Liberally Conservative

"Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same, or one day we will spend our sunset years telling our children and our children's children what it was once like in the United States where men were free....... ~Ronald Reagan~

Friday, October 06, 2006

Nancy Pelosi - Smelling the Blood

House Minority Leader Nancy Pelosi (D-CA) was swimming in the infested political waters, gulping the Mark Foley chum and explaining her plan, something Democrats never discuss.
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One claim Pelosi made is troops in Iraq would begin deployment out by the end of December 2007 or sooner. Pelosi the power broker would also increase the minimum wage to $7.50 and hour, and roll back the Bush tax cuts.
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"We believe in the marketplace," Pelosi said of Democrats, then drew a contrast with Republicans. "They have only rewarded wealth, not work," she said.
xxx "We must share the benefits of our wealth" beyond the privileged few, she added. Pelosi has been on this venue previously for having undocumented and non-union workers in her husbands business as well as having profound wealth herself. Besides, who made her and the Democrats the President? Seems she's claiming victory a little soon.
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While Pelosi ramps up the rhetoric the numbers tell a different story and these numbers don't lie! Although the tax and spend Democrats were joined by the Republicans the fiscal record due to tax cuts have trimmed away the deficit faster and brought in record revenues.
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The federal budget expanded to $2.7 trillion last year, a 9% increase, or three times the inflation rate. Over the past six years the federal budget has increased by 49.2%. Tax collections have increased by $521 billion in the last two fiscal years, the largest two-year revenue increase, after adjusting for inflation, in American history.
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Corporate tax collections have climbed by 76% over the past two years because of greater profitability. Personal income tax payments are up by 30.3% since 2004 too, despite the fact that the highest tax rate is down to 35% from 39.6%.
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The IRS tax-return data just released last month indicates that a near-record 37% of those income tax payments are received from the top 1% of earners -- "the rich," who are derided regularly in Washington for not paying their "fair share."
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A National Bureau of Economic Research study found that "after a continuous decline in dividend payments over more than two decades, total regular dividends have grown by nearly 20%" and that this reversal happened at "precisely the point at which the lower tax rate was proposed and subsequently applied retroactively." This result occurs although the tax rate on dividends was lowered to 15% from as high as 39.6%.
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The budget deficit, at $260 billion is now about 2% of our $13 trillion economy, well below the 2.7% average of the last 40 years. Most states and localities are also afloat in tax collections, and including their revenue surpluses brings the total U.S. public sector borrowing down to roughly 1.5% of Gross National Product (GDP).
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Spending billions on the war against terror and hurricane Katrina cleanup the economy is solid. Gas prices have fallen dramatically because of supply and demand in the market place, not because politicians fixed it.
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Nancy Pelosi and the left-wing base are clueless about economics and have never grown out of their "Robin Hood" mentality. While being rich herself, the Liberal Pelosi appeals to her base in and around San Francisco.
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In the end, the "Pelosi Doctrine" would spell significant trouble for our war on terror and the economy. Not only is Pelosi smelling the blood, she is smelling our money as well.
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1 Comments:

Blogger Beach Girl said...

Walrus, "They (Republicans) have only rewarded wealth, not work," she said. Guess Nanc hasn't seen the bite taxes take out of my paycheck even with the tax cuts. This will be a long channel-surfing election night. Aside from VA, I'm watching a few others. Not many more days to go now. I'll bet Nancy and company are chomping at the bit.

10/07/2006 10:27:00 PM  

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