Okay so America is slowly crawling out of the recession and we have had some positive jobs numbers in the past few months, even though the government uses the U3 numbers rather than U6 numbers when calculating unemployment, which is misleading in itself. This is why the liberal media outlets were jumping for joy last week when the jobs report was released and the U3 rate was 7.7%. Oh crap, our unemployment rate is 7.7%, that is amazing. That is disgusting. It is like settling for 10th place, in a contest with 11 contestants.
(What is the U3 Unemployment Rate: U3 conveniently excludes the unemployed once they have been unemployed for one year. These very long term unemployed just magically disappear. U3 also counts those forced to settle for part time jobs as being fully employed. Estimates of “discouraged” job seekers unemployed for less than one year are also excluded from the U3 statistic. U3 is an artifically low manufactured number that tells you nothing about the true employment rate.)
(What is the U6 Unemployment Rate: Basically, U6 is a broader measure of unemployment. It includes all of the unemployed regardless of how long they have been unemployed. It includes those seeking full time positions who have had to settle for part time positions. U6 is the unemployment statistic that was cited by the US Department of Labor until about 16 years ago when U3 was quietly substituted. CURRENT U6 RATE FOR THE US IN NOV 2012 IS 14.4%.)
Now to the point of the article. It is no secret that Yahoo News is super liberal. Almost to MSNBC level liberal. Today they have an article which basically says that Obama’s proposal to tax the rich at higher rates is going to cost the US economy 200,000 jobs. This is because many businesses that are taxed at the individual income tax level, because they are not organized as corporations, LLCs, partnerships, etc. will not be hiring and may even have to let some workers go. Here is the excerpt from the article:
“The Congressional Budget Office estimated last month that Obama’s plan to increase taxes only on top earners would reduce economic growth by 0.1 percent of Gross Domestic Product next year, or about $16 billion. That translates into about 200,000 fewer jobs…’It’s a very tiny portion of the cliff impact and it very much raises revenues and it does so in a fair way,’ Rep. Sander Levin of Michigan, senior Democrat on the tax-writing House Ways and Means Committee, said of Obama’s proposal. ‘It will not stifle economic growth in any significant way.’
So let me get this straight. We created 146,000 jobs last month. Over 350,000 actually dropped out the workforce which is what led to the U3 unemployment rate (the one the federal government uses) dropping to 7.7%. It was not because we added jobs that the rate dropped, people dropped out of the calculation. Now, democrats are saying that losing 200,000 jobs is no big deal. If Democrats actually cared about the middle class and the poor, they would realize that most middle class people and poor people actually work for wealthy individuals, or wealthy corporations. Increasing the rates on these wealthy individuals or corporations will only trickle down to the middle class and poor, because they will be the ones who will not have jobs. Why? Because the rich will instead have to pay what used to be that worker’s salary in federal individual income tax to the government. But hey, maybe the democrats secretly want more middle class and poor to be unemployed so they can get on the government dole. This would effectively solidify democrat power in Congress and the White House for years to come. The best way to allow socialism to creep in is to eliminate the middle class. By eliminating the middle class you make more people dependent on the government, who are then more willing to give up their economic freedom to succeed or fail. If the government is writing your free check, you will most definitely fail. In the good words of Rahm Emanuel “never waste a good crisis.” Meaning when the people are freaking out is when we can get more stuff done we have always wanted to get done in the false promise of government is here to take care of you. No different than the Patriot Act. Politicians jumped and in the name of national security they sacrificed our personal freedoms by passing the Patriot Act. The epitome of what never waste a good crisis means. Just now, Obama and his democrat thugs are sacrificing our economic freedoms, which I believe is much worse.
See the Yahoo News article here: http://news.yahoo.com/obama-tax-plan-no-small-deal-small-businessmen-201241565.html