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Richard-Walrath blogRichard Walrath (122)     Articles and Answers.com How Much?Posted Saturday, October 04, 2008 (1 year 51 days ago.) Viewed 40 times. Whoever is president next year is going to need money if he is going to do anything at all. John McCain says his plan is moretax-cuts to get the economy moving again. Not likely. We've had eight years of endless, mindless Bush tax-cuts and changingthe name to McCain tax-cuts won't work any better. The Republicans are still in the same place as Rick Santorum (ex-senator from Pennsylvania defeated by Bob Casey, Jr. (D-PA). "Tax-cuts pay for themselves" were the famous last words of Santorum. No, they don't and they never did. Supply-sideeconomics doesn't work and never did. But we know that now, don't we? So where is the money going to come from to do all the things needed and planned by the Democrats--things like improved education, roads, bridges, highways, health insurance and a host of others that the Republicans, somehow, never seem to get around to doing? This may be the time to take a good look at Subsidies and Corporate Welfare and see just how much taxpayers are coughing up each year to keep our free enterprise economy afloat. We know about the $700 billion bailout just passed, but I would guess that's small potatoes compared to the amount spent on agriculture subsidies and insurance subsidies. For example, how much of the Bush drug plan goes to insurance companies? How much more do drugs cost because Medicareis forbidden, by law, to negotiate prices for drugs? When an individual gets assistance from the government, he's on welfare which "ended as we know it." It's time to end corporatewelfare to Big Bidness as we know it. It's paid for by tax-payers who can make better use of the money. But, first of all, does anybody know how much it is? New tax breaks:Source: MSNBC 
Permalink Comments (0) Reading Between the Lines on the Proposed Stimulus PackagePosted Monday, January 28, 2008 (1 year 301 days ago.) Viewed 393 times.
The $150 billion dollar economic growth package was announced by President Bush on January 24, 2008 after a bipartisan agreement was reached with the leaders of the U.S. House of Representatives. The plan consists of $100 billion in temporary relief for families, and $50 billion in business incentives.
The plan calls for taxpayers to receive rebates of "up to" $600 for individuals, and "up to" $1,200 for couples. Anyone eligible for the above, would also be eligible for an additional $300 per child, which sort of gives you the impression that if you're married and have two kids you're about to receive "up to" $1,800 from Uncle Sam. Don't rush out and spend the money yet! Whenever this administration uses the words "up to" you can bet your booties you're going to get less, so how much less? Department of the Treasury examples follow:
Looks like you won't be pulling in $1,800 unless your adjusted gross income is more than $80,000 and you have paid in more than $1,200 in federal income tax. The current agreement also provides a temporary tax cut for businesses providing them with the opportunity to purchase equipment this year and deduct an additional 50% of the cost in 2008. Treasury Secretary Paulson says that he hopes the Senate doesn't meddle with the stimulus package. He's afraid that the Senate might put some stimulus into it--like money for food stamps as well as extended unemployment compensation. The package does not provide assistance in the form of extended unemployment insurance benefits, food stamp money, or spending on infrastructure, but it does provide some assistance for homeowners who are struggling to keep their homes in the current mortgage crisis. Will it be enough? Of course not! How much worse are economic conditions today than they were when the first Bush tax-cuts went into effect? Is there anyone who would disagree that they are much worse today than they were then? So, why are we talking about a $150 billion stimulus, maybe, when hundreds of billions in tax-cuts were put into effect then? Granted, most of those Bush tax cuts went to the rich and business, and we see how much benefit they provided to the economy. The purpose of the Jobs and Growth Plan of 2003 was to stimulate the economy with the influx of $350 billion dollars. On a temporary basis it succeeded in providing some stimulus, but in 2003 we weren't looking at 1.8 million subprime loans getting ready to reset with higher rates over the next two years. If the situation is far worse today--as it is--how is $150 billion going to solve the problem?
Richard E Walrath is a former budget analyst and co-owner of the Articles and Answers News and Information sites.
Permalink Comments (3) How Many Have There Been?Posted Monday, January 07, 2008 (1 year 322 days ago.) Viewed 324 times.  Starting with George Washington, there have been 43 presidents including the present one, George W. Bush. But how many Treasury Secretaries have there been? Has anybody ever counted them up? Has any president had more than three or even as many as three? FDR was elected four times, served three full terms and part of his fourth before he died on April 12, 1945. I wonder how many Treasury Secretaries he had. How about gw? He's had three Treasury Secretaries, so far, and still has over a year to go on his second and, we hope, his last term even though the economy is in great shape, if you believe what he says. Those millions of people about to lose their homes don't think so. But what do they know about it? In Ohio, people who have lost their jobs can expect less in their unemployment checks, and businesses are going to have to pay more into the unemployment compensation fund. Probably there is some double counting going on here as a lot of people have lost their jobs and their homes. In the meantime, GDP for the third quarter was reported as 4.9%! If you were running a business and you were on your third head bookkeeper who told you that you had just had the best quarter of the year and you saw the mess things are in today, what would you do?
Source: United States Department of the Treasury Richard E. Walrath is a former budget analyst and co-owner of the Articles and Answers News and Information sites. http://www.articlesandanswers.com and http://articles2007.spaces.live.com
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