To be frank, sitting here reading about the Blabber-in-Chief's daily infomercials is a major league bore. Watching paint dry ranks about the same in interest, excitement or worth. However, if nobody does it, the horrendous disinformation and pure distortions he continually presents would go by unnoticed, which I believe is not only very wrong but keeps me trying to find and present the actual facts wherever I can.
In today’s case, I found an article on Drudge, from Investor's Business Daily site, Investors.com, titled: “Obama Calls Income Gap 'Wrong' — After Widening It”
Last week in a speech in Illinois, the incumbent addressed income disparity, stating: “This growing inequality is morally wrong, [and]undermines the very essence of America." He then used that premise as a lead in to his plans to push for more federal spending and taxes on the "rich" in coming budget battles.
However, what he didn’t mention is that, according to the article, “income inequality has grown faster on his watch than any time in the past two decades, at least.”
To support that claim, “research by University of California economist Emmanuel Saez shows that since the Obama recovery started in June 2009, the average income of the top 1% grew 11.2% in real terms through 2011, while the “bottom 99%, in contrast, saw their incomes shrink by 0.4%.”
What that means is that 121% of the gains in real income during the incumbent’s “recovery” have gone to the top 1%.
In comparison, “the top 1% captured 65% of income gains during the Bush expansion of 2002-07, and 45% of the gains under Clinton's expansion in the 1990s.” The Census Bureau's official measure of income inequality, the Gini index, showed similar results and that, "During the Bush years, the index was flat overall, finishing in 2008 exactly where it started in 2001.
However, “[Income inequality's] gone up each year since Obama has been president and now stands at all-time highs.”
But the really incredibly despicable part is that the article goes on to say that: “Despite this record, Obama's answer is simply to increase the dose of the very same treatments — more government spending, more taxes, more intrusions into the marketplace in the name of "shared prosperity" — that hobbled the recovery and produced the very misery he now claims he can fix.”
Reading the data got me to thinking and doing some additional research because, although I’ve mentioned similar evidence of either total economic ignorance or purposeful plans to destroy capitalism, I wanted to see what other evidence I could find.
That led me to an article in The New York Times, saying that:there are “reports that President Obama is reviving an old proposal to lower the corporate tax rate from 35 percent to 28 percent (and 25 percent for manufacturers). Obama's push to lower the corporate tax rate to 28 percent comes less than a year after he raised the top individual income tax rate, paid by many small businesses, to 39.6 percent.”
Reading about a 39.6% tax rate caused me to check the United States Census Bureau, under the United States Department of Commerce which shows that “About three quarters of all U.S. business firms have no payroll. Most are self-employed persons operating unincorporated businesses, and may or may not be the owner's principal source of income. Because non-employers account for only about 3.4 percent of business receipts, they are not included in most business statistics, for example, most reports from the Economic Census.”
Since that last number, 3.4%, sounded quite low to me, and also knowing that small business is the backbone of our economy, I looked further and found an article headed, “They Are Murdering Small Business- The Percentage Of Self-Employed Americans” by Michael Snyder, on Alex Jones’ infowars.com, which says:
“In a previous article, I detailed how the number of new businesses (and the number of jobs those businesses create) has been steadily declining. In particular, this decline has accelerated dramatically under the Obama administration. According to an analysis of U.S. Department of Labor data performed by economist Tim Kane, the following is how the decline in the number of startup jobs per 1000 Americans breaks down by presidential administration.”
Bush Sr.: 11.3
Bush Jr.: 10.8
Mr. Snyder explains the details this way: “At the federal level, high taxes and higher uncertainty about taxes are undoubtedly inhibiting entrepreneurship, but to what degree is unknown. The dominant factor may be new regulations on labor. The passage of the Affordable Care Act is creating a sweeping alteration of the regulatory environment that directly changes how employers engage their workforces, and it will be some time until those changes are understood by employers or scholars.”
He then goes on to note that: “Separately, there has been a federal crackdown since 2009 by the Internal Revenue Service on U.S. employers that hire U.S. workers as independent contractors rather than employees, raising the question of mandatory benefits. New firms tend to use part-time and contract staffing rather than full-time employees during the startup stage. According to Labor Department data, the typical American today only takes home 70 percent of compensation as pay, while the rest is absorbed by the spiraling cost of benefits (e.g., health insurance).”
So, after digesting all of the above, once again the actual facts show clearly that there’s either complete ignorance in this administration about how our economy really runs, or a specific intention to undermine and destroy it. Which is why I believe there’s little doubt that either way the nation cannot move again toward prosperity until, one way or another, the incumbent and his cronies' have been replaced entirely by others who truly wish to do it.
That's it for today folks.