TAX POLITIX
The Politics of Taxes
Crains: Wall Street Bank Bailout
How come this bank gets propped up, but others don't? Crain's New York has the news here: Wall Street bails out Carver Federal with fat check The Harlem bank raises $55 million from an investment group that includes titans Goldman Sachs Group Inc and Morgan Stanley; feds had ordered the cash infusion to save the institution. Carver Federal Savings, the nation's largest bank founded and run by African-Americans, has staved off possible collapse by raising $55 million in fresh capital. The...
Private Option In Government
During the health care debates last year, there had been much talk and support on the Left for the concept of a “public option” in the bill. The rationale behind this, according to the federal government, was that there is not a sufficient free market for health insurance in some parts of our country. Accordingly, they deemed it their job to get consumers the best coverage at the best price, by offering a competing a public option, seemingly on par with private insurers. I believe the...
Debt Ceiling Consequences
As citizens have the capacity to invest, so do small businesses, the backbone of our country. Yet the proposal to raise the debt ceiling will only continue the weaken our already fragile business climate. More economic uncertainty is looming and capital spending among businesses at a 35 year low according to the National Federation of Independent Businesses. While some business may spend, most will retain their cash until greater fiscal stability is realized -- instead of investing....
The Most Misunderstood and Misused Phrase
The most misunderstood and misused phrase in economics and politics is that “small businesses are responsible for 2/3 of all new jobs”. This sentiment, uttered by President Obama last August, was gleaned from data produced by the SBA, which reported that small businesses “generated 65 percent of net new jobs over the past 17 years”. Since then scores of pundits, analysts, economists, and politicians have regurgitated the sound bite to meet their own specific agenda. The problem, however, is...
Teachers Unions and School Closings
Catching up on articles over at the WSJ, I came across this gem last month from Barbara Martinez. It describes how the teachers unions in NY are suing again to stop the closure of failing schools. This article illustrates the power of the teachers unions and the powerlessness of the taxpayers, who continue to subsidize failure and are asked to continue to shoulder the burden of educational costs. The article is reposted below. TEACHERS UNIONS SUE TO BLOCK SCHOOL CLOSURES The fate of tens of...
Living Wage Bill in NYC
Crains New York had a good piece on the living wage legislation currently being debated in NY. "The Bronx lawmaker said the bill, which would compel employers at projects that receive city subsidies to pay $10 an hour plus benefits, or $11.50 without benefits, is designed to “build a stronger economy,”. I've spoken in earlier posts about the need for economic impact studies in NY with regard to financial legislation -- just as construction projects necessitate an environmental impact study in...
Economic Impact Study: NYC
It occurred to me recently that new spending bills in NY city should require an “economic impact study”. Just as construction projects necessitate an environmental impact study in order to assess the pros and cons and to find out the true cost, the same process should be applied to economic legislation. To illustrate my point: Mayor Bloomberg passed an ordinance in NYC outlawing smoking in bars. He enacted this so people would not have to work in a smoking environment, but his constituents...
Sick Pay Votes Boos Bill in NY
Having solved all other fiscal problems in NY, our legislators are working to kill more businesses with this bill. Below is an article from Cranes New York Advocates for a law requiring city businesses to offer their employees paid sick days step up their efforts as similar measures advance in Connecticut and Philadelphia. Connecticut legislators are about to pass a bill to make their state the first in the nation to require employers to provide workers with paid sick time. And City Council...
Social Security and Privatization
The foremost problem with trying to fix Social Security right now is not money. It is dishonest politics. Our system has deteriorated so much that as soon anyone signals any fiscally prudent idea, cries of “you are starving old people” begin. This tactic has stifled any substantive debate that could be solving the crisis we face with Social Security. Ever since President Bush proposed privatizing Social Security, the Democrats have prevented honest discussion by knowing that any solution is...
Social Security and Scott Rasmussen
Having dinner with Scott Rasmussen a couple weeks ago, we got onto the subject of Social Security. He remarked that people have different ideas about Social Security reform. Some people suggest raising taxes or the retirement age, other people want to go with privatization, still others propose reducing the benefits. Interestingly, Scott had a entirely different idea that is simple but brilliant. Here’s the scope: Allow each Social Security recipient the latitude to pick how he wants his money...
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