Wednesday, December 15, 2010

Wealth Flight

I came across an article from earlier in the year that details the wealth flight from New Jersey. New Jersey chose to fund its coffers by taxing its wealthy residents and so those residents started leaving the state. This is a good example of what can happen on a grander scale in the United States. Or perhaps instead of Americans leaving, since it takes a lot more commitment to leave one's homeland than simply crossing state lines, wealthy foreigners avoid immigrating here.

Sunday, December 5, 2010

Obama and the Deficit

Okay, so we now have proof that Obama is full of crap. Today Bloomberg reported that Obama has added some demands to the bill that would keep current tax rates from increasing come January 1. Before, he was so busy crowing about how by not raising taxes on high income earners, their gained income was going to "cost" the country too much in the form of a higher deficit (see my Oct 2 post). But come today, the deficit doesn't seem to be a problem anymore now that he is making a deal that includes extending the unemployment benefits to infinity which will add another $150 billion (a year?) to the deficit. Remember when Bush a couple of years ago ran a deficit of $445 billion and that was the biggest ever? Well Obama makes even him appear as a tightwad in comparison. When will Obama next embarrass himself about keeping the deficit under control?