Liberty on Tap since 1984
Over the past two years, there has been much discussion regarding our Federal Government Fiscal Crisis. Most of the discussion has involved whether we have a revenue or a spending problem.
When one looks at historical data, it is clear that we have a spending problem. To illustrate this point, the most appropriate measure is to gauge our revenue and spending as a percentage of our Gross Domestic Product (GDP). This is very similar to a person or business…Continue
There has been much discussion regarding the most recent recession, often referred to as "The Great Recession". I have often felt that using the word Depression may have been avoided due to the ensuing panic this would have caused.
Even though we are technically in an economic recovery, there are many statistics that clearly show that the recovery is not sustainable. I would…Continue
Added by Kevin R Mullins on May 28, 2011 at 1:33pm — No Comments
“It’s official: The 2007-2009 recession, which wiped out 7.3 Million jobs, cut 4.1% from Economic Output and cost Americans 21% of their Net Worth, marked the longest slump since the Great Depression.”
Added by Kevin R Mullins on September 23, 2010 at 11:00am — No Comments
In just three months, on January 1, 2011, the largest tax hikes in the history of America will take effect.
They will hit families and small businesses in Three Great Waves. I normally like to provide "short and to the point" information, but the topic of Increasing Tax Rates requires some more detailed information.…
I wrote earlier this year about the mounting US Debt when we crossed the $13 Trillion Mark. At the time of this writing, our National Debt has Increased to $13.4 Trillion.
This total does not include the unfunded liabilities of Social Security and Medicare to name a few. This time, I am taking a different approach and would like to share this with you.
For simplicity, let's assume that an individual makes $1 Million Dollars per Day (Yes, Per Day) and pays 34% in…Continue
When reviewing the Federal Reserve's Comments from their Monthly FOMC Meeting, one has to ask, "Where is the Good News?" I have taken the Fed's rather long statement and condensed it into the following excerpts:
1. There is a Risk to Growth in our Economy.
2. Inflation will remain very low for the Forseeable Future.
3. Housing Starts remain at very Depressed Levels.
4. Interest Rates will remain Exceptionally Low for an Extended Period of Time.
5. The Fed plans to…
Added by Kevin R Mullins on August 10, 2010 at 6:39pm — No Comments
There is much talk today about the different types of politics that exist in the world. I would like to make an attempt to share these various types with reference to a Farmer that Owns Two Cows.
So, here is how it works:
Added by Kevin R Mullins on July 6, 2010 at 8:00pm — No Comments
There has been much talk and many articles written since Cap & Trade was introduced in Congress. As many have said before, I feel it is more fair to call this the Cap & Tax Plan. Is this something that we, as Americans, should be concerned? If you pay utility bills (electric, gas, etc.), you should be.
To keep this as simple as possible, Cap & Tax is designed to deal with Climate Change / Global Warming. Each…Continue
On a daily basis, I hear many talking about the Interest we pay on our US Government Debt. However, there is one thought that always occurs to me. What about paying the Principal?
In Banking, there is on old adage, "a rolling loan has no loss". This has been used to describe a single payment loan (borrow money for a term of one-year) and when the loan matures, just "roll" the interest that is due on the loan into a new loan. With this strategy, one can never pay off their debt…Continue
If you felt the Bush Tax Cuts were unfair, to put this in perspective, I am adding a story that will make this clear for everyone to understand. By the way, the ratios are accurate with 10% of the Taxpayers paying 60% of the Taxes Collected; 30% of the Taxpayers paying 37% of the Taxes Collected; and 10% of the Taxpayers paying 4% of the Taxes Collected.
This equates to 50% of the Taxpayers paying 100% of the Taxes Collected and the remaining 50% paying No Income Tax. Here the story…