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  • Government Spent $29,000 Per US Household in 2014

    A new study from The Heritage Foundation found that out-of-control spending in Washington amounted to more than $29,000 per household in fiscal year 2014. Today, I will reprint the highlights of that excellent report. As you will see below, government spending has topped $3.5 trillion in each of the six years that President Obama has been in office.

    The budget deficit for FY2009 more than tripled to over $1.5 trillion, thanks in large part to Obama’s $800+ billion “stimulus program” which did little to create new jobs or spark the economy. Budget deficits remained above $1 trillion for 2010, 2011 and 2012. While deficits have come down significantly in the last two years, our debt trajectory remains on a collision course as the latest Heritage Foundation study illustrates.

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  • A "Trillion" is Mind-Boggling: No, Even Worse!

    I would wager (with odds) that very few Americans understand just how mind-bogglingly enormous $1 trillion is. The analogy I will share with you today will knock your socks off! It certainly did mine.

    Yet our government is running trillion-dollar annual budget deficits like it’s no big deal. And it’s not just Obama – the first trillion-dollar deficit, which was incurred in FY2009, was actually the result of President George W. Bush’s budget, one of the few legitimate things Obama really inherited from “W.”

    I begin today by summarizing a recent eye-opening analysis - a great video, actually - that concludes that our continued trillion-dollar deficits will send us into the abyss. I realize that this is nothing new to many of my readers, but we need to continually remind ourselves how we are willingly and knowingly sending our country into economic and financial ruin.

    You will definitely want to watch this video and forward it on to others!

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  • Income Inequality and the Top 1%

    This week we're going to dive head-first into the discussion about the top 1% of households by income. While there have been various definitions of the "rich," that should be taxed at higher rates, the Occupy Wall Street crowd has definitely honed in on the top 1% as the embodiment of everything wrong with America in general and capitalism in particular.

    First, I have reprinted an excellent article by Alan Reynolds that brings a recent CBO report about income inequality into a much better focus. It seems that the CBO cherry picked some data to show income disparity is growing when, in reality, it has diminished over the last two years.

    I will then provide a further analysis on the long-term capital gains and dividend tax rates which are drawing criticism based on pleas from Warren Buffett to be taxed at higher rates. I'll then end up with a dozen of the most popular tax breaks that are available to virtually anyone reading this E-Letter, as well as the cost of each in lost revenue. The unfortunate result of my analysis is that higher taxes for the top 1% of households isn't likely to make a meaningful dent in federal budget deficits and could cost jobs.

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  • The Economy - Consumers Still in the Dumps

    IN THIS ISSUE:

    1.  Weak Economic Growth to Continue

    2.  Consumer Confidence Remains in the Dumps 

    3.  Unemployment Rate Continues to Disappoint

    4.  Fortunately, Not All the News Was Bad

    5.  2010 Federal Budget Deficit Hits $1.3 Trillion

    6.  Don’t Forget the “Debt Commission”

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