other currencies, the bid ratio will fall more.
We have a problem. To entice entities to loan the treasury money requires it to pay a competitive rate. If the dollar falls, rates go up. The only way for the dollar to rise against other currencies is fear, economic growth (paying down the debt). I do not see paying down the debt happening. The last surplus this country had was 1957.
William and Phil,thank you for your thoughtful reply.