Wednesday, April 6, 2016

Aprtil, 2016, Part 4, Political CLass Insanity:Americans Leaving The Country, EPA Destructive Idiocy,and GM Still Owes Us $10 Billion

It is the beginning of another month which means it is time again to review the latest political class insanity from the American political class. Each month it takes us multiple posts to cover the wasteful spending, incompetent government organizations and employees, government programs that usually make a problem worse than resolving it, inane and idiotic politician comments, etc.To review past posts on this insanity and idiocy, just click on the first few posts in each month listed to the right of this page. After reviewing just a handful of these insanity posts we think you will agree that we are currently being served by the worst set of American politicians ever to hold office in our entire history.It looks like our politicians have been especially insane over the past month or so let’s get started with the latest insanity from today’s American politicians:1) Obama keeps saying that things are great in America despite the reality that over 45 million Americans are receiving government food assistance, the labor participation rate is at 40 year lows, economic growth continues below the historical trend rate, over 14 million Americans cannot find a job or can only find part time work, the national debt will likely double under his watch which will burden future generations’ economic well being, the threat of terrorism growths more dangerous every day, a large majority of Americans think the country is on the wrong track, freedoms and liberties are being crushed by the political class, and no major issue facing America ever gets resolved. The gap between his perception and the reality of America today is mind boggling. But let me throw out another mind boggling statistic that shows how depressed Americans are. According to an analysis from CNNMoney, more Americans than ever are leaving America forever. 4,279 Americans cut their ties with the country in 2015, up 20% in just one year. This reality is 18 times higher than the number of Americans who renounced their citizenship in 2008, just before the onset of the Obama Presidency.One theory is that the high taxes and the complexity of filing taxes with the IRS, especially Americans who are living and working abroad, have frustrated some Americans so much that they have just decided to get away from this complexity of tax compliance. So rather than getting tax money from these likely wealthy Americans by making filing taxes easier and less expensive to pay, the Washington political class is forcing these Americans to go elsewhere in the world, taking ALL of their taxable income with them. The trend of Americans getting out is on a steadily increasing trend year over year:

How bad is the current set of politicians that their inability to have a coherent and fair tax system is actually causing more and more Americans to give up the citizenship of their country? Sad and pathetic.
2) Parts of Kentucky and West Virginia are turning into third world economic basket cases because Obama and his administration have been trying to destroy the coal industry in this country from day one of the administration. Under the shaky and theoretical assumption/myth of man made global warming, this administration has pushed through regulations that have dampened the use of coal in this country and caused massive unemployment growth in the coal mining regions of Kentucky and West Virginia.But at least these newly unemployed Americans can take satisfaction that the destruction of their livelihood and lives helped save the planet. But did their sacrifices save the planet? Not according to the head of the EPA, Gina McCarthy. The EPA’s latest coal killing effort, was meant to show “leadership” in the world vs. actually curbing man made global warming, according to McCarthy. That’s right, we are ruining people’s via the EPA for no reason and no impact on the environment.And even this "show" only objective is coming up far short. According to a Congressman, stated during McCarthy’s Congressional hearing when she said the plan was just for show: “But even then no one is following us. Since that Paris accord China has already announced that they’re going to put up 360 [coal plants]. India has announced that they’re going to double their use of coal since the Paris accord.”But 360 new coal plants is just the start. China plans on using more coal in its energy future and India has said that it will DOUBLE its coal usage within four years. Thus, the two countries that Obama was trying to impress with our citizens’ sacrifices, China and India, have basically said go away, we will use more coal and build more coal plants regardless of what the U.S. does. And while our lesser use of coal will be wiped out by the much higher use of coal by the rest of the world, thousands of American families and workers have their lives destroyed for nothing. How insane is that?3) We have not talked about the taxpayer bailout of General Motors lately but it recently has popped up in the news. Back in the midst of the Great Recession, the Washington political class gave General Motors (GM) tens of billions of dollars and additional tax breaks in order to prevent them from going through a traditional bankruptcy proceeding. Keep in mind that when the Federal government finally got out of the bailout arrangement with GM, the American taxpayer was out over $10 billion.Now, fast forward to today. Based on the latest government filings by the company, as reported by Elizabeth MacDonald of Fox Business, while GM makes nearly all of its profits in the U.S., in 2015, GM paid only $5 million in Federal income taxes. If you add up all of the taxes GM paid to all levels of government in this country in 2015, the ended up paying nothing in taxes despite record sales and high profits. But GM, according to government filings, paid $908 million in taxes in China despite getting most of its sales and profits from the U.S. Now, I have always advocated for Americans and American businesses to be taxed at the lowest rate possible since the American political class wastes so much of our tax money now. But really, something is wrong, and it is probably called crony capitalism, when politicians can give a private company tens of billions of dollars in taxpayer wealth, allow that company to not pay back over $10 billion of that wealth despite being a profitable enterprise, so much so that it can pay a foreign government almost 10% of what it still owes the American taxpayer in one year. How insane is our tax code and the idiots that operate it?Oh, and to add to insults to injury, recall that when the GM bailout package was put forth, Obama promised it would not cost taxpayers “a dime,” another Obama lie or deception. Also, instead of investing in American workers and American factories, GM recently announced that it will be the first auto maker to import and sell one of its Chinese made SUVs, in this country later this year. Pathetic.That will do it for today’s insanity. A political class that throws taxpayer wealth at its corporate cronies with no great return on those funds, an EPA and administration that kills industries and people’s livelihood for no reason, and Americans continue to get so fed up with the mess that our politicians have put the country in that they are willing to renounce the citizenship of their birth and their lives. More insanity tomorrow.
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