Tuesday, September 20, 2011

Newest Fox News piece: Has Your Job Been 'Saved'?

My newest piece starts this way:

During Obama's first two years in office, he passed five stimulus/jobs bills. If you add up the promises, he boldly promised something well over 5.5 million jobs "created or saved." But reality turned out very differently: there are now 2 million fewer people working than when the first Stimulus passed. On top of that, the number of jobs should have increased as the country’s population has grown by almost 5 million. Population growth by itself should have generated more than 3 million new jobs. 

President Obama claims that instead of our economy being short of over 5 million jobs, things would have been even worse without his policies. We would have lost 10.5 million jobs without all his spending. No matter how bad the job numbers get, Obama points to some hypothetical economic meltdown that was avoided by his policies. Thus, no evidence whatsoever, no matter how bad, can be used against him. 

With all the different “Stimulus” and “jobs” programs, it is hard to remember all the promises and to keep track of where all the money has gone. . . .

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New Fox News piece: Obama Gets the Numbers Wrong In His Tax Plan!

My newest piece at Fox News starts this way:

The justification for President Obama's new proposed tax on the wealthy is wrong on the numbers. Despite the president's claims, millionaires don't pay lower tax rates than middle class workers. His proposed surcharge on capital gains and dividend taxes will raise already high tax rates on high income individuals and force even more investment outside the United States. The so-called "Buffett rule" is based on Warren Buffett's claim:
"The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.”

It is true that the 15 percent capital gains and dividend tax rates are lower than the marginal income tax rate paid by a lot of workers. Of course, this ignores that because of deductions the average tax rate for the middle class is much lower than the marginal rate. . . .

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