Double DipI thought I would share this. Received this in the mail. This is the US govt. But it may effect us as well.
They're calling for "another stimulus" -- and they want it fast.
With the budget deficit now towering at over $1 trillion -- and projected to hit $1.5 trillion next year...
Withpaychecks disappearing, unemployment over 9 percent and forecasted totop 10 percent later this year by the White House itself...
With the average length of joblessness at its longest stretch since records were kept...
With people losing homes to foreclosure in record numbers...
With desperate companies begging workers to take pay cuts or unpaid leave...
With empty shopping malls...
With consumers hanging on to what precious money they still have...
With home prices plunging, the building industry in paralysis, and a commercial real estate crisis looming...
With small business (traditionally where recovery starts) being strangled...
Inshort, with 7.2 million jobs lost, and the most severe economicdownturn since The Great Depression worsening, the government wants to:
- Slam taxpayers with tax increases that would push U.S. tax rates even higher than most of Europe. To put that in contrast, Sweden will soon look like a tax-haven compared to the U.S.
- Beat up on those lucky fewstill making good money with a huge new surtax that, in effect, punishes success. Remember when the government slapped a "luxury tax" on yachts? They almost put the whole boat-building state of Maine out of business.
- Enact a gargantuan, $1 trillion-plus government health entitlement that will demolish private insurance, and eventually make your doctor an employee of those wonderful folks who gave you the U.S. Postal Service, the Department of Motor Vehicles, and Fannie and Freddie.
- Impose an environmental leap of faith -- a dubious "cap-and-trade," carbon-emissions bill that will cripple the competitiveness of U.S. businesses worldwide. Do you think China, India, Russia, and the rest of the developing world will join us in committing economic suicide? Not a prayer. But your job could be "shipped" to a country that has no carbon penalties.
- Dump new taxes on private health-care plans -- making it virtually impossible for private plans to compete with the government plan, which will benefit from subsidies and lower capital costs. (This is a perfect illustration of how bureaucrats deal with competition -- they eliminate it.)
- For the icing on this "toxic economic cake," the Bush tax cuts (which helped the markets to recover after 9/11) will be allowed to expire in 2010. Presto. Automatic tax hikes!
- Hang on -- not done yet! The President also wants to raise taxes on capital gains and dividends from 15% to 20%. Not only will this have a depressing effect on investing in general, but seniors and income investors will have to kiss a hefty chunk of their living-expense money goodbye.
It truly boggles the mind how our own leaders are seemingly doing everything they can to strangle any hope of economic recovery.
I've been throwing a lot of numbers at you. But, as an investor, there's really only one number you need right now...
1-800-GET OUT NOW!