Big Daddy said:
As far as China goes. They produce a lot of the junk that we buy that is no longer classified as a necessity. It would be a shame if some of that production came back to the US. One of the provisions in the bill that Obama is trying to pass is that any contracts commissioned by the US would require use of American made materials. McCain is trying to get that taken out. Guess he feels bad for the Chinese.
I can't argue with you over the quality (or lack thereof) of Chinese goods, but the "buy American" provision was a colossal mistake by whomever sold it to Obama (Unions), and BO quickly saw the light and back tracked on it. It may have been the hundreds of
American business leaders that signed a letter and had it published in the WSJ and NY Times begging him not to do it. And it may have been the not-so-subtle threats he received from China, Germany, etc. who said he'd start a trade war if it happened. The day he announced it, China started inspecting ships of good from the U.S. (soy beans, etc) verrrrrry slowly,which risked having our Ag products go bad sitting in ships or in warehouses before Americans could be paid for them.
http://www.reuters.com/article/reutersEdge/idUSHKG27247020070830
Economists who know the history of TGD also told Obama it was the Smoot-Hawley Act all over again, and it would surely put us into a depression. Personally, I'm very surprised he backed off of this, because everything they (Paulson, Bernanke, Bush, Obama, Geithner ...) have done so far has been an near-reproduction of what FDR did. His actions exasperated TGD. It's hard to watch. Even harder to comprehend. These people aren't stupid. They know history and economics. So I have boiled what they are doing down to things: they know full well what they are doing and want it to happen, or God has blinded them and is allowing judgement on America. I just don't see any other explanation. Gotta be one or the other.
The fix for this is simple, and everyone knows it. Drastically cut payroll, capital gains and corporate income taxes for two years. Our Corp taxes are the second highest on earth. Its' no wonder companies relocate to other countries. Or they come to Texas, where we have
NO State or Corp income taxes. We also have a $6 billion budget surplus.
California has one of the highest personal state income tax rates and corporate tax rates in the country, not to mention out of control government regulation. They have a, what, $49 billion deficit?
Pick any state (New Jersey is a good one, Mass, NY are others) that has extreme liberal/socialist policies and confiscatory taxation rates and I'll show you a State that is headed for disaster.
The problem I have with all this is ..... if NY, MA, CA, etc want to provide free needles to junkies, tattoo-removal programs, money for abortions, etc., fine, do it in your state. As long as those States pay for it themselves. But when they start going $10 or $20 or $49 billion in the hole and come looking to the U.S. for a bailout, then I am getting the bill for it. What's in it for Texas? We won't get a dime.
We have $6 billion of them to spare.
Glenn Beck
