October 2008

Barack Obama says he wants to cut taxes for the "middle class" and raise them on "rich" families making more than $250,000 per year. The problem is that under his plan, in many instances there will actually be a wealth transfer from the middle class to the "rich." The reason: the definition of "rich" depends in large part on where you live. Obama's plan is to provide a tax credit (remember ... read more

Higher taxes and job creation are the oil and water of economics.  They simply don't go together. It's a basic concept.  The more a business gives to the government, the less free cash it has to use on new salaries.   It's why John McCain wants to cut the corporate tax rate to 25% from 35%.    That extra 10% can go toward hiring a lot of workers and keeping jobs in the U.S.   ... read more

"We feel we're on the brink of a whole new life in this country," said Betsy Whitman, 69. That quote came from a resident of Londonderry, New Hampshire at a rally for Barack Obama this weekend.  It was reported in a story from the UK's Daily Telegraph. Americans on both sides of the political spectrum are energized.   Political memory is long, political tolerance is not.   It seems ... read more

The economy continues to weaken and jobs are being lost in a variety of sectors, even the once-immune internet space. Yahoo says it will cut more than 1,000 jobs to keep costs down.    Layoffs were expected, but these are more cuts than previously expected.    CEO Jerry Yang saying: "While we will continue to face headwinds this year, we believe that the moves we are making will help ... read more

This weekend nothing happened. That's not true, of course.   Things did happen.   All over the country.    I'm referring to major economic "things."   No massive banks collapsed.   Iceland didn't melt.   U.S. taxpayers didn't revolt.   Oliver Stone's movie about the President, "W," bombed at the box office.   The point: perhaps things are slowly moving back to normal. In the ... read more

The takeaway from this week's Business Council CEO summit is that times are going to get more difficult for the U.S. economy.   My view is that may turn out to be a positive in the long-term. The Business Council is an invitation-only group of 108 CEOs who get together twice per year to discuss the economy, outlook and other primary topics of interest.  They also respond to a survey about ... read more

Tonight is the last of the three planned Presidential debates.   The economy and taxes will be a major focus.   Much of that debate centers on the supposed "tax cuts for 95%" claim Senator Obama has been pushing.   The Wall Street Journal dissected that claim recently.    Regardless of those numbers, the Senator also may have unwittingly revealed the true plan behind his strategy: ... read more

Now more than ever we should look back and remember what we can achieve. With that in mind, let's remember that on this day in 1947 Chuck Yeager did what many said was impossible: broke the sound barrier.  He saddled himself into a rocket with wings, dropped from a plane and took off into the sky.    His daring flight changed aviation forever. Yeager is a true American hero not just ... read more

Excellent post from RealClearMarkets John Tamny that both taxpayers and parents will appreciate.  : http://www.realclearmarkets.com/articles/2008/10/our_everyone_gets_a_trophy_eco.html ... read more

There are 21 days until the election but that's not the greatest countdown in Washington.   That is instead the race to see which party can offer the fattest, most careless round of gifts to potential voters ahead of the vote. It's been decided the $2 trillion dollar rescue package (click for my math) and the emergency half-percentage-point rate cut weren't enough.    We must now ... read more