In one of my recent essays, I told you that the rich are not hiring more people because of the looming Ocommie taxes coming this January. They know they need to save money to pay those taxes and won't hire people causing the depression to keep getting worse.
I just read a piece at newsmax.com which confirms what I have been telling you. The rich are holding onto their money because of the looming taxes and the economy getting worse, which is just going to cause the economy to keep getting worse. They also pointed out that the rich holding onto their money isn't just effecting hiring but has also decreased the rich personal spending which is also adversely effecting the economy. It seems that the top 5% are responsible for about 14% of the total spending so they individually have a greater effect on the economy. When they stop spending, it slows the economy.
Just think about it and use a little common sense, something commie's are allergic to. If you were facing inevitable high tax increases this coming year, you would cut back on your spending for both business and personal use to make sure you will have the money to pay those taxes. Well, they are facing really high tax increases this coming year and have cut back on spending for both their businesses and personal use causing the economy to get worse and Ocommie and his Commiecrat pals just can't figure out why the economy is getting worse. I keep telling you that the commie's are simple minded fools who can't understand economics. All they can understand is that foolish and simple minded commienomics, which doesn't work.
Oh, BTW, more and more of you, the middle and lower classes are figuring out that taxes are also going to increase considerably for you next year because of Obamacare and other Commiecrat bills passed recently. You are also figuring out that, as the rich pay more taxes, you will have to pay more for the services and products they make and sell because those increased taxes for the rich must come from some where and, ultimately, they come from you, one way or another. As you realize this, more of you are also cutting back on spending so you will be able to pay those increased taxes and higher prices next year. That is also driving the economy down.
The stupid people won't stop spending and start saving to pay those taxes and increased prices next year and will end up owing the government a lot of money and not being able to pay those increased prices instead. I bet that will be fun and, about that time, very few of you will like Ocommie and the Commiecrats.
BTW, they have finally admitted that the economy is and has been worse than they admitted or "realized" but have still refused to admit it is really in a depression. More and more honest economists are saying it is a depression, just like I said it is, but the media and politicians refuse to admit it. They also keep telling you that we are in a recovery in spite of the fact that more than 400,000 people lose their jobs every month and about that many have been quitting looking for work and have stopped being counted as unemployed so there is an increasing ghost population of unemployed people who can't find work. Then, in June that number of people who quit looking for work jumped by 50% to over 600,000 people and the commie's just keep saying we are in a recovery? Yeah, right.
If you are stupid enough to believe that, send me your name, address, and phone number because you are stupid enough I can sell you ANOTHER bridge without having to lie to you. Just do the math, if they just have 400,000 people per month who quit looking for work because they can't find work, that comes out to 4.8 million people who quit looking for work in one year. Those people are going to have a negative effect on the economy. We can't possibly be in a recovery when real unemployment is increasing at such a high rate. You are being lied to, deal with it.
Here are a few little quotes from Newsmax for you. Enjoy. You can go to newsmax.com to read the entire article.
"Economists say overall consumer spending has slowed mainly because the richest 5 percent of Americans - those earning at least $207,000 - are buying less. They account for about 14 percent of total spending. These shoppers have retrenched as their investment values have sunk and home values have languished.
"In addition, the most sweeping tax cuts in a generation are due to expire in January....President Barack Obama wants to allow the top rates to increase next year for individuals making more than $200,000 and couples making more than $250,000. The wealthy may be keeping some money on the sidelines due to uncertainty over whether or not they will soon face higher taxes."
Earlier this year, gains in stock portfolios had boosted household wealth. And the rich responded by spending freely. That raised hopes the recovery would strengthen.
No longer. The dizzying plunge on Wall Street in May and June and lingering stock market turbulence have shrunk Americans' wealth. The Dow fell 10 percent for the April-June quarter. The broader Standard & Poor's 500 index dropped 11.9 percent. And the rich are once again more cautious about spending, economists say.
The affluent went back to tightening their belts in June after months of vigorous showing. Data from MasterCard Advisors' SpendingPulse showed luxury spending fell in June for the first time since November. The decline followed a solid rise in sales revenue earlier in the spring.
"It isn't a good omen for the consumer recovery, which cannot exist without the luxury spender," said Mike Niemira, chief economist at the International Council of Shopping Centers.
"They are the bellwether for the economy," says Mark Zandi, chief economist at Moody's Analytics. "The fact that they turned more cautious is why the recovery is losing momentum. If they panic again, that would be the fodder for a double-dip recession."
As their stock holdings and home values sank, the affluent lost wealth. Their jobs weren't safe, either. Bankers, lawyers, accountants and mortgage brokers were among those getting pink-slipped. Those who did have jobs feared losing them. Neither group spent much.
"The affluent - as their wealth goes down - they'll become more and more conservative," predicts David Levy, chairman of the Jerome Levy Forecasting Center."
At the same time, government reports show shoppers as a whole cut back on their spending in both May and June.
Oops, I told you so.