Wealth distribution on a global scale.

Barack Obama proposed legislation titled Global Poverty Act (S. 2433) and was approved by the Committee, on which Joe Biden was on.

The bill suggests we spend .7% of our GDP – .7% of 13.8 Trillion is just under $100 billion EACH YEAR! – on helping people around the world that live on less than 1 dollar a day. Coincidentally that does not include impoverished people living in the United States.

If this does not rub you the wrong way, then nothing will. The bill has 30 co-sponsors, 5 of whom are Republicans (mostly moderate) and this somehow lends the bill to the auspices of bi-partisanship.

Spending 100 billion dollars a year (assuming our income remains constant – and it won’t) on battling poverty through the administration of the United Nations, an outfit which has repeatedly demonstrated it’s anger with the United States. What should strike you is that every single taxpayer in the United States will be forced to spend thousands of dollar a year on random strangers in the world and to countries that probably hate us. The idea that this will somehow curb terrorism is a Utopian dream and nothing more.

So, not only has our president-elect expressed a strong compunction to spread the wealth across the country, but now he has taken it worldwide. Even in the best economic time, I find this somewhat offensive when we have so many people in America currently at poverty levels. Our nation is already borrowing and printing money at astronomical rates, this just really bakes the cake.

What can we do?

First, click that link and educate yourself about the act. Then tell others about this bill.
Lastly, send email to at least the Republicans cosponsoring the bill.

This is the letter I sent to Mr. Hagel – the least moderate of these “Republicans”.

“Mr. Hagel,

I am quite disappointed to have learned that you are a cosponsor for the Global Poverty Act bill. Americans are being asked to pony up 100 billion a year (assuming ~14 trillion GDP). For what? Under some notion that terrorism will be thwarted?

America cannot afford to be spending money in the form of wealth distribution, let alone on causes that do not benefit us in the slightest. I can appreciate the benevolent nature of the bill, but with the recent economic downturns and the non-stop mounting debt, how can anyone think that this bill is a good idea?

This is profoundly disappointing and shows to me why Republicans have lost ground in the Congress and is exactly the reason I now vote 3rd party. There is virtually no distinction between the two parties anymore!

Where are the spending cuts? Where is fiscal responsibility? This is very disheartening.”

Sen. Susan Collins [R-ME]
Sen. Richard Lugar [R-IN]
Sen. Olympia Snowe [R-ME]
Sen. Charles Hagel [R-NE]
Sen. Gordon Smith [R-OR]

401k Takeover Proposal. IRAs in danger?

Just read a piece that made my blood boil. The story is from Carolina Journal, but I will paste the first paragraph below. Even if you currently do not have a 401k, this is the most dangerous proposal I have ever heard. The only similar example I can think of, would be the gold seizure under FDR. If this proposal becomes legitimate, you MUST write to your local representative, congressman, senator, etc. This will be absolutely crippling to our economy as investors will stage a mass exodus out of the market.

If you want a demonstration of this in action, look at Argentina. They just did something very similar.

I will keep my eyes on the story and will add further information to demonstrate just how dangerous this is.

November 04, 2008

RALEIGH — Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers’ personal retirement accounts — including 401(k)s and IRAs — and convert them to accounts managed by the Social Security Administration.

Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on “The Impact of the Financial Crisis on Workers’ Retirement Security,” blamed Wall Street for the financial crisis and said his committee will “strengthen and protect Americans’ 401(k)s, pensions, and other retirement plans” and the “Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people.”

Currently, 401(k) plans allow Americans to invest pretax money and their employers match up to a defined percentage, which not only increases workers’ retirement savings but also reduces their annual income tax. The balances are fully inheritable, subject to income tax, meaning workers pass on their wealth to their heirs, unlike Social Security. Even when they leave an employer and go to one that doesn’t offer a 401(k) or pension, workers can transfer their balances to a qualified IRA.

Read full story:
(http://www.carolinajournal.com/exclusives/display_exclusive.html?id=5081):

Colin Powell endorses Barack Obama

Colin officially endorsed Barack Obama. His primary reasoning is that America needs a generational change.

Like I said earlier, Colin is a moderate/liberal republican – so he is not exactly obligated to be a fully dedicated Republican.

But Colin, WHAT THE HELL? Obama is the most liberal creature America has seen in a long time. His entire economic policy is that of fairness. Fairness has never been and never should be a governing principle. If all businesses operated out of fairness, we would have the GDP capacity of Cuba.

Without even delving into the mountains of evidence to suggest that Obama’s ties are less than favorable and you have a candidate that all Republicans should technically loathe.

Therefore without questioning Colin’s political integrity, I can only make one conclusion. He is endorsing Obama because he is black…or in the case of Colin and Barack…half-black.

Wealth disparity in America

I am growing tired of people blaming Bush’s tax cuts on the problems we are having. First of all, if you do blame him then you have a serious gap knowledge when it comes to taxes. Instead of being a mindless drone, do some research for once. Also this is not a post about the defecit, because if Bush was a conservative he would minimize spending….guess he figured he would be the next Reagan and rammed Iraq.

When taxes are eased on the wealthy, they pay more as a total percentage of taxed paid. Historically when the government taxes the wealthy, the middle class ends up picking up the slack. A notable example would be Bush Sr’s tax hikes.

Here is a great resource.

Who really pays our taxes

The left will come up with some jack-ass argument that the wealthy use fraud, but the US treasury repeatedly reports that lowering taxes on the wealthy raises increases their share.

NOW, yes – they actually end up making more money. It is true and as a result of which, the gap grows between the poor and wealthy. But that DOES NOT mean that the poor become poorer – in fact as as the article points out the poor make more. The problem is that it is not fair according to the liberals.

I ask one question; who gives a sh*t about fair? If the wealthy pay most of our taxes then let them take more. Goodness. Will Liberals ever learn?