What better way to take over America than to convince it's unaware citizens their government is their worst enemy? Grover Norquist has been at it for over 30 years! Who is Grover Norquist you ask? He's the unappointed, unelected republican activist that had unprecendented access to G.W. Bush presidency that was the author of the "No More Tax increases" pledge signed by many elected republicans & some democrats about 30 or more years ago designed to starve state goverments of their revenues to fund services (fire, police, health) and benefits (medicaid for the children, state employee pensions, etc.).
In the meantime Norquist's access to President Bush allowed him to design and implement "scortch the earth economic policey" to starve Federal government of funds by spending American into record deficits that erupted in December, 2007 recording in 13 months a $12 trillion DOLLARS loss of wealth! Since December 2007 the Obama administration fought and got through Congress stimulus dollars to spend America out of recession. As any knowledgeable public policy and/or economist knows, that is the only way a nation gets itself out of recession---a nation spends itself out of recession! That is the only means to create jobs that reimburses government coffers by creating jobs so people can afford to pay taxes causing job creation and ends recessions! However, this time we had about 60 tea party member elected who knows nothing about how to govern nation and they just threw a monkey wrench into the World's economies! Yep! Today (8/5/11) world markets just lost 4% to 6% of their value (Ameirca lost approximately $2 Billion last evening of wealth! This is the market's way of telling Congress it is not buying it's economic policy of short term draconian cuts; it's not buying it and the markets are saying to Congress get your ass back in town and undo what you've done! If not the entire world economies will tumble!
The blame rests with republicans allowing their deficit accepting economic policy wonks to be ruled by well intentioned tea party members (hell is full of people with good intentions). Take a veteran republican like McCain, who in desperation, allowed himself to listen to an "aide" who found this Alaska governor to run as a Vice Presidential candidate who is now a millionaire and spokesperson for tea party and ultra conservative responsible wing!
The blame also rests with democrats allowing G.W. Bush to attack a sovereign country, pass Deficit Reduction Act in 2005 at 1 a.m. in the morning, and allowing an unelected, unappointed republican activists to run his economic policy designed to reduce size of federal government by using two wars to decrease federal treasury (over $1 TRILLION FEDERAL DOLLARS), pass federal programs onto states who're broke due to quarter-of-a-century of elected republicans placing more importance on doing what Grover Norquist suckered them into signing a no-tax-pledge. Then Norquist's economic plan lost $12 TRILLION in 13 months bringing world's economy to it's knnes. To try and slow down the falling economy G.W. Bush's Treasury Secretary created federal stimulus money to buy out large insolvent investment firms!
Obama inherits record financial miscarriage and, as G.W. Bush acquiescensed with his Treasury Secretary, Henry Paulson advice, a banker whose program created "buy outs" for some of the most famous insolvent Wall Street firms to keep them solvent!
As Obama inherited Paulson's and Bush's record recession he implemented the only thing that nations can do in a recession----spend to retire recession. Republicans agreed to Obama's spending plan, which was not large enough to begin with and not approving any more such spending plans as well intentioned tea party members dictated to republicans pushed by Grover Norquist's obsession to reduce size of federal government in 25 years; i.e., cut deep and do it now plan! Their plan says to cut drastically all people programs (Medicare, Medicaid, Social Security) but protect corporate welfare now standing at an estimated one-half trillion dollars!
Democrats should crown backwards any republican that protects corporate America's estimated $400 BILLION dollars of corporate welfare. Democrats should have threatened banks with being replaced by credit unions if they failed to have program implemented helping mortgaged Americans to get out of'em and get those real estate pieces back into the market; used the IRS to motivate corporations flush with cash to spend that cash on creating jobs for Americans rather than replacing workers with technology.
The entire world's economies are in deep financial trouble with them being closely tied to America's faltering economy. If Europe does not figure out how to treat insolvent European nations like Spain, Italy and Greece by coaxing the one European nation who has most of the wealth-----Germany into providing more financial assistance involvement, investors will stay "running scared" throwing a " preverbial monkey wrench" impediment into crawling out of recession! In the meantime, America has to "create jobs" by spending itself out of recession---as any good economists worth their salt would suggest---but Congressional republicans are being led by the nose by their sixty or so tea partiers who have good intentions, but are totally wrong on how to solve republicans record recession! If republican would only endorse 83 year old Peter Peterson's tranditional republican stance, a solution to America's recession would be imminent! Wake up republicans! Ditch Mitch and Norquist!
Now let's compare American economy with Hong Kong economy during same time frame. Hong Kong's approach is unprecendented due to compassion in it's budget for it's people rewarding Hong Kong with unprecendented economic growth. For example, the Hong Kong budget surplus 4.1% of GDP, while the fiscal reserves increased 34% of GDP. Read more: http://www.businessinsider.com/hong-kong-budget-2011-12-highlights-and-analysis-of-housing-policy-2011-2#ixzz1EmDRygsW
HERE'S SOME HIGHLIGHTS:
Waive rates ( Tax on properties for local facilities etc) for 2011-12, capped at $1,500 per tenement per quarter. About 82% of properties will be subject to no rates in the year, costing approximately $9.9 billion.
Electricity subsidy of $1,800 to each residential electricity account, benefiting over 2.6 million domestic accounts at a cost of $4.7 billion.
Pay two months’ rent for public housing tenants at a cost of $1.9 billion.
Provide one more month of CSSA payment, Old Age Allowance and Disability Allowance at a cost of $1.9 billion. Adjust these allowances as necessary in mid-year.
Raise child allowance by 20%, benefiting over 300 000 taxpayers at a cost of $650 million.
Increase dependent parent/ grandparent allowances and deduction ceiling for elderly residential care expenses by 20%, benefiting about 510 000 taxpayers at a cost of $570 million.
Reserve $24 billion for making a one-off injection of $6,000 into MPF accounts to increase the retirement savings of MPF( HK Pension scheme) scheme members.
Reserve an additional $100 million for making injection to the short-term food assistance services as and when needed.
Issue $5 to $10 billion worth of Hong Kong-dollar “iBond” to provide another investment option for coping with inflation.
To protect public health, tobacco duty will be increased by 50 cents per stick of cigarette. Duties on other tobacco products will be increased by the same rate.
To contain growth of private cars, the first registration tax for private cars will be increased by estimated 15%.
America needs to bring back into governance what America used to have an overabundant supply of:COMPASSION.
Hong Kong is a marvelous template for how a nation can govern with compassion. Just read below.---Bill Huff
Hong Kong's economy has increased it's budget solvency while not hurting it's people. However, in America a minority within REPUBLICAN PARTY called Tea Partry about sixty in number hijacked republican party due to sleeping majority into cutting deep and doing it now, while protecting corporate entities from loosing their corporate welfare as middle class pension security, higher health insurance premiums and less coverage, devalued 4021(K)'s and real estate assets and so on have dwindled due to Grover Norquist's failed economy acquiesced by G.W. Bush 2nd term!
