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Breakup “Massive Power” of Giants, “Subvert Our Democratic Process” Says Senator Cruz, & MH CEO’s Call for “Fully Competitive Housing Access”

April 25th, 2018 Comments off

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Senator Ted Cruz added his voice to the voices across the left-right spectrum that are calling for a use of federal antitrust laws to break up the massive power” of giant companies that “subvert our Democratic process.

 

Cruz (R-TX) was responding to Joel Pollack’s question on Breitbart radio about the challenge of “censorship of conservatives” on Facebook and across the broader internet landscape.

Once more, the Daily Business News underscores the noteworthy point of the rising voices that are calling for more regulation – or an outright breakup – of giant conglomerates.  You don’t get much more left than Senator Elizabeth Warren (D-MA) and Representative Maxine Waters (D-CA), or more right than Senator Ted Cruz.

President Trump has pointed to specific companies, like Amazon, and concerns over monopolistic practices.

 

Cruz on Tech Giants and “Censorship”

Breitbart reports that Cruz said, “I think, number one, the growing power of tech to censor speech is a profound threat. We’re seeing now some two-thirds of Americans are getting their news through social media, and these tech companies are hard-left. They are are partisan Democrats, and what we’re seeing is they’re amplifying the views they agree with, those of liberal Democrats, and they are suppressing the views of conservatives. They are blocking conservatives.”

Its noteworthy that Facebook founder Mark Zuckerberg told Congress that the Silicon Valley tech giants have a reputation for being left-leaning.  So Cruz’s concern is not hyperbole, when Zuckerberg admits the reality.

 

Industry CEO Segues Implication of Monopolies for Housing Industry

In a comment to MHProNews,If unfettered access to the internet is important — and it is — then full access to affordable home ownership, within a fully competitive market, is even more important, as it serves a basic and essential human need,” said Mark Weiss, President and CEO of the Manufactured Housing Association for Regulatory Reform (MHARR).

MHARR is non-partisan, and represents the interests of independent producers of HUD Code manufactured housing.

MHARR is one of several voices in manufactured housing that have directly or obliquely raised concerns about monopoly power, and how it impacts the manufactured housing industry.

Left-of-center Bloomberg’s reported that one of Warren Buffett’s biggest concerns is of a breakup.

 

Back to Cruz – Scope of Power “Unprecedented”

Cruz said, “The scope of the power is truly unprecedented. You think back to the heights of yellow journalism, when publisher William Randolph Hearst controlled much of media and in fact got America into the Spanish-American War. These tech companies have power William Randolph Hearst could never have imagined.”

The ability, if there’s a view they dislike, simply to silence it so that if you put a post out there, if you put a tweet out there, it simply goes into the void, into oblivion, and no one sees it. Likewise, they have the ability, if there are views they want to promote, to just have everything on your feed be the views they want to promote. That is invidious. It is invisible, and it is profoundly dangerous,” stated Cruz.

Cruz proposed exposing technology firms to libel lawsuits to curb their political manipulation of the availability of information on their platforms.

Responding to Pollack’s question, the Texas senator said, “Now your question is a hard one and a good one. What remedies are there? I would say there are principally two.”

 Those two?

Number one, the question I asked Mark Zuckerberg, the opening question was, ‘Does Facebook consider itself a neutral public form?’ He danced around and refused to answer that. The reason the question matters is much, is under current law, Facebook and other tech companies have immunity from liability, so if someone posts something on their site, they can’t be sued for it, and it’s under what’s called the Communications Decency Act, section 230. The entire reason Congress enacted section 230 was under the assumption these tech sites would be neutral public forums, [that] they would allow people to be speaking. So the reasoning was, we’ll protect you from being sued because it’s not you speaking, it’s somebody else. Well, if Facebook and the other tech companies are going to choose instead to be partisan political speakers, they have a right to do that. They’ve got a First Amendment to become and to be partisan political speakers, but there’s no reason on Earth they should get a special immunity from liability from Congress.”

Cruz also floated the use of antitrust laws to curb technology companies’ power.

He said, A second remedy is considering using anti-trust laws. By any measure, Facebook is larger and more powerful than Standard Oil was the antitrust laws broke it up. It’s larger and more power than AT&T was when antitrust laws broke it up and given that, I think we need to have serious consideration about the massive power we’re seeing of these tech companies to subvert our democratic process.”  ##
(News, analysis, and commentary.)

Related Reports:

NY Stern University’s Scott Galloway on Facebook Founder Mark Zuckerberg’s Capitol Hill Hearings

Buffett Blasts Trump, via Classic Twist

Manufactured Housing – Regulatory, Other Roadblocks and Potential Solutions, Up for Growth Research, plus Urban Institute Report Revisited

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Economist Kudlow says, “Trump…Ending War on Business,” Reactions, MH Industry Impact

October 9th, 2017 Comments off

LarryKudlowTrumpEndingWaronBusinessDailyBusinessNewsMHProNews438Tax and regulatory policy impacts the manufactured housing industry, much as it does other industries and parts of the economy.

The National Association of Manufacturers (NAM), and the National Federation of Independent Business (NFIB) are among those supporting tax reform, as the Daily Business News on MHProNews has previously reported.

So, it with interest that many industry professionals are following the tug-of-war in the nation’s capital over tax policy and proposed tax reform.

Kudlow On the Air

Larry Kudlow sounded off on the topic on Sunday, in a radio interview with John Catsimatidis on AM 970 in New York, per reports by a slew of media outlets.

Ending the War on Business

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Screen capture of some of the mainstream media coverage on this topic.

Donald Trump is, in fact, ending the war on business,” Kudlow said during the radio interview.

Trump is ending the punishment of investment. That’s what this tax bill is really about: The return on capital will go up after tax,” the Hill reported, adding that Kudlow said. “The cost of capital will go down after tax. And that will lead directly into new business projects, and more hires, and better wages and productivity. It doesn’t get any better than this.”

It echoes a refrain that Kudow has been sharing for months, as this recent interview on CNBC reflects.

Left Leaning Media Revolt, While Kudlow Wrote The Book

Left of center outlet, NYMag says of the economist, author and commentator that “Kudlow is a fanatical adherent of supply-side economics.”

The Huffington Post has snarked, Kudlow is best known for being wrong,” while Bloomberg has said,  “Kudlow Is a Troubling Economics Adviser for Trump.”

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But does history prove otherwise?

During the first term of the Reagan administration (1981–1985), Kudlow was associate director for economics and planning in the Office of Management and Budget (OMB), a part of the Executive Office of the President,” says Wikipedia.

Kudlow has literally written the book on how Democratic President John F. Kennedy, as well as GOP President Ronald Reagan both cut tax rates.  Each saw significant economic growth in their wake.

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Furthermore, while revenues to the federal government initially dropped, over time, they rose in both cases.

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Kudlow and business associations are far from alone in promoting tax reform.

Billionaire Steve Forbes has argued for tax reform and simplifying the code for years, see a recent report, linked here.

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Chart used by Steve Forbes, image credit, Prager U.

Forbes reminds his readers and listeners that properly done, tax reform is more than just money savings that frees capital to create more growth.  Forbes argues for tax reform to avoid the time lost in tax compliance.

White House Press Room to MHProNews

The White House press room sent a reminder to MHProNews about President Donald J. Trump’s op-ed in a Wisconsin newspaper that focused on tax reform.

In that presidential op-ed in the Milwaukee Journal Sentinel, he said the country’s “self-destructive tax code costs Americans millions of jobs, trillions of dollars and billions of hours spent on compliance and paperwork.”

That’s a point that mirrors Forbes’ observation, noted above.

To fix this, we have made the foundation of our job creation agenda fundamentally reforming our tax code for the first time in more than 30 years,” President Trump wrote in the op-ed.

I want to work with Congress on a plan that is pro-growth, pro-jobs, pro-worker and pro-American.”

The president has that his tax plan would “dramatically reduce” the “income taxes for American workers and families.”

While the White House and House speaker Paul Ryan are quoted by the Hill as saying they expect some bi-partisan support. But given the partisan trench warfare in Washington, D.C., that’s not yet a given.

Those who support tax reform should let their senators and congressional representative know. The links below can help you contact your elected officials by phone or message.

We Provide, You Decide.” © ## (News, analysis, commentary.)

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Cong Norman – ‘Need God, Not Gun Control’ – NYT, Jihadi Turns to Jesus

October 4th, 2017 Comments off

CongNormanGodNotGunControlBreitbartShooterPaddockDailyBusinessNewsMHProNewsWhat’s wrong is that we don’t ask what’s right.” – G.K. Chesterton

South Carolina Congressman Ralph Norman told Alex Marlow on his radio show after the Las Vegas shootings by Stephen Paddock that, “For this to happen just shows the issues this country has.”

To say that guns ought to be more regulated is just the wrong way,” Rep. Norman continued. “Now, what ought to be the topic of discussion is the tragedy that took place and how we can help to get God back into the mainstream of public life and it was absent in the killer and anyone that tries to make political hay, again, by talking about gun control, is backward in my opinion.”

Norman is a real estate developer professionally, and is serving in the U.S. House of Representatives from South Carolina’s 5th congressional district.

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Stephen Paddock and Las Vegas Authorities, Reports

Speculation is rampant as to the reasons for Paddock’s killing spree, as the photo/headline collage below reflects.

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Within hours of the murders. ISIS claimed Paddock as one of its’ “soldiers” and a convert to Islam. While ISIS has at times made false claims of responsibility, experts say they are generally accurate about such statements. Time will tell.

A theory has not been published by authorities at this time as to what motivated the Las Vegas shooter.

What is known so far from press conferences is that Paddock was wealthy, not poor. He was not ex-military, but he was a hunter. While the FBI said that he was not a radical, the more precise terminology was later clarified that Paddock has not appeared on any terror watch lists.

During a recent press conference, Clark County Sheriff Joe Lombardo asked out loud if the gunman, may have been “radicalized.” If so, Clark said that authorities were attempting to uncover the source of his radicalization.

Fox News reported that the value of his weapons and ammunition were estimated to be about $100,000.

The statement was made just hours after the shooting by local authorities in Vegas that this type of killing could not be prevented.  The man had no criminal record. The guns were obtained legally, but a rich man could have obtained them illegally. What could prevent this?

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Full Measure’s Sharyl Attiksson’s media bias chart is useful in sorting out the agendas behind various headlines and news sources.

Back to Basics?

Last spring, the left-of-center New York Times reported on Bashir Mohammad, age 25. They reported then that he, “fought on the front lines of the Syrian civil war for Jabhat al-Nusra, an offshoot of Al Qaeda, less than four years ago.”

Now Mohammad “wears a cross and has one on the wall of his living room, where other recent converts join him for weekly Bible readings.”

The right-of-center Fox News reported that, “it is Muslim converts who are reviving struggling Christian churches” in Europe.

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Britian’s Independent said similarly in late 2016. “More and more refugees are converting from Islam to Christianity.”

Manufactured Housing Advocate, Rev Donald Tye

We don’t need government to stand between people’s ability to directly help [and serve] each other.  The example of people helping people in the wake of Hurricane Harvey, regardless of race or creed is a fine example of the best of America,” said the Rev. Donald Tye in a joint statement with MHLivingNews publisher, L. A. “Tony” Kovach last month.

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From “Seek First” a Post-Charlottesville Message of Healing and Principles for America,” found at this link here, or by clicking the image above. 

Americans should want to be politically and economically free, and we should stand up for the equal rights of all under the law,” Tye stated.

There are some things that are difficult to legislate, but are entirely in keeping with sound moral values.  There are over 1 million laws in effect in the U.S., so clearly the sheer volume of laws makes most unknowable to the vast majority of citizens or even legal experts,” Tye said.

AmericaWillNeverBeDestroyedFromOutsideIfWeFalterAndLoseOurFreedomItWillBeBecauseWeDestroyedOurselvesAbrahamLincoln-MHLivingNews

There have always been those who’ve used race or other artificial divisions to advance their own misguided agendas. We may be black, white, olive, red, yellow or tan,” Tye and Kovach stated, adding. “But we all breathe the same air, drink the earth’s water, travel similar roads, and bleed the same red blood.”

The manufactured housing – and truth, justice – promoting pair outlined the numerous struggles the country faces, which impacts professionals and citizens in a variety of ways.

We are members of a given race, social, political, religious or other group. But we all ought to be Americans First. Neighbors first.”

Is Cong. Norman Right?

Isn’t Congressman Norman correct?  What’s needed isn’t gun control, but a rediscovery of the role that God must play in a healthy society.

The White House press office provided among the West Wing Reads, the following, “William Murchison of RealClearPolitics writes President Trump’s declaration of the Las Vegas massacre as “an act of pure evil” is a “bull’s-eye,” before discussing the battle between good and evil in “our rancorous age.”

What’s wrong is that not enough are asking what’s right.

That struggle between good and evil will shape and influence every facet of American and global life, including business.

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Can political correctness save America?  Hasn’t that led the nation to this point, over the course of decades?  “Applied Principles, not Propaganda, or Posturing,” says the Rev. Tye and publisher Kovach. Original photo credit, Wikipedia, text credit, MHLivingNews.com.

America has welcomed people from every background. Yet historically, we must admit that this was founded as a Christian nation. We need the glue of faith to hold a nation together. An amoral or immoral society would not long survive,” said Tye. For their entire thought-provoking statement, click this link here. ## (News, analysis.)

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SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.

Universal Basic Income-The Evolution of Poverty Pimping?

May 29th, 2017 Comments off
UniversalBasicIncomeTheEvolutionofPovertyPimpingcreditCommunitiesDigitalNews-postedtothedailybusinessnewsmhpronewsmhlivingnews

Are Democrats looking to keep doing what they’ve done to the masses? Trump’s plans could cause them problems. Credit: Communities Digital News.

In what many have called “Trumponomics,” the battle lines became even more clearly drawn last week.

At the Harvard commencement speech, Facebook founder Mark Zuckerberg made the call for Universal Basic Income (UBI).

Every generation expands its definition of equality. Now it’s time for our generation to define a new social contract,” said Zuckerberg.

We should have a society that measures progress not by economic metrics like GDP but by how many of us have a role we find meaningful. We should explore ideas like universal basic income to make sure everyone has a cushion to try new ideas.”

According to CNBC, Zuckerberg’s comments reflect those of other Silicon Valley bigwigs, including Sam Altman, the president of venture capital firm Y Combinator.

Because I knew I had a safety net if projects like Facebook had failed, I was confident enough to continue on without fear of failing,” said Zuckerberg.

Others, such as children who need to support households instead of poking away on computers learning how to code, don’t have the foundation. Universal basic income would provide that sort of cushion.”

 

Magic Money? Vote Buying Happy Talk? 

While the thought of free basic needs money for everyone sounds like a wonderful idea, the inevitable question becomes… how do you pay for it?

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Credit: YouTube.

Many Democrats have tapped into the “you need help, here you go” ethos for decades. With the revolution of social programs during the LBJ administration, the stage was set for generations that became dependent on social programs, and continued to elect candidates who promised to continue them.

And the perception of the promise has had tremendous value… to them.

Politicians and their media allies have learned a form of vote buying that may not require any deliverable payment… ever.

Promises are made, politicos are elected, and bills are passed…

…but no actual change takes place.

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The estimated $22 trillion dollars spent on the War on Poverty, which turned 50, exceeds the total national debt of some 20 trillion dollars. The poverty rate was coming down in the U.S. through free enterprise, and the perhaps well intentioned, but still misguided, impact of poverty programs has not proven to move the needle of poverty, as the graphic above demonstrates. Or as MHProNews publisher L. A. “Tony” Kovach said in Poverty vs. Prosperity, a recent Masthead post, ‘whatever you subsidize, you tend to get more of it.’  The Trump Administration seems to be taking a phased approach to winding down programs and regulations that have proven not to perform as advertised.

Former President Barack Obama signed a bill into law that was supposed to give equal pay for equal work.

Yet the Obama White House staff, the Clinton campaign and the Clinton Foundation – for all the happy talk of wage equality – were documented NOT to pay women equally to men.

 

So… How Do You Pay For It?

Michael Steele. Credit: Atlanta Black Star.

In a recent radio interview, former RNC Chair Michael Steele posed an important question in response to Zuckerberg’s call for UBI.

Why doesn’t he start with his own organization and put in a standard minimum income for all of his employees and see how that works for his shareholders,” said Steele on the Sirius XM’s Breitbart News Daily.

It’s what you say when you want to sound like you’re with it and cool, you know, I’ve got this real progressive view on taxes and everybody owes everybody else. You do your thing, let me do mine and we’ll work it out. The government doesn’t need to be going around setting anybody’s minimum on anything.”

 

The Trump Effect – The Desert… of the Real

What President Trump started during the campaign, and has continued during his administration, is exposing many of the fallacies that have led to 20 trillion in federal debt, huge trade imbalances, a loss of manufacturing and energy jobs to other nations.

BigLeaguePresidentialDealsUnderminesDCNarrativeofStrugglingTrumpAdministrationcreditHarvard5-postedtothedailybusinessnewsmhpronewsmhlivingnews

A Harvard study shows how media has covered the President over the first 100 days. Credit: Harvard.

And, as the Band-Aid is now being ripped off… the painful process of revealing and then rolling these fallacies back, those who have politically benefited react in the way that they know best.

Democrats have long argued for $15 minimum wage, yet according to a class action suit filed by DNC campaign workers, the party failed to pay them even the current minimum wage. This past week, Democrats in Congress on Thursday introduced a bill that would increase minimum wage to $15 an hour by 2024, and used their media allies to set the narrative.

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Credit: YouTube.

UniversalBasicIncomeTheEvolutionofPovertyPimpingcreditWikipediaBernieSanders-postedtothedailybusinessnewsmhpronewsmhlivingnews

Sen. Bernie Sanders. Credit: Wikipedia.

What we are here today to say is that a living wage is $15… if you are working 40 or 50 hours a week, you should not be living in poverty,” said Sen. Bernie Sanders (I-VT.)

If Republicans and President Trump are truly serious about standing up for workers, they’ll join us in fighting for a $15 minimum wage. … We’re going to continue fighting tooth and nail for this,” said Sen. Chuck Schumer (D-NY).

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Senator Check Schumner (right), with Harry Reid. Credit: Politico.

 

Meanwhile, President Trump has just returned from his first overseas visit, closing billion dollars of business designed to deliver hundreds of thousands of good paying jobs to U.S. shores.

President Trump’s triumphant visit to the Middle East is likely to be remembered as the occasion that changed not just United States foreign policy, but potentially the balance of power in the region,” a statement from the White House’s 1600 Daily email read.

 

The Bottom Line

BigLeaguePresidentialDealsUnderminesDCNarrativeofStrugglingTrumpAdministrationcreditWhiteHouse2-postedtothedailybusinessnewsmhpronewsmhlivingnews

The President sits down with the Saudis. Credit: The White House.

President Trump and his administration are working to get to the root cause of the multi-decade long problem of flat wage growth, which can be summed up in the widely approved phrase, “the law of supply and demand.”

By addressing and attacking low wage worker inflow, unfair trade deals, taxes and regulation, repatriation of billions offshore, public private partnerships and energy independence, the administration is using the law of supply and demand to deliver solutions.

The markets are betting that Trumponomics is already working and will continue to work, as record growth continues.

The NFIB, MHARR and others are calling for, and support, many of these same changes.

The Daily Business News will continue to monitor and report on the various groups – including advocacy media – that attempt to shift or spin the discussion from the realities that are necessary to properly understand and act upon needed changes for sustained economic growth. ##

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

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Prominent Democratic Lawyer Defends Breitbart’s Steve Bannon

November 17th, 2016 Comments off
prominentdemocraticlawyerdefendsbreitbartsstevebannoncreditgettyimagesbreitbartcnnmoney-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Getty Images, CNN Money, Breitbart.

Alan Dershowitz – an emeritus law professor at Harvard University, high profile member of the O.J. Simpson defense team and staunch Democrat – is speaking out in response to strong rhetoric against Breitbart Chairman, Steve Bannon.

It is not legitimate to call somebody an anti-Semite because you might disagree with their policies,” said Dershowitz.

Going on the record with Breitbart, Dershowitz shared strong feelings about Bannon and how he’s being talked about in the media.

I think we have to be very careful before we accuse any particular individual of being an anti-Semite,” said Dershowitz.The evidence certainly suggests that Mr. Bannon has very good relationships with individual Jews. My former researcher, Joel Pollak, is an Orthodox Jew who takes off the Jewish holidays, who is a committed Jew and a committed Zionist, and he has worked closely with him. He has been supportive of Israel.

So, I haven’t seen any evidence of personal anti-Semitism on the part of Bannon. I think the Breitbart headline about a conservative republican being a renegade Jew was ill advised, but it doesn’t suggest to me anti-Semitism. It suggests to me a degree of carelessness.

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Dershowitz continued, pointing to the issue of bigotry on both the left and the right.

I think the larger problem – and it’s a very complicated one today – is how you assess a person who himself might not have negative characteristics, but who has widespread appeal to people who do. And I think that problem exists on the right and the left,” said Dershowitz.

I think there are left-wing candidates who appeal to some of the worst bigots on the hard left. Anti-Semites on the hard left. Anti-Israel people on the hard left. And I think the same thing is probably true of some very right-wing conservatives who appeal advertently or inadvertently to people whose values they probably themselves don’t agree with.

As Daily Business News readers are already aware, president-elect Donald Trump named Bannon earlier this week as the chief strategist for the new White House administration.

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When asked about whether or not the claims against Bannon demeaned the term anti-Semitism, Dershowitz felt that they did.

I think so. And I think one has to be very careful about using the term anti-Semitic in two ways. One, I don’t think anybody should be called or accused of being anti-Semitic unless the evidence is overwhelming. And then the second, more subtle and difficult issue is what about characterizing supporters or people who follow them?  Subtle distinctions have to be made,” said Dershowitz.

One has to be concerned about any group, right or left, that has widespread appeal to bigots. And I think they have to look in the mirror and ask themselves why. And that’s a legitimate point to make.

But it is not legitimate to call somebody an anti-Semite because you might disagree with their policies.  Or because in one instance, like in the Bannon case, an aggrieved wife in a divorce may have said something which he himself has denied having said. I think you always have to have a presumption of innocence and of good faith. And so, I am not prepared to accept those conclusions based on the evidence that I have now seen.

Morton A. Klein, president of the Zionist Organization of America (ZOA) also issued a statement.

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Morton Klein. Credit: JNS.org.

It is painful to see Anti-Defamation League (ADL) president Jonathan Greenblatt engaging in character assassination against president-elect Trump’s appointee Stephen Bannon and Mr. Bannon’s company, Breitbart Media,” said Klein.

ADL/Greenblatt essentially accused Mr. Bannon and his media company of ‘ Anti-Semitism ‘ and Israel hatred, when Jonathan Greenblatt/ADL tweeted that Bannon ‘presided over the premier website of the ‘alt right’ – a loose-knit group of white nationalists and anti-Semites.

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Jonathan Greenblatt. Credit: ADL.

Klein shared that the organizations own experience with, and analysis of, Breitbart articles confirms Bannon’s friendship and fair-mindedness towards Jewish people and Israel.

To accuse Mr. Bannon and Breitbart of anti-Semitism is Orwellian,” said Klein.

In fact, Breitbart bravely fights against anti-Semitism. Here are a few of the many examples:

Stephen Bannon joined ZOA in fighting the anti-Semitic rallies at CUNY by requiring his Breitbart reporters to call CUNY officials and Gov. Cuomo aides urging them to do something about it.

A View from the Manufactured Housing Industry 

MHProNews and MHLivingNews publisher L.A. “Tony” Kovach provided insight as to why keeping a clear mind about president-elect Trump is critical to the MH industry.

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L A ‘Tony’ Kovach, credit, MHVillage.

The anti-Trump forces have already shown their willingness to play loose with the truth, and to throw around terms such as racist, bigot, misogynistic and xenophobic to try to stop the candidate turned-president-elect,” said Kovach. “Yet people that know Mr. Trump and his business history shows he is more equal opportunity than his former presidential rival was.

There are many possible benefits to a Trump presidency for manufactured housing, our customers and the nation,” Kovach said. “Open minded, objective industry members must be vigilant in not letting unjust slurs stop him from achieving policy objectives that will benefit the vast majority of the public.

The a new Masthead column from Kovach, featuring industry feedback, is posted here. ##

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Congressional Budget Office: America Taxing Itself into Poverty

July 15th, 2016 Comments off

Crystal Ball dollar fotosearch postedDailyBusinessNewsMHProNewsIn an attempt to reach out to the 18 to 30 year old voter demographic (though she leads Trump by double, 45 percent are undecided), Democratic presumptive presidential candidate Hillary Clinton is offering free in state college education for families making up to $125,000 a year. She also advocates raising the minimum wage to $15/hr, and allow 55-year olds to purchase Medicare coverage.

As breitbart tells MHProNews, the non-partisan Congressional Budget Office (CBO) has periodically warned of irresponsible spending that has deleterious long-term effects on the solvency of the United States.

The CBO says the net federal debt’s share of the overall economy will steadily rise from “75 percent of GDP in the wake of the financial crisis, to 86 percent in 2026 and 141 percent in 2046.” That is higher than the historic peak of 106 percent of gross domestic product (GDP) at the end of World War II.

The debt future is getting bleaker: Last year the CBO predicted the federal debt would not reach 126 percent until 1940, and it is ahead of that now.

It says federal tax revenues as a share of GDP will be flat over the next ten years, moving between 18.0 percent and 18.2 percent; but in 2026 the average tax bill will increase sufficiently to raise the federal tax revenues as as share of GDP to 19.4. However, the CBO estimates that the higher tax rates will dampen economic activity, reducing overall tax revenue.

This will also reduce the Gross National Product per person from an average of 1.9 percent over the last 50 years to 1.3 percent annually over the next 30 years.

Mounting debt will reduce national saving and income, increase government’s interest bill, put more pressure on other aspects of the budget, limit the ability of the government to respond effectively to catastrophes and wars, and perhaps spur a financial crisis.

According to breitbart, “Given that the self-serving federal bureaucracy usually advocates for an increase federal tax rates, a warning from the respected CBO that high tax rates are about to impoverish America will have a significant influence on future public policy debates.” ##

(Image credit: fotosearch–moneyed crystal ball)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Two-thirds of Americans do not Have $1,000 for Emergency

May 19th, 2016 Comments off

forbes creditIn an indication that Americans’ financial condition remains as precarious as ever, despite the “recovery” from the Great Recession, a survey conducted by the Associated Press-NORC Center for Public Affairs Research revealed 75 percent of people in households making less than $50,000 would have trouble coming up with $1,000 in an emergency. Even with income rising to between $50,000 and $100,000, 67 percent still would be hard pressed to cover a $1,000 bill, according to breitbart.

Even people in the top 20 percent, those earning over $100,000, would be a little stretched to produce $1,000 on the spot, as MHProNews understands.

Although two-thirds of Americans say they are secure in their finances, a majority of our fellow citizens could not easily cover an unexpected bill of $1,000. A third said they would have to borrow the money or pay with a credit card, while 13 percent would skip paying other bills and 11 percent said they would not pay the bill.

The AP-NORC study correlates with 2015 Federal Reserve research that indicated 47 percent of Americans could not immediately cover a $400 debt.

Extending out to retirement savings, 54 percent of working Americans say they are not sure they will have enough savings to retire when they want to; only 14 percent have enough to retire when they want.

In the same survey, 46 percent of workers say their incomes have not risen in five years, and 16 percent say they have experienced salary cuts, while costs for food, housing and insurance have increased.

William R. Emmons, a senior economic adviser at the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis,said, “Many families are still struggling with debt from the housing bubble and borrowing boom. And the recent economic stresses make it much more likely families are going to be fighting basic financial issues.” ##

(Image credit: forbes)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Uncertainty hurts business – no more Teddy Bears and Flowers

March 24th, 2016 Comments off

teddy_bears__breitbart__creditAs MHProNews publisher L. A. “Tony” Kovach told the Daily Business News, “Uncertainty hurts business. When people are afraid, spending slows. Anything that can harm business is noteworthy for a business or investment professional.”

Writing in breitbart, Raheem Kassan tells MHProNews every time there is another Islamist terrorist attack that kills and maims hundreds, our response is to adorn the site of the attack—or as near as one can get—with teddy bears, wreaths, candles, scarves, murals, flowers, as if that is our only response. The governments form a “solidarity,” which Kassan says “Means that you have observed the situation, changed your Facebook profile picture accordingly, and patted yourself on the back.”

He may be referring to Democratic presidential candidate Hillary Clinton who said on the Today Show, It’s unrealistic to say we’re going to completely shut down our borders to everyone,” Clinton said. “That would stop commerce for example and that is not in anybody’s interest. But we have to do a much better job in coordination with the Europeans on tracking and following anyone who has any connection with terrorism.

Calling teddy bears the “new resolve” because they represent “everything we have become in response to our way of life being threatened, and our people being slaughtered on our streets: inanimate, squishy, and full of crap.”

Saying there are millions of people among us who hate us and will one day run our public life, Kassan says the recruiting is going on under our noses in schools and universities, among the poor and disaffected. Our response is to reach out, be tolerant, co-exist, but he is criticized on social media for not wanting a caliphate in Great Britain. And so he asks, why are the Good Muslims doing nothing?

You cannot just write “no fear” on a poster at the site of a massacre and walk away. “We must be fearless in electing leaders who we feel will best keep us safe. It is one of the few areas of our lives in which we should be able to feel comfortable. We pay our taxes, you keep us safe,” says Kassan.

If our governments fail to protect us, we must arm ourselves. When Donald Trump called for a temporary ban on Muslim immigration, the tolerance lobby went into overdrive, with even the House of Commons in the UK considering banning Trump from the country.

He says the root cause is too much open door-type immigration without enough screening into the Western world, and we have a duty to not make that mistake again. He states, “And yes, that does mean exactly what you think it means. It means ending mass migration. It means smashing apart ghettos and no go zones. It means repealing laws that allow for Sharia councils. It means asserting what it means to be British, or European, or American, without fearing a backlash from the political left, or the media.

He adds, “So put down the teddy bears, burst the balloons, and let’s start demanding again that our countries are safe and civilized. And if we can’t find people who’ll make that happen for us… let’s do it ourselves.” ##

(Photo credit: breitbart)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.