In 1959, during an interview with the late Mike Wallace, Ayn Rand, the author of “Atlas Shrugged”, said “A free market will not break down. All depressions are caused by government interference and the cure that is always offered is more of the same poisons that caused the disaster.”
After the stock market crashed on October 29, 1929, the government’s solution to the crisis was to raise the top tax rate from 25% to 63%. Successively this was increased to 79% and then to 94%, effectively choking off capital formation, investment, and the incentive to start new businesses.
Not until World War Two broke out in Europe in 1939 and threatened the security of the United States and its allies did Franklin D. Roosevelt reverse his failed policies that had stretched out the Depression, turning to private enterprise to build the airplanes, tanks, and guns that would be needed to defeat the Axis powers and, in 1941, the Empire of Japan. Capitalism saved America.
America suffered a little known shock to its economy on September 15, 2008, just a month and a half shy of Election Day, when around 11 AM the Federal Reserve noted a tremendous draw down of money market accounts in the nation to the tune of $550 billion dollars in just over an hour or so. The decision was made to close the accounts. Had they not done that, the Reserve estimated that by 2 PM the entire economy of the nation would have collapsed. Within 24 hours, the world economy would have followed.
The financial crisis this triggered was put off by letting the investment house of Lehman Brothers fail and by getting Congress to agree to a $700 billion program to bail out other investment firms and the insurance firm, AIG. Simply put, without a banking system, you do not have an economy.
Americans are in for another shock to the system on January 1, 2013 when nearly a half trillion in higher taxes will become the law of the land. Taxmageddon would be the largest tax hike in the history of the nation.
The taxes pose such a threat to the anemic “recovery” the economy is said to be having that a think tank called the Committee for a Responsible Federal Budget has been urging the CEOs of corporations and financial institutions to meet with members of Congress to bring pressure to resolve the gridlock that has brought the nation to the precipice of yet another financial crisis.
How bad is the prospect of January 1, 2013? A May 11th Heritage Foundation analysis listed the following:
# Income tax rates shoot up,
# the child credit rate is cut in half,
# the marriage penalty roars back to life,
# the capital gains tax rate goes up,
# the dividend tax rate soars,
# the payroll tax rate jumps two percentage points,
# the death tax is restored to its punitive past,
# the Alternative Minimum Tax relief expires, and
# a uniquely pernicious additional payroll tax hike from Obamacare takes effect unless the Supreme Court strikes down the law as unconstitutional.
CONTINUED: http://www.teapartynation.com/profiles/blog/show?id=3355873%3ABlogPost%3A2020907&xgs=1&xg_source=msg_share_post
Showing posts with label Free market. Show all posts
Showing posts with label Free market. Show all posts
Sunday, May 20, 2012
Saturday, May 19, 2012
CCTA MAY 16, 2012--MEETING REVIEW
May 16, 2012
For Immediate Release:
Brian Balfour with the Raleigh based Civitas Institute was in New Bern last evening to speak at the monthly meeting of the Coastal Carolina Taxpayers Association. Brian who has a masters in economics from Wayne State University spoke on "Economics in One Lesson," and amazingly achieved the lofty goal of his topic.
Brian explained to the approximately 50 people attending the meeting that humans take action designed to reach their goals, and since they need to produce a good or service to exchange for a good or service they desire, they work to get the most reward they can. This pattern enables one to predict outcomes.
Brian used a glass factory in the former USSR as an example. The central planning committee rewarded the factory for the amount of glass it produced by weight, and they produced glass that was very thick, heavy, and difficult for builders to work with. After much time had gone by, the central committee finally understood that there was a problem and changed what they rewarded. This time the rewards were based on the square footage of glass produced. What happened? The factory began to produce masses of glass that was very thin, fragile, and broke easily.
Contrast that with a free market economy in which builders will only buy from manufacturers who produce glass that's easy to work with, and most producers get it right immediately.
Brian tackled a number of economic myths from this prospective and added the notion that some economic causes and effects can be quickly seen while others cannot be seen so easily, but must be thought through. For example, when a machine is invented that can quickly do the work of many people, it's easy to see that workers are fired as a result, but it takes time and thought to realize that more people are hired to produce the machines, make the raw materials that are used to build them, sell them to end users, transport the machines to end users, and so forth.
One economic myth Brian exposed was the myth of public works as a job creator. If the government builds roads and bridges, one can see workers working on them. Obviously jobs have been created (or saved). However, when the government sets out to build things to create jobs it's not a lot better than the USSR's central committee at discerning what to reward, and is apt to end up building a bridge to nowhere which is not necessarily very productive. Then there's what's not seen. To build the bridge, the government had to get the money by taxing people. What would those people done with their money if they'd been permitted to keep and use more of it themselves? Would they have spent it on goods and services? Invested it in bank savings (enabling the bank to make loans)? Or invested it in a business that created jobs? Humm, sounds like jobs were destroyed, or failed to come into existence, because of removing tax money from the economy. The same sort of case can be made about the materials used to build the bridge. Since the steel and concrete went into the bridge to nowhere, it cannot be used to build a factory, office building, or apartment building.
Another economic myth Brian tackled was that raising the minimum wage helps workers attain a "living" wage. He used restaurants as an example and referred to several specific cases. In point of fact, raising the minimum wage causes the restaurant owner's expenses to go up. He or she cannot print money, so other changes are made. Perhaps evening workers are scheduled to come in later to cut hours. Perhaps menu prices are raised slightly (too large a raise will chase customers away). Perhaps one or more workers are laid off and the owner does more of the work. In any case, each of the options open to the owner tends to be detrimental to the work force by either reducing their income or raising the amount they'd have to pay if they should buy a meal in the restaurant in which they worked.
Brian went on to point out with heavy doses of logic that profit is not a dirty word (firms making profits are those that solve the most urgent needs and wants of society efficiently), and consumer spending does not drive the economy (businesses' purchases of goods needed to produce consumer products does). In sum, Brian Balfour made a most thought provoking presentation.
During the business meeting, it was announced that purchases made at www.ccta.myshaklee.com will result in commissions being paid to CCTA's Hillsdale College Scholarship Fund.
Hal James, Watchdog Committee Chairman, introduced Stevie Bennett who attends New Bern Board of Aldermen meetings regularly. Stevie gave a brief report which included focusing attention and ire on "special appropriations" in the city budget. Special appropriations are taxpayer monies spent by the city on private charities. Stevie is particularly annoyed by the city's giving taxpayer money to the Religious Community Services (RCS). While RCS does much good work, it is only supported by roughly 20% of the churches within the area it serves while 100% of the taxpayers are forced to support it.
When he gave his own report, Hal had much the same complaint about the Craven County Board of Commissioners. He pointed out that the government has no ethical right to use its power of forced compliance to give taxpayer money to charitable institutions. He pointed out that RCS and similar organizations find it easier to make a pitch to 7 Commissioners who have the power to take money from citizens than it is to raise money from their members and supporters voluntarily.
Hal had praise for the Board of Commissioners in three areas. When the Board of Education made it's budget request for just over $24 million from the county (out of a total budget of about $125 million), Scott Dacey inquired whether their current "rainy day fund" of $5 million is not excessive in these times of stress on the taxpayers. Considering that the Board of Education is requesting an increased budget contribution from Craven County of almost $600,000 over last year, this was an excellent question.
The second bright spot Hal mentioned is that the solid waste franchise hauler bids the Board of Commissioners sought resulted in a bid that would enable the price of a sticker for a bag of garbage to be reduced to $2.25 per bag, and the Board accepted that bid thus saving money for Craven County citizens.
The third bright spot occurred when a resolution was presented to explore having a bus collector service for our area to take passengers to Amtrack stations was voted down. Scott Dacey pointed out that Amtrack is loosing money, and asked why, if such a service is needed and is economically feasible, is a private bus company not providing the service.
Nancy Murdoch, Chairman, made two exciting announcements at the end of the meeting. CCTA will sponsor a discussion group beginning at 7 PM on Thursday, May 24 on "The Original Argument." This discussion will follow a modern "translation" of the Federalist Papers (copies of the book are available for $7), and a different person will serve as the facilitator for each weekly session. Call 444-7272 for more information.
Dr. Earl Taylor who appears on the videos used in CCTA's recently completed "5,000 Year Leap" constitution class series is coming to New Bern from Arizona to do a constitution seminar at the Bridgepointe Hotel from 6 to 9 PM on June 20th.
Information provided by
Raynor James, Public Relations Chairman, Coastal Carolina Taxpayers Association
252-288-6228 home (message machine says "FSBO America")
252-626-2804 cell
For Immediate Release:
Brian Balfour with the Raleigh based Civitas Institute was in New Bern last evening to speak at the monthly meeting of the Coastal Carolina Taxpayers Association. Brian who has a masters in economics from Wayne State University spoke on "Economics in One Lesson," and amazingly achieved the lofty goal of his topic.
Brian explained to the approximately 50 people attending the meeting that humans take action designed to reach their goals, and since they need to produce a good or service to exchange for a good or service they desire, they work to get the most reward they can. This pattern enables one to predict outcomes.
Brian used a glass factory in the former USSR as an example. The central planning committee rewarded the factory for the amount of glass it produced by weight, and they produced glass that was very thick, heavy, and difficult for builders to work with. After much time had gone by, the central committee finally understood that there was a problem and changed what they rewarded. This time the rewards were based on the square footage of glass produced. What happened? The factory began to produce masses of glass that was very thin, fragile, and broke easily.
Contrast that with a free market economy in which builders will only buy from manufacturers who produce glass that's easy to work with, and most producers get it right immediately.
Brian tackled a number of economic myths from this prospective and added the notion that some economic causes and effects can be quickly seen while others cannot be seen so easily, but must be thought through. For example, when a machine is invented that can quickly do the work of many people, it's easy to see that workers are fired as a result, but it takes time and thought to realize that more people are hired to produce the machines, make the raw materials that are used to build them, sell them to end users, transport the machines to end users, and so forth.
One economic myth Brian exposed was the myth of public works as a job creator. If the government builds roads and bridges, one can see workers working on them. Obviously jobs have been created (or saved). However, when the government sets out to build things to create jobs it's not a lot better than the USSR's central committee at discerning what to reward, and is apt to end up building a bridge to nowhere which is not necessarily very productive. Then there's what's not seen. To build the bridge, the government had to get the money by taxing people. What would those people done with their money if they'd been permitted to keep and use more of it themselves? Would they have spent it on goods and services? Invested it in bank savings (enabling the bank to make loans)? Or invested it in a business that created jobs? Humm, sounds like jobs were destroyed, or failed to come into existence, because of removing tax money from the economy. The same sort of case can be made about the materials used to build the bridge. Since the steel and concrete went into the bridge to nowhere, it cannot be used to build a factory, office building, or apartment building.
Another economic myth Brian tackled was that raising the minimum wage helps workers attain a "living" wage. He used restaurants as an example and referred to several specific cases. In point of fact, raising the minimum wage causes the restaurant owner's expenses to go up. He or she cannot print money, so other changes are made. Perhaps evening workers are scheduled to come in later to cut hours. Perhaps menu prices are raised slightly (too large a raise will chase customers away). Perhaps one or more workers are laid off and the owner does more of the work. In any case, each of the options open to the owner tends to be detrimental to the work force by either reducing their income or raising the amount they'd have to pay if they should buy a meal in the restaurant in which they worked.
Brian went on to point out with heavy doses of logic that profit is not a dirty word (firms making profits are those that solve the most urgent needs and wants of society efficiently), and consumer spending does not drive the economy (businesses' purchases of goods needed to produce consumer products does). In sum, Brian Balfour made a most thought provoking presentation.
During the business meeting, it was announced that purchases made at www.ccta.myshaklee.com will result in commissions being paid to CCTA's Hillsdale College Scholarship Fund.
Hal James, Watchdog Committee Chairman, introduced Stevie Bennett who attends New Bern Board of Aldermen meetings regularly. Stevie gave a brief report which included focusing attention and ire on "special appropriations" in the city budget. Special appropriations are taxpayer monies spent by the city on private charities. Stevie is particularly annoyed by the city's giving taxpayer money to the Religious Community Services (RCS). While RCS does much good work, it is only supported by roughly 20% of the churches within the area it serves while 100% of the taxpayers are forced to support it.
When he gave his own report, Hal had much the same complaint about the Craven County Board of Commissioners. He pointed out that the government has no ethical right to use its power of forced compliance to give taxpayer money to charitable institutions. He pointed out that RCS and similar organizations find it easier to make a pitch to 7 Commissioners who have the power to take money from citizens than it is to raise money from their members and supporters voluntarily.
Hal had praise for the Board of Commissioners in three areas. When the Board of Education made it's budget request for just over $24 million from the county (out of a total budget of about $125 million), Scott Dacey inquired whether their current "rainy day fund" of $5 million is not excessive in these times of stress on the taxpayers. Considering that the Board of Education is requesting an increased budget contribution from Craven County of almost $600,000 over last year, this was an excellent question.
The second bright spot Hal mentioned is that the solid waste franchise hauler bids the Board of Commissioners sought resulted in a bid that would enable the price of a sticker for a bag of garbage to be reduced to $2.25 per bag, and the Board accepted that bid thus saving money for Craven County citizens.
The third bright spot occurred when a resolution was presented to explore having a bus collector service for our area to take passengers to Amtrack stations was voted down. Scott Dacey pointed out that Amtrack is loosing money, and asked why, if such a service is needed and is economically feasible, is a private bus company not providing the service.
Nancy Murdoch, Chairman, made two exciting announcements at the end of the meeting. CCTA will sponsor a discussion group beginning at 7 PM on Thursday, May 24 on "The Original Argument." This discussion will follow a modern "translation" of the Federalist Papers (copies of the book are available for $7), and a different person will serve as the facilitator for each weekly session. Call 444-7272 for more information.
Dr. Earl Taylor who appears on the videos used in CCTA's recently completed "5,000 Year Leap" constitution class series is coming to New Bern from Arizona to do a constitution seminar at the Bridgepointe Hotel from 6 to 9 PM on June 20th.
Information provided by
Raynor James, Public Relations Chairman, Coastal Carolina Taxpayers Association
252-288-6228 home (message machine says "FSBO America")
252-626-2804 cell
Tuesday, January 10, 2012
What’s So Bad About Socialism?—EVERYTHING!
January 9, 2012
This article is a call to arms for conservatives to join me in a worthy cause: informing naive young Americans who have been indoctrinated in government schools about the problematic reality of socialism. More about the call to arms later. First some background. A college student recently asked me, “What’s so bad about socialism?” What was disturbing about his question was that the student had a high school diploma and a year of college under his belt. He should have known what’s wrong with socialism. Unfortunately, this student is not alone in his ignorance. In a nation that built the strongest economy in the history of the world on the basis of economic freedom, entrepreneurship, and a positive work ethic, an increasing number of young people view socialism not only as an acceptable system but one preferable to a free market system.
In a recent Rasmussen poll, respondents were asked to state which system—capitalism or socialism—they thought was superior. Capitalism barely eked out a majority of 53 percent. In other words, 47 percent of respondents either prefer socialism to capitalism or do not know which system they prefer. The latter scare me more than the former because they make easy marks for leftwing ideologues with a socialist agenda. The results of this poll clearly show the effect that 12 to 16 years of liberal indoctrination in America’s public schools and colleges can have on the thinking of young people, especially when coupled with the constant left-wing messages of the liberal news media and entertainment industry.
Perhaps the most disturbing aspect of the Rasmussen poll is how divided adults under thirty years of age are over the question of socialism versus capitalism. Subjecting young people to leftwing indoctrination passed off as education has had the desired effect— provided of course, you are a leftwing radical illogically wedded to a system that has a long record of failure. According to the Rasmussen poll, adults under the age of thirty responded to the question as follows: 33 percent prefer socialism and 30 percent are undecided. That 63 percent of young people in America do not prefer the economic system that made America a global superpower is a great victory for the left and a stinging indictment of America’s public education system. It is also a call to arms for conservatives.
CONTINUED:
http://patriotupdate.com/articles/whats-so-bad-about-socialism-everything
This article is a call to arms for conservatives to join me in a worthy cause: informing naive young Americans who have been indoctrinated in government schools about the problematic reality of socialism. More about the call to arms later. First some background. A college student recently asked me, “What’s so bad about socialism?” What was disturbing about his question was that the student had a high school diploma and a year of college under his belt. He should have known what’s wrong with socialism. Unfortunately, this student is not alone in his ignorance. In a nation that built the strongest economy in the history of the world on the basis of economic freedom, entrepreneurship, and a positive work ethic, an increasing number of young people view socialism not only as an acceptable system but one preferable to a free market system.
In a recent Rasmussen poll, respondents were asked to state which system—capitalism or socialism—they thought was superior. Capitalism barely eked out a majority of 53 percent. In other words, 47 percent of respondents either prefer socialism to capitalism or do not know which system they prefer. The latter scare me more than the former because they make easy marks for leftwing ideologues with a socialist agenda. The results of this poll clearly show the effect that 12 to 16 years of liberal indoctrination in America’s public schools and colleges can have on the thinking of young people, especially when coupled with the constant left-wing messages of the liberal news media and entertainment industry.
Perhaps the most disturbing aspect of the Rasmussen poll is how divided adults under thirty years of age are over the question of socialism versus capitalism. Subjecting young people to leftwing indoctrination passed off as education has had the desired effect— provided of course, you are a leftwing radical illogically wedded to a system that has a long record of failure. According to the Rasmussen poll, adults under the age of thirty responded to the question as follows: 33 percent prefer socialism and 30 percent are undecided. That 63 percent of young people in America do not prefer the economic system that made America a global superpower is a great victory for the left and a stinging indictment of America’s public education system. It is also a call to arms for conservatives.
CONTINUED:
http://patriotupdate.com/articles/whats-so-bad-about-socialism-everything
Monday, December 19, 2011
Jeb Bush in the WSJ: Capitalism and the Right to Rise -- In freedom lies the risk of failure. But in statism lies the certainty of stagnation.
December 19, 2011
This commentary had Fox News talking this morning! ~Lynn
Congressman Paul Ryan recently coined a smart phrase to describe the core concept of economic freedom: "The right to rise."
Think about it. We talk about the right to free speech, the right to bear arms, the right to assembly. The right to rise doesn't seem like something we should have to protect.
But we do. We have to make it easier for people to do the things that allow them to rise. We have to let them compete. We need to let people fight for business. We need to let people take risks. We need to let people fail. We need to let people suffer the consequences of bad decisions. And we need to let people enjoy the fruits of good decisions, even good luck.
That is what economic freedom looks like. Freedom to succeed as well as to fail, freedom to do something or nothing. People understand this. Freedom of speech, for example, means that we put up with a lot of verbal and visual garbage in order to make sure that individuals have the right to say what needs to be said, even when it is inconvenient or unpopular. We forgive the sacrifices of free speech because we value its blessings.
But when it comes to economic freedom, we are less forgiving of the cycles of growth and loss, of trial and error, and of failure and success that are part of the realities of the marketplace and life itself.
Increasingly, we have let our elected officials abridge our own economic freedoms through the annual passage of thousands of laws and their associated regulations. We see human tragedy and we demand a regulation to prevent it. We see a criminal fraud and we demand more laws. We see an industry dying and we demand it be saved. Each time, we demand "Do something . . . anything."
CONTINUED:http://online.wsj.com/article/SB10001424052970203893404577100330414585006.html?mod=WSJ_Opinion_LEADTop
This commentary had Fox News talking this morning! ~Lynn
Congressman Paul Ryan recently coined a smart phrase to describe the core concept of economic freedom: "The right to rise."
Think about it. We talk about the right to free speech, the right to bear arms, the right to assembly. The right to rise doesn't seem like something we should have to protect.
But we do. We have to make it easier for people to do the things that allow them to rise. We have to let them compete. We need to let people fight for business. We need to let people take risks. We need to let people fail. We need to let people suffer the consequences of bad decisions. And we need to let people enjoy the fruits of good decisions, even good luck.
That is what economic freedom looks like. Freedom to succeed as well as to fail, freedom to do something or nothing. People understand this. Freedom of speech, for example, means that we put up with a lot of verbal and visual garbage in order to make sure that individuals have the right to say what needs to be said, even when it is inconvenient or unpopular. We forgive the sacrifices of free speech because we value its blessings.
But when it comes to economic freedom, we are less forgiving of the cycles of growth and loss, of trial and error, and of failure and success that are part of the realities of the marketplace and life itself.
Increasingly, we have let our elected officials abridge our own economic freedoms through the annual passage of thousands of laws and their associated regulations. We see human tragedy and we demand a regulation to prevent it. We see a criminal fraud and we demand more laws. We see an industry dying and we demand it be saved. Each time, we demand "Do something . . . anything."
CONTINUED:http://online.wsj.com/article/SB10001424052970203893404577100330414585006.html?mod=WSJ_Opinion_LEADTop
Wednesday, January 19, 2011
How do YOUR legislators score on the AFP Key Vote Alert?
Wed, January 19, 2011 10:09:59
From: Dallas Woodhouse, NC State Director, Americans for Prosperity
Americans for Prosperity Releases Federal Key Vote Scorecard for North Carolina Delegation
Raleigh—The North Carolina chapter of the free market grassroots group Americans for Prosperity (AFP-NC) today is proud to feature the North Carolina federal delegation’s score on its Key Vote Scorecard.
The group rated the top free market votes from the 111th Congress in the U.S. Senate and U.S. House. AFP also included the No Climate Tax pledge in its scorecard for the first time, signifying the importance of the group’s opposition to using the climate change issue as a guise to grow government.
“The record in North Carolina is mixed,” said AFP-NC State Director Dallas Woodhouse. “We are proud of Senator Burr and of Representatives Coble, Foxx, McHenry, and Myrick for their perfect scores. They have shown a real commitment to the free market principals and we applaud them for their efforts. The other returning members from North Carolina have some work to do, and the members that earned an F appear to be hostile to any free market legislation.”
The complete Key Vote Scorecard is available online: http://www.americansforprosperity.org/files/111th_Congress_Scorecard.pdf
The North Carolina delegation earned the following grades:
Senator Richard Burr – A+
Senator Kay Hagen – D-
Representative Howard Coble – A+
Representative Virginia Foxx – A+
Representative Patrick McHenry – A+
Representative Sue Myrick – A+
Representative Walter Jones – B
Representative Heath Shuler – C
Representative Mike McIntyre – C
Representative Larry Kissell – D
Representative G.K. Butterfield – F
Representative Bob Etheridge – F
Representative Brad Miller – F
Representative Melvin Watt – F
Representative David Price – F
Americans for Prosperity® (AFP) is a nationwide organization of citizen leaders committed to advancing every individual's right to economic freedom and opportunity. AFP believes reducing the size and scope of government is the best safeguard to ensuring individual productivity and prosperity for all Americans. AFP educates and engages citizens in support of restraining state and federal government growth, and returning government to its constitutional limits. AFP has more than 1,600,000 members, including members in all 50 states, and 30 state chapters and affiliates. More than 80,000 Americans in all 50 states have made a financial investment in AFP or AFP Foundation. For more information, visit www.americansforprosperity.org
From: Dallas Woodhouse, NC State Director, Americans for Prosperity
Americans for Prosperity Releases Federal Key Vote Scorecard for North Carolina Delegation
Raleigh—The North Carolina chapter of the free market grassroots group Americans for Prosperity (AFP-NC) today is proud to feature the North Carolina federal delegation’s score on its Key Vote Scorecard.
The group rated the top free market votes from the 111th Congress in the U.S. Senate and U.S. House. AFP also included the No Climate Tax pledge in its scorecard for the first time, signifying the importance of the group’s opposition to using the climate change issue as a guise to grow government.
“The record in North Carolina is mixed,” said AFP-NC State Director Dallas Woodhouse. “We are proud of Senator Burr and of Representatives Coble, Foxx, McHenry, and Myrick for their perfect scores. They have shown a real commitment to the free market principals and we applaud them for their efforts. The other returning members from North Carolina have some work to do, and the members that earned an F appear to be hostile to any free market legislation.”
The complete Key Vote Scorecard is available online: http://www.americansforprosperity.org/files/111th_Congress_Scorecard.pdf
The North Carolina delegation earned the following grades:
Senator Richard Burr – A+
Senator Kay Hagen – D-
Representative Howard Coble – A+
Representative Virginia Foxx – A+
Representative Patrick McHenry – A+
Representative Sue Myrick – A+
Representative Walter Jones – B
Representative Heath Shuler – C
Representative Mike McIntyre – C
Representative Larry Kissell – D
Representative G.K. Butterfield – F
Representative Bob Etheridge – F
Representative Brad Miller – F
Representative Melvin Watt – F
Representative David Price – F
Americans for Prosperity® (AFP) is a nationwide organization of citizen leaders committed to advancing every individual's right to economic freedom and opportunity. AFP believes reducing the size and scope of government is the best safeguard to ensuring individual productivity and prosperity for all Americans. AFP educates and engages citizens in support of restraining state and federal government growth, and returning government to its constitutional limits. AFP has more than 1,600,000 members, including members in all 50 states, and 30 state chapters and affiliates. More than 80,000 Americans in all 50 states have made a financial investment in AFP or AFP Foundation. For more information, visit www.americansforprosperity.org
Wednesday, November 3, 2010
NC FREEDOM
Your Dollar Was Just Devalued By 24%
The highly anticipated announcement by the Federal Reserve for “quantitative easing” or QE II was met with a controlled response on Wall Street. The Fed was expected to buy $500 billion worth of bonds which would have devalued the dollar by 20% over the next few years (or sooner). If this is a linear relationship, then $600 billion will devalue the dollar by 24%. The dollar has been devalued by 12% in just the past two months. It does not take a speaker of the house to see where the fruits of our labor have gone and will continue to go. By devaluing the dollar, the Obama Socialist Project accomplishes two goals at once.
The first is to reduce the actual debt and federal obligations through hyperinflation. The people who have bought our debt or rely on government handouts will receive less than what they were expecting. The second is the all too invasive redistribution of wealth from the producers to the “disenfranchised”. This disenfranchised portion of our nation will continue to grow and vote so that the ever decreasing American work ethic will continue to decline in favor of a government dole. Unfortunately for the future of our children, this will result in consequences that our founding fathers warned us about and which our apathy has expedited in just a few short years.
How has this news impacted the stock market? The market plunged over 80 points in ten minutes. However, the magical federal reserve stepped in and shored up the market as it does any time the market goes down since early summer. So your 401K plan is safe at this point but this manipulation of the market will not continue forever and you will see the fallout personally.
David DeGerolamo
http://ncfreedom.us/2010/11/03/your-dollar-was-just-devalued-by-24/
Here is the Federal Reserve’s statement:
Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. Housing starts continue to be depressed. Longer-term inflation expectations have remained stable, but measures of underlying inflation have trended lower in recent quarters.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to expand its holdings of securities. The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings. In addition, the Committee intends to purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month. The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.
The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Sandra Pianalto; Sarah Bloom Raskin; Eric S. Rosengren; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.
Voting against the policy was Thomas M. Hoenig. Mr. Hoenig believed the risks of additional securities purchases outweighed the benefits. Mr. Hoenig also was concerned that this continued high level of monetary accommodation increased the risks of future financial imbalances and, over time, would cause an increase in long-term inflation expectations that could destabilize the economy.
http://ncfreedom.us/2010/11/03/your-dollar-was-just-devalued-by-24/
The highly anticipated announcement by the Federal Reserve for “quantitative easing” or QE II was met with a controlled response on Wall Street. The Fed was expected to buy $500 billion worth of bonds which would have devalued the dollar by 20% over the next few years (or sooner). If this is a linear relationship, then $600 billion will devalue the dollar by 24%. The dollar has been devalued by 12% in just the past two months. It does not take a speaker of the house to see where the fruits of our labor have gone and will continue to go. By devaluing the dollar, the Obama Socialist Project accomplishes two goals at once.
The first is to reduce the actual debt and federal obligations through hyperinflation. The people who have bought our debt or rely on government handouts will receive less than what they were expecting. The second is the all too invasive redistribution of wealth from the producers to the “disenfranchised”. This disenfranchised portion of our nation will continue to grow and vote so that the ever decreasing American work ethic will continue to decline in favor of a government dole. Unfortunately for the future of our children, this will result in consequences that our founding fathers warned us about and which our apathy has expedited in just a few short years.
How has this news impacted the stock market? The market plunged over 80 points in ten minutes. However, the magical federal reserve stepped in and shored up the market as it does any time the market goes down since early summer. So your 401K plan is safe at this point but this manipulation of the market will not continue forever and you will see the fallout personally.
David DeGerolamo
http://ncfreedom.us/2010/11/03/your-dollar-was-just-devalued-by-24/
Here is the Federal Reserve’s statement:
Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. Housing starts continue to be depressed. Longer-term inflation expectations have remained stable, but measures of underlying inflation have trended lower in recent quarters.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to expand its holdings of securities. The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings. In addition, the Committee intends to purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month. The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.
The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Sandra Pianalto; Sarah Bloom Raskin; Eric S. Rosengren; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.
Voting against the policy was Thomas M. Hoenig. Mr. Hoenig believed the risks of additional securities purchases outweighed the benefits. Mr. Hoenig also was concerned that this continued high level of monetary accommodation increased the risks of future financial imbalances and, over time, would cause an increase in long-term inflation expectations that could destabilize the economy.
http://ncfreedom.us/2010/11/03/your-dollar-was-just-devalued-by-24/
Friday, August 13, 2010
Powerful Interests Push Young People Toward Socialism
John Hood's Daily Journal
Powerful Interests Push Young People Toward Socialism
By Melissa Mitchell
August 13, 2010
This week’s “Daily Journal” guest columnist is Melissa Mitchell, office manager for the John Locke Foundation.
RALEIGH — When reading and reviewing the book, "The Battle: How the Fight Between Free Enterprise and Big Government Will Shape America", by Arthur Brooks for the August issue of Carolina Journal, word constraints would not allow me to address all of the fascinating, thought-provoking, and troubling information contained within the book.
For example, after the election, polling revealed that young adults ages 18-32 overwhelmingly voted for President Obama. Brooks has data that show that over 66 percent of them voted for Obama, compared to 32 percent for McCain. He also cites a January 2010 poll that shows that this group holds a positive view of socialism. This is frightening because they are the future of our nation.
The question arises: Why do these young Americans see socialism in such a favorable light? In an age when massive amounts of information are only a computer click away, how is this group so ignorant about the imprisonment and murder of millions of people in a multitude of countries by socialists?
I felt that it was imperative to understand how young Americans have come to believe that socialism is preferable to capitalism. When 70 percent of Americans believe in a free-market economy, how is this group so out of step? I think the makeup of the other 30 percent holds the answers to this riddle.
Brooks says the 30-percent group consists of academics, journalists, entertainers, lawyers, and many in Washington. Brooks calls this group “the intellectual upper class.” “They are smart, powerful, and are in the top 5 percent of the population in income,” Brooks states. This group also consists of followers. These are the people who are enamored with the intellectual upper class.
Brooks does not believe that statism started with Obama’s election. By dissecting the 30-percent group, one can see how these young adults have come to believe as they do.
First, academics: These are the individuals that we entrust our children to every day, but most academics are liberals. “Academics as a whole align massively with the far left —more than any other profession,” states Brooks. They train the K-12 teachers to whom students are exposed every day. As a plus-23 student, a politically correct term for old people who go back to school, I witnessed this attitude firsthand on the Meredith campus. Many of the traditional-age students were afraid to reveal that they voted for George Bush and were conservative. They also were afraid to reveal that they were conservative Christians.
Sadly, this is happening on all college campuses. So from kindergarten through college, students are exposed to either an undercurrent or an open hostility toward capitalism and a positive attitude toward socialism.
Second in influence only to academics is the entertainment industry. While many of these socialism-loving young adults will criticize CEOs’ large salaries, they seem unfazed by the huge salaries entertainers receive. Hollywood produces movies and TV shows that portray American values, history, and corporations in a bad light. Even children’s cartoon shows have portrayed corporations as evil.
Journalists are next on the list. For years now, newspaper readers have come to realize that journalists do not report stories in a fair and balanced manner. Recently, it was revealed that a group of journalists got together and schemed to withhold information about then-candidate Obama. Many of the editorial pages of newspapers are openly liberal. Students looking for information will find very little in the world of journalism that supports conservative ideas. Journalists also join with the academia and the entertainment industry in presenting a negative portrayal of America and lauding activist actors and entertainers.
TV journalists and news commentators are at the forefront of lazy reporting. For example, a search of the Internet reveals how many are presenting negative stories about the individuals attending tea parties.
Finally, we have lawyers and lawmakers who join in to prove that our system of laws is unfair and that we need a move to a government-controlled society.
With all of this influence in their lives, it is no wonder the 18-34 age group sees socialism in a favorable light. This leaves us with these questions: Is there any hope for America? Will we become a socialist country?
Brooks points out that people 40 and over do not see socialism in a favorable light. Many young adults will be leaving college soon and will enter the job market within the next several years. With the economy still in dire straights, they will face the reality that government has failed to deliver the promised jobs.
The growing deficit and high taxes will begin to concern them, and they will realize that as Winston Churchill said, “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”
They are going to be faced with higher taxes to support Social Security, Obamacare, and the expansion of government. It will become clear that regulations designed to make life fair for all are irritating and infringe on their ability to enjoy life. These regulations will also contribute to an increase in the cost of material goods. Once these realities hit, they will begin to move to the right.
Looking at the current Gallup and Rasmussen polls, young adults may already be regretting their 2008 vote. President Obama’s and the U. S. Congress’ favorable ratings are at historic lows.
Finally, Brooks says, “Entrepreneurship, as a personality trait, might be in the American DNA.” He points out that the United States is made up of descendants of immigrants who were willing to give up “security and familiarity for the possibility of prosperity and success.” These immigrants were the risk takers in life. Brooks believes that “America’s vast success might be explained in part by our genetic predisposition to embrace risk.”
Is there hope for America? Certainly. We are not only seeing a backlash among older voters, we also are seeing a rise in conservative groups on college campuses. If Brooks’ assumption is accurate and entrepreneurship is buried in our American DNA, then a sleeping giant will arise, and capitalism and the free market will be seen as a wonderful alternative to socialism.
©2010 John Locke Foundation, 200 West Morgan St., Raleigh, NC 27601, Voice: (919) 828-3876
Powerful Interests Push Young People Toward Socialism
By Melissa Mitchell
August 13, 2010
This week’s “Daily Journal” guest columnist is Melissa Mitchell, office manager for the John Locke Foundation.
RALEIGH — When reading and reviewing the book, "The Battle: How the Fight Between Free Enterprise and Big Government Will Shape America", by Arthur Brooks for the August issue of Carolina Journal, word constraints would not allow me to address all of the fascinating, thought-provoking, and troubling information contained within the book.
For example, after the election, polling revealed that young adults ages 18-32 overwhelmingly voted for President Obama. Brooks has data that show that over 66 percent of them voted for Obama, compared to 32 percent for McCain. He also cites a January 2010 poll that shows that this group holds a positive view of socialism. This is frightening because they are the future of our nation.
The question arises: Why do these young Americans see socialism in such a favorable light? In an age when massive amounts of information are only a computer click away, how is this group so ignorant about the imprisonment and murder of millions of people in a multitude of countries by socialists?
I felt that it was imperative to understand how young Americans have come to believe that socialism is preferable to capitalism. When 70 percent of Americans believe in a free-market economy, how is this group so out of step? I think the makeup of the other 30 percent holds the answers to this riddle.
Brooks says the 30-percent group consists of academics, journalists, entertainers, lawyers, and many in Washington. Brooks calls this group “the intellectual upper class.” “They are smart, powerful, and are in the top 5 percent of the population in income,” Brooks states. This group also consists of followers. These are the people who are enamored with the intellectual upper class.
Brooks does not believe that statism started with Obama’s election. By dissecting the 30-percent group, one can see how these young adults have come to believe as they do.
First, academics: These are the individuals that we entrust our children to every day, but most academics are liberals. “Academics as a whole align massively with the far left —more than any other profession,” states Brooks. They train the K-12 teachers to whom students are exposed every day. As a plus-23 student, a politically correct term for old people who go back to school, I witnessed this attitude firsthand on the Meredith campus. Many of the traditional-age students were afraid to reveal that they voted for George Bush and were conservative. They also were afraid to reveal that they were conservative Christians.
Sadly, this is happening on all college campuses. So from kindergarten through college, students are exposed to either an undercurrent or an open hostility toward capitalism and a positive attitude toward socialism.
Second in influence only to academics is the entertainment industry. While many of these socialism-loving young adults will criticize CEOs’ large salaries, they seem unfazed by the huge salaries entertainers receive. Hollywood produces movies and TV shows that portray American values, history, and corporations in a bad light. Even children’s cartoon shows have portrayed corporations as evil.
Journalists are next on the list. For years now, newspaper readers have come to realize that journalists do not report stories in a fair and balanced manner. Recently, it was revealed that a group of journalists got together and schemed to withhold information about then-candidate Obama. Many of the editorial pages of newspapers are openly liberal. Students looking for information will find very little in the world of journalism that supports conservative ideas. Journalists also join with the academia and the entertainment industry in presenting a negative portrayal of America and lauding activist actors and entertainers.
TV journalists and news commentators are at the forefront of lazy reporting. For example, a search of the Internet reveals how many are presenting negative stories about the individuals attending tea parties.
Finally, we have lawyers and lawmakers who join in to prove that our system of laws is unfair and that we need a move to a government-controlled society.
With all of this influence in their lives, it is no wonder the 18-34 age group sees socialism in a favorable light. This leaves us with these questions: Is there any hope for America? Will we become a socialist country?
Brooks points out that people 40 and over do not see socialism in a favorable light. Many young adults will be leaving college soon and will enter the job market within the next several years. With the economy still in dire straights, they will face the reality that government has failed to deliver the promised jobs.
The growing deficit and high taxes will begin to concern them, and they will realize that as Winston Churchill said, “I contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.”
They are going to be faced with higher taxes to support Social Security, Obamacare, and the expansion of government. It will become clear that regulations designed to make life fair for all are irritating and infringe on their ability to enjoy life. These regulations will also contribute to an increase in the cost of material goods. Once these realities hit, they will begin to move to the right.
Looking at the current Gallup and Rasmussen polls, young adults may already be regretting their 2008 vote. President Obama’s and the U. S. Congress’ favorable ratings are at historic lows.
Finally, Brooks says, “Entrepreneurship, as a personality trait, might be in the American DNA.” He points out that the United States is made up of descendants of immigrants who were willing to give up “security and familiarity for the possibility of prosperity and success.” These immigrants were the risk takers in life. Brooks believes that “America’s vast success might be explained in part by our genetic predisposition to embrace risk.”
Is there hope for America? Certainly. We are not only seeing a backlash among older voters, we also are seeing a rise in conservative groups on college campuses. If Brooks’ assumption is accurate and entrepreneurship is buried in our American DNA, then a sleeping giant will arise, and capitalism and the free market will be seen as a wonderful alternative to socialism.
©2010 John Locke Foundation, 200 West Morgan St., Raleigh, NC 27601, Voice: (919) 828-3876
Tuesday, June 29, 2010
Join Patriots 28560 as we caravan to Newport for the Crystal Coast Tea Party's Rally for America!
PATRIOTS 28560
Celebrate Independence Day with a Rolling Rally!
Join Patriots 28560 as we caravan to Newport for the Crystal Coast Tea Party's Rally for America!
When: Saturday, July 3
Time: Gather from 11:00 - 11:15 a.m.
Where: Westbook Shopping Center (near CVS Pharmacy), Havelock, NC
Depart: 11:15 a.m.
Destination: Newport Flea Mall to join the Crystal Coast Tea Party's Rally for America celebration
Celebration Events: Reading of The Declaration of Independence, Special Speakers, Sign-Up for 912 March on DC, and join like-minded Patriots as we celebrate the birth of our Nation.
For more information visit Patriots28560.blogspot.com, email Patriots28560@gmail.com or call 252.259.0763.
HOW A ROLLING RALLY WORKS
Our caravan of vehicles from Havelock will roll into Newport together. Don't forget your signs. And you can also purchase window paint (or borrow ours!) and make sure your Independence Day celebration messages are visible as we travel from Havelock to Newport.
IMPACT
Our goal is to have each car display a small (or large, especially if you have a truck) American flag as well as signs and window paint identifying us as Patriots headed to an Independence Day celebration.
YOU'RE INVITED TO JOIN US
You do not have to be affiliated with any group or organization to join the celebration or to join Patriots 28560. Everyone is welcome, regardless of your zip code, area code or membership in other Patriots groups.
Located in Eastern North Carolina, Patriots 28560 is a group of non-partisan, concerned citizens who have joined together to resist excessive government spending and taxation. We are affiliated with the Tea Party Patriots as well as the 912 Project. We believe in Fiscal Responsibility, Constitutionally Limited Government and Free Market Principles.
http://patriots28560.blogspot.com/
Celebrate Independence Day with a Rolling Rally!
Join Patriots 28560 as we caravan to Newport for the Crystal Coast Tea Party's Rally for America!
When: Saturday, July 3
Time: Gather from 11:00 - 11:15 a.m.
Where: Westbook Shopping Center (near CVS Pharmacy), Havelock, NC
Depart: 11:15 a.m.
Destination: Newport Flea Mall to join the Crystal Coast Tea Party's Rally for America celebration
Celebration Events: Reading of The Declaration of Independence, Special Speakers, Sign-Up for 912 March on DC, and join like-minded Patriots as we celebrate the birth of our Nation.
For more information visit Patriots28560.blogspot.com, email Patriots28560@gmail.com or call 252.259.0763.
HOW A ROLLING RALLY WORKS
Our caravan of vehicles from Havelock will roll into Newport together. Don't forget your signs. And you can also purchase window paint (or borrow ours!) and make sure your Independence Day celebration messages are visible as we travel from Havelock to Newport.
IMPACT
Our goal is to have each car display a small (or large, especially if you have a truck) American flag as well as signs and window paint identifying us as Patriots headed to an Independence Day celebration.
YOU'RE INVITED TO JOIN US
You do not have to be affiliated with any group or organization to join the celebration or to join Patriots 28560. Everyone is welcome, regardless of your zip code, area code or membership in other Patriots groups.
Located in Eastern North Carolina, Patriots 28560 is a group of non-partisan, concerned citizens who have joined together to resist excessive government spending and taxation. We are affiliated with the Tea Party Patriots as well as the 912 Project. We believe in Fiscal Responsibility, Constitutionally Limited Government and Free Market Principles.
http://patriots28560.blogspot.com/
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