The President laid out his vision for a clean-energy future last week. Once again, the pundits were quick to say that it can't be done.
Yes, the oil industry will try to stop us. They'll smear our efforts with every attack they can dream up. They'll run ads against the members of Congress standing with us -- and go even more negative as elections near. That's the way it's always been done.
But we don't settle for what people in Washington believe is possible. This movement has never let conventional wisdom dictate our strategy. With your help, we simply organize from the ground up.
We've set a big goal of getting to $1 million raised by the end of this week for our clean-energy campaign.
Can you donate $5 or more today?
“Nobody thinks it’s working but they can’t get rid of him – that would look awful. He needs the right sort of job to go but the consensus is he’ll go.” – Democrat Anonymous InsiderThe White House has yet to comment on the issue, but Emanuel has complained in the past of the heavy work load and some believe he wants to be Mayor of Chicago. Emmanuel told 60 Minutes last March:
“It’s seven days a week, constant. And even at night, you’re never really calm sleeping. No matter how exhausted, you’re not calm. You’re never kinda off.” – Rahm EmanuelMany have complained that Emanuel’s style is just too rough. He is expected to quit shortly after the midterms. It won’t be any surprise to see multiple Obama staff leave at that time – especially if November gives Obama’s party a crushing defeat.
JAKE TAPPER, HOST: Hello, and happy Father's Day. Joining me this morning, the president's chief of staff, Rahm Emanuel. Mr. Emanuel, happy Father's Day.That's what hockey fans call a hat trick!
RAHM EMANUEL, WHITE HOUSE CHIEF OF STAFF: Thanks, Jake.
TAPPER: Before we start the questions, I'm interested in your reactions to photographs from Saturday's BP CEO Tony Hayward at a yacht race off the Isle of Wight in the clean waters off southern England. What goes through your mind when you see those pictures?
BOB SCHIEFFER: Today on FACE THE NATION, the wind is pushing the oil to the Panhandle of Florida now. How much worse can it get? And while the oil keeps on gushing, Tony Hayward, the CEO of BP, took a break and went yachting in cleaner waters off the coast of England. Is it time for him to go? Is the twenty billion dollars BP has put in escrow enough to meet the damage claims? Just two of many questions for Alabama Senator Richard Shelby, who toured the region yesterday; Florida Senator Bill Nelson; Congressman Joseph Cao of Louisiana and Senator Barbara Boxer, chair of the Senate Environment Committee. I'll have a final word today on the high price of gas. But first, Day 62 of the Disaster in the Gulf.
ANNOUNCER: FACE THE NATION with CBS News chief Washington correspondent Bob
Schieffer. And now from CBS News in Washington, Bob Schieffer.
BOB SCHIEFFER: And, good morning, again. Senator Shelby is joining us today from Mobile. Senator Boxer is in San Francisco. Congressman Cao in New Orleans and Senator Nelson is with us here in the studio. Welcome to you all. Well, Senator Shelby, you were all over the Gulf Coast region yesterday. Did you run into any yacht racing down there?
MR. DAVID GREGORY: This Sunday, disaster in the Gulf with no end in sight and a looming summer of oil. Was this the defining week in the Gulf Coast crisis? The issues: containment of the oil and cleanup, holding BP accountable, the impact on the Obama presidency, the future of offshore drilling, and will Washington think big about finding other sources of energy? This morning, our special discussion. With us, Kenneth Feinberg, the independent administrator of the BP oil spill victim compensation fund; Mississippi's governor, Republican Haley Barbour; Louisiana senator, Democrat Mary Landrieu; the chairman of the House Select Committee on Energy Independence and Global Warming, Democrat Ed Markey of Massachusetts; the former president of the Shell Oil Company, John Hofmeister; and "BBC World News America"'s Katty Kay.
Announcer: From NBC News in Washington, MEET THE PRESS, with David Gregory.
MR. GREGORY: Good morning. After BP's Tony Hayward turned in a poor performance on Capitol Hill this week, he appears to have made matters worse by attending a yacht race over the weekend, drawing yet more criticism from many on the Gulf Coast and beyond who feel that the oil company's chief executive has been sorely out of touch since this disaster began 62 days ago.
Yours in Truth ;-) Shelly
People can change the volume, the location and the composition of their income, and they can do so in response to changes in government policies.
It shouldn't surprise anyone that the nine states without an income tax are growing far faster and attracting more people than are the nine states with the highest income tax rates. People and businesses change the location of income based on incentives.
John Fund of WSJ's Political Diary breaks down Tuesday's most interesting primary contests. Also, WSJ Columnist Mary Anastasia O'Grady translates the latest economic signals from Washington.
Likewise, who is gobsmacked when they are told that the two wealthiest Americans—Bill Gates and Warren Buffett—hold the bulk of their wealth in the nontaxed form of unrealized capital gains? The composition of wealth also responds to incentives. And it's also simple enough for most people to understand that if the government taxes people who work and pays people not to work, fewer people will work. Incentives matter.
Just remember what happened to auto sales when the cash for clunkers program ended. Or how about new housing sales when the $8,000 tax credit ended? It isn't rocket surgery, as the Ivy League professor said.
On or about Jan. 1, 2011, federal, state and local tax rates are scheduled to rise quite sharply. President George W. Bush's tax cuts expire on that date, meaning that the highest federal personal income tax rate will go 39.6% from 35%, the highest federal dividend tax rate pops up to 39.6% from 15%, the capital gains tax rate to 20% from 15%, and the estate tax rate to 55% from zero. Lots and lots of other changes will also occur as a result of the sunset provision in the Bush tax cuts.
Tax rates have been and will be raised on income earned from off-shore investments. Payroll taxes are already scheduled to rise in 2013 and the Alternative Minimum Tax (AMT) will be digging deeper and deeper into middle-income taxpayers. And there's always the celebrated tax increase on Cadillac health care plans. State and local tax rates are also going up in 2011 as they did in 2010. Tax rate increases next year are everywhere.
Now, if people know tax rates will be higher next year than they are this year, what will those people do this year? They will shift production and income out of next year into this year to the extent possible. As a result, income this year has already been inflated above where it otherwise should be and next year, 2011, income will be lower than it otherwise should be.
Also, the prospect of rising prices, higher interest rates and more regulations next year will further entice demand and supply to be shifted from 2011 into 2010. In my view, this shift of income and demand is a major reason that the economy in 2010 has appeared as strong as it has. When we pass the tax boundary of Jan. 1, 2011, my best guess is that the train goes off the tracks and we get our worst nightmare of a severe "double dip" recession.
In 1981, Ronald Reagan—with bipartisan support—began the first phase in a series of tax cuts passed under the Economic Recovery Tax Act (ERTA), whereby the bulk of the tax cuts didn't take effect until Jan. 1, 1983. Reagan's delayed tax cuts were the mirror image of President Barack Obama's delayed tax rate increases. For 1981 and 1982 people deferred so much economic activity that real GDP was basically flat (i.e., no growth), and the unemployment rate rose to well over 10%.
But at the tax boundary of Jan. 1, 1983 the economy took off like a rocket, with average real growth reaching 7.5% in 1983 and 5.5% in 1984. It has always amazed me how tax cuts don't work until they take effect. Mr. Obama's experience with deferred tax rate increases will be the reverse. The economy will collapse in 2011.
Consider corporate profits as a share of GDP. Today, corporate profits as a share of GDP are way too high given the state of the U.S. economy. These high profits reflect the shift in income into 2010 from 2011. These profits will tumble in 2011, preceded most likely by the stock market.
In 2010, without any prepayment penalties, people can cash in their Individual Retirement Accounts (IRAs), Keough deferred income accounts and 401(k) deferred income accounts. After paying their taxes, these deferred income accounts can be rolled into Roth IRAs that provide after-tax income to their owners into the future. Given what's going to happen to tax rates, this conversion seems like a no-brainer.
The result will be a crash in tax receipts once the surge is past. If you thought deficits and unemployment have been bad lately, you ain't seen nothing yet.
Mr. Laffer is the chairman of Laffer Associates and co-author of "Return to Prosperity: How America Can Regain Its Economic Superpower Status" (Threshold, 2010).
Fifty three of the Senate’s 59 Democrats gave unelected, overpaid bureaucrats at the U.S. Environmental Protection Agency a green light yesterday to do pretty much whatever they choose in their quixotic crusade against global warming. All 41 Republicans and six brave Democrats voted for Alaska Sen. Lisa Murkowski’s resolution nullifying the EPA’s recent usurpation of authority under the Clean Air Act to regulate the U.S. economy to combat greenhouse gases. Thankfully, this craven surrender of congressional authority isn’t the last word on the issue, assuming that the November elections produce a Senate with enough backbone to reassert the legislature’s rightful power.The last line is critical. While this Congress will not stop the new regulations from the EPA, future Congresses still can. When you consider the candidates running for Congress in your district, and for the Senate from your state, consider where they stand on energy rationing. Did your Senator support the Murkowski resolution? Has your Representative cosponsored the House resolution to block the EPA move? Find out, and remember when you go to the polls
Well, after only a few months, James O’Keefe has uncovered another manner in which tax payers hard earned rewards of their labor (know as money) is turned over to be disbursed to lawful entities, performing legitimate work. After watching James latest undercover video of the Census compensation protocols, you might want to contact your local Congressman or Senator.
Yours in Truth ;-0 Shelly
James O'Keefe, the conservative activist who brought us the ACORN undercover videos, and who almost had another coup vs. Senator Mary Landrieu, but was busted for "Entering a Federal Building Under False Pretenses" (IIRC), a misdemeanor. Well, James didn't let that get him down. He simply made another documentary, this time, about the fraud committed by what we must assume is a large percentage of the Census workforce, costing taxpayers untold $Millions of dollars. Now I will admit that I'm certain that many Enumerators are honest, and I even know someone on my street who was working as an Enumerator, and I'm pretty confident SHE wasn't being dishonest, and I would expect ALL 9/12'ers on THIS network to be honest, so I'm not calling anybody on here out. After all, we support/adhere to the 9 Principles & live by the 12 Values as 9.12'ers!
Here's the video clip James posted yesterday: