Posts Tagged ‘Government spending’
The Tea Party: Correcting the Narrative
The Tea Party narrative in America has been drafted, perfected, and advanced by the Political Left and its cronies through the mainstream media.
It is a false narrative.
It’s time for all people who believe in limited government as determined by the constitution of the United States of America, the separation of powers, and individual liberty and self-determination, to correct the narrative and help all of America’s citizens understand the truth about this movement. It’s time to tell the president, the congress, Wall Street, and Corporate America their gig is up. We will not tolerate the game being played to the detriment of all working Americans who just want to provide the best life they can for their families and those they love.
The Tea Party is not a movement full extremists doing damage to this country. Any objective person, using common sense, can quickly see where the power lies and who is truly damaging every American’s ability to determine his or her own future and how they live their lives.
It’s time to stop listening to a so-called free press that is no longer an objective observer or watch dog. The major media voices are bought and sold. Time to stop being told what to believe. Time to stop assuming the media is acting as another check and balance on our government or has your best interests at heart. Start doing your own homework. Take down the shields and barriers and give the other side a fair hearing.
Study the founding documents of this nation and weigh your findings against the standards set in those time-tested principles.
Then decide where you stand.
How $4.2 Billion In Refundable Tax Credits Went To Illegal Aliens
U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, announced today that he will be examining how the Internal Revenue Service (IRS) gave $4.2 billion in refundable tax credits last year to illegal aliens – four times the amount from five years ago.
The information was released today in a report issued by the Treasury Department’s Inspector General for Tax Administration. The Finance Committee has jurisdiction over all tax policy, the IRS and the Department of Treasury.
“The disconcerting findings in this report demand immediate attention and action from Congress and the Obama Administration,” said Hatch. “With our debt standing at over $14.5 trillion and counting, it’s outrageous that the IRS is handing out refundable tax credits, which are spending through the tax code, to those who aren’t even eligible to work in this country. I will be looking at this as soon as Congress returns next week.”
The report found that:
“Although the law prohibits aliens residing without authorization in the United States from receiving most Federal public benefits, an increasing number of these individuals are filing tax returns claiming the Additional Child Tax Credit (ACTC), a refundable tax credit intended for working families.”
$4.2 billion in refundable credits were paid to individuals not authorized to work in the United States in Processing Year 2010.
“[T]he payment of Federal funds through this tax benefit appears to provide an additional incentive for aliens to enter, reside, and work in the United States without authorization, which contradicts Federal law and policy to remove such incentives.”
The question is who is responsible for oversight, will they be held accountable, will they lose their jobs? Bureaucracies are ripe with waste and fraud, we all get that and to a point we realized it can’t be totally curtailed, but this administration has allowed it to get out of control. It’s almost as if they just look the other way.
They wouldn’t do that would they? Not on purpose….
Related articles
- Ripoff Nation: Illegals Got $4.2B in Tax Credits! (fellowshipofminds.wordpress.com)
- IRS doles billions in tax credits to “undocumented workers” (hotair.com)
Mainstream Media Can’t Be This Stupid…Can They?
Let me begin by stating that I am not a blind critic of the media. I worked in Television News as an Anchor, Reporter and News Director for over a decade and was involved in electronic and broadcast media for nearly 15 years. I loved my profession and my job. I left the industry for a number of reasons one of which included the change I was seeing in how the news was being delivered and what I call the “commercialization” of news.
I had the unpleasant experience of having a general manager of one of the stations I worked for try to kill a revealing and negative story about a local merchant who also happened to be one of the station’s biggest advertisers. After much consternation and debate the story won the day but with a compromise that a particularly damning sound bite not be used on air.
It was then that I realized how much money and politics could effect the news content of the day even at the local level.
It’s been more than 5 years since I left the business and I can only say things have gotten worse not better. The news is skewed and leaning hard left. Except over at FOX which leans hard right. Unfortunately this doesn’t help the situation and does not provide balance it simply gives the two sides a place to go for THEIR news. Not good.
All of that leads into a story I read today from a financial guru and investment adviser named Bob Wiedemer. Wiedemer appears to be a conservative minded individual but what he says is neither conservative nor liberal. It’s simply the truth and for some reason our watchdogs of the 4th estate can’t seem to grasp it, or is it something else. I don’t want to go as far as to imply that facts are intentionally being misreported, but if it looks like a duck and quacks like a duck….
The economic recovery being touted as “under way” by the media is simply a bunch of hot air. Boloney. Hogwash. Bullshnike… It doesn’t exist and the numbers prove it. And here they are.
The “recovery” is made up of only stimulus funds. It is a result of massive government borrowing and spending. Here are those numbers.
In 2007, the U.S. gross domestic product (GDP) totaled $14 trillion. In 2010 the GDP totaled $14.6 trillion dollars. A net increase of $600 billion. Viewed on its own, $600 billion in three years is not very good, but on the bright side, its a rebound that tracks above inflation, slightly.
Compare that however to the increase in government borrowing. In 2007, the U.S. government borrowed and spent $163 billion. In 2010 it borrowed and spent almost $1.4 trillion, a net increase of over $1.2 trillion.
The spending binge (on borrowed dollars) is also what’s propping up the stock market i.e. printed money the quantitative easing strategy of government bond buying, the second round of which ended June 30th. The fact is when the Fed prints new dollars the market responds with an upswing. When the Fed stops printing dollars it drops. The stock market recovery is as fake as the economic recovery. Driven by unsustainable irresponsible government idiocy. It’s not based on hard-nosed analysis of the economy and its underlying capacity for growth, it’s based on printed money pushing up stock values beyond any true economic recovery. You want a glimpse of the future of the stock market? Look at the housing market.
The golden question? Besides the obvious, why is the media ignoring the real story; how are we going to pay back all the borrowed cash? The answer: we can’t. Not even if every dollar earned by every American taxpayer was paid in taxes for the next decade. The bubble economy is about to pop and when it does inflation, the crash of the dollar, and, heaven forbid, the elimination of the dollar as the world’s reserve currency. None of it good.
But you won’t hear that from those friendly smiling faces on your TV screens. Nope. They’re too busy admiring the Emperor’s new clothes.
Related articles
- The Largest Bubble in U.S. History (anationbeguiled.wordpress.com)
- Recovering From a Balance-Sheet Recession (economix.blogs.nytimes.com)
- THIS CAN’T BE GOOD: U.S. Borrowing Tops 100% Of GDP: Treasury. “The new borrowing took total publ… (pajamasmedia.com)
Information for this blog post was found in the Financial Intelligence Report a monthly financial news letter. You can subscribe at moneynews.com This blog does not endorse or represent moneynews.com.