Here’s an idea: Let’s occupy and then redistribute D.C.
Let’s take the $3.6 trillion in spending that Obama wants in his latest budget and split it up equally between the 115 million households in the United States. The $31,304.35 income bump normal households would see wouldn’t quite bring the median American household income-- $50,054-- up to the level of those enjoyed by people who live on the D.C. metro area-- $86,680 -- but it would come close.
It would at least be better than the most recent idiocy coming out of Washington where they “taught” the rich a lesson by raising taxes on all working Americans by 2 percent… plus quite a bit more in hidden taxes.
Because suddenly, even liberal economists in the mainstream media are figuring out that, oops, maybe raising taxes wasn’t such a good idea.
Retail sales contracted in March for the second time in three months, a sign the American economy may have stumbled at the end of the first quarter.
Retail sales fell 0.4 percent during the month, the Commerce Department said on Friday. That was below analysts' expectations that sales would be flat.
The sales data supports the view that the U.S. economy continues to struggle and hasn't gained as much momentum has analysts believed just a few weeks ago.
"The miss in retail sales sends concerns about the impact of higher payroll taxes," Omer Esiner, a market analyst at Commonwealth Foreign Exchange told Reuters, likely emphasizing the words “higher… payroll… taxes” by speaking them verrrry slowly to a recent graduate of journalism school, who probably minored in gender studies either the hard way or the easy way.
“So it’s a tax scheme, huh? Who would have believed it?” I can hear the eager-beaver journalist say.
Washington’s remedy for the poor fourth quarter 2012 GDP, which posted a revised gain of about 0.4 percent, was to give D.C. even more of your money- starting in the first quarter of 2013. And so it began.
But if you think the economic slowdown now is related to the tax increase then, well you might be good at math, but you know nothing about Washington math and Washington journalism, both of which are the highest forms of the art of opinion.
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for November 24th, 2014 | John Ransom
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance: William's Edge Webinar for November 21st, 2014 | John Ransom