Obama’s Deliberate Destruction of the Economy

“The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.”  ~ Cicero 55 BC

What was true for Rome is true for America. President Obama may know little about history and less about economics, but he is relentlessly destroying America and has been since he first took office in 2009.

In September, the Gallup polling organization, reported that “Americans’ trust in ‘the American people’ to make judgments about political issues facing the country has declined each year since 2009 and, at 61%, is down nearly 20 percentage points from its recent peak in 2005. Still, that exceeds the 46% of Americans who trust the ‘men and women…who either hold or are running for public office,’ which is one point above the historical low from 2011.”

“The results are based on Gallup’s annual Governance survey, conducted Sept 5-8. The same poll found that American’s trust in the federal government to handle domestic and international problems, their trust in the news media, and their trust in the three branches of the federal government, and in state and local governments are all at or near historical lows.

Via: Canada Free Press

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ObamaCare Work Disincentives: 4 Cliffs Hit Employees

In the time of Caesar, all roads led to Rome. In the time of ObamaCare, seemingly every path heads straight for a cliff.

The health law is filled with cliffs where the returns for more work take a nose-dive.

The Congressional Budget Office has estimated ObamaCare will "reduce the amount of labor used in the economy by roughly half a percent" — about 800,000 full-time jobs. It seems likely that four especially steep cliffs — including two where marginal tax rates can approach 100% or more — will factor into work and hiring decisions.

The 50th employee: For companies with 49 workers that do not offer its employees health coverage, the hiring of just one more worker would carry a penalty of $40,000.

A firm with at least 50 workers that doesn't offer coverage must pay a $2,000 fine per worker (minus the first 30 workers) if even one of its employees receives ObamaCare subsidies.

Likewise, even if a business with 50 employees offers coverage, it would still face up to a $3,000 charge for each worker who nevertheless claims Obama-Care subsidies.

The law gives workers this option when employer coverage is deemed unaffordable because it costs more than 9.5% of the worker's household income.

France has 2.4 times as many firms with 49 employees as with 50 due to labor regulations that take effect with the 50th hire, BusinessWeek has noted.

How many firms will institute a hiring freeze to avoid ObamaCare penalties is unclear, but the risk is that the U.S. will go down a similar path as France.

The low-income cliff: At 200% of the poverty level is a dividing line. Deductibles for married couples on one side may be $300 vs. $3,500 on the other, according to one estimate provided to the Kaiser Family Foundation by Towers Watson.

In addition, a family at 200% of poverty would pay $830 less for subsidized insurance than a family at 225% of poverty, The Kaiser Family Foundation's health subsidy calculator shows.

Via: IBD

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