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Rubio: 'Tax Increases Will Not Solve Our $16 Trillion Debt'

The Weekly Standard |  In this week's Republican address, Florida senator Marco Rubio suggests there are much bigger problems than marginal tax hikes, which President Obama strongly supports.

"Americans are struggling to find or keep middle class jobs for two reasons: because our economy is not creating enough of these jobs and because too many of our people don't have the education or skills required for the jobs that are being created," says Rubio. "A limited government can and must help solve these challenges.

  • Written by: John Galt
  • Category: Economics
  • Hits: 6552

Obama’s Second-Term Agenda Will Be Shadowed By Budget Woes

The Washington Post |  Even if President Obama succeeds in getting Republicans to agree to tax hikes on the wealthy as part of a “fiscal cliff” deal, the country’s grim budget realities will still cast a long shadow — limiting his ambitions as he begins plotting a second-term agenda.

Any agreement is likely to result in less than the $1.6 trillion in new taxes over the next decade that Obama requested in his initial offer to House Republicans, and White House aides are signaling to allies that any new money from taxes would be used almost entirely for deficit reduction — not for ambitious, new spending programs or government expansions.

  • Written by: John Galt
  • Category: Economics
  • Hits: 7243

Americans Net Worth Declines

WASHINGTON (CBS DC) – The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969.

According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars). And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole.

  • Written by: John Galt
  • Category: Economics
  • Hits: 64

Obama’s Soviet Mistake

Pravda | Putin in 2009 outlined his strategy for economic success. Alas, poor Obama did the opposite but nevertheless was re-elected. Bye, bye Miss American Pie. The Communists have won in America with Obama but failed miserably in Russia with Zyuganov who only received 17% of the vote. Vladimir Putin was re-elected as President keeping the NWO order out of Russia while America continues to repeat the Soviet mistake.

After Obama was elected in his first term as president the then Prime Minister of Russia, Vladimir Putin gave a speech at the World Economic Forum in Davos, Switzerland in January of 2009. Ignored by the West as usual, Putin gave insightful and helpful advice to help the world economy and saying the world should avoid the Soviet mistake.

  • Written by: John Galt
  • Category: Economics
  • Hits: 7303

American's Net Worth Drops to 43-year Low

washington.cbslocal.com | The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969.

According to a recent study by New York University economics professor Edward N. Wolff, median net worth is at the decades-low figure of $57,000 (in 2010 dollars). And as the numbers in his study reflect, the situation only appears worse when all the statistics are taken as a whole.

  • Written by: John Galt
  • Category: Economics
  • Hits: 7532

Morgan Stanley Outlines Possible Major Recession in 2013

cnbc.com | The global economy is likely to be stuck in the “twilight zone” of sluggish growth in 2013, Morgan Stanley has warned, but if policymakers fail to act, it could get a lot worse.

The bank’s economics team forecasts a full-blown recession next year, under a pessimistic scenario, with global gross domestic product (GDP) likely to plunge 2 percent.

“More than ever, the economic outlook hinges upon the actions taken or not taken by governments and central banks,” Morgan Stanley said in a report.

  • Written by: John Galt
  • Category: Economics
  • Hits: 11134