To put that number in perspective that comes out to about $150 billion in missing tax revenues per year for the federal government counting payroll taxes and income taxes. If money had any velocity in our economy, the number would likely be twice that because dollars would move through the system with some rapidity.
But Obama seems set on doing whatever he can to keep the economy bouncing along the bottom until if goes over what U.S. Sen. Jim Inhofe (R-Okla.), ranking member of the Senate Environment and Public Works Committee calls the “Regulatory Cliff.”
“Last week it was the Soot Rule, now it’s Boiler MACT and Cement MACT,” said Inhofe on Christmas Day.
“It’s clear that with the election over, the President is intent on taking the nation over the Regulatory Cliff. I predicted this would happen after the election in my report, A Look Ahead to EPA Regulations for 2013, which I published a month before the election. These rules will cost industry billions of dollars to comply with, meaning that tens of thousands of jobs are going to disappear.”
It’s clear that if you are looking for good news you can’t turn to Washington and our elected leaders for it.
“One positive note is that there was a notable rise in the number of unemployed re-entering the market,” said Patrick O'Keefe, director of economic research at CohnReznick according to CNN. “The figure jumped nearly 8% in December, possibly signaling a renewed sense of optimism among the jobless.”
Well that’s only because there are so many jobless.
Thank God for the 24 million jobless who are there to provide optimism for the rest of us that Obama and Congress won’t provide.
24 million martyrs? Jobless? Discouraged?
There’s not much to pick between the terms.
In any event, they serve DC just fine whatever one wants to call them.