Here’s another example of what happens when inexperienced, wrong-minded, ill-educated people are given responsibility for things they know absolutely nothing about.
Part of the ill-conceived Obamacare bill contains a new 2.3 percent tax on medical devices with the goal of raising nearly $30 billion over the next decade. And I’m sure that what the bill drafters focused on was the additional tax revenue, giving little or no thought to the damage they’d do to the whole medical device manufacturing industry, something they likely don’t understand anyway.
But as is now proving out, the legislation is so onerous and misguided that, according to Fox News.com: “The Senate gave sweeping bipartisan approval Thursday to a proposal by Orrin Hatch, R-Utah, and Amy Klobuchar, D-Minn., to put senators on record in favor of repealing a tax on medical devices – a key part of President Obama’s controversial health care law.”
Orin Hatch said, “the tax is a drain on innovation, on job creation and on our ability to provide ground breaking medical technologies to patients."
Now, although I mention the tax because it presents a vivid example of how short-sighted and misguided most Democrats are regarding anything related to how income, expenditure and money-management works, the administration's response to a tax repeal is so incorrect and little thought out, it’s flat-out embarrassing.
What the administration said was, “companies actually stand to benefit from the law. Though the 2.3 percent tax hits the industry, the department argues that the millions of new health care customers insured as a result of the law will increase the demand in hospitals to order more equipment -- in turn boosting medical device companies' profits.”
And as far as boosting medical equipment and device sales due to new health care customers being insured is concerned, that’s likely correct. And so will there probably be an increase in demand from hospitals for more equipment as well. But what these dunces in office either don’t get, or simply left out of their response was, that all that equipment will now be built overseas because of the additional tax burden here.
So, while the old saying about penny-wise and pound foolish surely applies here, there’s another example of horrendous money mismanagement in today’s news, this one from the Weekly Standard via Drudge:
“Vice President Biden and his entourage spent a little time in London in early February during his first foreign trip of the second term of the Obama administration. A document released today revealed that the cost of lodging in London alone was close to half a million dollars. The contract was awarded on January 30, 2013 to the Hyatt Regency London for a total of $459,388.65.”
Thus, what today’s subjects illustrate again quite clearly is that this nation probably has no real economic problems at all. And if left alone there’d likely be no unsolvable fiscal issues that couldn't be fixed. But, when you add government to the mix, you wind up with myriads of additional costs, wasted funds in the trillions and fiscal policy's that make absolutely no monetary common sense.
And I suppose some of these aspects of financial mismanagement are to be expected in a nation as large as ours is, because there really are so many issues involved. However, management problems due to magnitude are one thing, and as troubling as they are, they surely arise.
But sheer ignorance and refusal to listen or learn are quite other things altogether, and that’s what most Dem’s are guilty of. And I’m one of those folks who has no problem, in paying for my own mistakes became I deserve the consequences of my own ignorance and errors. But I’m very GD sick and tired of paying for theirs.
That’s it for today folks.
Adios
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