Greatest Hits- High Cigarette Taxes Backfire Once Again: Illinois Latest State to Collide with Reality

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High Cigarette Taxes Backfire Once Again: Illinois Latest State to Collide with Reality– Once again, cigarette taxes fail, but that won’t stop regressives from proposing them!

Who would have thought that higher cigarette taxes would reduce tax revenue?  Well, anyone with a brain would have predictecd that, so I guess that’s why regressives went and did it anyway.  Hot Air has the details…

With some time having passed to let the cash cow fatten, we should check back in and see what the fine citizens of the Land of Lincoln are doing with their new found largesse. I do hope they’re not all getting fat and lazy now that all of the state’s fiscal problems have been solved. Ahhh… happy days.

When Illinois Gov. Pat Quinn signed a bill adding another dollar a pack to the state’s cigarette tax, law enforcement leaders knew they had their hands full.

John Chambers, head investigator for the Illinois Department of Revenue, says cigarette smuggling now rivals illegal drug smuggling, and street gangs are getting involved.

“Keep in mind this is very similar to drug activity, smuggling drugs, and there could be concealed compartments, false floors in the bed of a truck, much like drugs, all packed with cigarettes,” Chambers said.

In Cook County, the tax on smokes is now $4.66 a pack. In Indiana it’s $0.995. Missouri checks in at $0.17. Who could possibly have seen this coming?

In a recent study, University of Illinois at Chicago professor David Merriman found 75 percent of cigarettes in Chicago didn’t have the proper tax stamps. He says the most recent increase will likely have a big impact along state lines.

“For the ordinary everyday smoker, many of them have already found ways to avoid the tax. I think it’s going to be a much bigger issue in areas where the state border makes it a big difference,” Merriman said.

A clerk at a tobacco shop in Hammond, Ind., less than a mile from the state line, says business has doubled since the latest increase began at the end of June.

How many times does this have to happen before the regressives see that it doesn’t work?  This humble blogger has been covering this type of thing since 2009.  Like this…

Native Americans are exempt from cig taxes.  Guess what?  People go to them and buy their smokes!  That seems simple enough, but as usual, there is more here.

The tax hike, the first in six years, is expected to earn the state between $200 million and $300 million. A pack of premium cigarettes in New York City now costs $7 or $8; prices would rise to above $9. Opponents of the tax increase argue that higher prices would drive smokers to seek ways to evade the law and purchase cheaper cigarettes from smugglers or in neighboring states, blunting potential revenue gains for the state. “It’s a black market gold mine,” a senior fellow at the Manhattan Institute, E.J. McMahon, said of the proposed tax. “You have to invest resources in scores of attorneys, cops, and auditors, who are all part of the tax enforcement you need.”

“By raising cigarette taxes you help fund the mob,” the president of Americans for Tax Reform, Grover Norquist, said. “Cigarettes are easier than liquor, as they’re lighter and smaller per container. It leads to smuggling and smuggling is done best by organized crime.”

And there’s even more…

Mr. Norquist said New York’s proximity to states with lower taxes would lead smokers to cross the border to buy cigarettes, reducing tax revenue below state projections.

New York has seen significant increases in its cigarette tax rates before. In 2002, New York City’s cigarette tax increased to $1.50 from $0.08, as part of an initiative by Mayor Bloomberg to encourage smokers to give up the habit. Although the taxes produced an increase in city and state revenue, some smokers took illegal measures to avoid paying the new tax, costing taxpayers tens of millions of dollars.

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A 2007 report by the Independent Budget Office, a nonpartisan city agency that analyzes the city’s finances, found that 27% of city smokers and 34% of upstate smokers sometimes bought “under-taxed” cigarettes in 2006. These smokers avoided the tax by buying cigarettes from other states, ordering cigarettes over the Internet, and purchasing cigarettes at Indian reservations. The city lost an estimated $40 million in tax revenue as a result of cigarette tax evasion in 2006, according to the report.

“It encourages people not to be ripped off,” the founder of Citizens Lobbying Against Smoker Harassment, Audrey Silk, said of cigarette taxes. “Any consumer who’s so abused will look for ways to avoid it, making outlaws out of normally law-abiding citizens.”

 And here…

Apparently, raising taxes on tobacco products is falling out of favor with state governments…

According to Patrick Gleason, director of state affairs for the conservative Americans for Tax Reform, tobacco has not been the revenue boon states that have increased cigarette taxes had hoped.

“The lack of interest in raising tobacco taxes this year can be attributed to the fact that tobacco taxes have indisputably proven to be a dubious and declining source of revenue,” Gleason told TheDC. “From 2003-2007, 16 of 59 tobacco tax hikes fell short of revenue projections.”

Here in Washington D.C., for example, the city’s 2009 $0.50 tax hike resulted in a severe drop in expected revenue. In 2010, the District of Columbia’s chief financial officer Natwar Gandhi reported to the mayor that the projected government intake was over $15 million below what they had initially estimated.

Gleason pointed out that for revenue, cigarette taxes are proving to be a loser.

“New Jersey raised its cigarette tax by 17.5 cents in 2007, yielding $52 million less than Garden State lawmakers anticipated and $22 million less than was generated prior to that tax hike,” Gleason told TheDC. “Over the past decade it has become clear that tobacco taxes are an unreliable source of revenue and one in which no budget should depend on.”

And here…

  For the latest, NY State is lamenting the fact that their cigarette tax revenue is far below expectations…

The Empire State is struggling to bring in additional tax revenue it projected it would gain from efforts to stop smokers from buying untaxed  cigarettes on Indian Reservations, reports the New York Post:

The state’s tax collectors were recently calling around to convenience-store owners, wondering what was up. The $130 million in extra tax that Albany was expecting from a change in the law about cigarette sales on Indian reservations wasn’t happening.

A memo sent to members of the New York Association of Convenience Stores from the group’s president, Jim Calvin — a copy of which I have on my desk — said, “I got a call from Gov. Cuomo’s budget office yesterday. In examining cigarette tax receipts so far this fiscal year (April 1 to March 31) it looks like they will fall considerably short of their projection in new revenues. . . .”

The state had hoped to get the extra dough by enforcing a new law that made it illegal for licensed cigarette wholesalers in the state to sell untaxed name-brand cigarettes like Newport and Marlboro to Indian reservations.

Seriously, how many more times does this have to happen before the regressives get it?  They say that the definition of insanity is doing the same thing again and again, and expecting a different result.  Apparently, regressives are the craziest folks on Earth, as they are the energizer bunnies of taxation.   Unfortunately, they are continuing to raise taxes of all sorts, and it’s only going to hurt people, or turn them into criminals.

When regressive propose and implement a policy, and it fails, not only is someone else to blame, the solution to the failure is to do more if it!

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Greatest Hits: Top 400 Wage Earners Paid More in Taxes Than the Bottom Half! Leftist Meme Shattered

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Top 400 Wage Earners Paid More in Taxes Than the Bottom Half! Leftist Meme Shattered- So much for the mythical 1%! 

If you listen to the occupods, the mythical 99% are being completely fleeced by the equally mythical 1%.  Class warfare is a stubborn thing, but reality always wins in the end.  Bunkerville has the meme bustage…

Just thought this would be a factoid worthy to report. Reality can be difficult to deal with. Not mentioned is not only do the non-payers not pay, but get money back from the 400. I don’t think 400 come to  “The one percent” do you?

Bottom Line: A small group of 400 of America’s most successful earners in 2009, about the number of residents living in a typical apartment building in Washington, D.C., paid almost as much in federal income taxes as the entire bottom half of America’s 138 million tax filers, which is a population equivalent to the combined number of residents living in America’s 29 least populated states, plus the District of Columbia.

We hear all the time that the “rich don’t pay their fair share of taxes” (123,000 Google search results for that phrase).  Here’s an analysis using recent IRS data that suggests otherwise.

Get over to his place to see more, including a handy graph.

Um, how to we get these people to pay, “their fair share,” when they’re already paying more than 138,000,000 people already?  Or, is this just another liberal scam to vilify success and install communism?  I think you all know the answer to that.

Of course, under a Marxist regime, the 400 would be put to death, as well as a few million of the 138,000,000, but if you want to make an omelette, you have to break some eggs, right?

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Greatest Hits- High Cigarette Taxes Fail to Meet Expected Revenue Targets: Anyone Surprised?

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High Cigarette Taxes Fail to Meet Expected Revenue Targets: Anyone Surprised?  It seems that taxing something causes people to avoid the tax?  Say it isn’t so!

Apparently, raising taxes on tobacco products is falling out of favor with state governments…

According to Patrick Gleason, director of state affairs for the conservative Americans for Tax Reform, tobacco has not been the revenue boon states that have increased cigarette taxes had hoped.

“The lack of interest in raising tobacco taxes this year can be attributed to the fact that tobacco taxes have indisputably proven to be a dubious and declining source of revenue,” Gleason told TheDC. “From 2003-2007, 16 of 59 tobacco tax hikes fell short of revenue projections.”

Here in Washington D.C., for example, the city’s 2009 $0.50 tax hike resulted in a severe drop in expected revenue. In 2010, the District of Columbia’s chief financial officer Natwar Gandhi reported to the mayor that the projected government intake was over $15 million below what they had initially estimated.

Gleason pointed out that for revenue, cigarette taxes are proving to be a loser.

“New Jersey raised its cigarette tax by 17.5 cents in 2007, yielding $52 million less than Garden State lawmakers anticipated and $22 million less than was generated prior to that tax hike,” Gleason told TheDC. “Over the past decade it has become clear that tobacco taxes are an unreliable source of revenue and one in which no budget should depend on.”

Ok then, many states failed to make their projections, but some actually made less under the new rates?  Who could have seen that coming?

It’s actually sad that this even has to be a story.  It should be filed under, “duh!” Anytime you tax an activity, it either decreases, moves somewhere else, or moves underground.  Let’s take a look at some other examples…

When Maryland passed a higher tax rate for millionaires, they suddenly found themselves with 1/3 less millionaires! 

The source is found here.

Here’s a two-minute drill in soak-the-rich economics:

Maryland couldn’t balance its budget last year, so the state tried to close the shortfall by fleecing the wealthy. Politicians in Annapolis created a millionaire tax bracket, raising the top marginal income-tax rate to 6.25%. And because cities such as Baltimore and Bethesda also impose income taxes, the state-local tax rate can go as high as 9.45%. Governor Martin O’Malley, a dedicated class warrior, declared that these richest 0.3% of filers were “willing and able to pay their fair share.” The Baltimore Sun predicted the rich would “grin and bear it.”

One year later, nobody’s grinning. One-third of the millionaires have disappeared from Maryland tax rolls. In 2008 roughly 3,000 million-dollar income tax returns were filed by the end of April. This year there were 2,000, which the state comptroller’s office concedes is a “substantial decline.” On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year — even at higher rates.

So, not only did they not meet their projected other people’s money “revenue,”  they actually lost money on the tax!

And that seems to happen anywhere that there are high taxes…

You mean, people move to places where they can KEEP THEIR OWN MONEY?  Astounding!

And the evidence that we discovered in our new study for the American Legislative Exchange Council, “Rich States, Poor States,” published in March, shows that Americans are more sensitive to high taxes than ever before. The tax differential between low-tax and high-tax states is widening, meaning that a relocation from high-tax California or Ohio, to no-income tax Texas or Tennessee, is all the more financially profitable both in terms of lower tax bills and more job opportunities.

Lower taxes mean MORE JOBS???  What a COMPELTELY NEW AND ORIGINAL idea!

Updating some research from Richard Vedder of Ohio University, we found that from 1998 to 2007, more than 1,100 people every day including Sundays and holidays moved from the nine highest income-tax states such as California, New Jersey, New York and Ohio and relocated mostly to the nine tax-haven states with no income tax, including Florida, Nevada, New Hampshire and Texas. We also found that over these same years the no-income tax states created 89% more jobs and had 32% faster personal income growth than their high-tax counterparts.

You mean free markets and low taxes CREATE MORE JOBS?  You mean PEOPLE EARN MORE?  Who would have thought of that?

Did the greater prosperity in low-tax states happen by chance? Is it coincidence that the two highest tax-rate states in the nation, California and New York, have the biggest fiscal holes to repair? No. Dozens of academic studies — old and new — have found clear and irrefutable statistical evidence that high state and local taxes repel jobs and businesses.

If a regressive were reading this, they might say it isn’t true, in spite of all the evidence.  They’d probably go into some class warfare argument against capitalism, and then propose legislation that would make all states suck equally, so people and jobs wouldn’t leave.

Of course, they could always follow the great statist tradition of building walls to keep people from escaping.

While I don’t support smoking-it’s a dirty habit that I kicked a few years back, taxing it usually causes people to avoid the tax. 

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Greatest Hits- Taxes: A Historical Perspective

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Taxes: A Historical Perspective:  It turns out that taxes kill jobs and cause a loss on revenue?  Who would have thunk it?

With taxes on tanning salons and medical devises in the ObamaCare law, and the states proposing taxes on all sorts of services and products, I think it might be a good time to take a look at just how successful other taxes have been.  In 1990, a luxury tax was passed to go after the “rich people” by taxing things that they buy, luxury yachts, private aircraft, specialty cars, and the like.  They were dead set on making these evil rich people pay more.  The results?  Predictably, the results were completely forgotten by the left.

Note that all of these articles are take from different times during the existence of this tax, which was later repealed, but the damage was already done.

According to a survey of the largest boat dealers in Connecticut, conducted by the Marine Retailers Association of America (MRAA), sales of boats costing $100,000 or more have fallen 93 percent, from $7.879 million in 1990 to $ 545,000 for the same period this year. Nationwide, more than 19,000 people have been put out of work at boat making plants.

Source

The 1990 budget deal also slapped a hefty luxury tax on boats… to draw more money from wealthy yacht owners. What actually happened? People bought fewer boats. So who really paid the price? The many nonwealthy boat builders who were put out of work by the tax… The [Washington] Post article reported estimates that 25,000 to 30,000 jobs were lost. These effects were so obvious that even the tax raisers in Congress now plan to repeal the yacht tax.

Source

According to a study done for the Joint Economic Committee, the tax destroyed 330 jobs in jewelry manufacturing, 1,470 in the aircraft industry and 7,600 in the boating industry. The job losses cost the government a total of $24.2 million in unemployment benefits and lost income tax revenues. So the net effect of the taxes was a loss of $7.6 million in fiscal 1991, which means the government projection was off by $38.6 million.

Source

So, just from this small sample, we see that the tax did significant damage to several industries.  And once a business closes, it isn’t likely to return.  The job losses become permanent.  Also, the government made no money on the tax, instead, they lost money on it.

This has continued to happen in other circumstances.  NY’s cigarette taxes created a great new business opportunity for the mafia.  Maryland’s “millionaire tax” caused millionaires to move away.  In each situation, the government in question ended up either not making as much money as projected, or lost money.  When you tax an activity, it either decreases, goes away, or goes underground.  It’s happened all through history, and in the end, it’s the wage earner that takes the hit.  He or she is the one who pays higher costs, or no longer has a job, but the elites can sit in the unreality bubble, secure in their belief that they’ve stuck it to the rich.

Here is some more info on new, (and completely insane) taxes from Dr. Bill Smith at ARRA News Service.

It is definitely odd to be quoting from the liberal NY Times. The below article reveals that the States are in trouble and looking for other sources of more money. Much of the States’ problems are caused by the pending impact of Federal programs like national healthcare. More after the article.
————–
The New York Times: [T]o generate more revenue, states are considering new taxes on virtually everything: garbage pickup, dating services, bowling night, haircuts, even clowns. . . . Opponents of imposing taxes on services like funerals, legal advice, helicopter rides and dry cleaning argue that this push comes as businesses are barely clinging to life and can ill afford to see customers further put off by new taxes. . . .

“This is born out of necessity,” said Gov. Edward G. Rendell of Pennsylvania, a Democrat. His proposed budget, being debated in Harrisburg, would tax services including accounting, advertising and data processing. . . .Most states tax at least some services, particularly items like utilities.

Nevertheless, few states have gone where political leaders in Michigan and Pennsylvania are now suggesting: adding scores of services to their states’ sales tax requirement and lowering the tax rate under a widened tax base. But from coast to coast, desperate governments are looking to tap into new revenue streams.
In Nebraska, a lawmaker has introduced a bill to tax armored car services, farm equipment repairs, shoe shines, taxidermy, reflexology and scooter repairs. In Kentucky,Jim Wayne, a state representative, and some fellow Democrats are proposing taxing high-end services: golf greens fees, limousine and hot-air-balloon rides, and private landscaping.

In June, voters in Maine will decide whether to accept a state overhaul of its tax system that would newly tax services like tailor alterations, blimp rides, and entertainment provided by clowns, comedians and jugglers. . .; [Full Article]

My first reaction to this, aside from knowing that these taxes will only punish wage earners and small entrepreneurs, is that they are going to tax CLOWNS?  How much money are they expecting to get from that?

So, how many of these businesses will shed jobs, cut benefits, hire less people, or simply close due to these new taxes?  It remains to be seen, but rest assured, we’ll be talking about it.

Tens of thousands of jobs lost, paying out more in unemployment than was collected in taxes- this is our future if the regressives tax as they please.  Of course, the results will be blamed on someone else.  And yes, they actually suggested taxing CLOWNS!

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Greatest Hits: Is it Time to go Galt ? Some Simple Ways to Avoid Feeding the Beast

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Is it Time to go Galt? Some Simple Ways to Avoid Feeding the Beast-There are ways to get away from the grid, of not completely off it.  Why support the system that wants to persecute you?

Since our Republic is essentially on it’s deathbed, and Obama’s hand is poised on the plug for the final pull, many are contemplating their role in the new order.  Do we quietly  acquiesce, and accept our enslavement, or do we try to sabotage the nanny state by refusing be be sucked dry?  Well, there is a way to legally and ethically resist the beast-it’s called “going Galt.”   If you are unaware  “going Galt” is a reference to Ayn Rand’s prophetic novel, Atlas Shrugged, in which the producers in a future America tire of being vilified and robbed by a nanny state.  Their response was to drop out and refuse to produce, leading to the collapse of the corrupt system.  Reaganite Republican has a good description of what it means to “go Galt.”  

What exactly is ‘Going Galt’?

Think of it as a supply-side Cloward-Piven strategy…

starve the beast, rather than milk-it-dry:

‘Going Galt’ doesn’t simply mean getting angry. That would be “Going Postal.” It means having righteous indignation at the injustice of a political system that bails out individuals and institutions for irresponsible behavior and at the expense of those like you who prosper through hard work and personal responsibly. 

‘Going Galt’ means asking in the face of new taxes and government controls, “Why work at all?” “For whom am I working?” “Am I a slave?” 

‘Going Galt’ means recognizing that you’re being punished not for your vices but for your virtues. 

‘Going Galt’ means recognizing that you have a moral right to your own life, the pursuit of your own happiness, and thus to the rewards you’ve earned with your labor. 

‘Going Galt’ means recognizing that you deserve praise and honor for your achievements rather than damnation as “exploiters.” 

‘Going Galt’ means recognizing that you do not need to justify your life or wealth to your neighbors, “society,” or politicians, or bureaucrats. They’re yours, period! 

‘Going Galt’ means recognizing that the needs of others do not give them a claim to your time, effort, and achievements. 

‘Going Galt’ means shrugging off unearned guilt, refusing to support your own destroyers, refusing to give them what Ayn Rand termed “the sanction of the victim.” 

It means taking the moral high ground by explicitly rejecting as evil the premise of “self-sacrifice” that they sell to you as a virtue— in fact “self-sacrifice” is an invitation to suicide.

So, now that you know why, what about how?  Well, Reaganite Republican has some tips as to how…

1. Buy used or new via secondary markets. Use Craigslist to find new stuff at less than retail… and you pay no taxes into the system. 

2. Contribute to the secondary market by having a yard sale, you’ve probably got tons of junk you haven’t even seen in years. 

3. Forget status symbols and keeping-up-with-the-Jones’. Maybe you can afford that nice new car, but you’ll pay A TON of taxes on it. Find a lesser vehicle that makes you happy that feeds the beast less, perhaps one bartered from within the family. 

4. Invest and hold. Avoid taxable capital gains until Jan 2017. 

5. FIX YOUR STUFF instead of replacing it. So many people look at durable possessions as disposable. Take those pants to the tailor, or better yet, get a used sewing machine and fix them yourself. Find someone with a welding machine to fix that patio chair. 

6. Maintain your possessions properly. Clean the dust out of your computer. Keep on top of the car, house, and tools.

7. Plant a garden and grow as much of your own food as possible… and don’t forget spices in your window box, fresh is best anyway.. 

8. Enjoy life more simply. Choose a day at the park over an afternoon at the movies.  Attend a church cookout instead of going to Outback.

9. Speaking of things like the movies – stop going (Ed- I did years ago). Wait for the DVD and rent it for $1 at Redbox. If there is a cheaper option to do something, take that option.

Or – here’s a radical idea – buy used books dirt cheap and READ. 

10. Set up two days a week to run errands. Run them all at once and efficiently instead of wasting money (and taxes) on fuel. If your workplace offers a work-from-home option, TAKE IT. (The ‘green’ Left will love this one, but we’re talking about opportunities to avoid paying taxes into the system, while saving yourself some coin in the process) .

11. Create gifts instead of buying them. 

12. Barter for goods and services under-the-table

13. Avoid all union shops, products, and services

14. If possible, move to a low-tax Red state

15. Lower the amount the feds withhold from your paycheck- just take the maximum allowable deductions. Yes, it may mean you have to ‘pay’ come tax time BUT if just 10% of the people who receive paychecks would do this it would put a severe crimp on the DC cash flow. Just stash the extra cash somewhere and come tax time if you need it to pay Uncle Obama well then you have it.

As you can see, it might be a sacrifice of sorts, but you won’t be feeding the government that wishes to enslave you.  Of course, the choice to “go Galt” is yours to make, but anything you can do to not feed the beast, the better.

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An obscure SCOTUS ruling last week sets the stage for Obama to seize your 401(k)

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An obscure SCOTUS ruling last week sets the stage for Obama to seize your 401(k)

Tapping the estimated $19.4 trillion dollars in private pension plans is every progressive socialist’s wet dream. I warned you Obama had his eye on your 401(k), and now a little noticed Supreme Court ruling just gave him the green light to seize your money.

The US Supreme Court ruled last week in the unanimous, 8-page decision in Tibble v. Edison holding that employers have a duty to protect workers in their 401(k) plans from mutual funds that are too expensive or perform poorly. That is simply astonishing since there is no constitutional requirement for even government to provide social benefits.

Remember when the Constitution provided a limit to government power?

Yeah, me neither.

Now the Constitution says the government has to protect you from your own bad investment decisions. Er, SCOTUS says the government has to protect you from your own bad investment decisions. The Constitution is silent on the matter. But, emanations of penumbras, or some such rubbish dontcha know.

Monday’s unanimous ruling sends a warning to employers that they now must improve their plans and it is now an obligation to project employees. This comes just in time for then the next step is government to seize private funds and prosecute employers who choose badly a fund manager. This fits perfectly just in time for the Obama administration’s next assault as they prepare a landmark change of its own by issuing rules requiring that financial advisers put the interest of customers ahead of their own. This creates a very gray area wide enough to justify public seizure of pension funds under management.

Read that again, in case you didn’t catch the part where the government is going to decide if your 401(k) is “good enough.”

Yet this decision is even deeper. It sets the stage to JUSTIFY government seizure of private pension funds to protect pensioners. When the economy turns down and things get messy, they are placing measures in place to eliminate money in and physical physical dimension, closing all tax loopholes, shutting down the world economy with FATCA, and preparing for the final straw of Economic Totalitarianism with the Supreme Court reversing its entire construction of the Constitution to impose a duty upon employers to ensure the 401K plans perform in a world where interest rates are going negative. You really cannot make up this level of insanity.

Oh, this level of insanity is just what a guy like Bernie Sanders ordered. It’s the nanny state, writ large.

Bureaucrats answerable to Sanders’ cohort Elizabeth Warren will now get to decide if your 401(k) plan cuts the mustard. They’ll arbitrarily set a cap on management fees, and punish any fund that exceeds their idea of a “reasonable” profit.

The punishment? Seizing the fund’s assets, and forcing your money into an investment in Treasury bonds.

Then you’re just another creditor to Obama, standing in line behind all the geezers on Social Security. Good luck getting paid, after all you’re also collecting Social Security, and sooner or later you’ve made enough money.

Between the court ruling and the Obama administration’s push for stronger fiduciary rules send a strong message that government can much easier seize the pension fund management industry of course to “protect the consumer.”

Who’s gonna protect us from the government?

You knuckleheads shoulda thought that through before you elected a committed Marxist to the presidency.

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Greatest Hits: Will The Government Steal Your Savings? It’s More Likely Than You Think?

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Will The Government Steal Your Savings? It’s More Likely Than You Think? I also ran across the planned thievery of the Spendulous Maximus…

This has been a recurrent theme for several years.  It’s been simmering on the back burner, so to speak, but it continues to get some attention from time to time.  The issue is savings.  Whether it be your 401k, or your IRA, or even a savings account; the democrats has been eying them like a crackhead views their pipe.  Big government has wasted trillions on making more poor people, creating dependency, paying off contributors, punishing enemies, arming those that kill Christians, and trying to prop up their union buddies.  Now, after building up an unsustainable debt, they need another fix, and your savings is becoming mighty attractive to them.  Remember the old cartoons where two characters are starving?  remember how one character would look at another, and see a sandwich?  It’s kinda like that.  Doug Ross has the latest developments…

This didn’t just happen over night. The move to make this reality has been going on for quite some time. The first time it was mentioned publicly in any official capacity was at a 2010 Congressional hearing:

Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more “fairly” distribute taxpayer-funded pensions to everyone.

Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous “Guaranteed Retirement Account” (GRA) authored by Theresa Guilarducci.

In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.

You’d think that such an idea would be immediately dismissed by the American public, but it has only gained steam since, as evidenced by a 2012 hearing held at the U.S. Labor Department:

The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explains National Seniors Council National Director Robert Crone, “However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up.

Such “reforms” would effectively end private retirement accounts in America, Crone warns.

A few years ago the government of the United States of America nationalized nearly 1/6th of our economy when they took over the health care system with forced mandates. In the process they essentially took control of $1.6 trillion in yearly industry revenues.

But that’s nothing compared to private savings. The total amount of retirement assets in America, including 401k, IRA and savings accounts is around $21 trillion. With our national debt coincidentally approaching the same, the government sees big money and potentially a way out of our country’s fiscal disaster.

This will start voluntarily with the MyRA and other state-sponsored programs. But when not enough Americans are making it their patriotic duty to turn over their funds to their government, they’ll mandate compliance with the stroke of a pen just as they did with the Patient Affordable Care Act.

This is spot on.  And, by the way, the excerpt is a small part of a much larger post.  I’d advise you to go over there to read the rest.

As you look at the MyRA scam.  Think of these…

1.  The Income Tax was only going to be on the rich, and at a small percentage.  Look at your next pay-stub, and see how true that is.

2.  Social Security funds were going to be kept separate from all other government funds?  Just remember that what you pay in to SS goes right out to fund the government, and interest on the debt.  As for the “lock box?”  It’s full of worthless government IOU’s.

Anything the government offers now will be changed in order to rip you off.  They’ll say some thing to get you to buy in, like, “if you like your plan…”  Then, once they have the power, and your savings, they’ll do whatever they want with it, and you’ll be left will a meaningless IOU.  Then, when you retire, you’ll find that you get nothing, because some democrat constituent group needed your hard earned savings more than you do.

And, then, you’ll regret your votes for democrats.

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Greatest Hits: Barak Obama: “… I will direct the Treasury to create a new way to rip you off.”

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Barak Obama: “… I will direct the Treasury to create a new way to rip you off.” Steve found that Obama was eying our retirement accounts with a jealous gaze…

A little over a year ago I had posted  More taxes … IRA’s and 401k retirement accounts are soon to be ripped off as well.  In that post I mentioned … the government is strongly considering pilfering the retirement accounts of all Americans. At the end of 2010, there was an estimated 17.5 trillion dollars in United States retirement assets, including 3.1 trillion in 401k’s and 4.7 trillion in IRA’s.  If anyone thinks for a second the government doesn’t have its eye on that, they are living in a fantasy world. 

Okay, four years ago to the month this piece came out   Retirement Alert: The Government Has Plans for Your 401(k) and IRA.

Via: GoBankingRates.com

In the near future, the government may be planning to take over your  401(k) and Individual Retirement Accounts (IRA) and managing it on its own. Why, you ask? Well, mainly because there is an unprecedented  trillion-dollar deficit that needs to be taken care of.

So this is the deal: somewhere out there is a major deficit that is  struggling to lower despite the government’s efforts. However, there are tons of 401(k) and IRA accounts floating around with  tons of money (well, at least what’s left after the financial crisis).

So now, according to BusinessWeek, the Treasury and Labor departments are asking  for public comment on “the conversion of 401(k) savings and Individuals  Retirement Accounts into annuities  or other steady payment streams.”

How Would the Conversion Work?

Basically, in order for the conversion to work, the government would take  over you retirement savings. In return, it would promise to pay  you some type of monthly benefit in your retirement years.

One suggestion from Teresa Ghilarducci of the New School for Social Research in  New York, who was a part of hearings last fall held by the House Education and  Labor Committee, was to give all workers “a $600 annual inflation-adjusted  subsidy from the U.S. government.”

In exchange, the workers would be required to invest 5 percent of their pay  into a guaranteed retirement account that would be administered by the Social  Security Administration.

However, this guaranteed retirement account would actually be an investment  in U.S.  Treasury bonds that would go toward paying down the huge  trillion-dollar budget deficits.

MORE RIGHT HERE

Well, that was written four years ago. The liberal mind set .. “Hey, if the government was going to take your retirement it would have already happened!” prevails in very intellectually challenged people. But now that it’s upon us and actually being set in motion, the liberals will simply say that the government will provide a better retirement system with your money than what you have right now, so it’s okay.

During his 65 minute State of the Union drivel Barack made some notable statements of which people should have been paying attention. I know, that’s extremely difficult if you’re like me and can’t stand to hear the sound of his voice for more than … oh … 60 seconds. Most of what he said was the same old stuff just a different day. But then he started talking about how he found a way to bilk the American public out of more of their money by setting up a government run retirement program. This program essentially will not be voluntary. I’m sure it will force employers to pull a percentage of your pay check to buy into “your future”.

Now, I’m not sure why the government thinks they need to force the public into some kind of retirement account beyond the fact that they want more of your money. Eventually, soon enough, they’ll grab the existing $17 TRILLION in private retirement accounts and “invest” it wisely into government run “nest eggs”.

I’m not all that savvy on this sort of thing and Dan Steinhart, Managing Editor of the The Casey Report can explain it better than I can.

Via: Casey Research

Obama Fires the First Shot on Your Retirement Account

Dear Reader,

Did you watch the State of the Union address?

I didn’t, because, well… I didn’t want to.

But I did read the transcript the morning after. And boy is there a doozy in there. A lot of news outlets are talking about it. But very few dissected Obama’s tricky language enough to understand its significance.

I’m talking about his unveiling of the “MyRA,” which is ostensibly a new retirement account for working-class Americans. Sounds innocent enough.

But read a little closer, and… well, rather than put words in his mouth, let’s let the skilled orator tell us about the MyRA himself, word for word from his State of the Union address.

Take it away, Barack. (His words, verbatim, are in bold.)

“Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own.”

Can’t argue with that. The personal savings rate has been declining since the 1970s. Reversing that trend would help get America back on track to prosperity. Tell me more.

“And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401(k)s.”

Good point. It’s hard for lower-income earners to save enough money to invest in the stock market. Helping them access stocks is a great idea, provided they enlist a competent advisor.

Granted, it’s not a perfect solution. But allocating a portion of one’s savings to stocks is smart—certainly better than allowing inflation to bleed one’s savings account to death.

“That’s why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA.”

Actually, Mr. President, working Americans already have access to IRAs. You’re giving the impression that lower-income Americans don’t have access to tax-advantaged retirement accounts, but that’s not true at all. Even if my employer doesn’t sponsor a plan, I can start one on my own. Anyone under the age of 70½ can open a self-directed IRA, and plenty of brokers allow people to enroll with as little as a $500 initial contribution.

So where are you going with this?

“It’s a new savings bond that encourages folks to build a nest egg.”

Whoa, hang on there. You were just talking about the stock market. How do savings bonds help the average Joe tap into stocks?

“MyRA guarantees a decent return with no risk of losing what you put in.”

Stop it. First of all, bonds neither guarantee a decent return nor protect people from losing their principal. In fact, with interest rates still near historic lows, buying bonds today and holding them for the long term virtually guarantees they’ll lose money.

Second, a bond is not a one-sided transaction. Whoever issues the bond is borrowing money from the buyer. The US government would be issuing these bonds, so that would mean… wait a minute, you wouldn’t be trying to covertly confiscate workers’ earnings to fund the government, would you?

AND THE REST RIGHT ABOUT HERE

Original Post:  Cry and Howl

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Obama Is Eying Your Savings!

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Obama Is Eying Your Savings!: Our Contributor Jim, living in a communist dictatorship, knows all to well how this pans out…

Remember when President Obama said “there comes a point when a person has earned enough”? Well, it should be a surprise that he also feels that people have saved more than they need for retirement. Mr. Obama has given new meaning to the word “arrogance”.

With this scandal a day administration, it is no wonder some of their plans to get their hands on more of your money slip under the radar.

On Aril 12, 2013, the Wall Street Journal wrote:

How many times have you read financial-advice stories lecturing you to max-out on your IRA, save as much as you can in your 401(k), and even pay taxes now to change your regular IRA into a Roth IRA that will be tax-free until you die?

Well, be careful how much you save.

Assistant OpinionJournal.com editor Allysia Finley on President Obama’s attack on tax deferred retirement accounts.

A lot of job-switchers are ignoring what may be one of the best options to get the most out of their retirement: Moving their savings into their new employer’s 401(k). MarketWatch’s Jim Jelter explains the benefits.

That’s the message in President Obama’s budget for fiscal 2014, which for the first time proposes to cap the amount Americans can save in these tax-sheltered investment vehicles. The White House explanation is that some people have accumulated “substantially more than is needed to fund reasonable levels of retirement saving.” So Mr. Obama proposes to “limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013.”

On April 14, 2013, the Independent Sentinel wrote:

THEY ARE COMING FOR YOU NEXT, make no mistake about that!. They already proposed it back in 2008. The government is on the hunt for more money to support its spending problem. President Obama wants more “revenue” – “taxes” – so he can make more “investments” as he spreads the wealth around.

You need to be afraid, very afraid!

Americans have $17.5 trillion in savings with 25% of it in IRA’s. It is a future source of revenue for the government if they can get their hands on it.

President Barack Obama’s Fiscal Year 2013 budget plan estimated that retirement tax deductions taken by employers and individuals over the next five years add up to $429 billion in “lost” tax revenue. The government believes your savings is their lost revenue.

See how that works? Because you take a legal tax deduction, the government is getting screwed. Never mind that the original idea was to give citizens an incentive to save. Further along in the Independent Sentinel article we find this:

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Greatest Hits: They Said if I Voted for Romney, They’d Come After my 401(k), and They Were Right!

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They Said if I Voted for Romney, They’d Come After my 401(k), and They Were Right!:   Don’t be surprised when they come for your savings…

That’s right kids, they government is eyeing your 401(k), IRA, or 403(b) with great envy.  And, as for the title, since Stacey is talking blog shtick, I thought I’d borrow from his well, which is deep with all sorts of goodness.  

But, back to the seriousness.  There has been rumblings about the government taking over all private retirement accounts for some time.  Apparently, the democrats just can’t let a big pool of money sit there in private hands-it must be controlled, and redistributed, bythe kind hands of government.  Bob Belvedere at  TCOTS has more…

The Editors at Investor’s Business Daily published an excellent editorial yesterday [tip of the fedora to Memeorandum] on the coming attempt by the national government to seize control of retirement accounts, like the 401(k).

A highlight:

President Obama’s National Commission on Fiscal Responsibility and Reform, for instance, proposed lowering the cap on the amount workers could place in their 401(k)s without incurring taxes.

And nearly three years ago, Newt Gingrich and Peter Ferrara wrote on these pages about the Treasury and Labor departments “asking for public comment on ‘the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.’”

“In plain English,” said Gingrich and Ferrara, “the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.”

More than 60 million American workers have a 401(k) or similar — 403(b) or 457(b) — plan. But taxing these accounts or lowering the amount that can be contributed to them tax-free would do little to close the deficit and cut the debt.

Do take the time to click here and read it all [and weep].

Hmmm, let’s take a look at the following a bit more closely…

“the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.”

That sounds rather familiar, doesn’t it?  I mean, how does money get taken from me in exchange for payments when I’m retired?  Oh, that’s it, Social Security.  Well, I never expect to see a dime from that government ponzi scheme, which is why I have a 401(k).  However, if they government does to my 401(k) what they are doing to Social Security, should ever expect a single dime of that either?

I’m thinking retirement is going to be very cold and hungry.  Then again, IPAB would probably kill me off buy that time anyway.

Isn’t it great to live in the “fundamentally transformed USSA?”

We’ll be showing more and more posts about this today, as it is a current issue. 

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Pizza Shop Worker Loves Seattle’s New $15 Minimum Wage, Until He Finds Out That It Cost Him His Job

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Former pizza shop worker Devin Jeran, thanks to new $15 min wage law in Seattle

Hat/Tip to Ashley Dobson at RedAlertPolitics.

Fifteen bucks an hour? Score!!!!

Then reality sets in…

Pizza shop worker Devin Jeran was excited about the raise that was coming his way thanks to Seattle’s new $15 an hour minimum wage law. Or at least he was until he found out that it would cost him his job.

Jeran will only see a bigger paycheck until August when his boss has to shut down her Z Pizza location, putting him and his 11 co-workers out of work, Q13 Fox reported.

He said that while the law was being discussed all he heard about was how the mandatory minimum wage increase would make life better for him, but that doesn’t seem to be the case.

“If that’s the truth, I don’t think that’s very apparent. People like me are finding themselves in a tougher situation than ever,” he told the TV station.

Owner Ritu Shah Burnham said she just can’t afford the city’s mandated wage hikes.

“I’ve let one person go since April 1, I’ve cut hours since April 1, I’ve taken them myself because I don’t pay myself,” she told Q13. “I’ve also raised my prices a little bit, there’s no other way to do it.”

Small businesses in Seattle have up to six more years to phase in the new $15 an hour minimum wage, but even though she only has 12 employees, Z pizza counts as part of a “large business franchise.” As a result, she is on a sped up timeline to implement the full raise.

“I know that I would have stayed here if I had 7 years, just like everyone else, if I had an even playing field,” she said. “The discrimination I’m feeling right now against my small business makes me not want to stay and do anything in Seattle.”

Shah Burnham said that she is “terrified” for her employees after she closes up shop.

“I have no idea where they’re going to find jobs, because if I’m cutting hours, I imagine everyone is across the board,” she said.

The organization that pushed for the higher minimum wage, 15 Now Seattle, wouldn’t comment directly on the closing to Q13 and didn’t offer any sign of sympathy.

“Restaurants open and close all the time, for various reasons,” Director Jess Spear said.

Watch Q13’s story below:


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Beer Warfare: Our Progressive Tax System In ‘Beer Summit’ Terms

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President Obama has been waging his class warfare ever since he took office in 2008. Of course, he ramped it up just before the 2012 Presidential Election, in anticipation of campaigning against his preferred candidate, Mitt Romney. And with the 2016 elections just around the corner, I thought that it would be a good time to revisit and explain our progressive tax structure in beer summit terms.

beer warfare 001Suppose that every day, ten men go out for beer and the bill for all ten comes to $100.
If they paid their bill the way we pay our taxes, it would go something like this:

The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59.

So, that’s what they decided to do.

The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. ‘Since you are all such good customers,’ he said, ‘I’m going to reduce the cost of your daily beers by $20. Drinks for the ten now cost just $80.’

The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected.

They would still drink for free. But what about the other six men – the paying customers? How could they divide the $20 windfall so that everyone would get his ‘fair share?’ They realized that $20 divided by six is $3.33. But if they subtracted that from everybody’s share, then the fifth man and the sixth man would each end up being paid to drink his beer.

So, the bar owner suggested that it would be fair to reduce each man’s bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

And so:

The fifth man, like the first four, now paid nothing (100% savings).
The sixth now paid $2 instead of $3 (33%savings).
The seventh now pay $5 instead of $7 (28%savings).
The eighth now paid $9 instead of $12 (25% savings).
The ninth now paid $14 instead of $18 (22% savings).
The tenth now paid $49 instead of $59 (16% savings).

Each of the six was better off than before and the first four continued to drink for free, but once outside the restaurant, the men began to compare their savings. “I only got a dollar out of the $20,” declared the sixth man. He pointed to the tenth man, “but he got $10!” “Yeah, that’s right,” exclaimed the fifth man. “I only saved a dollar, too. It’s unfair that he got TEN times more than I!”

“That’s true!!” shouted the seventh man. “Why should he get $10 back when I got only two? The wealthy get all the breaks!”

“Wait a minute,” yelled the first four men in unison. “We didn’t get anything at all. The system exploits the poor!”

beer warfare 003

beer warfare 002

The nine men surrounded the tenth and beat him up.

The next night the tenth man didn’t show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something very important….they didn’t have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our tax system works.

The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.

bucket-beers

Now I don’t know who the original author of this little parable is. It has been floating around the internet for quite some time, in fact I think I have gotten it in various forms in my emails several times.

No matter who first penned it, this piece is quite accurate and it strikes at the heart of progressivism and our very progressive income tax system.

Remember, one of the 10 Planks of Communism as described in Marx’s Communist Manifesto is a “heavy progressive” income tax.

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Hey New Jersey, this year you’ll work until May 13th to support the government

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Congratulations New Jersey workers. If you’re crazy enough to have a job, you’ll spend the first 4½ months of this year toiling to support the moocher class.

New Jerseyans will have to work an extra four days this year to be free of taxes, according to a report that once again says Garden State residents have the highest tax burden in the nation.

The right-leaning Tax Foundation’s annual “tax freedom day” report card says residents in New Jersey and Connecticut will work the longest in the nation this year to pay off their taxes: until May 13. Last year, “tax freedom day” for both states was May 9.

We’re #1!

We’re #1!

Gee, thanks.

“The sad reality is that every extra day middle-class taxpayers in New Jersey work to pay for government is one less day they are free to provide for their families, save for their child’s education or their retirement, or to invest in their businesses in order to create jobs and opportunity,” Americans for Prosperity State Director Erica Klemens said in a statement.

Government cheese ain’t cheap.

And the people who vote for a living are never satisfied. They vote Democrat, because it’s easier than getting a job.

Tell me again why I live here?

Originally posted at Wyblog!

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MSNBC Talking Heads Mystified by Reality: Can’t Understand why 39% Increase in Costs Would “Put a Business Under”

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Popular San Fransisco book store, Borderland Books, is closing it’s doors.  The cause is the fact that that city is increasing the minimum wage to $15 an hour.  MSNBC grilled the owner, and could not seem to understand that increasing a business’s labor’s expenses by 39% will put them out of business.

Here is the video…

In many businesses, they’re lucky to make a 5% profit, and a lot of their expenses are due to employee costs, but these idiots have probably never actually a business. They believe money just appears in an employer’s pocket, and he refuses to share it because he’s evil.

But hey just for kicks, let’s do the math. A jump from $11.05 to $15 per hour is about $4 more every hour. Three employees, eight hours a day, 40 hours a week, you’re talking about $5,120 a month more, about $61,400 per year. How much does a book store make? According to this book-owner, just not enough to keep the business alive.

The Right Scoop link has another, more humorous version of the video…

As usual, reality hits, and regressives don’t get it.
Here’s the real equation
15 times 0 is what?
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Radio Shack Files for Chapter 11 Bankruptcy

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Long struggling electronics retailer, Radio Shack, has finally succumbed, filing for Chapter 11 Bankruptcy.  Here is more from the Dallas-Fort Worth NBC Affiliate…

Struggling electronics retailer RadioShack has filed for Chapter 11 bankruptcy protection and says it will sell up to 2,400 stores.

General Wireless, a subsidiary of Standard General, RadioShack’s largest shareholder, has agreed to buy 1,500 to 2,400 of the company’s U.S. stores. As part of the bankruptcy plan, Sprint may open mini-shops in as many as 1,760 of the acquired RadioShack stores.

The company, which has not turned a profit since 2011, still operates nearly 5,500 stores and employs about 27,500 people worldwide, according to its last annual report filed with the U.S. Securities and Exchange Commission.

RadioShack, which was founded in Boston in 1921, started as a distributor of mail-order ship radios, ham radios and parts. In the 1950s, it entered the high-fidelity business, touting a device called the “Audio Comparator,” a then-novel switching system that allowed the customer to mix and match components and speakers in the listening room.

In 1977, the chain started selling the TRS-80, known affectionately by its users as the “Trash 80,” making the RadioShack as important in microcomputers as IBM or Apple.

Sadly, it seems that online suppliers and bog box competition finished off Radio Shack.  Hopefully, the workforce will find other employment.

H/T: IOwnTheWorld Report

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One Chart Disproves Obama’s Claims That He Is A “Deficit Cutter” – Who Made The Chart? Obama’s Federal Reserve…

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FRED Chart 001

Hat/Tip to Doug Ross @ Journal.

Just a few short days ago, President Obama uttered these words in his 2015 State of the Union speech:

At every step, we were told our goals were misguided or too ambitious; that we would crush jobs and explode deficits. Instead, we’ve seen the fastest economic growth in over a decade, our deficits cut by two-thirds, a stock market that has doubled, and health care inflation at its lowest rate in fifty years.

Now I won’t spend time debunking the four lies he told in that short excerpt, instead let’s look at just his claim that he’s a “deficit cutter” in this great article from over at Doug Ross’ place:

ONE CHART IS ALL IT TAKES: The Ludicrous Claims of Obama as a “Deficit-Cutter”

Oh, and did I mention the chart itself comes from the Obama Federal Reserve?

Put simply, any claims linking President Obama to fiscal responsibility are somewhat akin to using Michael Moore as a spokesperson for Jenny Craig.

By the time this walking economic catastrophe has left office, the total federal debt will have doubled. All of the debts rung up in all of American history will have doubled in eight short years.

Every governmental oversight office — from the CBO to the GAO — is warning that the debt is “unsustainable”. Interest payments on the debt will double in just the next five years, from $266.7 billion currently to $578.3 billion in 2020. And the Obama administration’s forecast shows interest payments rising to $785 billion per year by 2025.

And let’s not forget Obama’s failure to even talk about the looming entitlement crisis.

The system is headed for collapse. And Obama has only added fuel to the fire.

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When Democrat Hero FDR Confiscated American Citizens’ Gold — At The Point Of A Gun

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FDR-Press-release-image

Hat/Tip to Nick Sorrentino at Doug Ross @ Journal.

He was instrumental in the Allied victories in WWII, but his economic policies were disastrous. A little tidbit that is all but forgotten is the fact that Roosevelt forced all Americans to turn in their gold, or else.

FDR, the man who studied Mussolini, who birthed the current intrusive state, who started the drug war in earnest, who put Japanese Americans into concentration camps, who extended the Depression years longer than it needed to be and thereby contributed to the genesis of the Second World War, who tried to pack the Supreme Court, who gave away half of Europe to the Soviets at Yalta, and who confiscated the gold – the real wealth – of the American people.

What a guy. And he still has his face on the dime.

gold-stolen-cc-565x353[1]

Just imagine the uproar if Obama did such a thing. But hey, I mean he compares himself to FDR all the time, so maybe we ought to all hide our gold now, while we can…

There is a reason why my grandmother, a good New York City Irish catholic despised the man. She thought Roosevelt was a hair’s breadth short of being a dictator.

She was probably being nice.

Watch the video:


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