Showing posts with label GOP. Show all posts
Showing posts with label GOP. Show all posts

Tuesday, May 12, 2015

Weak candidate Dr. Ben Carson will be eliminated as soon as the debates

Even Chris Wallace is all: I can't even with you, Ben Carson.
The "Fox News Sunday" host challenged the 2016 presidential candidate on some of his most inflammatory remarks, including Carson's comparing the Obama administration to Hitler's Germany.
"I want to ask you about some remarks you've made that you say that you stand by," Wallace said. "You have compared our government today to Nazi Germany. Do you really believe that?"
"Well, a lot of people like to say that," Carson responded. "But what I said is that in Nazi Germany, most of those people didn't believe in what Hitler was doing, but did they say anything? They did not. That's what allowed people to progress to that point. We need to be willing to stand up and speak up for what we believe."
Wallace jumped in: "But people oppose Barack Obama all the time!"
The Fox News host also brought up Carson's claim that Obamacare is the worst thing to happen to the country since slavery.



Monday, March 30, 2015

Bill O'Reilly misrepresented or embellished his wartime reporting experiences according to the CBS cameraman


Fox News host Bill O'Reilly continues to insist that he never misrepresented or embellished his wartime reporting experiences and other previous episodes—even after CNN, the Washington Post, the Guardian, Media Matters, and Mother Jones reported significant discrepancies between O'Reilly's accounts and what actually occurred. Last Tuesday, O'Reilly appeared on David Letterman's show, where he maintained he had always been "accurate" when discussing his journalistic exploits and had never "fibbed" on air. ("Not that I know of," he said.) Yet O'Reilly's characterizations of his reporting during the Falklands war, El Salvador's civil war, the troubles in Northern Ireland, the Los Angeles riots of 1992, and the 1977 re-investigation of the John F. Kennedy assassination have been repeatedly challenged, in several cases by former colleagues. Now a principal character in one of O'Reilly's more dramatic tales—in which the Fox commentator plays a heroic role—says this particular story is not accurate.

http://www.motherjones.com/politics/2015/03/cameraman-disputes-bill-oreilly-falklands-war-story

Wednesday, March 18, 2015

GOP Budget Shows Their Hand Finally- Money For Corporations and 1% Period



 John Boehner has done it again, defending the Republican budget by making a Bartonian foray into speculative fiction. Completely bypassing reality, he held a press conference yesterday in which he asserted that, For 53 of the last 60 years, the federal government has spent more than it has taken in – 53 of the last 60 years. It’s unacceptable. To this day, now in his seventh year in office, the president has never proposed a budget that balances. Our budget will balance, but it’s also about growing our economy, growing jobs and building economic strength for our future.


John Boehner’s Defense of the GOP Budget is Pure Fiction, if Lies Can be Called Pure

John Boehner has done it again, defending the Republican budget by making a Bartonian foray into speculative fiction. Completely bypassing reality, he held a press conferenceyesterday in which he asserted that,
For 53 of the last 60 years, the federal government has spent more than it has taken in – 53 of the last 60 years. It’s unacceptable.
To this day, now in his seventh year in office, the president has never proposed a budget that balances. Our budget will balance, but it’s also about growing our economy, growing jobs and building economic strength for our future.
http://www.politicususa.com/2015/03/18/john-boehners-defense-gop-budget-pure-fiction-lies-called-pure.html

This party should be outlawed and these crooks should go to jail starting with John Boehner
...they serve their corporate masters PERIOD.  It always blows my mind that USA voters are so stupid to vote for GOP. 99% do NOT benefit from GOP policies and agenda. 

"This is the GOP of the 21st century - secretive and extreme - a party .... just like last year to get budget passed he turned to nancy and even ..... The next two years will prove that they CAN'T govern, pass effective bills or please the country. " Source

Republicans have crafted dozens of bills ostensibly devoted to "streamlining and simplifying" the federal government.  So they claim BUT the truth is...

These bills, it turns out, are essentially efforts to undermine Wall Street reform and Obamacare while greenlighting pollution.

Amit Narang, regulatory policy advocate for the nonprofit group Public Citizen, told The Huffington Post this week. "If these measures were to become law, the public could expect... inaction on climate change and another Wall Street meltdown."


WASHINGTON -- Since taking control of the House in 2010, Republicans have crafted dozens of bills ostensibly devoted to "streamlining and simplifying" the federal government. They've pushed them through the lower chamber, promising to cut red tape and create jobs. But on Tuesday, they let the cat out of the bag. These bills, it turns out, are essentially efforts to undermine Wall Street reform and Obamacare while greenlighting pollution.

Much of the House GOP's jobs package is devoted to legislation requiring various forms of "cost-benefit analysis" on new regulations. Critics, however, have repeatedly noted that agencies already have to perform a host of economic impact assessments before making rules. They argue that these bills are really only interested in emphasizing costs.

The benefits of regulations, after all, tend to be longer-term and hard to quantify, while costs are relatively easy to figure out. When you curb pollution and give people access to health insurance, it saves lives -- something far more difficult to assign a dollar value than the upfront costs to corporate interests.

http://www.huffingtonpost.com/2015/03/18/house-republicans-budget_n_6894998.html




Bernie Sanders Storms The Senate and Rips The Republican Rich Get Richer Budget

Sen. Bernie Sanders (I-VT) showed why he was named to the top Democratic post on the Senate Budget Committee by shredding the Republican budget proposals/



Glenn Beck, the conservative/libertarian radio host and media entrepreneur, said Wednesday that he is officially done with the Republican Party.


"I’ve made my decision – I’m out. I’m out of the Republican Party," Beck said on his radio show. "I am not a Republican; I will not give a dime to the Republican Party. I’m out. I highly recommend – run from the Republican Party. They are not good."


Beck's apparent frustration lies with the GOP's inability to defeat President Obama's actions on healthcare and immigration, as well as the establishment wing's opposition to insurgent Senators like Mike Lee and Ted Cruz.
"They ran and they said they were doing all of these great things and they were going to stand against Obamacare and illegal immigration – they set us up," Beck said. "They set us up. Enough is enough. They’re torpedoing the constitution and they’re doing it knowingly. They’re taking on people like Mike Lee and Ted Cruz and they are torpedoing them. Knowingly."
"So I’m done with them," Beck continued. "Four years ago I was with them. Four years ago I said work from the inside: let’s change it. Let’s get new guys in there. It’s too late.”
Beck, who achieved national fame and notoriety as a Fox News host, wields a significant amount of influence among conservatives and libertarians. He launched his own news site TheBlaze, which includes television, radio and digital platforms, in 2011.



Monday, January 7, 2013

1 Trillion Dollar Platinum Coin option or not?



Don’t like the platinum coin option? Here’s a functionally equivalent alternative: have the Treasury sell pieces of paper labeled “moral obligation coupons”, which declare the intention of the government to redeem these coupons at face value in one year. It should be clearly stated on the coupons that the government has no, repeat no, legal obligation to pay anything at all; you see, they’re not debt, and therefore don’t count against the debt limit.

But that shouldn’t keep them from having substantial market value. Consider, for example, the fact that the government has no legal responsibility for guaranteeing the debt of Fannie and Freddie; nonetheless, it is widely believed that there is an implicit guarantee (because there is!), and this is very much reflected in the price of that debt.

Read Full Article Here


Be Ready To Mint That Coin



Should President Obama be willing to print a $1 trillion platinum coin if Republicans try to force America into default? Yes, absolutely. He will, after all, be faced with a choice between two alternatives: one that’s silly but benign, the other that’s equally silly but both vile and disastrous. The decision should be obvious. For those new to this, here’s the story. First of all, we have the weird and destructive institution of the debt ceiling; this lets Congress approve tax and spending bills that imply a large budget deficit — tax and spending bills the president is legally required to implement — and then lets Congress refuse to grant the president authority to borrow, preventing him from carrying out his legal duties and provoking a possibly catastrophic default. And Republicans are openly threatening to use that potential for catastrophe to blackmail the president into implementing policies they can’t pass through normal constitutional processes. Enter the platinum coin.

There’s a legal loophole allowing the Treasury to mint platinum coins in any denomination the secretary chooses. Yes, it was intended to allow commemorative collector’s items — but that’s not what the letter of the law says. And by minting a $1 trillion coin, then depositing it at the Fed, the Treasury could acquire enough cash to sidestep the debt ceiling — while doing no economic harm at all. So why not? It’s easy to make sententious remarks to the effect that we shouldn’t look for gimmicks, we should sit down like serious people and deal with our problems realistically. That may sound reasonable — if you’ve been living in a cave for the past four years.

Given the realities of our political situation, and in particular the mixture of ruthlessness and craziness that now characterizes House Republicans, it’s just ridiculous — far more ridiculous than the notion of the coin. So if the 14th amendment solution — simply declaring that the debt ceiling is unconstitutional — isn’t workable, go with the coin. This still leaves the question of whose face goes on the coin — but that’s easy: John Boehner. Because without him and his colleagues, this wouldn’t be necessary.


    1. MarketWatch (blog)‎ - 4 hours ago
  1. $1 Trillion Platinum Coin: Not as “Silly” as Debt Ceiling Fight | Daily ...

    finance.yahoo.com/.../1-trillion-platinum-coin-debate-o... - United States
    2 hours ago – From the blog Daily Ticker: A week ago the U.S. officially reached its $16.4 trillion debt ceiling, meaning the government can't issue new debt.
  2. Krugman joins the $1 trillion coin brigade - Political Watch ...

    blogs.marketwatch.com/.../krugman-joins-the-1-trillion-coin-brigade/
    4 hours ago – Paul Krugman, the liberal economist who pens a widely read column for The New York Times, on Monday joined the calls for the U.S. to mint a ...
  3. Funny Money: Pundits float $1 trillion coin as answer to debt-ceiling ...

    www.foxnews.com/.../funny-money-pundits-float-1-trillion-coin-as-a...
    2 hours ago – Is a trillion-dollar coin the solution to the next fight over the debt ceiling?
  4. Could a $1 trillion coin fix the national debt?- MSN Money

    money.msn.com/now/post.aspx?post=94f60738... - United States
    5 hours ago – There's been talk of minting a massive coin of platinum to help solve the nation's debt ceiling problem. It's a fun idea that has lots of problems.
  5. Be Ready To Mint That Coin - NYTimes.com

    krugman.blogs.nytimes.com/.../be-ready-to-mint-that-coin/
    Paul Krugman
    by Paul Krugman - in 851 Google+ circles
    5 hours ago – Should President Obama be willing to print a $1 trillionplatinum coin if Republicans try to force America into default? Yes, absolutely. He will ...

Tuesday, October 16, 2012

Bill Clinton blasts Mitt Romney over proposed tax cut lies



8:55AM EDT October 16. 2012 - Bill Clinton is going to bat again for President Obama, cutting a video blasting Mitt Romney over his proposed tax cut.
Clinton says Romney's tax cut proposal adds up to $5 trillion, and can only add to the national debt unless they are accompanied by massive budget cuts or the elimination of tax deductions that benefit the middle class.
The tax cut issue is very likely to surface in tonight's second Obama-Romney debate.
"In the first debate," Clinton says in the video, "Governor Romney said that he wasn't really going to cut taxes on upper income people -- he only wanted to cut taxes for middle class people. That's not true."
In a statement accompanying the video, the Obama campaign says: "President Clinton explains Mitt Romney's $5 trillion tax cut and how middle class families with children will get an average tax increase of $2,000 to pay for $250,000 in tax cuts for multi -millionaires."
Romney says his proposed tax cut will not add up to $5 trillion because it will be offset by eliminating tax deductions and loopholes. He also notes that Obama wants to raise taxes by eliminating George W. Bush-era tax rates for Americans making more than $250,000 a year.
Responding to the Clinton video, Romney spokesperson Amanda Henneberg said:
"They are trying to hide the fact that President Obama is the only candidate running on a plan to increase taxes. In tonight's debate, the choice on taxes will be clear. President Obama wants to raise taxes on small businesses and job creators, which will make our recovery even more difficult. Mitt Romney will lower tax rates across the board, make our businesses more competitive, and bring a real recovery to the American people."

The Source

Saturday, September 22, 2012

Bill Maher vs Mitt Romney Taxes, Undecided Voters And More,

"And that, in a nutshell, is America's celebrated, undecided voter: put on a pedestal by the media as if they were Hamlet in a think-tank, searching out every last bit of information, high-minded arbiters pouring over policy positions and matching them against their own philosophies. Please, they mostly fall into a category political scientists call 'low information voters,' otherwise known as 'dipsh*ts.'"

Watch the segment above to hear Maher's full analysis (starting around the 2:15 mark) as well as why Donald Trump offering voting advice to "Liberal Republican" Kim Kardashian (also undecided) is a microcosm of the 2012 election.



The Source Is Huffington Post

Sunday, September 9, 2012

Paul Ryan's lies were so blatant that they had the media...scrambling


Even Fox News, which rarely has a bad comment about Republicans and conservatives, criticized Ryan's speech as "an apparent attempt to set the world record for the greatest number of blatant lies and misrepresentations slipped into a single political speech," according to commentator Sally Kohn.
It's no shock to learn that our presidents lie. Nixon did it. Clinton did it. And George W. Bush did it. What is shocking is that they are so easily forgiven, or that we so easily forget.
You'd think, though, that we might expect, and get, a bit more honesty from the candidates running for president. I mean, if you know somebody's a liar when he's still trying to win votes, you have to wonder what will happen if he's elected.

Granted, just about everybody tells little white lies now and then, often with honorable motives such as not hurting other people or saving them or ourselves an embarrassing moment. But lying to millions of people is different.

President Nixon did it to save himself from being connected to the Watergate cover-up. President Clinton wanted to avoid the embarrassment of people knowing he had a sexual encounter with a White House intern. President Bush lied to justify a war that resulted in the deaths of hundreds of thousands of people.

The impacts were certainly different, but they all lied.

And
so did Rep. Paul Ryan, vice-presidential candidate, during his speech last week at the Republican National Convention. His motive was to try to discredit President Obama, who along with presidential candidate Mitt Romney, also has been caught stretching the truth on occasion.

Ryan's lies were so blatant that they had the media and commentators scrambling to find other words for them, such "political dishonesty" and "deceptive statements," because the falsehoods were stated with millions of witnesses.

But whatever you call it, a political convention venue should not be justification for dishonesty and deception _ and certainly not outright lies.

By now, you've likely heard some of the examples of Ryan's untruthfulness: Blaming Obama rather than Bush for the closing of a GM plant; blaming Obama instead of Bush and the Republicans for exorbitant deficits and the U.S. credit downgrade; and saying that the GOP ticket would "make the safety net safe again" when Ryan's own budget plan would slash social programs.

Jonathan Cohn, writing on The New Republic website, may have had the best reaction.

"Think of it this way," he wrote. "A Martian who came down to Earth and heard Ryan speak last week would conclude that Obama had abandoned the auto industry; that Romney and Ryan would never cut spending from Medicare; that Obama is to blame for high deficits and the credit downgrade; and that Romney and Ryan are out to save the safety net. This poor Martian would have it exactly backwards."

Even Fox News, which rarely has a bad comment about Republicans and conservatives, criticized Ryan's speech as "an apparent attempt to set the world record for the greatest number of blatant lies and misrepresentations slipped into a single political speech," according to commentator Sally Kohn.
Read more here...

Thursday, September 6, 2012

Bill Kills - Clinton Brilliant At Convention GOP Cries!



Clinton summarizes the GOP platform as:

"We left him a total mess, but he hasn't cleaned it up fast enough, so fire him and put us back in."
and..."Their campaign pollster said, 'We're not going to let our campaign be dictated by fact-checkers,'" Clinton said. 

CHARLOTTE, N.C. -– Bill Clinton made the nation a big promise Wednesday night, pledging to those still struggling that their economic fortunes will turn around if they reelect President Barack Obama.
“A lot of Americans are still angry and frustrated about this economy," Clinton told a spellbound audience of delegates at Time Warner Cable Arena. "If you look at the numbers, you know that employment is growing, banks are beginning to lend again, and a lot of housing prices are even beginning to pick up.
“But too many people do not feel it yet,” he said, and then vowed: “If will you renew the president's contract, you will feel it. You will feel it.”
He paused, and then added, “Folks, whether the American people believe what I just told you or not may be the whole election. I just want you to know I believe it. With all my heart I believe it.”
The rest of Clinton’s nearly hour-long speech was a detailed litigation of the main charges that Republicans have made against Obama.
But those few sentences -- an acknowledgment that the nation is still stuck in an economic slump, a promise that a second Obama term will bring better times, and a quick, sly slip into analyst mode -- were the key moments of the speech.
It was an honest, forthright appeal to the voters who will, by all accounts, decide the election -- those who voted for Obama in 2008, but who have found themselves disappointed, wanting to believe in the president they supported four years ago, but not sure they will. Strikingly, Clinton's line about the possibility that Americans may not put their faith in the president was not in his prepared remarks.
Clinton only mentioned Republican Mitt Romney a handful times, but laid out a framework that he said defines this election. “If you want a winner-take-all, you’re-on-your-own society, you should support the Republican ticket,” Clinton said. “But if you want a country of shared opportunities and shared responsibility -– a we're-all-in-this-together society -- you should vote for Barack Obama and Joe Biden.”
Clinton, whose mastery of the stage left him several possible ways to attack Romney, notably did not skewer the Republican's record at Bain Capital, or his other weaknesses, instead focusing his argument in general against the GOP philosophy. (Clinton worked a stint for the consulting and private equity firm Teneo Capital. Co-founder Doug Band is a close Clinton adviser. Clinton listed his income from Teneo on a recent disclosure form as greater than $1,000, though it gives no upper limit.)
Holding fire on Bain left the speech absent a zinger to sum up Romney. Instead, Clinton saved the zinger for tax cuts for the rich, warning that Romney will "double down on trickle-down."
He paraphrased Ronald Reagan: "As another president once said, 'There they go again."
In reframing last week's GOP message, he employed equal parts mockery, wonkery and plainspeak.
In short, he said, the Republicans came to Tampa to deliver a simple message about Obama: "We left him a total mess, but he hasn't cleaned it up fast enough, so fire him and put us back in."
Clinton hit Paul Ryan in the same style. The GOP vice presidential candidate had attacked Obama for cutting $716 billion from Medicare, when his own budget proposal included those same cuts.
"You gotta give him one thing. It takes some brass to attack a guy for doing what you did," Clinton said.
He also slashed at Romney's charge that the president had undermined the work requirement in welfare reform. "Their campaign pollster said, 'We're not going to let our campaign be dictated by fact-checkers,'" Clinton said. "Now, finally I can say that is true. I couldn't have said it better myself –- I just hope you remember that every time you see those ads."
Beyond making the broad case for Obama’s reelection, Clinton's job Wednesday night was to make Democrats forget the terrible afternoon they had just endured.

After party leaders, and eventually the president himself, decided it had been a bad idea to omit from their party platform any mention of God as well as an assertion of Jerusalem as the capital of Israel, they attempted to change it quickly in a late afternoon voice vote on the convention floor.
Embarrassingly, convention chairman Antonio Villaraigosa, the mayor of Los Angeles, had to ask for three voice votes, and each time the nays got louder. He eventually ruled that there was two-thirds support for the changes, despite the clear lack of such a majority.
The snafu led to a series of embarrassing TV interviews for Democratic National Committee Chairman Debbie Wasserman Schultz, who told CNN there was “no discord” during the vote, only to have Anderson Cooper mock her comments as belonging to “an alternate universe.”
Organizers also decided to move the final day of the three-day convention indoors, rather than having Obama accept his party's nomination at the 65,000-seat Bank of America outdoor football stadium. The threat of rain forced the decision, but it was another disappointment for a convention that at one point was envisioned as four-day event in four different cities, and has been beleaguered by fundraising woes and now downsized to a three-day event in the same arena.
For Clinton and for the assembled Democrats, it was a chance to relive his glory days. Clinton showed little interest in letting the moment end. And with the balloon drop canceled, there was some question whether Clinton could ever be urged off the stage.
Obama joined him onstage for a brief moment after Clinton finished speaking, causing the crowd to erupt. Clinton bowed to the current president as Obama walked out, the two men embraced, waved to the crowd, and then walked toward backstage.
But Clinton shook hands with nearly every person in sight on his way out, disappearing into the backstage tunnel once only to reemerge for one last final hug and handshake with one of his many friends. Finally, Obama simply walked through the curtain without him, and Clinton followed a few seconds later.

Friday, July 27, 2012

Romneyshambles: Democrats seize on Mitt Romney's gaffes

By Chris Irvine, Jon Swaine in Washington2:19PM BST 27 Jul 2012

Democrats have seized upon Mitt Romney's trip abroad - dubbed Romneyshambles - with a new video highlighting criticism from British politicians and the media.

 The Democratic National Committee released the video which is a compilation of Mr Romney's trip. One part of the video highlights a Telegraph Commentary, that said: "Mitt Romney is perhaps the only politician who could start a trip that was supposed to be a charm offensive by being utterly devoid of charm and mildly offensive." As well as the media, David Cameron and Boris Johnson, Carl Lewis, the winner of nine Olympic gold medals, hit out at Mr Romney saying "seriously, some Americans just shouldn't leave the country". Mr Romney's London trip has been filled with a series of missteps, starting with an NBC interview in which he questioned Britain's readiness to host the Olympics.

His comments drew a sharp rebuke from David Cameron. His performance was seriously criticised by the media and politicians alike. Lewis, who is generally regarded as one of the greatest Olympians of all time - winning gold medals from 1984 to 1996, told The Independent newspaper as Michelle Obama arrived in London to lead the US delegation:

"Every Olympics is ready, I don't care whatever he [Romney] said. I swear, sometimes I think some Americans shouldn't leave the country. Are you kidding me, stay home if you don't know what to say." declaring himself to be “a guy from Great Britain” who is “married to a girl from Wales”.

 The former Massachusetts governor and his wife, Ann, were interviewed together after a day from which he was meant to emerge looking like an international statesman descended into farce. He told CNN's Piers Morgan on Thursday evening that the Olympics would be “terrific”, blessed with “great weather” and full of “enthusiasm on the part of the people here in London”. The previous evening he told NBC that he had seen “disconcerting” signs that made it “hard to know just how well it will turn out” at the London games, prompting a sharp rejoinder from David Cameron. Promising London would deliver, the Prime Minister said it had been challenging to host an Olympics in one of the world's busiest cities rather than the “middle of nowhere”, where it would be easier.

 This was widely taken in the US to be a reference to Utah, the sparsely populated western state where Mr Romney was chief executive of the Salt Lake City Winter Olympics in 2002. Mr Johnson, the Mayor of London, heaped more misery on Mr Romney's campaign by dismissing his remarks while onstage at a concert in Hyde Park to mark the end of the Olympic torch relay.

 “There's guy called Mitt Romney who wants to know if we are ready,” Mr Johnson cried, prompting jeers from some of the 60,000-strong crowd. “Are we ready? Yes we are!” By then a sheepish Mr Romney had deserted his earlier remarks with a statement delivered outside 10 Downing Street.

He predicted that any minor problems would be “overshadowed by the extraordinary demonstrations of courage, character and determination by the athletes”. Mr Romney was asked in his interview on Thursday evening whether he had been aware of his roots in northern England, where his great-great-grandfather, a carpenter from Preston, was one of the first Mormons in Britain some 175 years ago.

 “I knew that my ancestors came from here,” he said. “I know Miles Romney and Miles Park Romney – these are the folks that came and helped settle the West.” Asked whether he felt “partly English” as a result, a chuckling

Mr Romney replied: “Well, I’m married to a girl from Wales, and I’m a guy from Great Britain. So I feel like this is home too, I guess.” His wife is descended from Welsh coal-miners. Her grandfather, David Davies, travelled to Michigan from Wales in 1929.

 Mrs Romney told Morgan that the ITV drama Downton Abbey was one of their favourite television programmes, and that the couple were currently working their way through the second series.

 The Republican challenger also raised eyebrows on Thursday by referring to Ed Miliband with the American-style honorific “Mr Leader” and appearing to breach protocol by disclosing that he had met Sir John Sawers, the Secret Intelligence Service chief.

Tuesday, July 24, 2012

Romney May Have Paid No Federal Income Tax From 1999 to 2001



are guessing that Romney may have paid near zero federal taxes in 2009 due to losses on his investments resulting from the financial crisis. They probably have the right idea, just the wrong year.
It is true that Romney suffered capital losses on his investments in 2009 that might act to shield much of his income in that year from taxes, but he would have to be a complete idiot to allow his tax planners to file a return showing no income taxes paid just as he was gearing up for a presidential run. But, then again, we are talking about someone who waited until 2010 to close his wife's Swiss bank account.
Much more likely to this writer is that Romney probably does have one or more years in his recent history where he paid near zero taxes, but the year in question is probably not 2009. Much more likely candidates are the tax years 1999 to 2001 when he supposedly left his high paying job at Bain and accepted a smaller $275,000 salary to head the winter Olympics in Salt Lake City. It is reported that once the Olympics showed a profit, Romney ended up donating his salary to charities, thus further lowering his reported income for tax purposes.
His lower salary and loss of some board member compensation would mean less current income to shelter from 1999 to 2001. But, his tax shelters would have lost none of their potency. He was already utilizing IRAs and 401(k)s to shelter much of his investment income, possibly worth as much as $100 million today, from taxes. He was already making use of numerous off-shore tax havens in the Cayman Islands and other foreign locations and admits to having had a Swiss bank account in his wife's name. He admits that he had a trust established for his children to shelter as much as $100 million more of his wealth from taxation. And much of his income came from Bain Capital private equity investment funds located offshore so much of their profits could be deferred for ten years or limited to a maximum tax rate of 15 percent, a special tax provision only available to private equity and hedge fund managers.
Also, the leveraged buyout business took a big hit in 1999 and 2000 as the country entered a recession so he likely had significant capital losses to deduct. This was followed in 2001 by the dotcom collapse. As a large wealthy investor it is likely he was being put into numerous IPO's available only to the well-connected and many of these high-tech investments most likely soured in 2001 leading to further tax deductible capital losses.
Some may argue that someone who donates his salary to charity or has investment losses deserves to pay no taxes. But, they are missing the point. Romney's vast personal fortune of between $100 million and $200 million at the time was accreting at some 20 percent per year so how should he able to avoid paying taxes on the $20 to $40 million of dividends and interest income and profits and capital gains he must have been receiving on his investments? Donating a $275,000 salary to charity is chump change compared with avoiding taxation on tens of millions of profits each year.
Of course, some will argue that this is all just speculation. What else are concerned citizens to do when a candidate for president, running on a platform of being business smart and the man to fix the economy, refuses to tell us how he made his money and whether he paid his fair share of taxes along the way?
Some may argue that this is all legal. That our laws allow for the wealthiest to accumulate $400 million plus fortunes and pay little to no taxes. But, that is exactly the point. Who do you think is writing our tax laws? It is the wealthiest of our country that are lobbying our government for tax breaks and making large campaign contributions to elected officials to ensure these tax breaks not only continue, but are amplified and extended. And who is their boy, Mitt Romney.

John R. Talbott is a best-selling author and economic consultant to families whose books predicted the housing crash and the economic crisis. 

GOP Republican Jobs Bills Won't Actually Create Jobs, Say Economists




Erin Mershon
Erin Mershon- Huffington Post


WASHINGTON -- House Republicans routinely beat the drum about the hard work they have done in passing "more than 30 jobs bills" that are now before the Democrat-controlled Senate, going nowhere, as the economy gasps for air.
For almost a year, House Speaker John Boehner (R-Ohio) and House Majority Leader Eric Cantor (R-Va.) have plugged their jobs package at every opportunity. They regularly bring it up at press events, during floor speeches and in statements in response to just about anything related to the economy. Boehner even carries aroundin his jacket pocket a 4-by-8-inch card that lists off their jobs bills, and he encourages his members to flash their cards at campaign events.
"President [Barack] Obama and Democrats here in Congress have shown us what doesn't work: more government, more spending, more taxes don't create more jobs," Boehner said at a recent weekly briefing. "We've passed more than 30 jobs bills, including bipartisan bills expanding energy production and projects like the Keystone pipeline."
Cantor plugged the jobs bills -- and nudged Democrats to get on board with the Republican plan -- in response to the June unemployment report. "House Republicans are committed to bold, pro-growth policies and have passed dozens of bills to create jobs," he said in a statement. "We've begun to right the ship, but we will not be able to achieve long-term growth without willing partners in the White House and Senate."
The GOP jobs package, which currently includes 32 bills, represents Republicans' hallmark legislative accomplishment over the past two years. In the months ahead of the election, they will lean on it as proof of two things: that they are not the do-nothing obstructionists that Democrats paint them as, and that they are working hard to address the 8.2 percent unemployment rate.
But there's a problem with their jobs bills: They don't create jobs. At least, they won't any time soon.
In interviews conducted by The Huffington Post with five economists, most said the GOP jobs package would have no meaningful impact on job creation in the near term. Some said it was not likely to do much in the long term, either.


"A lot of these things are laughable in terms of a jobs plan that would produce noticeable improvements across the country in the availability of employment in the next four or five years," said Gary Burtless, a senior economist at Brookings. "Even in the long run, if they have any effect all, it would be extremely marginal, relative to the jobs deficit we currently have."
Mark Zandi, the chief economist at Moody's Analytics, agreed that the bills would have almost no effect on job creation in the short term, though he was slightly more optimistic about their long-term prospects.
"These kind of changes will matter over a period of three to five years," Zandi said. "It takes that long before businesses can digest changes and respond to them."
He noted, though, that legislation as narrowly targeted as the Republican package is unlikely to do much for real job creation.
"For it to show up in a meaningful way in the natural economy, you can make specific changes that could affect a specific industry or a few companies, but it's not going to make a big difference in terms of the monthly job numbers," Zandi said. "It takes some very significant changes across lots of different industries to really make a big difference."
Carl Riccadonna, a senior economist at Deutsche Bank, said some of the bills could create jobs, but that they would amount to more of an afterthought in terms of achieving broader policy goals.
"They are very narrowly targeted, and it gives the impression that maybe some of this is special interest really pursuing these, not really taking a macro view but a very, very micro focus in what the impact would be," Riccadonna said. For most of the bills in the package, "jobs are a second- or third-order effect, not the main priority."
At the heart of the GOP jobs package is a push for rolling back regulations -- and gutting environmental laws that regulate clean air and water -- to spur job growth. The House Republican Conference website makes the argument that deregulation will "remove onerous federal regulations that are redundant, harmful to small businesses, and impede private sector investment and job creation."
But economists told The Huffington Post that regulation has had a minimal impact on the unemployment rate. Their claim is backed by the Bureau of Labor Statistics, which shows that just under 16,000 jobs, or 0.4 percent, were lost because of "government regulations/intervention."
"It's just hard to believe that the paperwork requirements to starting a business represent a major impediment to starting businesses right now," Burtless said. "That's not why we had lots more business creation in the late '90s."
Joel Prakken, chairman of Macroeconomic Advisers, warned that any potential job creation from environmental deregulation could be offset by health concerns.
"If you increase employment but you have a lot more sick people, you have to ask yourself, 'What's the trade-off?'" he said. "The highest level of GDP is not necessarily the highest level of national satisfaction or national health."
Indeed, environmental advocates argue that many of the GOP proposals are more likely to kill people than create jobs.
"It won't save them jobs, it won't even save them that much money, but it is going to cause illnesses, deaths, more hospital stays or days lost because of illness,” said Scott Slesinger, legislative director for the Natural Resources Defense Council. “That's why we have all these environmental laws.”
Not all of the GOP proposals are focused on environmental deregulation. A handful call for weakening the authority of the National Labor Relations Board as a way to boost businesses' savings, which could, in theory, then be reinvested in new jobs.
But Burtless said those proposals are more likely to impact those currently working than those seeking work.
"They may weaken the ability of current workers to negotiate for better working conditions or wages. They may lessen the ability of workers who want to join unions to do so in companies that are currently unorganized," he said. "But it's just hard to believe that they create jobs in the short run."
Even one of the more popular bills in the mix -- a small business tax cut -- won't do much for job creation, some of the economists said. They argued that it's not that businesses need more money for hiring, but that they need a sufficient demand for their products.
"They know that if they hire people to produce more widgets, they won't be able to sell the widgets," Prakken said. "Giving them a tax break just increases their profits," but doesn't encourage hiring.
Riccadonna disagreed. He acknowledged that weak demand is the biggest problem facing businesses, but said the small business tax cut is still the most likely of all the GOP bills to create jobs.
"We should be focusing on small businesses and what we can do to make business conditions more favorable for them, because that's where the real turn in labor market will lie," he said. "So anything that makes life or operating conditions a little bit easier for them, that I would certainly be in favor of. That will have a meaningful jobs impact."
Ultimately, each economist was clear on one point: The GOP package is far more political than practical.
"It's game playing to try to pretend like they're doing something," said Jesse Rothstein, an economics professor at the University of California, Berkeley. "It's silly season, and so they know they have to put up something that has the label 'job creation' on it, whether or not it would work."
Boehner spokesman Michael Steel demurred when asked for a response. He reiterated that Senate Democrats are holding up their job-creation bills.
"The House has passed more than 30 jobs bills that are awaiting action in the Democrat-controlled United States Senate," said Steel. "We have passed a responsible budget that deals with our deficits and debt, a bill to replace the 'sequester,' which would be disastrous for our national security, and ... we will vote to stop the tax hike on every American taxpayer, which is scheduled for the end of this year. In short, we are acting on the American peoples’ priorities: jobs and our economy."
A Cantor spokeswoman did not return a request for comment.
For all their complaints about Senate inaction, Boehner and Cantor regularly fail to point out that the Senate has, in fact, passed nearly a dozen of Republicans' so-called jobs bills in the last two years. Eleven have already become law, and another one has passed the Senate but hasn’t been signed into law yet.
Jennifer Bendery and Michael McAuliff contributed reporting to this article.

House Republicans routinely herald the hard work they have done in passing the 30-some "jobs bills" in the slideshow below, while they antagonize the Senate for its failure to act on the measures. But economists warn that the House-passed bills won't do much to create jobs -- which Senate Majority Leader Harry Reid (D-Nev.) says is the explanation for why the bills have stalled.