Democrats Discuss Taking Over People's 401K's

If you don't think an Obama, Pelosi, Reid run government would result in a dramatic swing to the left, read US News and World Reports article on congress' discussion of takng over people's 401K's. 401K's are not 'rich people' savings plans they are middle America's retirement and savings plans, and Dems are looking to make them into 'government created' accounts. Would Obama, Dems Kill 401(k) Plans?

I hate to use the "S" word, but the American government would never do something as, well, socialist as seize private pension funds, right? This is exactly what cash-strapped Argentina just did in the name of protecting workers' retirement accounts (Efharisto, Fausta's Blog). Now, even Uncle Sam isn't that stupid, but some Democrats might try something almost as loopy: kill 401(k) plans.

House Democrats recently invited Teresa Ghilarducci, a professor at the New School of Social Research, to testify before a subcommittee on her idea to eliminate the preferential tax treatment of the popular retirement plans. In place of 401(k) plans, she would have workers transfer their dough into government-created "guaranteed retirement accounts" for every worker. The government would deposit $600 (inflation indexed) every year into the GRAs. Each worker would also have to save 5 percent of pay into the accounts, to which the government would pay a measly 3 percent return. Rep. Jim McDermott, a Democrat from Washington and chairman of the House Ways and Means Committee's Subcommittee on Income Security and Family Support, said that since "the savings rate isn't going up for the investment of $80 billion [in 401(k) tax breaks], we have to start to think about whether or not we want to continue to invest that $80 billion for a policy that's not generating what we now say it should."

Hat Tip to Smart Girl Politics original article Kiss Your 401k Goodbye!

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Democrats Discuss Taking Over People's 401K's

Obama's Tax Plan and Income Redistribution Hurts the Economy and the Middle Class

Senator Obama's tax plan is packaged as tax cuts for the middle class when in reality there are numerous tax increases on the middle class and on small business owners. Senator Obama's tax policies are similar to those of Herbert Hoover who raised taxes, implement isolationist policies, and drove the American economy into a massive depression. Senator Obama claims that his tax policies that give a government check to people not paying anything in income taxes are done in the name of fairness. However, the economic depression that his policies would likely trigger is fair to no one. Investor's Business Daily lays out the problems with the Obama 'spread the wealth' tax plan in their article Investors Flee From 'Change' Obama Hypes

These tax credits are devised to phase-out based on income, which will ultimately increase marginal income tax rates for middle-class workers. In other words, as you earn more, you suffer a penalty in the phase-out of these credits, which has the exact effect of a marginal tax rate increase. That harms, rather than improves, the economy.

With the bottom 40% of income earners not paying any federal income taxes, such tax credits would not reduce any tax liability for these workers. Instead, since they're refundable, they would involve new checks from the federal government.

These are not tax cuts as Obama is promising. They are new government spending programs buried in the tax code and estimated to cost $1.3 trillion over 10 years.

Obama argues that while these workers do not pay income taxes, they do pay payroll taxes. True, but his planned credits do not involve cuts in payroll taxes. They are refundable income tax credits designed to redistribute income and "spread the wealth."

Meantime, Obama has proposed effective tax increases of 20% or more in the two top income-tax rates, phasing out the personal exemptions and all itemized deductions for top earners, as well as raising their tax rates.

He wants a 33% increase in the tax rates on capital gains and dividends, an increase of 16% to 32% in the top payroll tax rate, reinstatement of the death tax with a 45% top rate, and a new payroll tax on employers estimated at 7% to help finance his health insurance plan. He's also contending for higher tariffs under his protectionist policies.

Finally, he would increase corporate taxes by 25%, though American businesses already face the second-highest marginal tax rates in the industrialized world, thus directly harming manufacturing and job creation while weakening demand for the dollar.

Obama argues disingenuously that his tax increases would only affect higher-income workers and "corporate fat cats." But it is precisely these top marginal tax rates that control incentives for savings, investment, entrepreneurship, business expansion, jobs and economic growth. While he wants to tax the rich, the burden will fall on the poor and the middle class.

Obama's Tax Plan and Income Redistribution Hurts the Economy and the Middle Class

McCain Good for Business and Good for the Economy

Often times pro business even pro small business policies are looked upon with disdain as can be seen in Senator Obama recently comments criticizing Senator McCain for caring more about Wall Street than Main Street. However, this is a myopic view of the economy. Pro business policies create jobs, pro business policies help grow the economy. Putting the breaks on an already sagging economy with increased taxes does nothing for the American worker exept make life harder. CNBC notes that small business owners recognize that McCain Understands Small Business Owners

The following is a statement from American Small Business League (ASBL) President Lloyd Chapman: One look at Senator John McCain's website will tell you, this is a man that knows and cares about America's 27 million small businesses. He knows 56 percent of all Americans work for small businesses. John McCain is a small business guy through and through.

Time also reported on the 300+ professional economists that back McCain. Conversely the Union Leader disusses how Senator Obama's tax plan does not add up in their article It doesn't compute: Obama's tax plan a ruse.

Numerous organizations, including the Associated Press, have noted that Obama's proposals spend hundreds of millions of dollars more than his tax hikes raise. What is less well known is that Obama's tax plan itself sends out of Washington far more than it brings in. Obama's campaign twice admits that in the wording of the tax plan.

According to the plan, "his tax relief for middle-class families is larger than the revenue raised by his tax changes for families over $250,000." That sounds like he's giving a net tax cut. But much of what he calls "tax cuts" are actually cash payments to low- and middle-income Americans. Ultimately, he sends out of Washington hundreds of billions of dollars more than it takes in.

In other words, Obama promises more in benefits to low- and middle-income Americans than his plan can finance with his tax hikes on "families" making more than $250,000 a year. And note the word, "families." Even though Obama says that no "family" making less than $250,000 a year will see a tax increase, in fact his plan raises taxes on individuals making $200,000 a year or more.

The bottom line is that Obama is not being honest about his tax and spending plans. It is impossible -- impossible! -- for him to finance his giveaways by taxing only those making $250,000 or more. He will have to raise taxes substantially on people making much, much less than that.

Senator Obama's plans to "spread the wealth" are anti-growth measures done in the name of fairness. However, there is nothing fair about halting economic growth. There is also nothing fair about punishing success.

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McCain Good for Business and Good for the Economy

Biden Says Obama Will Be Tested With A ‘Major International Crisis’

Barack Obama will need help in a crisis, says Joe Biden from Times Online UK...

Joe Biden, the Democratic vice-presidential nominee, has told Americans to expect a “major international crisis” that will present an early test of a Barack Obama administration.

His comments were seized upon by the Republican campaign yesterday to raise fresh doubts about the prepared-ness of Mr Obama to be commander-in-chief.

Speaking at a fundraiser in Seattle on Sunday night, Mr Biden said: “Mark my words, it will not be six months before the world tests Barack Obama like they did John Kennedy. The world is looking. We’re about to elect a brilliant 47-year-old senator president of the United States of America. Remember I said it standing here . . . we’re gonna have an international crisis, a generated crisis, to test the mettle of this guy.”

He cited Russia and the Middle East as possible places that may cause problems, as well as the border between Afghanistan and Pakistan – “crawling with al-Qaeda” – as being of particular concern.

Mr Obama would need help and support, Mr Biden suggested, “because it’s not gonna be apparent, initially, that we’re right.” He then spotted the media in the room, “I probably shouldn’t have said all this because it dawned on me that the press is here.”

Now why would anyone vote for Barack Obama when his own VP states that a vote for Obama is a vote for an international crisis? Why would anyone want to be a part of a ticket that one believes will lead the country to crisis? What an unbelievable statement. The only time a time camera falls on Senator Biden at this point is when he is trying to pull his foot out of his mouth. However, this is beyond a gaffe; this is disturbing. It appears Senator Biden sees Senator Obama as weak. It appears that Senator Biden, is not confident in Senator Obama's ability to handle a crisis, and it appears that Senator Biden would prefer a "major international crisis" that a Republican president.

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Biden Says Obama Will Be Tested With A ‘Major International Crisis’

Heeeere's Johnny...

Who can make both Senator Clinton and Senator Obama roll with laughter? ...John McCain at the Albert E. Smith Dinner.

Video picks up at 2:38

Oh please, please, please, let this be a sign that McCain will be McCain in the last three weeks of this election.

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Here's Johnny...

Obama, FactCheck.org, Ayers, and the Annenburg Foundation

There is a disturbing link between Barack Obama, FactCheck.org, and William Ayers. National Review reports that William Ayers and Barack Obama both served as co-chairs of the Chicago Annenburg Challenge. Obama called for an $3.5 million dollar earmark for the Annenburg Foundation that sponsors FactCheck.org. Several FactCheck articles have been viewed as promoting the Obama campaign line instead of truly acting as a fact checkers. Controlling the ‘facts’ is a hallmark of a totalitarian regime, and this is a truly unsettling connection.

Mission statement from FactCheck.org.

The Annenberg Political Fact Check is a project of the Annenberg Public Policy Center of the University of Pennsylvania. The APPC was established by publisher and philanthropist Walter Annenberg in 1994 to create a community of scholars within the University of Pennsylvania that would address public policy issues at the local, state and federal levels.
The APPC accepts NO funding from business corporations, labor unions, political parties, lobbying organizations or individuals. It is funded primarily by the Annenberg Foundation.

Requested Annenberg Earmark from Barack Obama - Citation from Answers.BarackObama.com

Obama Requested $3.5 Million For The USC Annenberg Research Network. In 2005, Obama requested $3.5 million for the USC Annenberg Research Network on International Communication, in partnership with the University of Illinois at Urbana-Champaign, to support the deployment of pervasive broadband for education and economic development.Funding was for the construction of a large-scale broadband wireless systems in two communities—one in South Los Angeles and the other in small-town Illinois. In each community, broadband network coverage will be provided over a minimum of about a half-square mile area, utilizing leading edge wireless technologies. In Los Angeles, this will include the five schools in USC’s immediate neighborhood, with about 8,000 K-12 students. USC also will provide wireless equipment and access to every family with a student entering the first grade of a new Science Center School, and in Illinois, a similar group of students will be selected to receive wireless equipment and access within the coverage area. The impact of these technologies on the students and their families will be tracked. [Obama Request Letter to the Senate Appropriations Subcommittee on Labor, HHS, Education, 6/7/05]

Obama’s Challenge from the National Review

Let’s first review CAC’s [Chicago Annenburg Challenge] initial setup. In the first year, 1995, Obama headed the board, which made fiscal decisions, and Ayers co-chaired the Collaborative, which set education policy. During that first year, Obama’s formal responsibilities mandated close cooperation and coordination with the Collaborative. As board chair and president of the CAC corporation, Obama was authorized to “delegate to the Collaborative the development of collaborative projects and programs . . . to obtain assistance of the Collaborative in the development of requests for proposals . . . and to seek advice from the Collaborative regarding the programmatic aspects of grant proposals.” All this clearly involves significant consultation between the board, headed by Obama, and the Collaborative, co-chaired by Ayers.

Hat Tip to Death by 1000 Papercuts for first reporting this in their article Obama, Bill Ayers, and FactCheck.Org: All Have Ties To Annenberg Foundation

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Clarification: The connection between Obama and Ayers is through
the Chicago Annenberg Challenge that received money from the Annenburg
Foundation, but the Chicago Annenburg Challenge Challenge and the
Annenburg Foundation are not directly connected philosophically.  The
earmark Senator Obama requested was for the Annenburg Foundation, which
funded the Chicago Annenburg Challenge and also funds FactCheck.org. 
Obama is tied to both groups one via earmark, the other via direct
participation, however, Ayers is not directly connected to
FactCheck.org.

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Obama Controlling the Facts

Obama Funding Complaints

As mentioned in the previous post Reports of Obama Fundraising Fraud (below) there have been questions about the manner in which the Obama campaign has raised such large sums of money. Newsweek has also taken notice of the problems with small donors in its article Obama’s ‘Good Will’ Hunting, and has noted that the McCain campaign has made all of its small donor information public while the Obama campaign has refused.

"Good Will" listed his employer as "Loving" and his occupation as "You," while supplying as his address 1015 Norwood Park Boulevard, which is shared by the Austin nonprofit Goodwill Industries. Suzanha Burmeister, marketing director for Goodwill, said the group had "no clue" who the donor was. She added, however, that the group had received five puzzling thank-you letters from the Obama campaign this year, prompting it to send the campaign an e-mail in September pointing out the apparent fraudulent use of its name.
...(In a similar case earlier this year, the campaign returned $33,000 to two Palestinian brothers in the Gaza Strip who had bought T shirts in bulk from the campaign's online store. They had listed their address as "Ga.," which the campaign took to mean Georgia rather than Gaza.) "While no organization is completely protected from Internet fraud, we will continue to review our fund-raising procedures," LaBolt said. Some critics say the campaign hasn't done enough. This summer, watchdog groups asked both campaigns to share more information about its small donors. The McCain campaign agreed; the Obama campaign did not. "They could've done themselves a service" by heeding the suggestions, said Massie Ritsch of the Center for Responsive Politics.

The American Spectator in its article Obama's Fishy $200 Million reports that an unnamed auditor for the Federal Elections Commission is being prevented investigating questionable fundraising techniques by the Obama campaign.

The Obama campaign has already had to deal with several FEC complaints about fraudulent donors and illegal foreign contributions, and the FEC says it has no record that those complaints have been resolved or closed. As well, the Obama campaign has been cagey at times about the means by which it has made its historic fundraising hauls, which now total almost $500 million for the election cycle. The Hillary Clinton campaign raised questions about the huge amount of e-retail sales the Obama campaign was making for such things as t-shirts and other campaign paraphernalia, and how such sales were being tracked and used for fundraising purposes. While the profits of those items counted against the $2,300 personal donation limit, there have always been lingering questions about the e-retail system...

...The FEC analyst says that Obama's filings indicate he has received large, bundled sums of donations from overseas, sometimes exceeding a quarter millions dollars. "It's suspicious, but it's the small donations made by credit card that need to be examined. We've raised red flags on many of these and the Obama campaign just ignores us. After this election, after we've sifted through everything -- if we're allowed to sift through everything -- I am confident that we are looking at perhaps the largest fine every leveled against a national campaign entity."

Similarly Newsmax reports in their article Secret, Foreign Money Floods Into Obama Campaign that online fund raising combine with no requirement to report donors who contribute less than $200 has lead to serious questions about Obama contributors.

Under campaign finance laws, an individual can donate $2,300 to a candidate for federal office in both the primary and general election, for a total of $4,600. If a donor has topped the limit in the primary, the campaign can 'redesignate' the contribution to the general election on its books.

In a letter dated June 25, 2008, the FEC asked the Obama campaign to verify a series of $25 donations from a contributor identified as 'Will, Good' from Austin, Texas.

Mr. Good Will listed his employer as 'Loving' and his profession as 'You.'

A Newsmax analysis of the 1.4 million individual contributions in the latest master file for the Obama campaign discovered 1,000 separate entries for Mr. Good Will, most of them for $25.

In total, Mr. Good Will gave $17,375.

Following this and subsequent FEC requests, campaign records show that 330 contributions from Mr. Good Will were credited back to a credit card. But the most recent report, filed on Sept. 20, showed a net cumulative balance of $8,950 still well over the $4,600 limit.

There can be no doubt that the Obama campaign noticed these contributions, since Obama's Sept. 20 report specified that Good Will's cumulative contributions since the beginning of the campaign were $9,375.

In an e-mailed response to a query from Newsmax, Obama campaign spokesman Ben LaBolt pledged that the campaign would return the donations. But given the slowness with which the campaign has responded to earlier FEC queries, there's no guarantee that the money will be returned before the Nov. 4 election.

Similarly, a donor identified as 'Pro, Doodad,' from 'Nando, NY,' gave $19,500 in 786 separate donations, most of them for $25. For most of these donations, Mr. Doodad Pro listed his employer as 'Loving' and his profession as 'You,' just as Good Will had done.

Foreign contributions are particularly suspect.

Until recently, the Obama Web site allowed a contributor to select the country where he resided from the entire membership of the United Nations, including such friendly places as North Korea and the Islamic Republic of Iran.

Unlike McCain's or Sen. Hillary Clinton's online donation pages, the Obama site did not ask for proof of citizenship until just recently. Clinton's presidential campaign required U.S. citizens living abroad to actually fax a copy of their passport before a donation would be accepted.

With such lax vetting of foreign contributions, the Obama campaign may have indirectly contributed to questionable fundraising by foreigners.

The National Review is also reporting on "Sen. Obama's eye-popping fundraising operation" in their article Obama's Funny Money, or Who's "Loving" "You," Barry?

At TD Blog the article Whistleblower Ignored by DOJ, FEC, FBI: $200 Million in Fishy Obama Donations! they are asking readers to contact the authorities and request that they investigate these allegations.

DOJ, Office of Inspector General
e-mail: oig.hotline@usdoj.gov
hotline: (contact information in English and Spanish): (800) 869-4499

FEC Office of Complaints Examination & Legal Administration Division
(202/694-1650)

FBI Tip Hotline
866-483-5137

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Update: Washington Post reports RNC to File FEC Complaint on Obama Fundraising Practices

The RNC is alleging that the Obama campaign was so hungry for donations it "looked the other way" as contributions piled up from suspicious, and possibly even illegal foreign donors.

"We believe that the American people should know first and foremost if foreign money is pouring into a presidential election," said RNC Chief Counsel Sean Cairncross.

Cairncross alleged there was mounting evidence of this, and cited a report in the current issue of Newsweek magazine that documents a handful of instances where donors made repeated small donations using fake names, such as "Good Will" and "Doodad Pro."

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Funny Funding for Obama

Are You Purple?

The McCain campaign has focussed on Independents and Democrats with their Citizens for McCain group. They have even set up an online phone bank specifically for Independents and Democrats. If you are Independent or Democrat McCain supporter this is a great way to help the campaign. Phone calls are instrumental in bringing in votes and getting supporters out to polls. Just a few (or more) a day can have an impact.

Daytime Calls Phone Bank 10:00AM -6:00PM (EST):

Evening and Weekend Calls Phone Bank 6:00PM -9:00PM (EST):

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If you aren't an Independent, but still want to make phone calls from home - www.JohnMcCain.com/PhoneBank

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Are You Purple?

Volunteer for McCain Palin

It's coming down to the last weeks of the election. The best way to help the McCain/Palin ticket is to volunteer. Contact your local McCain Victory Office or make calls to battleground states from your home with the Online Phone Bank. This is the time that matters most. For Senator McCain to win the White House his campaign needs volunteers making phone calls and knocking on doors. Please take the time to make even just a few phone calls a day. From home or from a Victory Office please volunteer, and be a part of history.

The Presidential Debate and the Bracelet Moment

Senator McCain talked, as he has previously, about Matthew Stanley and his family of Wolfboro, NH, and the bracelet Senator McCain wears in his honor.

Senator Obama reading the name off 'his bracelet' was tacky, and poorly done.

The story of John McCain, Matthew Stanley, and the bracelet.

McCain on Fannie Mae, Freddie Mac, and the Economic Crisis

Orson Swindle Roommates at the Hanoi Hilton

Is McCain/Palin In Obama's Head?

Obama and his campaign have been showing signs of having been rattled by the VP pick of Palin. However, there were signs before the VP selection that the Obama campaign could be rattled. First, the celebrity ad. Outrage, and cries of foul abounded over an ad that basically poked fun at Obama's celebrity and his legions of euphoric supporters. Second, Saddleback. Not the event itself, but the cries of cheating that came from the Obama campaign. It couldn't be that McCain outperformed Obama there must have been foul play. So the Obama campaign screams cheater because Senator McCain wasn't hermetically sealed in in a sound proof pod, or 'cone of silence'. Their reaction was both foolish, and a sign that even minor victories by the McCain campaign could rattle them. However, the pre-Palin kicker is that someone convinced Senator Obama to give a mediocre acceptance speech. What is the one area where Senator Obama has a decisive edge? Speech making; and he under-performed. How that happened should be studied in political science classes in years to come, because forfeiting a strength in any arena is flat crazy.

Then comes the VP picks. Obama doesn't want Clinton, and chooses a candidate to help him appear more experienced so he picks Biden. McCain supporters chuckle as Senator Biden is a legendary 'Gaffe Machine'. Everyone else yawns. Good guy, fairly safe pick, but no one really cares. Then it's McCain's turn. Everyone is predicting Romney or Pawlenty, both safe choices, but again not terribly exciting. The McCain campaign keeps the pick completely secret, and then Palin explodes on the scene. She gave a good opening speech, but there were a lot of questions about her still to be addressed. The Obama campaign immediately took a shot at her, but then retracted the statement as harsh and unnecessary. The media loses its mind. Certainly that's not the Obama camps fault, but their obvious Obama bias and hysterical reaction to Palin does not help their favorite candidate. Clumsily the Obama campaign chimed in with cracks about her experience as a small town mayor, and dismissed her experience as a sitting Governor. This opened the door for Palin to clock Obama on his community organizer experience during her acceptance speech, which was such a powerful speech that it made the media and Obama look foolish for their attacks.

Since then the Obama campaign has struggled to get its bearings. First, Obama acted horrified that Palin challenged his community organizer experience, when he had really set himself up. Then his campaign had a meltdown over Palin's comment that she had pulled the plug on the 'Bridge to No Where'. Instead of criticizing Palin's original support for a different version of the bridge, or questioning what that money should have been spent on after the project was dead, the Obama campaign instead freaked out. They called Palin a liar, they called the McCain/Palin ticket corrupt, yet in the end Palin did pull the plug on the 'Bridge to No Where' and the Obama campaign's over-reaction looked foolish and unstable. Then comes Senator Obama's 'Lipstick on a pig' comment. One can argue intent all day long, however, there is little argument that the comment was incredibly stupid. Particularly, since in the same day he made another comment about a 'stinking fish', and another campaign member also referenced lipstick in a less than flattering way. For someone who is typically graceful in his use of language, "The fierce urgency of now", "We are not red states or blue states, we are the United States", talking about lipstick on pigs after Palin made a lipstick joke during her speech is at best sloppy and out of character.

Today the fumbling continues. An ad criticizing Senator McCain's out of date attire from 1982, and challenging his apparent internet ineptitude has to be one of the weakest attack ads put out in years. Maybe that helps him somehow with the youth vote, but he already has the youth vote. Most people over the age of 30 know at some point in their lives they've worn a silly outfit, and/or had a bad hair day. As for lack of internet experience, who cares? It's an odd argument that I can't imagine helps the campaign. The Obama campaign has abandoned their 'new politics' argument for random and silly attacks. It's not just that they're struggling since the Palin pick and the convention, its that they're panicking. They're only down a few points in the polls, the real problem isn't the numbers it's that the McCain/Palin ticket has them completely flustered.

Is McCain/Palin in Obama's Head?