The news that AIG is planning to shell out $165 Million in “bonuses” is driving both sides of the isle in to a feeding frenzy. The Prez is demanding the bonuses be stopped by any means necessary. Republicans and Democrats both are threating legal (and even bodily harm) to the AIG employees who refuse to give up the extra cash. But I just have one question – “what’s the big friggen deal?”
Take a look at the numbers – $165 Million. Yes that’s a big number, but its less than one tenth of one percent (.09%) of the overall bailout loan us taxpayers invested ($173 Billion). Given The Prez’s penchant for spending money, and Congress’ exuberence for earmarks, which total a heck of a lot more than the “meare pittance” given AIG – shouldn’t the American taxpayer be more upset with the government?
Here’s why the government has the lowest approval rating in history. Check this out – Congress convened a panel, called the National Commission on Surface Transportation Infrastructure, to review the current Federal Gas tax, which is currently 18.4 cents a gallon on gas, and 24.4 cents a gallon on diesel. Their findings? People are driving less. Consequently, revenue from gas sales are lower, and the result is fewer dollars to pay for road maintenance and repair. So their recommendation? Raise gas tax by 50%!
A 50 percent increase in gasoline and diesel fuel taxes is being urged by the commission to finance highway construction and repair until the government devises another way for motorists to pay for using public roads.
The National Commission on Surface Transportation Infrastructure Financing, a 15-member panel created by Congress, is the second group in a year to call for increasing the current 18.4 cents a gallon federal tax on gasoline and the 24.4 cents a gallon tax on diesel. State fuel taxes vary from state to state. – [Source CNBC]
So let’s understand this a bit better. People are using less gas. Why? Because of one of two reasons – 1) CAFE standards, implemented by Congress, which is requiring higher fuel efficiency, and 2) the higher price of gas, which is much lower than it was, but still not below $1.00 a gallon, and is still a partially a result of the current tax. Both the policies encourage less gas usage, and subsequently, lower revenue. Taxing will only encourage less consumption… Am I really the only person in America that realizes this?
Here’s something that makes absolutely no sense whatsoever:
Despite the country’s economic meltdown, Congress is about to receive an automatic $4,700 pay raise on Thursday — a 2.8 percent increase over the current $169,300 salary for most members.
Maybe it’s just me, but I don’t get an automatic pay raise every year, do you? Shouldn’t something like this be tied to, oh, I don’t know, an approval rating or something? How come the same (mostly liberal democrats) get all up in arms about executives that get pay increases despite poor business performances, but let something like this slide?
You work hard all week long and on Friday you get your check only to find that the government got there first. Federal, State, Local, Social Security, Medicare help themselves before you receive YOUR earnings to buy food, gas and keep a roof over your head.
Do you know how the federal government spends your money? Did you know that the 2008 fiscal year spend is $3.226 trillion? The government left our children a $407 Billion deficit tab to pay also as our liberal Congress continues to pass ever increasing budgets.
The liberal left wants you to think that its all due to military spending. While its true that the President’s 2009 discretionary spending has risen to $1.182 trillion fighting two wars and increasing homeland security, Congress spent far more on social programs. Worth noting is that we haven’t had a successful attack in the US by terrorists since 9/11 which might have some correlation to the spending.
The reality is that Congress decided where the other $2 Trillion went. So where does it all go? Below is the Real Deal on taxes and who drives the spending.
As was mentioned in a previous post, Congress has the power to set the country’s financial affairs. That includes how much money comes in (through your income tax) and how much money goes out (for things like the military, social programs, and infrastructure). This decision is made every year through the process of voting on a Federal budget, and it just so happens to be that time again. So what are the boys and girls in the Capitol doing this time around? Here’s a clue – “Tax cuts? We don’t need no stinkin’ tax cuts!” Continue reading
Which candidate will lower your taxes if elected President? The answer: D – None of the Above. But it’s not about their platform or what party they represent, it’s all about the law of the land.