It is the pending tax increases stupid!

[Andy62]

I just heard a statistic mentioned in a discussion on CNBC. The top 5% or earners do 30% to 35% of the spending in the economy. These are also the investors who invest to create jobs in the economy .In addition to that according to the "Laffer curve" the higher you go on your tax increases on the income scale the less you are going to collect on a percentage basis.These are the smartest people with the best tax and legal advice and the most options including international investment choices. The Obama administration has totally missed the boat. The idea of doing experimental government spending for social engineering in this economic environment is drastically going to exaccerbate the problem as the higher income people are hit next year wtih increased taxes. I know more people representing a broader cross section of the economy that anybody that I know and I have never seen so many people that I know personally unemployed. Sunday I had breakfast wtih two friends of mine who have been self employed in the computer and high tech field. Neither one is making it and one of them is looking for a job. This is going to be one slow- slow recovery. Estimates vary,but experts say that the economy has to create between 150,000 and 200,000 jobs per month just to stay even.The numbers are distorted by the number of people leaving the job market and just giving up. These people are then dropped from the unemployment numbers and no longer being counted. Fasten your seat belts this is going to be one wild ride.

[MikeNY]

Gordon we need to create 400,000 jobs per month just to stay even, the Shadow Government Statistics lists real unemployment as about 22%; the old U.6 unemployment as about 16.5% and the current U.3 unemployment as about 9.5% http://www.shadowstats.com/ There are differences who is counted as unemployed, those working part-time jobs and seeking full time employment are not counted as unemployed; the Obama Regime U.3 number reflects those collecting unemployment checks and not those that have had unemployment benifits end.

I suspect the American People now see the Bush Tax cuts as important since we remain in a Recession and new Taxes might push the USA into a deeper Recession and 2nd Dip. Europe now has lower Business Taxes than the USA. We need cuts in Obama's spending, the man has spent more in 1.5 years than Bush did in 8 years, Obama spends like a "drunken drag queen".

While in the Senate Obama lead the charge to defend the CRA Mortgages and he defended the CRA and the Toxic Mortgages that lead to the current Worldwide Recession. In fact Obama represented ACORN in sueing Citibank to force more Subprime Toxic Mortgages based on the Race alone of the barrower! One can say that Obama worked in the Vineyards sowing the seeds of the Toxic Mortgages that took down the US Economy. Obama's friend Franklin Raines also stamped those Toxic Mortgages as AAA securities, the highest rated securities for making Derivitives that the Obama Gang used to bring down the US Economy. Some how the Mainstream Left Media forgot to tell that to the American People. Obama friend's Soros has made money in this Recession and Super-rich couple that backed ACORN, the Sandler's made money selling Golden West and helping to trigger this Recession http://www.usatoday.com/money/industries/banking/2008-10-05-sandler-golden-west_N.htm Funny how Obama Fat Cat Supporters made Billions wrecking the USA and causing massive unemployment almost as if these Socialist Billionaire Backer's of Obama had an agenda to wreck the USA to get him Elected.

It is odd that on 9-15-08 $550 Billion Dollars was withdrawn in 1 hour from US Money Market Accounts and caused the current Recession and this has never been Investigated! http://www.renewamerica.com/columns/lukens/100408 & also see this link http://www.just-a-regular-guy.com/2009/02/08/550-billion-dollar-electronic-run-on-banks-in-september-08-the-real-reason-for-our-financial-crisis/ & here is a video of Democrat Congressman Paul Kanjorski explaining this http://www.liveleak.com/view?i=ca2_1234032281 The Question is who did this!

[Huskerdarren]

From everything I've read, I've come to the conclusion that Franklin Raines should be in prison. He is a white collar criminal if there ever was one. Instead, he is a multi-millionaire and a free man. There will be a day of reckoning I suppose.

[MikeNY]

Private employers added 42,000 jobs in July. http://articles.moneycentral.msn.com/news/article.aspx?feed=OBR&date=20100804&id=11633677