OK. President Obama has signed into law a $780 Trillion dollar "stimulus" package which will give most American families an extra $8 a week in their pocket now, but rob them later and for many generations to come of future income in the form of higher taxes.
On the day Obama pens the mostly unread bill in Colorado, the Dow Jones plunges almost 300 points to close at a 10 year low. The slats also fall out from under the Nasdaq and the S&P 500. Clearly, Wall Street isn't impressed with the deal.
Donald Trump has filed Chapter 11 bankruptcy for his Casino's in Atlantic City; seems gambling revenues are down due to the recession.
GM and Chrysler are broke. Again. Now Congress and Obama will be asked for more bailout dough to keep them afloat.
California is on the brink of financial collapse. Arnold is forced to terminate 10,000 state workers, 275 state-funded public works projects because the California legislature can't work out a new budget. California taxpayers are being sent IOU's instead of tax refund checks; don't have the cash.
Kansas is also telling taxpayers to lump it. The state doesn't have the cash to fork out to people who paid Topeka, but Topeka's welshing and the people are suppose to understand and to like it. Try seeing that process work out the other way. Kansas taxpayers should go to court and attempt to garnish the wages of the Governor and legislators or maybe slap a tax lien on the Capitol in Topeka. Oh, almost forgot, Kansas state employees may not get paid this week either.
Oregon, in an attempt to cut-off revenue problems at the pass are going to hit Oregonians were it hurts. In the six pack. Some liberal legislative jag-offs are proposing an 1800% increase on the tax on beer. Come on, times are tough and these poor people in Oregon won't be able to afford a six pack of Olympia to help dull the pain of being broke.
The bottom line? States, local governments and especially the federal government need to budget for "worst case scenarios" not for the good times. Governments, for the most part, spend the tax revenues as if they were kids; never contemplating what would happen if the crap hit the fan, like it has done. Then when it does they never want to cut anything so they dream up creative ways to rob people of more of their money through stupid tax increases on beer, sodas containing sugar, cigarettes, cigars, pay toilets and on and on.
With all that's going to hell in a hand basket, I'm reminded of that joke about the guy that comes up to Mary Lincoln after the assassination of the president. He asks her, "Aside from that, Mrs Lincoln, how did you enjoy the play?"
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