So I just heard Speaker Boehner touting the latest “Compromise”. It will cut spending by a whopping 1 trillion dollars (over 10 years). That’s a lot of money. Can we handle such deep & radical cuts? Not according to the dems. But a real quick & honest calculation will show us the following: 1 trillion over 10 years = 100 billion a year. We are currently borrowing between 100 & 140 billion per month (not per year). So the big spending cuts for the whole year will be absorbed in the first month they take place. UGH!
The NFL lockout is finally coming to a close. The plan is for the 13 man Executive Committee to vote on the contract today. Then the 10 original plaintiffs will sign off on the deal. After that the 32 team player reps agree to it & then the vote by the balance of the players would take place. A simple majority would certify the contract.
Tuesday would see team facilities open & the signing of draft picks & rookie free agents. Teams could begin speaking with free agents on Tuesday & free agency would begin Friday evening. Some teams would begin camp on Wednesday, some Thursday, Friday & Sunday.
So let’s take away the subsidy (definition below) the government provides to the evil oil companies. There’s a problem though. The government doesn’t do that. They do, however, provide them with tax deductions. You know, the kind that allowed GE to pay less in taxes than the average welfare recipient. Here’s a summary of the tax deductions the oil companies are afforded.
1. Intangible Drilling costs — this is merely a deduction for 100% of the exploration costs in the year they are spent. It’s only 70% for big oil companies in the first year.
2. Foreign tax credit — allows companies to offset taxes paid to other countries.
3. Domestic Manufacturer’s Deduction — allows a deduction of 9% of income earned from anyone manufacturing, producing, growing or extracting in the United States except for oil companies. They only get a 6% deduction.
4. Depletion allowance — available to oil and mining companies and is a deduction of a percentage of the gross income from a well or mine to take into consideration that the well or mine will eventually run dry. Not available to companies that refine and market it, i.e., the big oil companies.
5. LIFO — last in first out is an accounting practice that provides that companies sell the most recently acquired inventory items first. Profits are reduced by the cost of the goods sold, and the higher the cost the lower the taxable profit. Companies in industries experiencing rising prices generally prefer LIFO accounting.
6. Expensing tertiary recovery injectants — companies are currently allowed to treat as an expense the cost of the stuff they pump into the ground to break loose trapped oil and gas.
7. Geological and Geophysical costs — small companies can expense exploration costs over two years, big oil companies can do it over seven years.
8. EOR and Marginal well credits — apply only when oil prices are much lower than they are now, $42 for EOR credit and $27 for marginal well credit, and were implemented to encourage production when oil prices are low.
John Daly of golfer, gambler, booze-hound fame has actually strung enough rounds together to actually contend for a win in The Canadian Open today. He is tied for fifth at 2 under going into the final round. I used to love this guy play. Then the wheels came off & he fell apart. Too bad. He could have been one of the greats.
So…. bipartisanship, what does it mean & why it so great? Why is it so bad to be partisan? A partisan is one who supports or adheres to an ideal, group, person, etc. What wrong with that? Seems to me everyone is partisan in one-way or another. Bipartisanship, in my opinion, is just code for, I really don’t stand for anything & I’m certainly not willing to fight for it. History must be awash with great bipartisan agreements. I just can’t think of a single one off hand.
It’s funny how the term never comes up until the democrats lose their majority. Imagine if a conservative (notice I didn’t say republican) had said this. “ We don’t mind the democrats joining us. They can come for the ride, but they gotta sit in back.” That’s not very bipartisan. The actual quote was attributed to Obama before the last midterm elections when the dems controlled both houses & the oval office. To get the real quote, just substitute the democrats for republicans.
I follow this stuff pretty close & I don’t recall a single call for bipartisanship from 2006 to 2010. Prove me wrong.
Today, that word can be defined, as conservatives must compromise their values & position. Never the other way around.
The Following is then Senator Barack Obama’s Senate floor speech in March, 2006.
He voted against raising the debt ceiling as did every other major democrat hack at the time!
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.”
“Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.”
“Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.”
“And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.”
“Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities.”