Today the President announced a $17.4 billion “loan” to the US automobile industry. Not only is this a cruelly cynical move, it’s both bad business and bad government.
Hundreds of thousands of workers are going to be put out of work. They deserve help from the government to move into more useful, viable industries. [...]It’s amazing that we’re debating whether or not to bail out the US car companies. They’re insolvent! They’ve got to reorganize, pursuant to the bankruptcy laws. Any other approach rewards unsuccessful managers. Both the Democrats and Republicans were prepared to bail out management teams that have failed in the free market. The only difference is [...]
We’re printing an ungodly amount of borrowed money to bail out a bankrupt financial system, and so far that money is going to the people who caused the problems! It’s hard to see anything good coming of it.
I don’t see a significant difference between the two major candidates for President on economic issues. [...]This has been a dreadful week for Constitutional government in the United States. First, the government funds the National Applications Office. This is another step towards combining the US military with domestic law enforcement. Next, they enact the Wall Street bailout bill, one of the biggest crimes ever committed against the US Taxpayer.
The US Senate just passed its version of the Wall Street Bailout Bill. Criminal fingerprints are all over this long, tedious document. In yet another example of bizarre political double-speak, the Senate version has been "sweetened." This means that corporate handouts, tax cuts and other expensive promises have been built into this bill. All of [...]
The Government Accountability Office just published a study that compares corporate taxes of US and foreign cororations. It finds that 28% of big US corporations don’t pay income taxes.
Raising corporate taxes might not raise government revenue. Check out this paper. It includes IRS data that shows how much corporate tax revenue declined as [...]