The news media in every form, printed, radio and television has through the years produced journalists, writers, commentators and talk show hosts with successful careers. However successful, many never achieved respect, truthfulness or the ability to improve the quality of their own profession. Rush Limbaugh is one of those news media people.
Limbaugh is a person who can not relate to another human in a human way because one has to have understanding to do that. His only debating skill is to put people down and that identifies his real problem, that of an individual who is incapable of competing with facts and the truth. Part of Rush's problem is Rush himself because of his feelings of being inadequate. He exhibits traits of not liking himself because he has failed several times at staying in a married relationship.
Being a negative person is another sign of Rush feeling inadequate. Negative people never explain their rationale for being negative because they hide from the facts and the truths. That is the reason Rush attacked democrats during the 8 years George W. Bush ran the country. He could not find any accomplishments by Mr. Bush so his real character problem came out and his negative comments were aimed at democrats.
The loud outgoing volume of Rush's speech is to project confidence but it is to mask the low esteem he actually has for himself because of feeling inadequate. He appears to be getting more and more obese with every new picture shown. That is a tell tale sign of a man who is troubled with himself.
Many of Rush's comments have also been cruel toward other people. That is the ultimate sign of his weakness as a person and his inability to cope. Recently Rush called U.S. Senator Mary Landrieu a prostitute for adding money to health care legislation that would close a medicaid gap in Louisiana's health system. His use of the word is an indication that is how he feels about himself. Another example is accusing those democrats who did not support the unnecessary war in Iraq of cutting and running. Rush is familiar with the words cut and run because that is what he did during his generations war. It all comes back to his feeling of being inadequate and his lack of character.
The bottom line is Limbaugh has a popular show but has contributed very little for the audience he plays too and has been a negative voice in the news media, that form of communication that could do so much good and have a positive impact on people's lives for the better. That is truly a sad story about a sad person named Rush Limbaugh.
Sunday, December 13, 2009
Saturday, December 12, 2009
The Environment: Pollution, Global Warming, Coastal Erosion, Toxic Chemicals and etc.
Global warming is in the news and many countries around the world have already announced what they intend to do about it and in fact have already committed to reduce emissions that scientist say are causing the problem. And then we have those who do not believe in global warming and etc., and in fact want nothing to do with it. No caps, no new rules or regulations, no mandates or any thing else. The status quo should remain.
The debate going on has over looked the real problem. And that is holding those responsible and liable for polluting the atmosphere, the air we breathe and releasing toxic chemicals into the earth and water supply and coastal erosion. If none of those things have an impact on global warming so what? Those responsible should be required to install what ever equipment is necessary to take care of the problem. The debate should center on that issue.
We know for a fact that the building of oil and gas pipelines are the primary cause of coastal erosion and we also know as fact that emissions from chemical plants make people sick and are also fatal at times. Chemicals are leaked into peoples water system that are close to those plants. The standard answer from those industries liable are they can not afford the equipment necessary to make the plants safe. In other words that would take money away from paying those mega bonuses.
The Louisiana Bucket Brigade in an article published in the Times Picayune dated 12/7/09 reported the 10 largest refineries in Louisiana had 2116 accidents between 2005-2008 that resulted in the release of millions of pounds of toxic chemicals into the air and millions of gallons of polluted water into the states water courses. One third of the accidents could be contributed to hurricanes and other bad weather events. It should be noted that even an accident free plant releases toxic chemical into the atmosphere and air we breathe.
Emissions do have an effect on global warming and the environment and because science is involved in both, the polluters want the debate to focus on the uncertainty of science instead of their own liability and responsibility to the general public and the earth we live on. Our political leaders need to focus on enforcement and our environment and global warming will automatically be the beneficiary. Those industries have to be held accountable.
The debate going on has over looked the real problem. And that is holding those responsible and liable for polluting the atmosphere, the air we breathe and releasing toxic chemicals into the earth and water supply and coastal erosion. If none of those things have an impact on global warming so what? Those responsible should be required to install what ever equipment is necessary to take care of the problem. The debate should center on that issue.
We know for a fact that the building of oil and gas pipelines are the primary cause of coastal erosion and we also know as fact that emissions from chemical plants make people sick and are also fatal at times. Chemicals are leaked into peoples water system that are close to those plants. The standard answer from those industries liable are they can not afford the equipment necessary to make the plants safe. In other words that would take money away from paying those mega bonuses.
The Louisiana Bucket Brigade in an article published in the Times Picayune dated 12/7/09 reported the 10 largest refineries in Louisiana had 2116 accidents between 2005-2008 that resulted in the release of millions of pounds of toxic chemicals into the air and millions of gallons of polluted water into the states water courses. One third of the accidents could be contributed to hurricanes and other bad weather events. It should be noted that even an accident free plant releases toxic chemical into the atmosphere and air we breathe.
Emissions do have an effect on global warming and the environment and because science is involved in both, the polluters want the debate to focus on the uncertainty of science instead of their own liability and responsibility to the general public and the earth we live on. Our political leaders need to focus on enforcement and our environment and global warming will automatically be the beneficiary. Those industries have to be held accountable.
Some Good Economic News
The U.S. Labor Department announced that the unemployment rate for November was 10%. That was an unexpected drop from the 10.2% in October. That is not a great number but is welcomed and hopefully is a sign of better things to come. It was also announced that the economy lost 11,000 jobs in November, the fewest job cuts since the recession began in December 2007. Wall Street was expecting 130,000 lost jobs.
Another bit of good news was that job losses for September and October were 159,000 fewer than reported earlier for those months. That is a big improvement and coupled with the November numbers would indicate the major bleeding in job losses has been reduced significantly. Job creation is expected to still remain weak and that has to be reversed to sustain the good news in the latest report.
It should be noted that most of the $787 billion in stimulus funds have not yet been spent and are still available to use where needed to help in job creation and other areas of the economy. The nation has an active President in Obama who is dedicated to bringing the economy and jobs back on line. There are those who do not like an active President, however, we have seen first hand how Mr. Bush's lack of true engagement in the economy failed to have an active policy and role to deal with the reality of how serious the problem had become. The American people and the country has been living with the tragic aftermath.
When December is over we will have an idea just how much consumers spent this holiday season and perhaps we will look back and be able to say that was the true start of an economic turn around that will be sustained for many years to come.
Another bit of good news was that job losses for September and October were 159,000 fewer than reported earlier for those months. That is a big improvement and coupled with the November numbers would indicate the major bleeding in job losses has been reduced significantly. Job creation is expected to still remain weak and that has to be reversed to sustain the good news in the latest report.
It should be noted that most of the $787 billion in stimulus funds have not yet been spent and are still available to use where needed to help in job creation and other areas of the economy. The nation has an active President in Obama who is dedicated to bringing the economy and jobs back on line. There are those who do not like an active President, however, we have seen first hand how Mr. Bush's lack of true engagement in the economy failed to have an active policy and role to deal with the reality of how serious the problem had become. The American people and the country has been living with the tragic aftermath.
When December is over we will have an idea just how much consumers spent this holiday season and perhaps we will look back and be able to say that was the true start of an economic turn around that will be sustained for many years to come.
Wednesday, December 9, 2009
Bank of America: Pay Back Time For Uncle Sam
Bank of America announced in a surprise move it would pay back Uncle Sam (the taxpayer) the $45 billion in federal bailout money loaned to them under the federal TARP program, that according to a report out of the Associated Press. Also reported, Bank of America said it raised $19.29 billion from a securities offering that , along with cash would be used to repay the money. The action when completed will free Bank of America from limits on executive compensations and other government restrictions.
There is more good news for Uncle Sam. The Bank of America has paid $2.54 billion to the government so far in dividends on the TARP money. The government also received "warrants" in return for the bailout and could receive between $943 million or $2.5 billion for the "warrants" when repurchased by Bank of America the report also stated.
What is most important is that the federal government put this and future TARP money payback to good use and start balancing the federal budget and not create one more penny of debt. We have enough of that and now is the time to start putting our fiscal house back in order. Our economic future will be bright once again if we have the courage to take a stand on the issue.
The payback is proof once again the federal government can do things right with the correct approach and safe guards and the best safe guard is for the people to be involved and let their voices be known. The key is Presidential leadership with the courage to change the status quo. There is some good economic news out there, not much, but more than there has been and that is positive. With the right leadership from the President, any problems can be met head on and taken care of. Government itself is only a problem when elected officials make it so. That is not our destiny but our fate and as the first civilization and its people knew 5000 years ago we can change our fate at any time. It just takes leadership and courage to do so.
Note 1: I reported on destiny and fate in a commentary dated 12/31/08 titled "The U.S., Past, Present and Future.
There is more good news for Uncle Sam. The Bank of America has paid $2.54 billion to the government so far in dividends on the TARP money. The government also received "warrants" in return for the bailout and could receive between $943 million or $2.5 billion for the "warrants" when repurchased by Bank of America the report also stated.
What is most important is that the federal government put this and future TARP money payback to good use and start balancing the federal budget and not create one more penny of debt. We have enough of that and now is the time to start putting our fiscal house back in order. Our economic future will be bright once again if we have the courage to take a stand on the issue.
The payback is proof once again the federal government can do things right with the correct approach and safe guards and the best safe guard is for the people to be involved and let their voices be known. The key is Presidential leadership with the courage to change the status quo. There is some good economic news out there, not much, but more than there has been and that is positive. With the right leadership from the President, any problems can be met head on and taken care of. Government itself is only a problem when elected officials make it so. That is not our destiny but our fate and as the first civilization and its people knew 5000 years ago we can change our fate at any time. It just takes leadership and courage to do so.
Note 1: I reported on destiny and fate in a commentary dated 12/31/08 titled "The U.S., Past, Present and Future.
Monday, December 7, 2009
Civilian Court or Military Tribunal for Terrorists
The so called high powered republicans and their ally at the Fox News Network has lined up against President Obama's Justice Department's decision to try four terror suspects involved in the 9-11 attacks in civilian court. They are predicting a possible acquittal, exposure of CIA secrets concerning detention and torture and of course a big propaganda victory for Al Queda. They must have conveniently forgot about Abu Ghraib.
They want a military tribunal as the venue to try those cases but they forgot one thing. Military Tribunals have laws, rules and regulations to follow also. Now we find a judge in Guantanamo Bay's war crimes court has denied a request by military prosecutors to expand their case against a Sudanese detainee accused of being a body guard for Bin Laden. Air Force Lt. Col. Nancy Paul, the judge ruled that making significant additions to the charge sheet "fundamentally" alters the referred charges and would not be allowed. This from a military court.
Once again the anti Obama people opened their mouth too soon and followed their script of opposing anything coming out of the Obama administration. After seven years of failure by the Bush administration to bring those terrorists to justice, the present administration is doing something about it, that is why the republicans are so angry.
Civilian courts are no strangers to trying terrorists and handing down guilty verdicts. Military and civilian courts both have their advantages and disadvantages and in this case the Justice Department should be given the opportunity to pursue the matter to trial. The sooner the better.
I can see the republicans and the people at Fox News turning red when they read Lt. Col. Nancy Pauls's decision. They must have gone bananas.
They want a military tribunal as the venue to try those cases but they forgot one thing. Military Tribunals have laws, rules and regulations to follow also. Now we find a judge in Guantanamo Bay's war crimes court has denied a request by military prosecutors to expand their case against a Sudanese detainee accused of being a body guard for Bin Laden. Air Force Lt. Col. Nancy Paul, the judge ruled that making significant additions to the charge sheet "fundamentally" alters the referred charges and would not be allowed. This from a military court.
Once again the anti Obama people opened their mouth too soon and followed their script of opposing anything coming out of the Obama administration. After seven years of failure by the Bush administration to bring those terrorists to justice, the present administration is doing something about it, that is why the republicans are so angry.
Civilian courts are no strangers to trying terrorists and handing down guilty verdicts. Military and civilian courts both have their advantages and disadvantages and in this case the Justice Department should be given the opportunity to pursue the matter to trial. The sooner the better.
I can see the republicans and the people at Fox News turning red when they read Lt. Col. Nancy Pauls's decision. They must have gone bananas.
Sunday, December 6, 2009
The National Debt: Betrayal and Devastation
This will conclude a number of commentaries I wrote on federal spending, deficit spending and the national debt during the administrations of Ronald Reagan, George H.W. Bush, Bill Clinton and George W. Bush. See note 1 below concerning my previous commentaries.
The terrible economic, fiscal and financial situation taking place at this very hour is a result of the deficit spending and debt created by the reckless ideology of Reagan, Bush 41 and Bush 43 during the past 28 years. America is drowning in debt due to their desire to bankrupt the federal government. During those 28 years President Clinton was the only President who learned from the past and reversed the deficit spending of the Reagan-Bush 41 area. The below information on the debt they created along with Bush 43 tells the real story.
The national debt on 9/30/81, President Carter's last fiscal year budget stood at $999.8 billion. Eight years later when Reagan's last fiscal year budget ended on 9/29/89 the national debt stood at a whopping $2.857 trillion, an increase of $1.859 trillion or 186%. Reagan never balanced one federal budget during his two terms in office, he did not send one balanced budget to congress and his administration paid zero down on the national debt.
George H.W. Bush followed Reagan and four years later when his last fiscal budget year ended on 9/30/93 the national debt stood at $4.411 trillion, an increase of $1.554 trillion or 54%. Bush like Reagan never balanced one federal budget or sent one balanced budget to congress and his administration paid down zero on the national debt.
Bill Clinton followed Bush 41 and when his eight years ended with fiscal year budget 9/30/01 the national debt stood at $5.807 trillion, an increase of $1.395 trillion or 31%. Clinton reduced the deficit every year his first four years in office and then ran surpluses his last four years in office and ended up with a $62.8 billion surplus for his eight years. His administration also paid down $453 billion on the national debt.
George W. Bush followed Clinton and when his eight years ended with fiscal year budget 9/30/09 the national debt stood at $11.909 trillion, an increase of $6.102 trillion or 105%. Like Reagan and Bush 41, he did not balance any federal budgets in the eight years he served or sent one balanced budget to congress and his administration paid down zero on the national debt.
Those four Presidents added a total of $10.946 trillion to the national debt since President Carter's last fiscal year budget and Reagan, Bush 41 and Bush 43 were responsible for $9.551 trillion of that total. Those three President were given 20 years to put the governments fiscal house in order and instead created un-precedented debt for America.
Now comes the real sad story. Interest paid on the national debt because of the money borrowed to finance deficit spending during the above time frame from fiscal 9/30/81 to fiscal 9/30/09 was approximately $8.4 trillion. Granted that some of the interest payments covered the previous $900 billion of debt before 9/30/81 but one can see the great majority of interest was created since then and the great majority on the republican watch, in fact 87%.
That $10.946 trillion in debt plus $8.4 trillion in interest adds up to $19.346 trillion. The $8.4 trillion paid in interest payments is wasted money that does not create one job or add to the quality of life for our people. Think of what that $8.4 trillion alone could have paid for. The country's defense budget is approximately $660 billion, social security approximately $640 billion and medicare approximately $500 billion. Those programs could have been extended a lot of years with that kind of money. Because of this massive debt and the terrible shape of the economy the CBO projects that by the year 2019 interest payments alone to service the debt will be $800 billion a year unless steps are taken to reduce the deficit spending and debt.
President Obama, our country and its people have been left with the worst economic, financial and fiscal situation since the great depression and now something has to give. It is time now for our leaders to lead with courage and do the right thing. If republicans keep up their opposition to every thing the Obama administration proposes to move the country forward the President should adopt one of President Truman's famous sayings: To Hell with them, when history is written, they will be the sons of bitches, not I.
Note l: Three part series with recap titled: " The U.S. Economy: Which Party Performs Best" dated 1-27-08, 2-17-08, 2-25-08 and 3-02-08: The Fiscal Legacy of George W. Bush dated 10-30-09 and Federal Spending: Facts vs. Myth dated 10-31-09.
Note 2: National Debt and Interest numbers are taken from the Treasury Dept. on line information.
Note 3: The actual numbers on the national debt and interest paid are not exact. The numbers were rounded off to the first six digits so the numbers shown are lower than the acutal numbers.
Note 4: The $6.102 trillion of debt George W. Bush's administration added to the national debt in just eight short years should really tell the story of just what Mr. Bush did to the taxpayers of this country.
The terrible economic, fiscal and financial situation taking place at this very hour is a result of the deficit spending and debt created by the reckless ideology of Reagan, Bush 41 and Bush 43 during the past 28 years. America is drowning in debt due to their desire to bankrupt the federal government. During those 28 years President Clinton was the only President who learned from the past and reversed the deficit spending of the Reagan-Bush 41 area. The below information on the debt they created along with Bush 43 tells the real story.
The national debt on 9/30/81, President Carter's last fiscal year budget stood at $999.8 billion. Eight years later when Reagan's last fiscal year budget ended on 9/29/89 the national debt stood at a whopping $2.857 trillion, an increase of $1.859 trillion or 186%. Reagan never balanced one federal budget during his two terms in office, he did not send one balanced budget to congress and his administration paid zero down on the national debt.
George H.W. Bush followed Reagan and four years later when his last fiscal budget year ended on 9/30/93 the national debt stood at $4.411 trillion, an increase of $1.554 trillion or 54%. Bush like Reagan never balanced one federal budget or sent one balanced budget to congress and his administration paid down zero on the national debt.
Bill Clinton followed Bush 41 and when his eight years ended with fiscal year budget 9/30/01 the national debt stood at $5.807 trillion, an increase of $1.395 trillion or 31%. Clinton reduced the deficit every year his first four years in office and then ran surpluses his last four years in office and ended up with a $62.8 billion surplus for his eight years. His administration also paid down $453 billion on the national debt.
George W. Bush followed Clinton and when his eight years ended with fiscal year budget 9/30/09 the national debt stood at $11.909 trillion, an increase of $6.102 trillion or 105%. Like Reagan and Bush 41, he did not balance any federal budgets in the eight years he served or sent one balanced budget to congress and his administration paid down zero on the national debt.
Those four Presidents added a total of $10.946 trillion to the national debt since President Carter's last fiscal year budget and Reagan, Bush 41 and Bush 43 were responsible for $9.551 trillion of that total. Those three President were given 20 years to put the governments fiscal house in order and instead created un-precedented debt for America.
Now comes the real sad story. Interest paid on the national debt because of the money borrowed to finance deficit spending during the above time frame from fiscal 9/30/81 to fiscal 9/30/09 was approximately $8.4 trillion. Granted that some of the interest payments covered the previous $900 billion of debt before 9/30/81 but one can see the great majority of interest was created since then and the great majority on the republican watch, in fact 87%.
That $10.946 trillion in debt plus $8.4 trillion in interest adds up to $19.346 trillion. The $8.4 trillion paid in interest payments is wasted money that does not create one job or add to the quality of life for our people. Think of what that $8.4 trillion alone could have paid for. The country's defense budget is approximately $660 billion, social security approximately $640 billion and medicare approximately $500 billion. Those programs could have been extended a lot of years with that kind of money. Because of this massive debt and the terrible shape of the economy the CBO projects that by the year 2019 interest payments alone to service the debt will be $800 billion a year unless steps are taken to reduce the deficit spending and debt.
President Obama, our country and its people have been left with the worst economic, financial and fiscal situation since the great depression and now something has to give. It is time now for our leaders to lead with courage and do the right thing. If republicans keep up their opposition to every thing the Obama administration proposes to move the country forward the President should adopt one of President Truman's famous sayings: To Hell with them, when history is written, they will be the sons of bitches, not I.
Note l: Three part series with recap titled: " The U.S. Economy: Which Party Performs Best" dated 1-27-08, 2-17-08, 2-25-08 and 3-02-08: The Fiscal Legacy of George W. Bush dated 10-30-09 and Federal Spending: Facts vs. Myth dated 10-31-09.
Note 2: National Debt and Interest numbers are taken from the Treasury Dept. on line information.
Note 3: The actual numbers on the national debt and interest paid are not exact. The numbers were rounded off to the first six digits so the numbers shown are lower than the acutal numbers.
Note 4: The $6.102 trillion of debt George W. Bush's administration added to the national debt in just eight short years should really tell the story of just what Mr. Bush did to the taxpayers of this country.
Saturday, December 5, 2009
The War Against Those Who Use Terror Tactics
That is a better name than the so called "War on Terror" coined by former President George W. Bush. The fight against those who use terror tactics has been going on now for many, many years and the worst terror attack against America was on September 11, 2001. For the past 8 years we have deployed thousands of our troops at enormous cost in lives and money to fight an enemy we can not see, identify or locate except when they make their actions known.
How many troops do the Taliban and Al Queda have? From everything I have read our government and military leaders don't really know. When we add the 30,000 more U.S. troops that will be deployed to Afghanistan the U.S. will have approximately 100,000 troops on the ground plus what our allies have which at last count was approximately 40,000. We are told the Taliban and Al Queda are hiding in a lawless area between Pakistan and Afghanistan, we do not know how many or exactly where they are hiding because if we did they would have been eliminated in the past 8 years. We say we have a good idea where they are but in many locations we need the help of Pakistan that is sometimes rejected.
Which is the best way to fight this enemy we can not always see or find. Is a massive amount of troops and billions of dollars the right answer. If we don't know how many terrorists we are fighting how do we know when the war is over? Remember terror is a tactic of surprise. That is why they lay dormant for a period of time, regroup, replan and wait for the right time to attack again by surprise. There is another problem that has been brought out many times by our military and other leaders who know Afghanistan. Many Taliban do not like Al Queda, do not work with them, do not like Karzai and would like to see all foreign troops gone from their country and have never been branded terrorists.
It appears to this writer our government officials and military leaders have no answers for these questions or a workable plan that will win this type of war we are faced with. Something seems to be fundamentally wrong if we need a massive amount of troops and money to fight this kind of war, especially being a super power. Our people are still being told by our military leaders we do not have the resources to fight another war at the present time. If that is the case something is even more fundamentally wrong the way we are going about fighting the war against those who use terror tactics.
How many troops do the Taliban and Al Queda have? From everything I have read our government and military leaders don't really know. When we add the 30,000 more U.S. troops that will be deployed to Afghanistan the U.S. will have approximately 100,000 troops on the ground plus what our allies have which at last count was approximately 40,000. We are told the Taliban and Al Queda are hiding in a lawless area between Pakistan and Afghanistan, we do not know how many or exactly where they are hiding because if we did they would have been eliminated in the past 8 years. We say we have a good idea where they are but in many locations we need the help of Pakistan that is sometimes rejected.
Which is the best way to fight this enemy we can not always see or find. Is a massive amount of troops and billions of dollars the right answer. If we don't know how many terrorists we are fighting how do we know when the war is over? Remember terror is a tactic of surprise. That is why they lay dormant for a period of time, regroup, replan and wait for the right time to attack again by surprise. There is another problem that has been brought out many times by our military and other leaders who know Afghanistan. Many Taliban do not like Al Queda, do not work with them, do not like Karzai and would like to see all foreign troops gone from their country and have never been branded terrorists.
It appears to this writer our government officials and military leaders have no answers for these questions or a workable plan that will win this type of war we are faced with. Something seems to be fundamentally wrong if we need a massive amount of troops and money to fight this kind of war, especially being a super power. Our people are still being told by our military leaders we do not have the resources to fight another war at the present time. If that is the case something is even more fundamentally wrong the way we are going about fighting the war against those who use terror tactics.
Wednesday, December 2, 2009
Another Unfair Property Tax Give-a-way
Another story is unfolding concerning questions about businesses paying its fair share of taxes. This time its Entergy Louisiana and concerns its Waterford 3 nuclear plant in Taft, Louisiana. (St Charles Parish)
In an article by Matt Scallan published in the Times Picayune on November 27 it was pointed out that St Charles Parish assessor Clyde Gisclair has filed a flurry of lawsuits against the Louisiana Tax Commission alleging Entergy is paying far too little tax on the Waterford 3 plant. Gisclair thinks Entergy's properties valuation is low as a whole and that Waterford 3 assessed value should be greater than what it presently is. Its present assessed value by the Commission is $118,405,280.00 and that the Parish's revenue generated by Waterford 3 is $13,532,539.00.
The article points out the Waterford 3 plant was put in operation in 1985 with a fair market value of $2.8 billion. The plant was exempt from property tax for the first 10 years till 1996 when its fair market value was reduced to $735,415,756.00, a 74% reduction and came on the St Charles Parish tax roll for the first time. The fair market value has been depreciating approximately $6 million each year since 1996 and that seems to be the basis of claim that the plant is under valued.
Entergy said should the courts decide the current process for valuing electric utility property must legally change, any resulting tax increase would wind up being paid by its customers through utility bills. Like as if they don't do that already.
The real story here is fair taxation for all. The 10 years exemption and the large drop in the fair market value of Waterford 3 indicates that Entergy was and is being subsidized by home owners and others who paid their property taxes when due. Businesses pass on the taxes they pay to their customers period. They do so in good times and bad times and when it comes to Entergy they also pass along the fuel surcharge to their customers even though those charges in many bills exceed the charge for the utility actually used.
The Tax Commission which is appointed by the governor sets the value for so called "public service" properties. However, Mr. Gisclair who is an assessor knows a little about the value of property. Fair taxation? You will not find it in Louisiana.
In an article by Matt Scallan published in the Times Picayune on November 27 it was pointed out that St Charles Parish assessor Clyde Gisclair has filed a flurry of lawsuits against the Louisiana Tax Commission alleging Entergy is paying far too little tax on the Waterford 3 plant. Gisclair thinks Entergy's properties valuation is low as a whole and that Waterford 3 assessed value should be greater than what it presently is. Its present assessed value by the Commission is $118,405,280.00 and that the Parish's revenue generated by Waterford 3 is $13,532,539.00.
The article points out the Waterford 3 plant was put in operation in 1985 with a fair market value of $2.8 billion. The plant was exempt from property tax for the first 10 years till 1996 when its fair market value was reduced to $735,415,756.00, a 74% reduction and came on the St Charles Parish tax roll for the first time. The fair market value has been depreciating approximately $6 million each year since 1996 and that seems to be the basis of claim that the plant is under valued.
Entergy said should the courts decide the current process for valuing electric utility property must legally change, any resulting tax increase would wind up being paid by its customers through utility bills. Like as if they don't do that already.
The real story here is fair taxation for all. The 10 years exemption and the large drop in the fair market value of Waterford 3 indicates that Entergy was and is being subsidized by home owners and others who paid their property taxes when due. Businesses pass on the taxes they pay to their customers period. They do so in good times and bad times and when it comes to Entergy they also pass along the fuel surcharge to their customers even though those charges in many bills exceed the charge for the utility actually used.
The Tax Commission which is appointed by the governor sets the value for so called "public service" properties. However, Mr. Gisclair who is an assessor knows a little about the value of property. Fair taxation? You will not find it in Louisiana.
Saturday, November 28, 2009
Louisiana, Governor Jindal, Deficits, Unfair Taxation and Exemptions
The National Conference of State Legislatures ranked Louisiana No. 2 among states anticipating the largest percentage of decreased tax revenue for fiscal year 2010 which began in July. Angele Davis, Louisiana Commissioner of Administration told the Baton Rouge Press Club that in the next fiscal year Louisiana is facing a budget shortfall of $1 billion and in the fiscal year after that a shortfall close to $2 billion. This according to a published report in the Times Picayune of 11/10/09.
The study also pointed out Louisiana ranked first in the decline of personal income tax collections, second in the decline in sales tax revenue and fifth in decline of corporate income tax revenue. Governor Jindal tells the people Louisiana is doing so much better economically than the rest of the nation so how can the state rank so high in those three area's if the economy is doing so well in Louisiana?
There is another story told in a "point of view" editorial published in the Times Picayune on 11/26/09 of a recent nationwide study by the Washington DC based Institute on Taxation and Economic Policy. The study reported low and middle income families in Louisiana pay a far higher share of their income in state and local taxes than do the states richest families. The breakdown: Families making under $15,000 a year pay 10.4% of their incomes in state and local taxes; those making between $29,000 and $46,000 pay 9.9% and the richest 1% of households with average incomes just over $1 million pay 5.7% of their income. Another problem pointed out was that there is an array of tax exemptions in this years budget projected to cost $6.5 billion in lost revenue. That includes tax exemptions for the Oil and Gas Industry.
Governor Jindal, some members of his administration along with some state officials say the problem is a shortfall in state revenues caused by the decline in the national economy that is causing the states large deficits. But they can not have it both ways saying Louisiana is doing so much better than the rest of the nation and give out exemptions in the billions of dollars and try to justify that on the basis of stimulating the economy. Unemployment is going up in Louisiana, not down. The latest unemployment number at the end of October is 7.1%. At the end of October 2008 it was 5.3%. That is a sizeable increase in unemployment over last year this time.
State governments are just as bad as the federal government when it comes to taxation and revenues that is needed to service the needs of the people. In both, taxation is not fair and too much revenue is given up which does nothing to help make the economy stronger. One would have to be an idiot not to know that tax loopholes and exemptions favor the wealthy.
No one likes to pay taxes even though they are necessary but the burden should be shared by everyone. Anyone who thinks the exemptions and corporate welfare given to the Oil and Gas Industry over the last 40 years is good for the economy and has made the U.S. and states less dependent on foreign oil has been brain dead. Meanwhile their CEO's are laughing all the way to the bank.
The Jindal administration thinks they can cut the budget deficits that are projected and balance the budget by simply cutting every thing and leaving in place an unfair tax structure with special interest exemptions. That dog will never hunt. People need to keep in mind even when budgets are in balance that still does not mean taxation is fair. That is why true tax reform has to be made, if not the past will keep repeating itself. That says it all.
The study also pointed out Louisiana ranked first in the decline of personal income tax collections, second in the decline in sales tax revenue and fifth in decline of corporate income tax revenue. Governor Jindal tells the people Louisiana is doing so much better economically than the rest of the nation so how can the state rank so high in those three area's if the economy is doing so well in Louisiana?
There is another story told in a "point of view" editorial published in the Times Picayune on 11/26/09 of a recent nationwide study by the Washington DC based Institute on Taxation and Economic Policy. The study reported low and middle income families in Louisiana pay a far higher share of their income in state and local taxes than do the states richest families. The breakdown: Families making under $15,000 a year pay 10.4% of their incomes in state and local taxes; those making between $29,000 and $46,000 pay 9.9% and the richest 1% of households with average incomes just over $1 million pay 5.7% of their income. Another problem pointed out was that there is an array of tax exemptions in this years budget projected to cost $6.5 billion in lost revenue. That includes tax exemptions for the Oil and Gas Industry.
Governor Jindal, some members of his administration along with some state officials say the problem is a shortfall in state revenues caused by the decline in the national economy that is causing the states large deficits. But they can not have it both ways saying Louisiana is doing so much better than the rest of the nation and give out exemptions in the billions of dollars and try to justify that on the basis of stimulating the economy. Unemployment is going up in Louisiana, not down. The latest unemployment number at the end of October is 7.1%. At the end of October 2008 it was 5.3%. That is a sizeable increase in unemployment over last year this time.
State governments are just as bad as the federal government when it comes to taxation and revenues that is needed to service the needs of the people. In both, taxation is not fair and too much revenue is given up which does nothing to help make the economy stronger. One would have to be an idiot not to know that tax loopholes and exemptions favor the wealthy.
No one likes to pay taxes even though they are necessary but the burden should be shared by everyone. Anyone who thinks the exemptions and corporate welfare given to the Oil and Gas Industry over the last 40 years is good for the economy and has made the U.S. and states less dependent on foreign oil has been brain dead. Meanwhile their CEO's are laughing all the way to the bank.
The Jindal administration thinks they can cut the budget deficits that are projected and balance the budget by simply cutting every thing and leaving in place an unfair tax structure with special interest exemptions. That dog will never hunt. People need to keep in mind even when budgets are in balance that still does not mean taxation is fair. That is why true tax reform has to be made, if not the past will keep repeating itself. That says it all.
Thursday, November 26, 2009
The American Voter and Tax Cuts
Tax cuts are always welcome by the voters and of course Republicans try to use that issue to obtain votes. We have found out as fact tax cuts are not an economic policy or plan and never do the job we are told they would do. The best example is the $1.4 trillion tax cut of the Bush administration who told the people it would keep the economy humming and create lasting new jobs. We know as fact and living proof it did not happen and was just another fairytale.
We know now that money could have been better spent on keeping social security and medicare solvent and could have paid for 10 years or more of health-care reform since the present bill before congress on health-care is estimated to cost approximately $900 billion over 10 years. It also would have been better spent to reduce the federal debt or keep as an emergency fund to take care of situations we find ourselves in today.
We actually should have known those tax cuts would not produce the economic conditions we were led to believe. We should also know by now how Republican policies get into the tax payers pockets 100 different ways. Those who have not figured that out yet are probably the ones who are talking about voting Republican in the 2010 congressional elections. The people have paid a heavy price for this shell game of cutting taxes. It is only the wealthy who came out on top of the $1.4 trillion tax cut, ask the millions of Americans who have lost their jobs under the previous administration. And of course, it is the wealthy who are financing our elected officials campaigns through lobbyist to keep the special favors flowing.
Record job losses, record oil and gasoline prices, a collapsed economy, record federal deficits and debt, a decline in real wages for the average worker and list goes on and on. The $1.4 trillion tax cut was no economic plan plain and simple. It was just presented that way by the good old party boys to sell their ideology to bankrupt America. And now they are opposing everything President Obama is trying to do to reverse the damage they are responsible for. That says it all.
The past is the key to the future if we take time to look at the facts and learn.
We know now that money could have been better spent on keeping social security and medicare solvent and could have paid for 10 years or more of health-care reform since the present bill before congress on health-care is estimated to cost approximately $900 billion over 10 years. It also would have been better spent to reduce the federal debt or keep as an emergency fund to take care of situations we find ourselves in today.
We actually should have known those tax cuts would not produce the economic conditions we were led to believe. We should also know by now how Republican policies get into the tax payers pockets 100 different ways. Those who have not figured that out yet are probably the ones who are talking about voting Republican in the 2010 congressional elections. The people have paid a heavy price for this shell game of cutting taxes. It is only the wealthy who came out on top of the $1.4 trillion tax cut, ask the millions of Americans who have lost their jobs under the previous administration. And of course, it is the wealthy who are financing our elected officials campaigns through lobbyist to keep the special favors flowing.
Record job losses, record oil and gasoline prices, a collapsed economy, record federal deficits and debt, a decline in real wages for the average worker and list goes on and on. The $1.4 trillion tax cut was no economic plan plain and simple. It was just presented that way by the good old party boys to sell their ideology to bankrupt America. And now they are opposing everything President Obama is trying to do to reverse the damage they are responsible for. That says it all.
The past is the key to the future if we take time to look at the facts and learn.
Subscribe to:
Posts
(
Atom
)