Dr. Lacy Hunt–Roadblocks To Recovery — The Economic Consequences of Debt — Heading Towards The Bang Point — “This is how the world ends not with a bang but a whimper.” — Videos

Posted on March 5, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, government, history, Inflation, Investments, Law, liberty, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Raves, Taxes, Video, Wealth, Wisdom | Tags: , , , , , , , , |

“Only those who will risk going too far can possibly find out how far one can go.”

“This is the way the world ends

Not with a bang but a whimper.”

“Most of the evil in this world is done by people with good intentions.”

T.S. Eliot

us_debt_percentage_gdp

us-debt-as-percentage-of-gdp

Total-US-Debt-As-A-Percentage-Of-GDP

us-standards

COMM-ChinaDebtGDP-051112

misery-index

“There Was No Increase In The Standard of Living Since 1997″ – Lacy Hunt

Kung Fu Girl interviews Lacy Hunt

Roadblocks to Recovery an Interview with Dr. Lacy Hunt

We Move Along Toward the Bang Point – Lacy Hunt

An Early Warning Sign is the Currency Depreciates – Lacy Hunt; Part II

Former Fed Official warns of multi-decade downturn PART 1 – Lacy Hunt

Former Fed Official warns of multi-decade downturn PART 2 – Lacy Hunt

T. S. Eliot – The Hollow Men

The Hollow Men T.S. Eliot How Cultures Die

Background Articles and Videos

Velocity of Money (Circulation) Part 1

Velocity of Money (Circulation) Part 2

Related Posts on Pronk Palisades

Lewis J. Spellman Interviews Dr. Lacy Hunt–The Morass of Debt–Videos

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Inverted Yield Curves As Predictor of Coming Recession When Fed Compressed Short Term Fed Funds Rate To Near Zero Interest Rate Policy (ZIRP) Since December 16, 2008–Videos

Posted on January 22, 2013. Filed under: American History, Banking, Blogroll, Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, history, Language, Law, liberty, Life, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Psychology, Raves, Resources, Taxes, Wealth, Wisdom | Tags: , , , , , , , , |

WSJYieldCurve

Inverted Yield Curve

What is a Yield Curve?

What is a yield curve? – MoneyWeek Investment Tutorials

Yield Curve analysis

Treasury Bond Prices and Yields 

The basics of bonds – MoneyWeek Investment Tutorials 

Bonds basics part two – MoneyWeek Investment Tutorials

Jim Grant: Honey, I Shrunk the Yield Curve!!

Yield Curve and Predicted GDP Growth, December 2012

December 28, 2012

Covering November 24–December 14, 2012

Highlights

December

November

October

3-month Treasury bill rate (percent)

0.07

0.09

0.10

10-year Treasury bond rate (percent)

1.69

1.67

1.79

Yield curve slope (basis points)

162

158

169

Prediction for GDP growth (percent)

0.6

0.6

0.6

Probability of recession in 1 year (percent)

8.6

9.2

8.2

 

Overview of the Latest Yield Curve Figures

Over the past month, the yield curve has gotten slightly steeper, with long rates edging up and short rates edging down. The three-month Treasury bill fell to 0.07 percent (for the week ending December 14) down from November’s 0.09 percent, itself just down from October’s 0.10 percent. The ten-year rate, at 1.69 percent, is up a scant two basis points from November’s 1.67 percent, but still remains a full ten points below October’s 1.79 percent. The slope increased to 162 basis points, up four basis points from November’s 158, but still down from the 169 basis points seen in October.

The steeper slope was not enough to have an appreciable change in projected future growth, however. Projecting forward using past values of the spread and GDP growth suggests that real GDP will grow at about a 0.6 percent rate over the next year, even with both October and November. The strong influence of the recent recession is still leading towards relatively low growth rates. Although the time horizons do not match exactly, the forecast comes in on the more pessimistic side of other predictions but like them, it does show moderate growth for the year.

yield_curve_predicted_GDP_growth

 

The slope change had a bit more impact on the probability of a recession. Using the yield curve to predict whether or not the economy will be in recession in the future, we estimate that the expected chance of the economy being in a recession next December is 8.6 percent, down from November’s 9.2 percent, and up a bit from October’s 8.2 percent. So although our approach is somewhat pessimistic with regard to the level of growth over the next year, it is quite optimistic about the recovery continuing. We’re not sure if that lower chance of a recession counts as a gift from Santa, but we’ll take it.

recession_probability_from_yield_curve

 

The Yield Curve as a Predictor of Economic Growth

The slope of the yield curve—the difference between the yields on short- and long-term maturity bonds—has achieved some notoriety as a simple forecaster of economic growth. The rule of thumb is that an inverted yield curve (short rates above long rates) indicates a recession in about a year, and yield curve inversions have preceded each of the last seven recessions (as defined by the NBER). One of the recessions predicted by the yield curve was the most recent one. The yield curve inverted in August 2006, a bit more than a year before the current recession started in December 2007. There have been two notable false positives: an inversion in late 1966 and a very flat curve in late 1998.

More generally, a flat curve indicates weak growth, and conversely, a steep curve indicates strong growth. One measure of slope, the spread between ten-year Treasury bonds and three-month Treasury bills, bears out this relation, particularly when real GDP growth is lagged a year to line up growth with the spread that predicts it.

yield_curve_spread_real_GDP_growth

 

yield_spread_lagged_real GDP_growth

Predicting GDP Growth

We use past values of the yield spread and GDP growth to project what real GDP will be in the future. We typically calculate and post the prediction for real GDP growth one year forward.

Predicting the Probability of Recession

While we can use the yield curve to predict whether future GDP growth will be above or below average, it does not do so well in predicting an actual number, especially in the case of recessions. Alternatively, we can employ features of the yield curve to predict whether or not the economy will be in a recession at a given point in the future. Typically, we calculate and post the probability of recession one year forward.

Of course, it might not be advisable to take these numbers quite so literally, for two reasons. First, this probability is itself subject to error, as is the case with all statistical estimates. Second, other researchers have postulated that the underlying determinants of the yield spread today are materially different from the determinants that generated yield spreads during prior decades. Differences could arise from changes in international capital flows and inflation expectations, for example. The bottom line is that yield curves contain important information for business cycle analysis, but, like other indicators, should be interpreted with caution. For more detail on these and other issues related to using the yield curve to predict recessions, see the CommentaryDoes the Yield Curve Signal Recession?” Our friends at the Federal Reserve Bank of New York also maintain a website with much useful information on the topic, including their own estimate of recession probabilities.

http://www.clevelandfed.org/research/data/yield_curve/

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Economic Consequences of Obama: Worse Economic Recovery in U.S. History–Jumping Off The Fiscal Cliff–Fuse Lit On Debt Bomb!–Videos

Posted on July 24, 2012. Filed under: American History, Banking, Blogroll, Books, Business, College, Communications, Diasters, Economics, Education, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Immigration, Inflation, Investments, Language, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Regulations, Resources, Tax Policy, Taxes, Video, War, Wisdom | Tags: , , , , , , , |

Pronk Pops Show 84: July 25, 2012

Pronk Pops Show 83: July 18, 2012

Pronk Pops Show 82: July 11, 2012

Pronk Pops Show 81: July 8, 2012

Pronk Pops Show 80: June 28, 2012

Pronk Pops Show 79: June 27, 2012

Listen To Pronk Pops Podcast or Download Shows 84-

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 01-9

Segment 0: Economic Consequences of Obama: Worse Economic Recovery in U.S. History–Jumping Off The Fiscal Cliff–Fuse Lit On Debt Bomb!–Videos

Thelma & Luise – Alternative Final Scene

Rep. Kevin Brady Jobs Numbers Interview with CNBC’s Larry Kudlow 07-06-12

CBS: “This Is The Worst Economic Recovery America Has Ever Had

THAT LOOKS BAD!

Going off the Fiscal Cliff–Better Not Look Down

Democrats: We’re Willing to Send America Off the Fiscal Cliff

Sen. Tom Coburn’ on ‘Debt Bomb': Everybody Must Sacrifice

The Debt Bomb book Glenn Beck w/ Senator Tom Coburn on GBTV Stop Washington from Bankrupting America

Uncommon Knowledge: White America Is ‘Coming Apart’

Why You’ve Never Heard of the Great Depression of 1920 | Thomas E. Woods, Jr.

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

How Big Is the U.S. Debt?

U.S. Debt Clocks

http://www.usdebtclock.org/

Marc Faber China a Bubble about to burst

Douglas Holtz-Eakin: Going Off the Fiscal Cliff Is Irresponsible

Senator Pat Toomey on Fiscal Cliff: A Strong Recovery Is within Reach

Senator Pat Toomey on Fiscal Policy: We’ve Created a Chilling Environment

Dr. Coburn on Charlie Rose on US Debt Crisis, Leadership Deficit in Washington

The Fuse is Lit: European Perils

Marc Faber the Great Depression all over again

Jim Rogers – A Holocaust is Coming

Real gross domestic product (GDP) rose 1.9 percent in the first quarter of 2012 after rising 3.0 percent in the

fourth quarter, according to estimates released by the Bureau of Economic Analysis. The first-quarter growth rate was unchanged from the second estimate released in May.

Revisions to GDP

For the third estimate of first-quarter real GDP growth, upward revisions to net exports and business investment in structures were offset by downward revisions to consumer spending, inventory investment, and state and local government spending.

Disposable income and saving Real disposable personal income—which adjusts personal income for taxes and inflation—rose 0.7 percent in the first quarter, compared with 0.2 percent in the fourth quarter. The personal saving rate—saving as a percentage of disposable personal income—was 3.7 percent, compared with 4.2 percent in the fourth quarter.

The personal saving rate has declined for six quarters in a row.

GDP highlights

Net exports increased (after decreasing in the fourth quarter), consumer spending accelerated, and residential housing investment picked up in the first quarter. These positive economic contributions, however, were more than offset by a slowdown in inventory investment.

The slowdown in inventory investment reflected a sharp downturn in the manufacturing and wholesale industries. In contrast,

retail inventory investment turned up, especially by motor vehicles dealers.

http://www.bea.gov/newsreleases/national/gdp/gdphighlights.pdf

Congressman Forbes on Lou Dobbs Tonight discusses DHS circumventing immigration laws

IT’S OFFICIAL: Obama Recovery Now Ranks Dead Last in Modern Times

7/6/12

Obama now ranks 10th of 10 recoveries in both jobs & economic growth

“…With the new June jobs report in hand, President Barack Obama’s economic recovery now ranks as the worst in modern times in terms of both job creation and economic growth, says the GOP leader of Congress’s Joint Economic Committee.
Texas Congressman Kevin Brady, the top Republican on the Joint Economic Committee, observed that the June Employment Report released today by the Bureau of Labor Statistics along with the gross domestic product report released by the Bureau of Economic Analysis on June 28th has marked a milestone: President Obama’s economic recovery ranks as dead last in the post-World War II era.
“Since 1945, the United States has had ten economic recoveries that lasted more than one year. In terms of both how fast the U.S. economy has recovered and how many private sector jobs have been created since the recession’s low point, President Obama now ranks tenth of ten – that’s dead last”, said Brady.
“Three years after the recession officially ended in June 2009, we still have more than four million fewer private sector jobs than we did when the recession started,” he continued. “And for the 41st consecutive month, the unemployment rate has soared above a discouraging 8%.”
Brady says that while President Obama boosts about the 4.4 million private sector jobs he claims have been created during the latest 28 months, put in perspective “President Obama’s recovery has been weaker than every one of his predecessors in the past seven decades. He can try to spin it any way he wants but when measured by jobs or by economic growth he’s at the bottom of the list.”
Last week, the Bureau of Economic Analysis reported that real GDP grew expanded by 6.7% over eleven quarters since the recession ended. Today, the Bureau of Labor Statistics reported the number of private sector jobs had grown by a mere 4.1% since the cyclical low point.
In contrast, real GDP expanded by 17.6%, and private sector jobs ballooned by 10.7% during comparable periods of the Reagan recovery. “Obama’s economic record, frankly, is embarrassing,” Brady said.
“Think about it – despite President Obama’s stimulus, financial bailout, housing bailout, auto bailout, cash-for-clunkers, cash-for-caulkers and an unprecedented five trillion dollars in deficit spending, the Obama recovery is officially dead last in results. Can unemployed Americans really afford four more years of this failed economic leadership?” …”

http://kevinbrady.house.gov/brady-news-releases/its-official-obama-recovery-now-ranks-dead-last-in-modern-times/

Krauthammer’s Epic Takedown of Obama’s Anti-Business Speech

Congressman Kevin Brady Questions Fed Chairman Ben Bernanke 6-7-12

‘Unintended Consequences’ Author Ed Conard on Bain Capital, Economics and Obama’s Record

‘Don’t Vote For Obama’ – President’s Harvard Professor

Robert Mangabeira Unger – “Beyond Obama”

Background Articles and Videos

U.S. debt crisis explained: IOUSA (1 of 8)

U.S. debt crisis explained: IOUSA (2 of 8)

U.S. debt crisis explained: IOUSA (3 of 8)

U.S. debt crisis explained: IOUSA (4 of 8)

U.S. debt crisis explained: IOUSA (5 of 8)

U.S. debt crisis explained: IOUSA (6 of 8)

U.S. debt crisis explained: IOUSA (7 of 8)

U.S. debt crisis explained: IOUSA (8 of 8)

Economic Cycles Before the Fed | Thomas E Woods, Jr.

The Creature From Jekyll Island (by G. Edward Griffin)

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The Money Masters–Videos

Posted on January 31, 2010. Filed under: Blogroll, Books, Climate, Communications, Computers, Crime, Demographics, Economics, Education, Employment, Energy, Farming, Federal Government, Films, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, Homes, Immigration, Investments, Law, liberty, Life, Links, media, Medicine, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Resources, Science, Security, Strategy, Talk Radio, Taxes, Technology, Transportation, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , |

 

“…The Money Masters explains the history behind the current world depression and the bankers’ goal of world economic control by a very small coterie of private bankers, above all governments.

The Central bankers’ Bank for International Settlements (BIS) in 1988 in the “Basel I” regulations imposed an 8% capital reserve standard on member central banks. This almost immediately threw Japan into a 15 year economic depression. In 2004 Basel II imposed “mark to the market” capital valuation standards that required international banks to revalue their reserves according to changing market valuations (such as falling home or stock prices). The US implemented those standards in November, 2007. In December 2007 the US stock market collapsed and credit began drying up as banks withheld loans to comply with the 8% capital requirement as collateral valuations began to drop. The snowball effect of tightening credit, which reduces economic activity and values further, which resulted in further tightening of credit, etc., has produced a worldwide depression which is worsening.

Those capital standards have not been relaxed despite the crushing effects on the world economy* the credit contraction it requires has caused. Why? Because:

Bruce Wiseman
“The purpose of this financial crisis is to take down the U.S. dollar as the stable datum of planetary finance and, in the midst of the resulting confusion, put in its place a Global Monetary Authority [GMA – run directly by international bankers freed of any government control] -a planetary financial control organization”- Bruce Wiseman

*The U.S did modify these rules somewhat a year after the devastation had taken place here, but the rules are still fully in place in the rest of the world and the results are appalling.

“The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole… Their secret is that they have annexed from governments, monarchies, and republics the power to create the world’s money…” .- Prof. Carroll Quigley renowned, late Georgetown macro-historian (mentioned by former President Clinton in his first nomination acceptance speech), author of Tragedy and Hope. “He [Carroll Quigley] was one of the last great macro-historians who traced the development of civilization…with an awesome capability.” – Dr. Peter F. Krogh, Dean of the School of Foreign Service (Georgetown) …”

http://www.themoneymasters.com/

The Money Masters. Part 1 of 22

The Money Masters. Part 2 of 22

 

The Money Masters. Part 3 of 22

 

The Money Masters. Part 4 of 22

The Money Masters. Part 5 of 22

The Money Masters. Part 6 of 22

The Money Masters. Part 7 of 22

The Money Masters. Part 8 of 22

The Money Masters. Part 9 of 22

The Money Masters. Part 10 of 22

The Money Masters. Part 11 of 22

The Money Masters. Part 12 of 22

The Money Masters. Part 13 of 22

The Money Masters. Part 14 of 22

The Money Masters. Part 15 of 22

The Money Masters. Part 16 of 22

The Money Masters. Part 17 of 22

The Money Masters. Part 18 of 22

The Money Masters. Part 19 of 22

The Money Masters. Part 20 of 22

The Money Masters. Part 21 of 22

The Money Masters. Part 22 of 22

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Operation Family Freedom (OFF): Millions Celebrate Washington Fair, Saturday, July 4, 2009–The Second American Revolution

Posted on February 28, 2009. Filed under: Blogroll, Communications, Economics, Education, Employment, Energy, Immigration, Investments, Law, Links, People, Politics, Rants, Raves, Regulations, Resources, Security, Strategy, Taxes, Technology, Video | Tags: , , , , , , , , , , , , , , , |

UPDATE

 

Liberty Launch Countdown to The Celebration of Indpendence Day–Saturday, July 4, 2009–Ice Tea Party Time To Freeze Government Expenditures, Deficits, Debts and Taxes–Expect 30 Million Nationally in 1,000 Cities and Towns and 1 Million in Washington D.C.!

Please Help Spread The Message of Liberty

I am OFF to Washington Fair Tea Party July 4, 2009

Celebrate Passage of 6 Month Tax Holiday and FairTax!

 

“When people lack jobs, opportunity, and ownership of property they have little or no stake in their communities.”

~Jack Kemp

 

 

I.O.U.S.A.

Tea Parties are spreading nationwide  protesting the fiscally irresponsible Federal and state government spending and huge increases in Federal budget deficits and the national debt including:

  1. Bailouts of banks and businesses totalling over $3 trillion or $3,000,000,000,000.
  2. Stimulus spending totalling over  $800 billion or $800,000,000,000
  3. Mortgage loan bailouts totalling over $275 billion or $275,000,000,000
  4. Over 9,000 earmarks  or special projects spending totalling over $7.7 billion or $7,700,000,000.
  5. A new Universal Health Care proposal the would cost over $634 billion  or $634,000,000,000 over a ten year period.
  6. A new cap and trade carbon tax on energy use that would tax the use of electricity, heating oil, gasoline and in turn raise the prices of all goods and service.
  7. Higher taxes on the top 2% of all taxpayers that already pay over 50% of all Federal Income Taxes collected.
  8. The above taxes on businesses would result in more job losses, higher unemployment rates and a prolonged and deeper recession.
  9. The first proposed budget of President Obama has a projected deficit of over $1.75 trillion or $1,750,000,000 the single largest deficit since World War II.
  10. The first proposed budget of President Obama is for $3.6 trillion or $3,600,000,000,000 and represents an increase from 21% to 28% of Gross Domestic Product !

The United States is broke yet our political class keeps on spending and piling debt upon debt and digging the American people into a financial hole for generations to come:

I.O.U.S.A. Bonus Reel: A $53 Trillion Federal Financial Hole

The political elites are bankrupting the country and passing the bill to the American family.

The political elites have for years spent the Social Security surplus on more government spending, but in nine years the Social Security surpluses will become deficits requiring either a cut in Social Security benefits or significantly higher Social Security taxes:

I.O.U.S.A. Bonus Reel: Social Security+Medicare Projections

I.O.U.S.A. Bonus Reel: Deficits and Social Security

Your own families are being attacked by the political elites of both political parties.

Irresponsible Federal and State government spending and programs will only take more and more of your hard-earned money out of your wallet and give it to the political friends of the political class–the redistribution of wealth–in a word socialism.

Looks like backdoor black reparations to many and the repeal of welfare reform and class warfare straight out of Karl Marx.

The Radical Socialists think they know how to spend your money better than you do.

The Radical Socialists in Congress and the Whitehouse aim to make you dependent on the government.

The Radical Socialists want to restrict your liberties including freedom of speech and the freedom to choose life, cars, homes, schools, colleges, jobs, health care insurance plans, retirement plans, guns, and even your favorite talk-show host.

The Radical Socialists want to wreck the US economy and destroy jobs by engaging in fiscally irresponsible behaviour.

The Radical Socialists have already damaged if not ruined our schools, bankrupt Social Security and Medicare, and now threatens your and your families lives by instituting socialized medicine or universal health care.

The Radical Socialists objective is destroy America’s free enterprise capitalist system and replace it with cradle to grave welfare socialism.

These economic policies failed in the 1930s in the United States, failed in Great Britain in the 1960s and 1970s and failed in Japan in the 1990s and in Great Britain today.

The Radical Socialists will also fail in the United States today as well.

The Second American Revolution has begin.

The blog posts of the internet are firing the first posts viewed around the world.

The time has come for the American people–the silent majority–to defend their families, homes, businesses, employers, jobs, wealth,  and freedoms from the Radical Socialists.

The Radical Socialists have pulled off their masks and revealed themselves.

Massive voter remorse will set in when those who voted for the Radical Socialists become unemployed and those with paychecks find out that tax cuts were lies as their food, gasoline and electrical bills significantly increase.

Starting in 2011 rising inflation rates will further errode the purchasing power of your paychecks.

The hardest hit will be the poor and those on a fixed income.

The Radical Socialists are  intentionally destroying the economy and creating a crisis by their irresponsible government spending.

The sooner the American people start resisting the Radical Socialists, the sooner the economy will recover and  economic growth and prosperity will return to America.

The aim of Operation Family Freedom (OFF) is to meet in Washington D.C. on July 4, 2009 and assembly peacefully at various Tea Party Celebrations of Liberty with the aim to pressure Congress and the President to pass both a six-month tax holiday and the FairTax:

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

A six-month tax holiday will restore business and consumer confidence to start spending their incomes and bounce the US economy out of the recession.

The FairTax will encourage saving, investment and business formation and growth in the United States economy.

Both will mean a rapid and sustained increase in job creation and employment and a higher US gross domestic product.

Time to turn OFF all the bailouts, deficit spending, earmarks, rising taxes and a national debt that burdens future generations.

 

” The issue today is the same as it has been throughout all history, whether man shall be allowed to govern himself or be ruled by a small elite.”

~Thomas Jefferson

 

The Second American Revolution

 

The FairTax: It’s Time

 

“The only thing necessary for evil to triumph is for good men to do nothing.”

~Edmund Burke

Background Articles and Videos

 

I.O.U.S.A.: Byte-Sized – The 30 Minute Version

 

Jim Rogers : We Don’t Have a Plan

For Tax Year 2006

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$388,806

39.89

Top 5%

$153,542

60.14

Top 10%

$108,904

70.79

Top 25%

$64,702

86.27

Top 50%

$31,987

97.01

Bottom 50%

<$31,987

2.99

Note: AGI is Adjusted Gross Income

Source: Internal Revenue Service

http://www.ntu.org/main/page.php?PageID=6

The 2003 tax cut was the second in three years, and although tax rates are lower, the federal income tax still remains highly progressive. The average tax rate in 2006 ranges from 3.0 percent of income for the bottom half of tax returns to 22.8 percent for the top 1 percent.

 
Summary of Federal Individual Income Tax Data, 2006
(Updated July 2008)

Table 1

 

Number of Returns with Positive AGI

AGI ($ millions)

Income Taxes Paid ($ millions)

Group’s Share of Total AGI

Group’s Share of Income Taxes

Income Split Point

Average Tax Rate

All Taxpayers

135,719,160

$8,122,040

$1,023,739

100%

100%

-

12.60%

Top 1%

1,357,192

$1,791,886

$408,369

22.06%

39.89%

> $388,806

22.79%

Top 2-5%

5,428,766

$1,185,828

$207,311

14.60%

20.25%

 

17.48%

Top 5%

6,785,958

$2,977,714

$615,680

36.66%

60.14%

> $153,542

20.68%

Top 6-10%

6,785,958

$865,430

$109,060

10.66%

10.65%

 

12.60%

Top 10%

13,571,916

$3,843,144

$724,740

47.32%

70.79%

> $108,904

18.86%

Top 11-25%

20,357,874

$1,692,686

$158,413

20.84%

15.47%

 

9.36%

Top 25%

33,929,790

$5,535,830

$883,153

68.16%

86.27%

> $64,702

15.95%

Top 26-50%

33,929,790

$1,569,769

$110,023

19.33%

10.75%

 

7.01%

Top 50%

67,859,580

$7,105,599

$993,176

87.49%

97.01%

> $31,987

13.98%

Bottom 50%

67,859,580

$1,016,441

$30,563

12.51%

2.99%

< $31,987

3.01%

Source: Internal Revenue Service, http://www.irs.gov/taxstats/indtaxstats/article/0,,id=133521,00.html (“Individual Income Tax Returns with Positive Adjusted Gross Income (AGI) Returns Classified by Tax Percentile – Early Release”)

http://www.taxfoundation.org/news/show/250.htm

 

Glenn Beck Shorts 03-31-09 Tax Day Tea Parties April 15th

 

TEXAS “Tax Day” TEA PARTY Events – CAPITALIST MARCH ON WASHINGTON

 

Share it: The Tea Party Google map

By Michelle Malkin  

FreedomWorks has put together a terrific map with info on all the Tax Day Tea Party events. Spread the word and click to find all the location/time/date info you need. Go to the Tax Day Tea Party website for all the latest. Pretty amazing, don’t you think:

http://michellemalkin.com/2009/04/01/share-it-the-tea-party-google-map/

 

Tea Party update: Revolution is brewing

By Michelle Malkin  

“…Eric Odom reports that there are now 115 cities signed up for the April 15 nationwide Tax Day Tea Party protest. Wow. If you haven’t signed up, want to start your own, and are looking to meet up and organize with other tax revolters, go to Tax Day Tea Party’s website here.

Here’s a quick how-to guide.

  1. dontgo has opened up a Tax Day Tea Party store. Buy some swag, share with friends, spread the word.

Stay tuned to the Fresh Tea blog, where you can meet organizers from across the country. Check in with TCOT Report and Smart Girl Politics for more grass-roots organizing.

(On a parallel track, fellow Fox News colleague Glenn Beck has spearheaded “We Surround Them” parties scheduled across the country today. I’m hearing from lots of first-time activists who have found overlapping networks. The same principles that unite the “We Surround Them” effort also are in sync with the tax revolters. Synergy is good. We need every body and mind in motion we can get.)

In the meantime, other local Tea Party events keep rolling on.

  • Reader Stan e-mails photos from Columbia, MO’s protest today: …” 

 http://michellemalkin.com/2009/03/12/tea-party-update-revolution-is-brewing/ 

 

Tea Party progress report

By Michelle Malkin  

 

Just 15 days until the Tax Day Tea Party protest! 300 cities and counting.

Your places for all the latest planning developments, as always:

Tax Day Tea Party

TCOT Report

DontGoMovement

Smart Girl Politics

Check out the full list of TDTP sponsors and supporting organizations here.

Get some Tax Day Tea Party gear here. (Just ordered the iTeaParty t-shirt.)

And track #teaparty tweeters here.

 

http://michellemalkin.com/2009/03/30/tea-party-progress-report/

 

No duh! White House “worried about bailout backlash”

By Michelle Malkin  

“…With a few notable exceptions, the national media has ignored the tax revolt movement against the porkulus package, omni-pork spending bill, and bottomless bailouts that began in Seattle on President’s Day; continued in Denver on the day of the Generational Theft Act signing; spread to Mesa AZ during President Obama’s massive mortgage entitlement push; spurred protest in Overland Park KS; and evolved into the Tea Party movement across the country.

But local politicians and local newspapers/TV are definitely on notice. Thousands of folks converging in places like St. Louis (1,500), Greenville (2,000), Fullerton (est. 15,000), and Cincinnati (5,000) are getting harder to ignore.

And now, it seems, word is getting around in Washington. The White House, the NYTimes (which has mocked the tax revolters) tells us, is worried about a populist backlash against bailout-mania. Naw. Really? You don’t say: …”

http://michellemalkin.com/2009/03/16/no-duh-white-house-worried-about-bailout-backlash/

 

Huge: Thousands converge for Cincinnati Tea Party; Update: 5k strong

By Michelle Malkin  

“…The Cincinnati Tea Party organizers told us it was going to be big. And it was. Organizer J. Binik-Thomas e-mails this evening that 5,000 folks turned out for the protest and more than 1,600 people signed a petition to ask local governments to reject porkulus funding.

Check out photos at Instapundit, including this aerial:

What are you doing? Go to Tax Day Tea Party and get moving!

Eric Cranley live-tweeted. A sample:

A friend of mine brought his 5 year old son, holding a sign saying, “Even a 5 year old knows socialism is stealing” #teaparty
about 3 hours ago from TwitterBerry

Good sign: “Tar. Feathers. Washington. Now.” #teaparty
about 3 hours ago from TwitterBerry

“My recommendation is that people look no further than the halls of Congress to find the stench of pork” #teaparty

Unlike the Los Angeles Times, the Cincinnati Enquirer actually covered the tax revolters without trashing them: …”

http://michellemalkin.com/2009/03/15/huge-thousands-converge-for-cincinnati-tea-party/

Tea Party on: Taxpayer revolts in Green Bay, Lafayette, Olathe, and Harrisburg; Plus: Live from Fullerton CA… “Recall the Taxinator!;” Arnie videotapes/DVDs smashes/shredded

By Michelle Malkin

“…The tax-paying rebels are not going away.

In Green Bay, Wisconsin, today an estimated 500 protesters gathered for a Tea Party at Titletown Brewing. Reader David has more at Pork Revolution:

…”

http://michellemalkin.com/2009/03/07/tea-party-on-taxpayer-revolts-in-green-bay-lafayette-olathe-and-harrisburg/

Tea Party USA Watch: Party planning continues; Sen. DeMint: “People have to show that they’re not going to take it anymore”

By Michelle Malkin  •  February 25, 2009 02:32 PM

 

(Photoshop credit: Leo Alberti)

Lots of folks are only now hearing about the nationwide Tea Party events on Friday and beyond — as well as the pig roasts and anti-stimulus protests that paved the way for revolts across the country.

A reminder of the main resources for activists looking to join:

The New American Tea Party page from “a coalition of citizens and organizations concerned about the recent trend of fiscal recklessness in government…dedicated to the Washington, D.C. effort specifically sponsored by the American Spectator, the Heartland Institute, Americans for Tax Reform, the National Taxpayers Union, Americans for Prosperity, and the Young Conservatives Coalition” is here.

The #TCOT has a site here and #dontgo has a list of links to official Facebook Event (and some non-Facebook) pages for each confirmed Chicago Tea Party.

PJTV’s clearinghouse for protests is here.

On Twitter, search “#teaparty” for the most up-to-date organizational info.

Glenn Reynolds has links to protest info in Nashville, Houston, D.C., St. Louis, San Diego, Atlanta, Orlando, Kansas City, and Cleveland. Glenn also has a related poll.

http://michellemalkin.com/2009/02/25/tea-party-usa-watch-party-planning-continues/

State officials ban tea from Tea Party

By Michelle Malkin

“…Via Snapped Shot and STACLU comes news that Iowa state officials have banned the use of tea by Tea Party protesters holding an event tomorrow in Cedar Rapids.

The tea violates environmental standards because it will discolor the water:

A Cedar Rapids group will do a symbolic tea dumping into the Cedar River on Saturday because state officials won’t let them use the real thing.

An anti-tax group wanted to pitch in real tea like the Bostonian revolutionaries opposed to England’s tea taxes.

Tea, although natural and quite tasty, is considered a pollutant that can’t go into a body of water without a permit, said Mike Wade, a senior environmental specialist at the DNR’s Manchester field office.

“Discoloration is considered a violation,” Wade said.

What would our Founding Fathers say? …”

http://michellemalkin.com/2009/02/27/state-officials-ban-tea-from-tea-party/

Tea Party photo album: Fiscal responsibility is the new counterculture

By Michelle Malkin

 

“…I’ve got tons of photos and e-mails pouring in from Tea Party people across the country. I joked to a Christian Science Monitor reporter covering the events that fiscal responsibility is the new counterculture. More coverage/photos/livestreaming at TCOT Report.

There is, as the old ’60s song goes, something happening here. And what it is, is very clear: A grass-roots revolt against the culture of entitlement. The spendzillas in Washington do not speak for us. …”

http://michellemalkin.com/2009/02/27/fiscal-responsibility-is-the-new-counterculture/

Barack Obama and the Strategy of Manufactured Crisis

By James Simpson

“…America waits with bated breath while Washington struggles to bring the U.S. economy back from the brink of disaster. But many of those same politicians caused the crisis, and if left to their own devices will do so again.

Despite the mass media news blackout, a series of books, talk radio and the blogosphere have managed to expose Barack Obama’s connections to his radical mentors — Weather Underground bombers William Ayers and Bernardine Dohrn, Communist Party member Frank Marshall Davis and others. David Horowitz and his Discover the Networks.org have also contributed a wealth of information and have noted Obama’s radical connections since the beginning.

Yet, no one to my knowledge has yet connected all the dots between Barack Obama and the Radical Left. When seen together, the influences on Obama’s life comprise a who’s who of the radical leftist movement, and it becomes painfully apparent that not only is Obama a willing participant in that movement, he has spent most of his adult life deeply immersed in it.

But even this doesn’t fully describe the extreme nature of this candidate. He can be tied directly to a malevolent overarching strategy that has motivated many, if not all, of the most destructive radical leftist organizations in the United States since the 1960s. …”

President Barack Obama's Radical Socialist Network
President Barack Obama’s Radical Socialist Network

“…As a young attorney in the 1990s, Barack Obama represented ACORN in Washington in their successful efforts to expand Community Reinvestment Act (CRA) authority. In addition to making it easier for ACORN groups to force banks into making risky loans, this also paved the way for banks like Superior to package mortgages as investments, and for the Government Sponsored Enterprises Fannie Mae and Freddie Mac to underwrite them. These changes created the conditions that ultimately lead to the current financial crisis.

Did they not know this would occur? Were these smart people, led by a Harvard graduate, unaware of the Econ 101 concept of moral hazard that would result from the government making implicit guarantees to underwrite private sector financial risk? They should have known that freeing the high-risk mortgage market of risk, calamity was sure to ensue. I think they did.

Barack Obama, the Cloward-Piven candidate, no matter how he describes himself, has been a radical activist for most of his political career. That activism has been in support of organizations and initiatives that at their heart seek to tear the pillars of this nation asunder in order to replace them with their demented socialist vision. Their influence has spread so far and so wide that despite their blatant culpability in the current financial crisis, they are able to manipulate Capital Hill politicians to cut them into $140 billion of the bailout pie!

God grant those few responsible yet remaining in Washington, DC the strength to prevent this massive fraud from occurring. God grant them the courage to stand up in the face of this Marxist tidal wave.”

http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html

Does Obama Have a Double Standard on Earmarks?

“…On Tuesday evening, when President Barack Obama declared before a joint session of Congress that “we passed the recovery plan free of earmarks,” House Democrats, led by Speaker Nancy Pelosi, popped out of their seats like jackrabbits for a standing ovation. On Wednesday, those same House Democrats, led by Pelosi, passed a budget with, by some counts, nearly 9,000 earmarks, worth an estimated $7.7 billion. …” “…The last eight years, spending got way out of control. The White House couldn’t put a check on Congress and the Congress wouldn’t put a check on the White House, so everyone spent what they wanted and we ended up with trillion-dollar deficits,” says Representative Jim Moran, a Virginia Democrat who nevertheless voted for the package. “We have a responsibility as Democrats to make sure that we don’t do that sort of thing — that when the White House is willing to make tough budgetary choices, that Congress plays a constructive role.” Apparently, that new responsible role doesn’t officially start until fiscal 2010.”

http://www.time.com/time/politics/article/0,8599,1881855,00.html?iid=tsmodule

Obama’s Mortgage Relief Could Bailout 9 Million Homeowners

“…The President Barack Obama administration’s “Homeowner Affordability and Stability Plan” could help as many as 9 million struggling homeowners, but largely those in lower-cost housing areas.

The $275 Billion Plan, with a March 4 rollout, includes a refinancing program for “responsible” borrowers who haven’t missed payments and whose loans are larger than the value of their homes, and a loan modification provision with incentives for lenders to voluntarily modify certain mortgages. …”

http://realtytimes.com/rtpages/20090226_reliefbail.htm

Beware of Cap and Trade Climate Bills

by Ben Lieberman

“…A Costly PropositionThese measures would set a limit, or cap, on carbon dioxide emissions from fossil fuel use. The effect of such a cap would be to impose rationing of coal, oil, and natural gas on the American economy. Each covered utility, oil company, and manufacturing facility would be given allowances based on past emissions or some other formula. Those companies that emit less carbon dioxide than permitted by their allowances could sell the excess to those that do not; this is the trade part of cap and trade. Over time, the cap would be ratcheted down, requiring greater cuts in emissions. …”

“…A Regressive Tax

By limiting the supply of fossil fuels, S. 2191 would raise the cost of energy. For consumers, cap and trade means more expensive gasoline and electricity as well as net job losses in energy-dependent sectors. Senator Lieberman himself concedes costs into the hundreds of billions of dollars. And as the Congressional Budget Office has noted, such energy cost increases act as a regressive tax on the poor.[8]

Lost Jobs

The net job losses from S. 2191 are estimated by Charles River Associates to be 1.2 million to 2.3 million by 2015.[9] Some of these jobs will be lost for good, due to the impact of higher energy costs on economic activity. Others, chiefly in the manufacturing sector, will be sent overseas. In the very likely event that S. 2191 significantly raises domestic manufacturing costs and that developing nations refuse to impose similar restrictions, the American economy could experience a substantial outsourcing of manufacturing jobs to those nations with lower energy costs.

Little Environmental Gain

While the costs of aggressive cap and trade proposals are substantial, the environmental benefits are suspect. This is true even if one fully accepts the claim of man-made global warming. The most ambitious measure to date is the Kyoto Protocol, but even if the U.S. were a party to this treaty and the European nations and other signatories were in full compliance (most are unlikely to meet their targets), the treaty would reduce the Earth’s future temperature by an estimated 0.07 degrees Celsius by 2050–an amount too small even to verify.[10] S. 2191 would at best do only a little more.  …”

http://www.heritage.org/Research/Economy/wm1723.cfm

Obama Proposes $634 Billion Fund For Health Care

Aides Call Money a ‘Down Payment’ Toward Universal-Coverage Efforts

By Ceci Connolly

“President Obama is proposing to begin a vast expansion of the U.S. health-care system by creating a $634 billion reserve fund over the next decade, launching an overhaul that most experts project will ultimately cost at least $1 trillion.

The “reserve fund” in the budget proposal being released today is Obama’s attempt to demonstrate how the country could extend health insurance to millions more Americans and at the same time begin to control escalating medical bills that threaten the solvency of families, businesses and the government.

Obama aims to make a “very substantial down payment” toward universal coverage by trimming tax breaks for the wealthy and squeezing payments to insurers, hospitals, doctors and drug manufacturers, a senior administration official said yesterday.

Embedded in the budget figures are key policy changes that the administration argues would improve the quality of care and bring much-needed efficiency to a health system that costs $2.3 trillion a year.

By first identifying a large pot of money to underwrite health-care reform — before laying out a proposal on who would be covered or how — Obama hopes to draw Congress to the bargaining table to tackle the details of a comprehensive plan. The strategy is largely intended to avoid the mistakes of the Clinton administration, which crafted an extensive proposal in secret for many months before delivering the finished product to lawmakers, who quickly rejected it. …”

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/25/AR2009022502587_pf.html

The Obama Health Care Plan

Obama Budget Pushes Sweeping Change

$3.6 Trillion Plan Would Raise Taxes Sharply on the Affluent, Open Battles on Health, Education; The ‘Trickle Up’ Agenda

“President Barack Obama delivered a $3.6 trillion budget blueprint to Congress Thursday that aims to “break from a troubled past,” with expanded government activism, tax increases on affluent families and businesses, and spending cuts targeted at those he says profited from “an era of profound irresponsibility.”

The budget blueprint for fiscal year 2010 is one of the most ambitious policy prescriptions in decades, a reordering of the federal government to provide national health care, shift the energy economy away from oil and gas, and boost the federal commitment to education. …”

“…The budget’s introduction is likely to herald one of the fiercest political fights Washington has seen in years, waged on multiple fronts. Within minutes, Republicans were lambasting a document they called class warfare, designed to mire the nation in recession for years to come. Business lobbyists were girding for battle even before the budget’s unveiling. Even Democrats are likely to blanch at cuts to agriculture and other programs that have been tried before – and have failed repeatedly.

The budget sets aside an additional $250 billion to complete the president’s effort to rescue the financial markets and stabilize the banking sector. That would come on top of the $700 billion already allocated by Congress. And it is likely to grow. The budget makes clear that the reserve would be used to leverage the purchase of toxic assets weighing down the banking sector’s books, $750 billion in asset purchases overall. That could mean a doubling of the original bailout in the end. …”

http://online.wsj.com/article/SB123564748462081261.html

Editorial: Obama budget is too heavy on taxes, spending

The Detroit News

“…President Barack Obama’s proposed budget outline assumes tax increases don’t affect behavior. They do. It also assumes Congress will end its spending spree. It won’t. If all of the programs in the budget plan become law, tax increases will affect more Americans than the high-income earners targeted in this proposal, and the economy will suffer.

The president’s outline for a 2010 budget, and a blueprint covering the next decade, was released Thursday. The plan sees $3.9 trillion in spending in the current budget year, with a deficit of $1.7 trillion, a shortfall equal to more than 12 percent of the nation’s $14.2 trillion gross domestic product. That kind of deficit as a share of the nation’s total economic output hasn’t occurred since World War II.

And while short-term deficit spending is necessary to jolt the nation out of recession, Obama’s plan advances spending far beyond what’s necessary for stimulus and for the long term. …”

“…Raise the cost of extra effort and risky investments, the kind that make the economy grow, and the result will be less economic activity.

The budget optimistically assumes inflation-adjusted GDP growth rates of 3.2 percent in 2010, 4 percent in 2011 and 4.2 percent in 2012, but the private Blue Chip Consensus forecast for the same years is 2.1 percent, 2.9 percent and 2.9 percent. It’s also worth noting that many of the proposed tax hikes for upper-income families go into effect in 2011, just when the Obama budget foresees a sharp increase in economic growth.

Those higher taxes could very well derail that anticipated rebound.

The Obama budget also expects reductions in spending to help reduce the deficit over the next several years. But is this realistic when the House of Representatives just adopted a $410 billion spending plan for the remainder of this budget year that is generously larded with pork and includes an average increase for domestic agencies of 8 percent? …”

http://detnews.com/apps/pbcs.dll/article?AID=/20090227/OPINION01/902270322

LOL

If You’re a Responsible American. You’re Screwed…

 

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President Obama’s–Recovery Accountability and Transparency Board–RAT Board–King Rat’s Chicago Corruption–The Fix is In The Stimulus Bill!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously!

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009!

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

Barrack Obama’s Kansas Values–Killing Babies in Cold Blood?

Wealth, Income and Job Creation: Let A 1000 Microsofts Bloom

 

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