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Dec
03
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LINK: FOX NEWS STORY
“Let me be clear, I am open to every demonstrably good idea. And I want to take every responsible step to accelerate job creation. We also though have to face the fact that our resources are limited,” Obama said.
Perhaps unwittingly, Vice President Joe Biden took the event a bit off-message at the start, painting a more dire picture of the nation’s economy than typically heard out of the administration.
At the opening session, Biden recalled an old Ronald Reagan line that people see the problem as a merely downturn when a stranger is out of work and a recession if it’s a relative who is unemployed - but a full-blown depression when they themselves lose a job.
“And it is a depression” for the nation’s 10 million unemployed, Biden added.
“Our task together is obviously not an easy one,” Biden said. And while the $787 billion stimulus package had helped kick-start the process, “the government’s capacity is still somewhat limited.”
Comment: Do you think they will ever figure it out? The government’s solution of printing more money and piling more of the burden on the everyday working man and small business owners has its limits.
Maybe they are trying to tell us to get ready for what is next. More bad news? I wonder.
This morning I was listening to author Martin L. Gross speak, and he stated that the taxes which businesses currently pay on employee wage dollars is about 11% to 13% per dollar. I have not been able to substantiate it yet, but this morning he stated that by 2019, it will have increased to around 22% per wage dollar. This will be necessary to pay for the programs and things now being discussed.
The costs which businesses have to pay have to go somewhere. The money to cover a business’s higher costs does not magically appear in business bank accounts. You and I, the consumers, will be the ones paying them.
Clint Bridges
