As I have written here, Barack Obama’s pledge to not raise taxes on anyone who earns under $250,000 has always been a great lie. Watch this exchange from today with White House Press Secretary Robert Gibbs on taxing health benefits to pay for Obama’s health care plan.
I think we all know where this is headed.
Barack Obama promised during the campaign that you would only pay higher taxes if you made over $250,000.
Today the United States House of Representatives voted and passed by a vote of 219-212 a massive climate change bill. This bill will tax energy producers and green house gasses. Hopefully, this bill will die in the Senate. If it does not, this country will suffer more then you can possibly imagine.
By the way, not one member of the House read this bill that is around 1200 pages long.
Now, what does this bill do? In short, this bill will increase taxes, and by extension the cost of energy for everyone in America. As the energy producers costs rise, so will your costs as an energy consumer. This is basic economics. Energy costs are factored into every product you buy. The people who championed this bill are Barack Obama, Nancy Pelosi, Steny Hoyer, and Joe Biden among many others who are too many to list here. If you voted for any of these people, then I hope you enjoy paying more for gas, electricity, and food. You have only yourself to blame. When its harder to feed your kids, don’t come crying to me. If I were you I would call the White House and ask them to cover your monthly shortfall.
After all, Barack Obama promised you would only pay higher taxes if you made over $250,000. Well, today that lie was exposed yet again with his support of this cap and tax bill. Barack Obama lied to you, and if you still do not realize that then there is no hope for you at all. Sadly, this lie was spread throughout the media during the last campaign and was never strongly challenged. People like Sarah Palin predicted it, but the media will never acknowledge that.
This is where investing comes in. If you do not understand the simple fact that you were lied to, then becoming a successful investor is virtually impossible. What gives me an edge when I invest is that I know the truth, or I am as close to the truth as anyone can be. Without the truth, getting rich through investing is nearly impossible and not much fun, unless of course you enjoy losing money.
So, we have a congress that doesn’t read a bill that will raise your cost of living and then votes for it! Do you think that is OK?
I make my living as an investor and therefore I have to be somewhat good at it or I don’t eat. I am more then ready to invest and make money off this stupidity, and I hope you are too. If not, then you have only yourself to blame if you voted for these people. Hey, I’ve made mistakes in my life and each time I suffered because of them. Maybe this is your time to learn.
We will see what happens in the Senate.
On March 25, 2009 I authored the post “Red Ink Rising.” It was short and sweet with a graphic showing our future deficits. The picture wasn’t just worth a thousand words, it was worth trillions and trillions of dollars. It is worth it to note that even these horrible CBO numbers have been revised to the worse since this graphic was made.
SOURCE: CBO, White House Office of Management and Budget | The Washington Post – March 21, 2009
“Chinese assets are very safe,” Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.
His answer drew loud laughter from his student audience, reflecting scepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.
But later in the day, Chinese Vice Premier Wang Qishan said it was important for the two nations to show the world they are working together through their joint economic dialogue.
“We must through our dialogue send a clear signal that China and the U.S. are engaged in practical cooperation to address the crisis,” Wang told Geithner, according to the Chinese Foreign Ministry’s website (www.mfa.gov.cn).
“This is important for boosting confidence and encouraging global financial stability and economic revival,” said Wang.
In his speech, Geithner renewed pledges that the Obama administration would cut its huge fiscal deficits and promised “very disciplined” future spending, possibly including reintroduction of pay-as-you-go budget rules instead of nonstop borrowing.
So this is how we restore our standing in the world that was damaged the last eight years? Our treasury secretary is literally being laughed at when he talks about fiscal responsibility and safe investing. He is being laughed at because President Obama’s own budget makes a mockery of Geithner’s remarks on pay-as-you-go budgets and disciplined spending.
