Tag Archives: The Rich

Neil Cavuto explains basic economics to college student who wants free tuition

She has $280,000 in student loan debt for "Chinese medicine"
She has $280,000 in student loan debt for “Chinese medicine”

The video, which goes about 10 minutes. This is a must watch.

The description of the video explains the contents:

Keely Mullen, an organizer for the Million Student March movement, joined Fox Business Network anchor Neil Cavuto on the air Thursday to discuss the movement’s demands for free public college, student debt cancelation and a $15-an-hour minimum wage for student workers. In the awkward 9-minute interview, Cavuto repeatedly cited facts and figures that seemed to fluster the student.

When asked who would pick up the tab for the demands she listed, Mullen said, “The 1 percent of people who are hoarding the wealth and causing a catastrophe students are facing.”

“If the 1 percent just had their taxes raised a few years ago back to almost 40 percent then to pay for the healthcare law, they had them raised another few percentage points, then they had their deductions limited to raise another couple points — depending on the state or locality — they’re pushing over about 50 percent in taxes,” Cavuto told Mullen. “How much more do you think they should pay?”

Cavuto’s question, asked within the first two minutes of the interview, became the centerpiece of the entire discussion, as Mullen was unable to provide a clear answer.Mullen did say the rate should be raised to “enough until we have a system where not one in two families are threatened with poverty.” And when asked if she and her friends and family would pay more in taxes for her demands, she said “we already are.” However, according to Forbes, 45 percent of households pay no federal income taxes.

Cavuto asked Mullen where the money would come from should “these 1 percent hoarders” leave the country, and Mullen insisted there would always be wealthy people in the U.S. However, later in the interview, Cavuto told his guest that countries around the world, using Greece as an example, have run out of money because the top earners are fleeing.

When Cavuto asked her if she think the 1 percent could actually fund all her demands, Mullen said, “Absolutely.” However, Cavuot claimed taxing the 1 percent at 100 percent wouldn’t even fund Medicare for three years — let alone all of her demands for free services.

“They’ve done studies on this, Keeley, I don’t want to get boring here, but even if you were to take the 1 percent and take all of their money — tax it 100 percent — do you know that couldn’t keep Medicare, just Medicare, in this country going for three years?” Cavuto asked. “Did you know that?”

“Yeah, I don’t believe that,” Mullen said in response. “Yeah, I’m sorry, that just sounds completely ludicrous to me.”

Toward the end of the interview, Cavuto told Mullen taxing the 1 percent on 100 percent of their income would only yield “about one trillion” toward any entitlement program.

I took a look and found out that her father owns a million-dollar home. Also, she is studying two non-STEM subjects – political science and sociology. Both of these have some value, but they are also not the STEM areas that are in demand by employers.

By the way, Cavuto is not joking about how much money you can get by taking everything the 1% make.

The radically leftist New York Times explains how much you can get from “the rich” with a reasonably high tax rate:

To get the most accurate picture possible, throw in all the scraps of income, from the most obvious (like wages, interest and dividends) to the least (like employer contributions to health plans, overseas earnings and growth in retirement accounts). According to that measure — used by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution — the top 1 percent includes about 1.13 million households earning an average income of $2.1 million.

Raising their total tax burden to, say, 40 percent would generate about $157 billion in revenue the first year. Increasing it to 45 percent brings in a whopping $276 billion.

The Wall Street Journal has computed the costs of Bernie Sanders’ spending plan, and it came out to $18 trillion. Getting rid of all the current outstanding student loan balances would cost $1.2 trillion alone. I’ve already talked about the consequences of raising the minimum wage for young, minority workers – they won’t be able to find the entry level jobs they need to get their careers started, so they can move up.

The real question that needs to be asked is the one that Cavuto asked – do you expect the wealthy to continue producing at the same level when you take half or all of what they make. On the student’s view, the rich would work just as hard even if you took all their money and gave it to students taking underwater basket weaving, medieval pottery and puppetry. This is the question that people on the left never ask – what are the consequences of these policies for ALL of the parties who will be affected. That’s a simple question, but apparently not something that leftist professors teach their students to ask. College is generally little narcissists learning from big narcissists, at least in non-STEM programs. It certainly is not the place to learn basic economics and basic civics.

Mitt Romney: Hillary’s Clinton Foundation Uranium One scandal “looks like bribery”

What looks like bribery? Well, read this story from the radically leftist New York Times, of all places. It should be the end of Hillary’s campaign.

Excerpt:

The headline in the website Pravda trumpeted President Vladimir V. Putin’s latest coup, its nationalistic fervor recalling an era when its precursor served as the official mouthpiece of the Kremlin: “Russian Nuclear Energy Conquers the World.”

The article, in January 2013, detailed how the Russian atomic energy agency, Rosatom, had taken over a Canadian company with uranium-mining stakes stretching from Central Asia to the American West. The deal made Rosatom one of the world’s largest uranium producers and brought Mr. Putin closer to his goal of controlling much of the global uranium supply chain.

But the untold story behind that story is one that involves not just the Russian president, but also a former American president and a woman who would like to be the next one.

At the heart of the tale are several men, leaders of the Canadian mining industry, who have been major donors to the charitable endeavors of former President Bill Clinton and his family. Members of that group built, financed and eventually sold off to the Russians a company that would become known as Uranium One.

Beyond mines in Kazakhstan that are among the most lucrative in the world, the sale gave the Russians control of one-fifth of all uranium production capacity in the United States. Since uranium is considered a strategic asset, with implications for national security, the deal had to be approved by a committee composed of representatives from a number of United States government agencies. Among the agencies that eventually signed off was the State Department, then headed by Mr. Clinton’s wife, Hillary Rodham Clinton.

As the Russians gradually assumed control of Uranium One in three separate transactions from 2009 to 2013, Canadian records show, a flow of cash made its way to the Clinton Foundation. Uranium One’s chairman used his family foundation to make four donations totaling $2.35 million. Those contributions were not publicly disclosed by the Clintons, despite an agreement Mrs. Clinton had struck with the Obama White House to publicly identify all donors. Other people with ties to the company made donations as well.

And shortly after the Russians announced their intention to acquire a majority stake in Uranium One, Mr. Clinton received $500,000 for a Moscow speech from a Russian investment bank with links to the Kremlin that was promoting Uranium One stock.

At the time, both Rosatom and the United States government made promises intended to ease concerns about ceding control of the company’s assets to the Russians. Those promises have been repeatedly broken, records show.

[…]The path to a Russian acquisition of American uranium deposits began in 2005 in Kazakhstan, where the Canadian mining financier Frank Giustra orchestrated his first big uranium deal, with Mr. Clinton at his side.

The two men had flown aboard Mr. Giustra’s private jet to Almaty, Kazakhstan, where they dined with the authoritarian president, Nursultan A. Nazarbayev. Mr. Clinton handed the Kazakh president a propaganda coup when he expressed support for Mr. Nazarbayev’s bid to head an international elections monitoring group, undercutting American foreign policy and criticism of Kazakhstan’s poor human rights record by, among others, his wife, then a senator.

Within days of the visit, Mr. Giustra’s fledgling company, UrAsia Energy Ltd., signed a preliminary deal giving it stakes in three uranium mines controlled by the state-run uranium agency Kazatomprom.

[…][T]he company’s story was hardly front-page news in the United States — until early 2008, in the midst of Mrs. Clinton’s failed presidential campaign, when The Times published an article revealing the 2005 trip’s link to Mr. Giustra’s Kazakhstan mining deal. It also reported that several months later, Mr. Giustra had donated $31.3 million to Mr. Clinton’s foundation.

[…][T]he ultimate authority to approve or reject the Russian acquisition rested with the cabinet officials on the foreign investment committee, including Mrs. Clinton — whose husband was collecting millions of dollars in donations from people associated with Uranium One.

Romney, in his interview with Hugh Hewitt, explained that because Bill and Hillary are married, their assets are co-mingled.

So what’s the problem with this deal?

The national security issue at stake in the Uranium One deal was not primarily about nuclear weapons proliferation; the United States and Russia had for years cooperated on that front, with Russia sending enriched fuel from decommissioned warheads to be used in American nuclear power plants in return for raw uranium. Instead, it concerned American dependence on foreign uranium sources. While the United States gets one-fifth of its electrical power from nuclear plants, it produces only around 20 percent of the uranium it needs, and most plants have only 18 to 36 months of reserves, according to Marin Katusa, author of “The Colder War: How the Global Energy Trade Slipped From America’s Grasp.”

“The Russians are easily winning the uranium war, and nobody’s talking about it,” said Mr. Katusa, who explores the implications of the Uranium One deal in his book. “It’s not just a domestic issue but a foreign policy issue, too.”

It’s a national security issue. We shouldn’t be selling uranium companies to countries like Russia who not only invade their neighbors, but also sell long-range missiles to Iran – and a host of other nasty things, too. This country is not friendly to us.

Hillary Clinton: secretive, entitled, hypoctritical
Hillary Clinton: secretive, entitled, hypoctritical

What was Hillary’s response? It’s a distraction invented by the vast right-wing conspiracy:

That’s some vast right-wing conspiracy that makes its way onto the nation’s most respected leftist national newspaper.

So, does this explain why Hillary Clinton deleted tens of thousands of e-mails and then wiped her private e-mail server clean? We’ll never know, because she destroyed all the evidence. But one thing is for sure – there is no reason to vote for this candidate for President, although some people will:

That’s the only “reason” that people will vote for her, because on the merits, she’s a stinker.

Related posts

Unemployment rate rises: 169,000 more people not in labor force

First, I hope everyone remembers about the William Lane Craig vs Alex Rosenberg debate tonight at Purdue University. There is live-streaming available, details here.

And now, three scary stories from CNS News.

First, this one about the recent depressing jobs report.

Excerpt:

The number of Americans not in the labor force grew by 169,000 in January, according to the Bureau of Labor Statistics’ latest jobs report.

BLS labels people who are unemployed and no longer looking for work as “not in the labor force,” including people who have retired on schedule, taken early retirement, or simply given up looking for work. There were 89 million of them last month.

[…]The nation’s unemployment rate increased a tenth of a point in January, rising to 7.9 percent from 7.8 percent, a level the Labor Department described as “essentially unchanged.”

Second, this one about Obamacare health care plans.

Excerpt:

In a final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year.

Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.

The IRS’s assumption that the cheapest plan for a family will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.

The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan.

And finally, this one about Obamacare’s effect on job creators, aka “the rich” who need to “pay their fair share”.

Excerpt:

Sixty-one percent of U.S. small business owners said they were “worried about the potential cost of healthcare” and 56 percent said they were “worried about new government regulations,” according to the Wells Fargo/Gallup small business index released on Jan. 31, which also showed that 30 percent of small business owners are not hiring and fear going out of business within a year.

“At the bottom of the list, but still at a surprisingly high level, 30% of owners say they are not hiring because they are worried they may no longer be in business in 12 months,” according to Gallup’s index summary. “This is up from 24% who had the same worry in January 2012.”

[…]Gallup said the reasons given for less hiring, such as healthcare and government regulations, are “troublesome” and have negative implications for the U.S. economy.

Bad news! I remember the good old days of the Bush administration, when we had lower taxes, a 4.4% unemployment rate, and a $160 billion dollar budget deficit. Maybe watching tonight’s debate with WLC and this Duke University naturalist tonight will cheer me up.