Archive for 25 May 2010

Another WTF moment brought to you by the fucking Democrat assholes in Congress.

The Hypocrisy Act of 2010
Ed Morrissey

Or, as Keith Hennessey suggests in his must-read deconstruction of the big-spending bill Congress will approve this week, the Call It Anything But Don’t Call It Stimulus Act.  Nancy Pelosi calls it the American Jobs and Closing Tax Loopholes Act of 2010, which forms the acronym AJCTLA, and that sounds like nonsense when spoken.  It’s a perfect match for its title, as Hennessey explains, because it does nothing to help American jobs and everything to allow Congress to help itself to even more fantasy money.

In fact, it manages to both increase the deficit and hike taxes, a rather neat little trick that one might think would embarrass even Democrats in 2010.  The CBO confirms that AJCTLA has the following long-term consequences:

* $40 B net tax increase

* $174 B spending increase

* $134 B deficit increase

How does it manage to do that?  Hennessey gives us the bullet points:

* increases infrastructure spending by $26 B over ten years;

* extends a raft of expiring tax provisions, mostly for one year

* provides funding relief for certain employer pension plans;

* raises a bunch of taxes, mostly on businesses and a certain kind of partnership income called “carried interest;”

* extends unemployment insurance benefits, increasing federal spending by $47 B over the next two years;

* increases Medicare payments for doctors for eighteen months at a $63 B cost;

* increases health insurance subsidies for the unemployed (through “COBRA”) by $8 B over the next two years; and

* increases federal Medicaid spending by $24 B for a six-month policy change.

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More on Korea…

SKorea resumes psychological warfare with NKorea
By HYUNG-JIN KIM

SEOUL, South Korea (AP) – South Korea blared propaganda broadcasts into North Korea on Tuesday after a six-year halt and Pyongyang said its troops were bracing for war as tensions spiked on the divided peninsula over the sinking of a warship.

One Seoul-based monitoring agency reported that North Korea’s leader ordered its 1.2 million-member military to get ready for combat after South Korea blamed the North for a March 26 torpedo strike that sank the warship Cheonan and killed 46 sailors. South Korean officials could not immediately confirm the report.

The South’s restarting of psychological warfare operations – including radio broadcasts into the North and placing loudspeakers at the border to blast out propaganda – were among measures the government announced Monday to punish Pyongyang. The South is also slashing trade and denying permission to North Korean cargo ships to pass through South Korean waters.

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Keep raising taxes morons. Show the state just how out of touch you are with reality. This will bode well for Republicans of this state, if the idiot masses get their heads out of their asses.

That’s a huge if.

FIRE THE BASTARDS!

California Democrats unveil tax-increase package

SAN FRANCISCO, May 24 (Reuters) – Democratic lawmakers in California unveiled a plan on Monday for nearly $5 billion of tax and fee increases to help fill the state government’s $19.1 billion budget gap.

The plan by state Senate Democrats would raise $4.9 billion by raising California’s vehicle registration fee, suspending corporate tax breaks scheduled to begin next year and boosting the state’s tax on alcoholic beverages.

Democrats control both chambers of the state’s legislature and have said they would seek new revenue to help plug the shortfall.

Republican Governor Arnold Schwarzenegger, by contrast, has ruled out tax increases and is relying largely on deep spending cuts in his plan for balancing the state’s books. He has called for $12.4 billion of cuts and would scrap the state’s welfare system, a plan Democrats have rejected.

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I took my 401K stocks and converted them to an interest bearing account last week. Don’t want to lose half of my assets again.

If the Euro tanks and Korea heats up, we’re in deep shit.

U.S. Stock Futures Drop on Borrowing Costs, Tensions in Korea
By Jonathan Burgos and Adam Haigh

May 25 (Bloomberg) — U.S. stock futures fell, indicating the Standard & Poor’s 500 Index may slip to 2010’s lowest level, as bank borrowing costs rose and a report said North Korean leader Kim Jong Il ordered his military to prepare for combat.

Goldman Sachs Group Inc. lost 1.8 percent as the rate banks say they pay for three-month loans in dollars increased to 0.536 percent, the highest since July 7 and the 11th straight gain, according to the British Bankers’ Association. Ford Motor Co. and Apple Inc. fell more than 2.5 percent on concern that Spain’s ailing banks signal a widening Europe debt crisis that may curb global economic growth.

S&P 500 futures expiring in June dropped 2.5 percent to 1,044.40 at 7:50 a.m. in New York. The index’s lowest close of the year was 1,056.74 on Feb. 8. Dow Jones Industrial Average futures retreated 210 points, or 2.1 percent, to 9,833.

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World stocks sink on renewed Europe fears
By ALEX KENNEDY

SINGAPORE (AP) – World stock markets tumbled Tuesday, extending Wall Street’s sell-off as the sliding euro fueled a new wave of pessimism about the global economy’s health.

Renewed worries about Europe’s debt problems rattled already anxious investors, who grew more uncertain about the outlook for the U.S. and global economies.

In early trading in Europe, Britain’s FTSE 100 fell 2.3 percent, Germany’s DAX dropped 2.6 percent, and France’s CAC-40 sank 3.1 percent. Futures pointed to losses of 2 percent or more for major U.S. stock indexes on Tuesday.

Earlier in Asia, Japan’s Nikkei 225 stock average shed 3.1 percent to 9,459.89 as the yen’s strength against the common European currency hammered exporters.

Hong Kong’s Hang Seng index slid 3.5 percent to 18,985.50 while benchmarks in Australia, Indonesia, Thailand, Taiwan and Malaysia lost 3 percent or more. Stock markets in India and Singapore were down more than 2 percent while China dropped 1.9 percent.

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These assholes in Congress just don’t fucking get it. The ONLY way that they will get the message is to fire them.

If you aren’t engaged in the process, you’re the problem too.

Unions don’t help anyone  but themselves. Look what the unions and communists in Greece did for that country. You’ve been warned.

The Next Bailout: $165B for Unions
By Erik Berte

Taxpayers could be on the hook for another $165 billion if a bill to bail out private union pension funds makes it through Congress.

A Democratic senator is introducing legislation for a bailout of troubled union pension funds.  If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

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