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  • Obama's Assault on the Poor

    During the 2008 presidential campaign, then-candidate Barack Obama promised he would cut the taxes of 95% of working Americans. Most agree that he delivered on this promise with the 'Making Work Pay Tax Credit' (part of the $787 billion stimulus bill), which gave most individuals a paltry $400 refundable tax credit or $800 for working families. So, a question that naturally comes to mind is, how's that tax cut working out for you?

    The answer, unfortunately, is that it's not working out very well at all, especially for those in lower-income households. While the stimulus bill did provide some modest temporary payroll tax cuts for most working Americans, other Obama administration initiatives may effectively negate that relief by increasing taxes and/or the costs of goods and services. These tax and price increases are among the most regressive I've ever seen, meaning that they will hit the poor a lot harder than any other demographic group.

    You won't see this analysis in the mainstream press, so read on to see what kind of change Obama is really bringing about.

    ...
  • Cap-and-Trade: Bad For The Economy & Us

    On June 26, the Democrat-controlled House narrowly passed sweeping legislation that calls for the government's first limits and taxes on carbon emissions, the so-called "Cap-and-Trade" bill that President Obama has insisted on. Experts on both sides of the issue, including President Obama, agree that Cap-and-Trade will result in higher energy prices, and that means higher prices for fuel, home heating and cooling and many other things we buy from food to cars to movie tickets, etc., etc. Cap-and-Trade will be a disaster for the economy. Hopefully, the Senate will not pass this bill, especially in light of news that the EPA has suppressed a major new study which argues that global warming in NOT happening, and recommends against Cap-and-Trade. This may be one of the most interesting and important E-Letters I have ever written... But it will likely make you angry!...
  • Carbon Emissions: Environmental Or Political Issue?

    I don't know if you've noticed, but the global warming issue is now increasingly referred to as "climate change." Believers say that the new name conveys the idea that there are more changes in store than rising temperatures. Critics, however, say that the name change was necessary because the warming has ceased in recent years. Whatever your opinion on climate change, it's likely that you've noticed that it is a polarizing issue, with most people being either adamantly for or against taking steps to reduce man-made greenhouse gasses.

    I will not even attempt to enter the fray of whether or not climate change is the result of human activity. What I do know, however, is that the economic consequences of trying to reduce greenhouse gasses is going to cost a lot, and most of the money will come from the pockets of American taxpayers either as taxes or increased costs of goods and services. With that in mind, this week I'm reprinting an excellent article from Peter Huber. He addresses the likelihood of meaningful reductions in greenhouse gasses when only developed countries are required to participate. No matter where you stand on the climate change issue, I think you'll find his analysis to be thought provoking....
  • Why The Stock Markets Are Collapsing

    The US economy is in the worst recession since the Great Depression, and the latest economic reports have been even worse than expected. The US stock markets continue to collapse, with the Dow and the S&P 500 down well over 50% since the peak in October 2007. It is estimated that $10 trillion in wealth has disappeared in the US alone as a result of the stock market bust. Investors around the world are asking WHY? In my opinion, a big reason why the markets are collapsing is the trillions of dollars in new federal spending that President Obama has enacted. Plus, his record $3.55 trillion federal budget for 2010 will likely result in a deficit of over $2 trillion for fiscal 2010. I believe that this enormous spending, plus his other liberal plans that he intends to put in place this year, are serving to drive stock prices much lower than what should be happening. This is a lot to cover in one letter, so let's get started....