WELCOME TO OPINIONS BASED ON FACTS (OBOF)
Name
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Published
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OVERVIEW
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Dec. 28, 2010
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SOCIAL SECURITY PART 1
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Dec. 30, 2010
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SOCIAL SECURITY PART 2
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Jan. 10, 2011
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SOCIAL SECURITY PART 3
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Jan. 17, 2011
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SOCIAL SECURITY PART 4
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Jan. 24, 2011
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SOCIAL SECURITY PART 5
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Jan. 31, 2011
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!!SOCIAL SECURITY PART 6
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Feb. 07, 2011
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SOCIAL SECURITY PART 7
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Feb. 14, 2011
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SPECIAL ISSUE
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Feb. 18, 2011
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SOCIAL SECURITY PART 8
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Feb. 21, 2011
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SOCIAL SECURITY PART 9
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Mar. 01, 2011
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SOCIAL SECURITY PART 10
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Mar. 07, 2011
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SS & MORE PART 1
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Mar. 14, 2011
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SS & MORE PART 1A
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Mar. 21, 2011
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SS & MORE PART 2
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Mar. 25, 2011
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SS & MORE PART 3
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Mar. 29, 2011
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SS & MORE PART 4
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Apr. 04, 2011
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SS & MORE PART 5
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Apr. 11, 2011
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SS & MORE PART 6
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Apr. 18, 2011
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SS & MORE PART 7
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Apr. 25, 2011
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SS & MORE PART 7A
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Apr. 29, 2011
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SS & MORE PART 8
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May 02, 2011
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SS & MORE PART 9
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May 09, 2011
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SS & MORE PART 10
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May 16, 2011
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SS & MORE PART 11
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May 24, 2011
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SS & MORE PART 12
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Jun. 06, 2011
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SS & MORE PART 13
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Jun. 20, 2011
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SS & MORE PART 14
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JULY 05,2011
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SS & MORE PART 14A
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JULY 18, 2011
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SS & MORE PART 15
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JULY 19, 2011
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SS & MORE PART 16
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AUG. 03, 2011
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SS & MORE PART 17
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AUG. 15, 2011
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SS & MORE PART 18
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Aug. 29, 2011
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SS & MORE PART 19
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Sept. 12, 2011
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SS & MORE PART 20
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Sept. 26, 2011
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SS & MORE PART 21
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Oct. 10, 2011
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SS & MORE PART 22
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Oct. 24, 2011
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SS & MORE PART 22 EXTRA
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Nov. 04, 2011
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SS & MORE PART 23
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Nov. 07, 2011
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SS & MORE PART 24
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Nov. 21, 2011
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SS & MORE PART 25
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Dec. 05, 2011
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SS & MORE PART 26
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DEC. 19, 2011
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SS & MORE PART 27
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JAN. 03, 2012
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SS & MORE PART 27A
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JAN. 05, 2012
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IN THIS ISSUE
1. The payroll tax debacle.
2. Manufacturing improves.
3. Parting thought.
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"VOTE AN EDUCATED VOTE"
What is an educated vote? It is one that has been made with as much knowledge, based on facts, not misinformation, that an individual can obtain.
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START AT THE BEGINNING
I have always been told to start at the beginning, so we'll start this posting at the beginning of 2012. However, we'll have to take a look back at the end of 2011. Before that, I'll wish you all the traditional HAPPY NEW YEAR AND BEST WISHES FOR 2012.
At the end of Part 26, I said that there might be a need for posting an EXTRA, before posting this one. Well some things happened, but I didn't feel they warranted and EXTRA posting.
SORRY, READERS, DUE TO SOME PERSONAL CIRCUMSTANCES I AM GOING TO HAVE TO FINISH THIS TOMORROW. FOR THOSE OF YOU WHO, FROM TIME TO TIME, HAVE ASKED IF I AM PERSONALLY OK, AND TO ALL OF YOU, I AM FINE. IT'S JUST ONE OF THOSE THINGS THAT OCCURS TO ALL OF US SOMETIMES. THANKS FOR LOOKING IN AGAIN, LATE TOMORROW EVENING.
Floyd
THANKS FOR YOUR UNDERSTANDING.
HERE WE GO WITH THE REST OF THE STORY.
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THE GOP's PAYROLL TAX
DEBACLE
Well, Congress finally passed a bill relating to the payroll tax holiday. The agreement, to extend for two months, must be one of the worst pieces of legislation in years. Just look at the problems that are going to take place. First, the National Payroll Reporting Consortium, representing those who process paychecks, said, of the two months extension, "There is insufficient lead time to accommodate the proposal."
Second, what in the world were they thinking of to begin with? No business operates on a two month basis. The least amount of time is a quarter, so this would be asking businesses to set their payment plan based on two-thirds of quarter. And then, based on whatever is worked out during the two month period by Congress, reset their payment plan again. Speaker Boehner has said he has a business background. No wonder he is not in business, if this is the way he would run a business.
By extending the payroll tax cut, Congress and the administration have quietly made a critical change in how Social Security is funded. Some, in Washington
For the first time in the program’s history, tens of billions of dollars from the government’s general pool of revenue are being funneled to the Social Security trust fund to make up for the revenue lost to the tax cut. Roughly $110 billion will be automatically shifted from the Treasury to the trust fund to cover this year’s cut, according to the Social Security Board of Trustees. An additional $19 billion, it is estimated, will be necessary to pay for the two-month extension.
The Social Security program has always been self supporting, and by the way, the payroll tax referred to is not a tax. It is an insurance premium and Social Security is an insurance program. Part of the present shortfall in the Social Security program is due to the plain fraudulent taking of $2.6 trillion from the SS Trust Fund by Congresses and Presidents since 1937. You see, SS was already in trouble, because the government already owed the program $2.6 trillion. Things are made worse by taking the designated funding from the program.
It must be noted however, that the original SS bill did have a clause in it, to the affect that, a President and/or Congress can make any changes they desire in the program. The only thing, that controls them from gutting it all together or privatizing it, is the will of the people.
The tax cut is supposed to be temporary. But as squabbles over this issue and the Bush tax cuts have revealed, short-term tax cuts in Washington
The prospect of policymakers continually turning to the payroll tax as a way of providing economic stimulus, troubles experts, some lawmakers, and public trustees of the Social Security trust fund. Their concern is that Social Security will lose its status as a protected benefit, owed to every working American, and, instead, become politically vulnerable, just like any other government program.
And as this year’s debate about the nation’s debt showed, nothing is off limits to the political brinkmanship, that has come to dominate Washington
“It’s a grave step for Social Security,” said Charles Blahous, one of two public trustees for Social Security and a research fellow with the Hoover
Robert Reischauer, the other public trustee and president of the Urban Institute, said "Extending the payroll tax cut another year during high unemployment seems justified." But it “could, if it continues for a substantial period of time, undermine one of the foundational arguments that makes the Social Security program inviolate.”
Since its inception under President Franklin D. Roosevelt, the Social Security program has been premised on a simple contract: Americans pay into the program’s trust fund over years of paychecks through the payroll tax. In return, when they retire, they receive monthly benefits.
The payroll tax cut changes that. Instead of being a protected program, with its own stream of funding, Social Security, by taking money from general revenue, becomes more akin to other government initiatives, such as Pentagon spending or clean-air regulation, programs that rely on income taxes and political jockeying for support.
“All of a sudden, Social Security will have to compete with every other program, whereas, before it had its own dedicated revenue.” said Nancy Altman, co-director of Social Security Works, an advocacy group. “It’s breaking the kind of firewall that has always existed between the trust fund and the operating fund.”
In addition to the payroll tax extension, the bill extended the Unemployment Compensation program. With the two extremely important issues in the bill and Congress closing up shop and going home for the Christmas and New Year recess, President Obama had no choice, but to sign the bill.
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US MANUFACTURING IMPROVES TO SIX MONTHS HIGH
The US
The Institute for Supply Management’s purchasing managers’ index rose to 53.9, the highest reading since April, from 52.7 in November, topping expectations of an increase to 53.5. Readings
“[The report] suggests improvement in the overall macroeconomic environment or at least sentiment.” said Holden Lewis, industrial analyst for BB&T Capital Markets. But with “flattish” economic conditions around the globe, he added that the trend would have to continue through February to suggest a more meaningful recovery was under way.
December’s reading provided “a nice little base and a bit of hope rather than something that tells you that we’re back into growth mode”, he said.
Stocks added to early gains on the report, with the S&P 500, Dow Jones Industrial Average and Nasdaq Composite all up more than 1 per cent.
Production accelerated more than 3 points to 59.9, while employment also increased from 51.8 to 55.1. The outlook for future demand improved as new orders rose to 57.6 from 56.7. Meanwhile, manufacturers and customers both drew down inventories, which may drive further boosts in production in the coming months.
“Manufacturing is finishing out the year on a positive note, with new orders, production and employment all growing in December, at faster rates than in November, and with an optimistic view toward the beginning of 2012,” said Bradley Holcomb, chair of the ISM’s survey committee.
If the trend can continue into February and even on into March, President Obama is going to be in a very good position for campaigning.
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FINAL NOTE
Dear readers: I do have more that I could provide, but it seems to be a hodge podge of items that are not that important and I am just not going to get anymore to you this time. Not a very good start for a new year, but I'll try to make it better. This year is going to be so very important to all of us and there is a real need to try and keep the truth out front.
I am going to have some new and additional resources that I think will help all of us to better know the truth and in a more complete current fashion.
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PARTING THOUGHT
A life making mistakes is not only more honorable, but more useful than a life spent doing nothing at all. George Bernard Shaw
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If the good Lord is willing and the creek don't rise, I'll talk with you again about Monday Jan. 16, 2012.
Floyd
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