Thursday, July 24, 2008 |
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Here's a Blank Check; Please Act Responsibly |
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Posted by:
Michele Bachmann at
1:15 PM |
Here is the video of my appearance on Fox Business this morning discussing the fall-out sure to come if the Senate passes and the President does not veto H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008.
I was extremely disappointed that the House passed the housing bail-out bill. This legislation misses the mark and does nothing to address the foreclosure problems our nation is currently facing. Instead of making it easier for America’s hard working taxpayers to make their monthly mortgage, this bill forces them to pay more to fund a misguided, massive housing program.
At a time when so many families are struggling to pay skyrocketing food and gas costs, the last thing they need is another bill from Washington.
While rewarding irresponsible lenders and borrowers, and propping up the overextended, financially unstable Fannie Mae and Freddie Mac, it does absolutely nothing to ensure that we don’t get into this situation again sometime down the road.
Washington should be concerned about helping families that can’t pay their mortgages, but increasing government and taxes doesn’t help them – it hurts them. Congress should truly consider the consequences of this action before it makes matters worse.
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Thursday, July 24, 2008 |
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Defenders of Economic Freedom |
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Posted by:
John Campbell at
12:56 PM |
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Today, I was honored by the Club for Growth with the Defender of Economic Freedom Award. 49 Members of the House and 6 Senators received the award as well.
This award is granted to those members who demonstrate a strong commitment to economic freedom and free-market principals. In order to receive this award, reciepients must have earned at least a 90% rating on the Club for Growth’s most recent scorecard.
For your convenience I have listed the winners below.
|
State |
Dist. |
Party |
Member |
Rank |
Score |
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AZ |
6 |
R |
Flake, Jeff |
1 |
100% |
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CO |
5 |
R |
Lamborn, Doug |
1 |
100% |
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TX |
5 |
R |
Hensarling, Jeb |
1 |
100% |
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IN |
6 |
R |
Pence, Mike |
4 |
99% |
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GA |
10 |
R |
Broun, Paul |
5 |
99% |
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GA |
7 |
R |
Linder, John |
6 |
98% |
|
GA |
6 |
R |
Price, Tom |
6 |
98% |
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FL |
24 |
R |
Feeney, Tom |
8 |
98% |
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ID |
1 |
R |
Sali, William |
9 |
98% |
|
MN |
6 |
R |
Bachmann, Michele |
9 |
98% |
|
NJ |
5 |
R |
Garrett, Scott |
9 |
98% |
|
TN |
7 |
R |
Blackburn, Marsha |
12 |
98% |
|
IA |
5 |
R |
King, Steve |
13 |
98% |
|
AZ |
3 |
R |
Shadegg, John |
14 |
97% |
|
UT |
3 |
R |
Cannon, Chris |
14 |
97% |
|
CA |
40 |
R |
Royce, Edward |
16 |
96% |
|
CA |
48 |
R |
Campbell, John |
17 |
96% |
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OH |
4 |
R |
Jordan, Jim |
18 |
96% |
|
MN |
2 |
R |
Kline, John |
19 |
96% |
|
TX |
19 |
R |
Neugebauer, Randy |
20 |
95% |
|
VA |
7 |
R |
Cantor, Eric |
21 |
95% |
|
OK |
1 |
R |
Sullivan, John |
22 |
95% |
|
TX |
11 |
R |
Conaway, Mike |
23 |
94% |
|
WI |
1 |
R |
Ryan, Paul |
23 |
94% |
|
TX |
3 |
R |
Johnson, Sam |
25 |
94% |
|
AZ |
2 |
R |
Franks, Trent |
26 |
94% |
|
CO |
4 |
R |
Musgrave, Marilyn |
26 |
94% |
|
NM |
2 |
R |
Pearce, Steve |
28 |
93% |
|
GA |
9 |
R |
Deal, Nathan |
29 |
92% |
|
MI |
7 |
R |
Walberg, Timothy |
29 |
92% |
|
NV |
2 |
R |
Heller, Dean |
29 |
92% |
|
PA |
16 |
R |
Pitts, Joseph |
29 |
92% |
|
TN |
1 |
R |
Davis, David |
33 |
92% |
|
FL |
14 |
R |
Mack, IV, Connie |
34 |
92% |
|
TX |
7 |
R |
Culberson, John |
35 |
92% |
|
GA |
3 |
R |
Westmoreland, Lynn |
36 |
92% |
|
OH |
8 |
R |
Boehner, John |
37 |
92% |
|
CA |
50 |
R |
Bilbray, Brian |
38 |
91% |
|
MO |
2 |
R |
Akin, Todd |
38 |
91% |
|
WI |
5 |
R |
Sensenbrenner, James |
38 |
91% |
|
CA |
2 |
R |
Herger, Wally |
41 |
91% |
|
CA |
25 |
R |
McKeon, Howard |
42 |
91% |
|
TX |
12 |
R |
Granger, Kay |
42 |
91% |
|
TX |
31 |
R |
Carter, John |
44 |
91% |
|
TX |
8 |
R |
Brady, Kevin |
45 |
90% |
|
CA |
22 |
R |
McCarthy, Kevin |
46 |
90% |
|
GA |
1 |
R |
Kingston, Jack |
47 |
90% |
|
NC |
9 |
R |
Myrick, Sue |
48 |
90% |
|
CA |
19 |
R |
Radanovich, George |
49 |
90% |
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Thursday, July 24, 2008 |
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Chalk it up with Guns and Religion |
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Posted by:
Amanda Carpenter at
12:24 PM |
New York Sen. Charles Schumer (D.) says the GOP is "clinging" to drilling.
"Why are they clinging to this?" he's quoted saying in the NYT.
"They are mired in the past." Well, count me as "mired," "clingy" and, you know, "bitter." Just don't tell my boyfriend.
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Wednesday, July 23, 2008 |
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The Top 10 |
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Posted by:
John Campbell at
11:57 AM |
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A few days ago, the IRS has released data showing the percentage of income taxes paid by Americans. Courtesy of the National Taxpayers Union, the table below shows, the top 10% of filers paid nearly 71% of all income taxes paid. The share paid by the bottom 50% drops from 3.07% in 2005 to 2.99% in 2006. You can see previous years here. You can also see "who doesn't pay taxes" here.
For Tax Year 2006
|
Percentiles Ranked by AGI |
AGI Threshold on Percentiles |
Percentage of Federal Personal Income Tax Paid |
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Top 1% |
$388,806 |
39.89 |
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Top 5% |
$153,542 |
60.14 |
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Top 10% |
$108,904 |
70.79 |
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Top 25% |
$64,702 |
86.27 |
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Top 50% |
$31,987 |
97.01 |
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Bottom 50% |
<$31,987 |
2.99 |
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Note: AGI is Adjusted Gross Income Source: Internal Revenue Service |
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Wednesday, July 16, 2008 |
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2-Party Pork |
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Posted by:
John Campbell at
1:51 PM |
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Today, The Hill reported on several lawmakers happy with current prospects on earmarking….mainly because they stand to increase their share of pork at the trough if more members of congress take no earmark pledges
The average GOP member brought home $10.5 million in earmarks last year. With roughly 36 members abstaining this year, GOP earmarkers are slated to better that mark by about $2 million each, and it shows…
Rep. Steven LaTourette (R-OH) said in the article, “I would hope a hundred of my colleagues would not request earmarks.”
Rep. James Walsh (R-NY) went on to confirm that members stand to receive more money for earmarks by saying, “If there are fewer requests, there should be more money to go around.”
Rep. David Hobson (R-OH) added, “It is not going be to helpful to win back the majority,” Hobson said, arguing that earmarks help members get elected to Congress. Instead, anti-earmark groups like the Club for Growth and the RSC are “eating their own.”
“It is easier to b---h than to govern. It seems the Club for Growth, and the RSC want to complain.”
It is plain as day that we still have many Republicans as well as Democrats who continue to engage in unabashed earmarking.
On a lighter note, Mr. Hobson and Mr. Walsh have both announced retirement plans. Let’s hope their successors recognize the need for change.
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Wednesday, July 16, 2008 |
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I see Dead...Doctors? |
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Posted by:
John Campbell at
11:15 AM |
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According to a recent report from the Washington Post, medical suppliers have billed Medicare up to $92 million dollars for wheelchairs and various other pieces of home medical equipment. Unfortunately for the American taxpayer, those claims were filed using the names and identification numbers of deceased physicians. Senate investigators estimate that between 384,730 and 572,238 fraudulent claims have been honored by The Centers for Medicare and Medicaid Services (CMS) since 2000. It's no wonder that since 1990 Medicare has been a familiar sight on the GAO's "high risk" list.
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Wednesday, July 16, 2008 |
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It's The Oil, Stupid. Part 3: The Don't Drill Democrats Do Nothing As Markets Roil |
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Posted by:
Hugh Hewitt at
8:40 AM |
Last week I wrote about the fecklessness of the Obama-Pelosi-Reid Democrats in the face of soaring oil prices.
Now, as the Washington Post notes on its front page, even greater turmoil is roiling the financial markets, and still the Obama-Pelosi-Reid Democrats do nothing to signal markets around the globe that the U.S. is serious about increasing the supply of energy on which all economic prosperity depends.
The Democrats are imitating Nero, and voters should be mad as hell.
While the cost of oil hasn't created the financial crisis, the oil bubble has weakened the overall economy, from automobiles to the airlines, while driving up costs from the pump to food prices to the cost of shelter. Weathering the mortgage meltdown was bound to include some tough times for individual institutions, but the oil shock is sapping economic vitality at a time when it is urgently necessary to offset the impact of slow growth and bum loans.
The one thing that Congress can do to arrest the uncertainty and keep the economy growing is to turn lose energy producers to explore on the outer continental shelf, in ANWR and on federal lands. President Bush's executive order cleared away one obstacle, and I hope he orders the Department of the Interior to conduct stand-by leasing of the exploration rights, leases that would issue but be contingent on Congressional action lifting the various bans. Not only would such contingent leases increase the pressure on Congress, they will also shorten the time necessary to get from where we are to where we need to be.
As Commander-in-Chief, President Bush was able to impose a victory policy on the defeatist Democrats (and be sure to read this morning's important piece on that policy in today's WSJ by Fred and Kimberly Kagan and General Keane), but he cannot do so when it comes to energy policy.
"[T]he tipping points of economic crises, analysts said, are almost always more about psychology than fundamentals," the Post reports this morning, and I hope every member of Congress reads that. Signaling seriousness about energy production --and not just offshore drilling though it should be step number one, but nuclear power and refinery construction as well-- is a huge hammer the Congress could use to smash the beginnings of panic.
"[T]he economy is growing, productivity is high, trade is up, people are working," President Bush noted yesterday, and indeed the economic fundamentals are good, but with Obama's disastrous tax plans a realistic possibility and with the Pelosi-Reid Democrats demonstrating daily the sort of economic insanity that the environmentalists have imposed on them, investors have every reason to worry about the next two to four years and keep their money parked on the sidelines.
A public watching banks fail, stocks tumble and gas prices soar should be furious with a Congressional majority that refuses even to consider via a floor vote doing what it could actually do to assist the economy which is help get it the energy it needs to grow. The individuals feeling the economic pain have a right to be angry with Washington, D.C. As the economy staggers under the burden of $140 a barrel oil, the "People's House" does nothing and the Senate does even less.
I understand the immense reluctance of Democrats to do anything to help the economy in advance of the fall elections, but this refusal to act is shameful. It is causing enormous harm to real people, and eating away at the foundations of the economy. When you hear Democrat after Democrat on television to intone "we can't drill our way out of it" without explaining why, when you hear Democrat after Democrat intone the nonsense about the oil company's unused federal leases --truly the stupidest talking point of all time-- and when you hear about the need for new sources of energy in the far off future, know that you are actually hearing a chilling resolve to crater the economy for the perceived benefit of Obama and other Democratic office holders.
People are not powerless to accept this situation, and voters aren't stupid, though the Obama-Pelosi-Reid leadership is treating them as though they are. Voters know the Democrats have decided to put the screws to the economy and their pocketbooks by refusing to authorize new oil exploration, and they are beginning to see the economy-wide effects of this reckless indifference to the necessity of energy now.
 (HT: Powerline).
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Tuesday, July 15, 2008 |
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Monument To Me Redux |
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Posted by:
John Campbell at
2:46 PM |
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You may remember my exchange with Rep. Charles B. Rangel last year when I questioned his earmark for $2 million for the Charles B. Rangel Center of Public Policy.
Today, the Washington Post reported on a letter writing campaign Mr. Rangel has engaged in, soliciting contributions from corporations and foundations for his Charles B. Rangel Center for Public Policy at the City College of New York. Furthermore, these letters were sent on Congressional stationary to leaders throughout the business community, flaunting the fact that he is Chairman of the powerful Ways and Means Committee.
Rangel has been soliciting donations from a variety of business leaders many of whom have business interests in the decisions of his committee, which has broad jurisdiction over tax policy, trade, Social Security and Medicare.
Chairman Rangel has also managed to secure two Department of Housing and Urban Development grants totaling $690,500 to help renovate the college-owned Harlem building that is slated to house the center.
That’s almost $3 million of your tax dollars, so Chairman Rangel can build a Monument to Himself.
Ridiculous.
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Tuesday, July 15, 2008 |
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Senator Schumer: An Enron Of One |
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Posted by:
Hugh Hewitt at
8:47 AM |
Thousands of individual account holders may lose millions in the melt-down of IndyMac Bank.
The taxpayers lost at least $4 billion and maybe twice that amount.
New York Democratic Senator Chuck Schumer started the run on the bank that led to the losses, and the Wall Street Journal's editorial this morning details his perfidy:
The federal takeover of IndyMac Bank over the weekend could cost the Federal Deposit Insurance Corp. between $4 billion and $8 billion. But Senator Chuck Schumer, who helped to precipitate the collapse by publicizing a letter to the bank's regulator last month, has no remorse.
He was, he says, just doing his job in telling regulators that the bank "could face a collapse," a prophecy that quickly proved to be self-fulfilling. "It's what legislators are supposed to do," the New York Democrat told the Journal. Depositors who spent Monday trying to recover some of their money might beg to differ.
Read the whole thing. Pay close attention to the last paragraph:
But Mr. Schumer was not content merely to share his profound concern with regulators. He also leaked the June 26 letter to the press – which is more like shouting "fire" in a crowded bank than dialing 911.
Lots of ordinary people lost lots of money because Charles Schumer always needs the spotlight. Those families may never recover their financial freedom, but Schumer sails along, as culpable as the worst Enron executive for the ruin he has visited on innocent people.
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Wednesday, July 09, 2008 |
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You Can Add it to the List |
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Posted by:
John Campbell at
11:16 AM |
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When will the Washington insiders get it? Today, The Hill, a Capitol Hill newspaper reported about an earmark from Democratic Congressman Paul Kanjorski (PA), which the Department of Transportation (DOT) is actively opposing.
The earmark, from the 2005 transportation appropriation bill is for the construction of a $5.6 million parking garage next to…..the Kanjorski Center. The reason for the obstruction? It does not comply with federal rules, which state “only if they are connected to other public transportation facilities outside a business area with a population of 50,000 or more, or if it serves high-occupancy vehicles (HOVs) and public mass transportation passengers.”
The DOT has taken issue with more than 20 of Mr. Kanjorski’s earmarks in the past several years, and now the local communities have problems with Kanjorski’s earmarks, because they often benefit groups associated with his family members.
To top it off, the “Kanjorski Center” which was to receive the $5.6 million parking garage currently stands empty. That’s right, no one occupies the building but Mr. Kanjorski feels it necessary to send your tax dollars to build a parking garage.
A “monument to me”, an unused building, a parking lot, family connections, and a rules violation…No it’s not a Hollywood blockbuster….it’s the United States Congress.
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Tuesday, July 08, 2008 |
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Question for Pelosi? |
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Posted by:
Matt Lewis at
2:35 PM |
Gina Cooper, director of the Netroots Nation conference, is asking folks to submit questions for her to ask Nancy Pelosi. You can post your question at AsktheSpeaker.org.
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Tuesday, July 08, 2008 |
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The Budget Outlook |
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Posted by:
John Campbell at
10:16 AM |
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Yesterday, the Congressional Budget Office (CBO), released its Monthly Budget Review, and not to my surprise it stated “The federal government incurred a deficit of $268 billion for the first nine months of fiscal year 2008, CBO estimates, $148 billion more than the shortfall recorded during the same period in 2007.” CBO also estimates that about $79 billion of that change is a direct result of the Economic Stimulus Act that passed the House at the beginning of this year. We are now seeing the direct effect from reckless spending without reductions elsewhere. I have said it before and I will say it now, both Republicans and Democrats need to understand that if we continue on our current course we are on a collision course for the highest debt in American history.
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Wednesday, July 02, 2008 |
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House Falls 1 Vote Short of Entitlement Spending Amendment |
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Posted by:
Matt Lewis at
2:32 PM |
Via The Examiner, we learn that an effort to deal with entitlement spending was defeated by just one vote. The amendment, titled Securing America's Future Economy Commission (SAFE), would have forced Congress to vote on a package of specific recommendations for handling Social Security, Medicade and Medicare. According to the article:
“Its failure (Congress) to do anything [about entitlement programs] — despite numerous warnings from economists from across the political spectrum — makes the case that only the SAFE approach has any chance of working.
There is little encouragement on this issue from the presidential campaign. An analysis by the National Taxpayers Union found that the new programs proposed by Barack Obama would increase federal spending by $343.6 billion, while John McCains’ would push expenditures up by $68.5 billion.
Both are essentially ignoring the entitlement crisis. Instead of adding to the spending burden by proposing new federal programs, Obama and McCain should get on board the SAFE bus.”
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Monday, June 30, 2008 |
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Harry Reid: "Coal Makes Us Sick. Oil Makes Us Sick." |
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Posted by:
Hugh Hewitt at
6:00 PM |
The Leader of the Don't Drill Democrats in the Senate declaims against two giant and productive industries that employ hundreds of thousands of Americans. His full statement:
"The one thing we fail to talk about is those costs that you don't see on the bottom line. That is coal makes us sick, oil makes us sick; it's global warming. It's ruining our country, it’s ruining our world. We’ve got to stop using fossil fuel.”
(HT: The Corner).
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