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Mercnbeth -> RE: Thoughts on President Obama's Job Summit? (12/4/2009 10:30:53 AM)
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quote:
highest bracket for individual income is now 41% and the business tax is down to 12.5%. Capital gains taxes were cut from 40% to 20%. Bureaucratic red tape was cut drastically
Kirata, points out how the home run was hit in Ireland. Unfortunately, it also documents the exact three things that will NOT happen under this administration and Congress.
However, I don't blame Congress or the Administration. The citizens don't want any of the that to take place. They are all anxiously awaiting their own entitlement promised in exchange of their votes. Where the money comes from, or how its expense on the books of the private sector companies and/or investors doesn't concern them. They want their 'free' health care, 'free' college education, 'free' housing (or at least an exception for paying the mortgage they signed). Another consideration at this point is the huge portion of the population works for the Federal, State, County, or local government in one manner or the other. They're safe secure, and entrenched; never mentioned when it comes to contributing to the problem. They have fantastic, and well funded by union dues, special interest PAC lobbyists making sure 'cuts' is a never spoken four letter word. Earlier this year, the bankrupt company known as California tried to get back just one paid Holiday as a cost saving measure back from the bureaucrats here in CA, they had to give two 'personal' days in exchange. The State Representatives, and Arnold saw it, and tried to sell it, as a 'victory'!
You can't cut taxes and/or the bureaucracy they fund when at the first hint of 'cuts' there are ads that night on TV with images of babies, children, teachers, old people, firemen, and police telling the masses of how their lives will end, and services curtailed, if one penny of funding cuts are implemented. It's a dead end issue.
When labor leader Andrew Stern of the Service Employees International Union; ranks #1 with 22 sleep over visits to the White House year to date, you can bet that the only safe jobs in the USA are in the public sector. Public sector jobs have two factors which contribute to a larger deficit and ongoing costs; they drain tax money from the economy, and they end up in perpetuity. Ever hear of any bureaucracy, or a person working for one, that was terminated after fulfilling whatever goal they were assigned? Meanwhile, as much as the cost and benefits for government workers is huge, it's nothing compared to the retirement benefits they get once they are gone; fully paid pension, and health care that lasts of lifetime.
Any business person looking at the fixed employee expenses would take drastic actions, perhaps including bankruptcy, to change that situation before considering anything else, were we talking about a company similarly encumbered with bad labor deals. At the very least, the cards would be dealt up and an attempt at some mutually agreed plan would be implemented. Something relatively simple and harmless like establishing a new pay-scale and pension program for any new hire. Or more effective - a freeze on all public employee hiring for say 25 years so attrition will bring the numbers down to a reasonable amount.
However when the ultimate employee union 'boss' is sleeping over - that chat just isn't taking place.
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