Wednesday, July 18, 2012

July 18, 2012

Chamber Study: US Would Lose 710,000 Jobs, Economy Would Shrink 1.3% if Tax Cuts Expire
by Moneynews
July 17, 2012

The United States would lose 710,000 jobs and economic output would fall by 1.3 percent, or $200 billion, if tax cuts for high earners are allowed to lapse, said a report prepared for the U.S. Chamber of Commerce and other supporters of the tax breaks.

The study by Ernst & Young LLP supports Republican efforts to extend all of the George W. Bush-era tax cuts set to expire at the end of the year. 

President Barack Obama called on Congress last week to pass a one-year extension of tax cuts for married couples making less than $250,000 a year while letting rates rise for higher earners.

“The higher tax rates will have significant adverse economic effects in the long run: lowering output, employment, investment, the capital stock and real after-tax wages when the resulting revenue is used to finance additional government spending,” wrote the report’s authors, Robert Carroll and Gerald Prante.

In addition to the Chamber of Commerce, the largest U.S. business lobby, the report was issued on behalf of the Independent Community Bankers of America, the National Federation of Independent Business and the S Corporation Association.

The report’s authors said they used an Ernst & Young economic model to examine the “long run” effects of an increase in the top tax rates. They didn’t say over what time period the job and economic losses would occur.

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Chuck Schumer: There Should be Limits to the First Amendment

by Katie Pavlich
July 18, 2012

While debating the DISCLOSE Act last night on the Senate floor, New York Senator Chuck Schumer called for restrictions on the First Amendment, citing other laws and regulations already in place in the United States that do so.
I believe there ought to be limits because the First Amendment is not absolute. No amendment is absolute. You can’t scream ‘fire’ falsely in a crowded theater. We have libel laws. We have anti-pornography laws. All of those are limits on the First Amendment. Well, what could be more important than the wellspring of our democracy? And certain limits on First Amendment rights that if left unfettered, destroy the equality — any semblance of equality in our democracy — of course would be allowed by the Constitution. And the new theorists on the Supreme Court who don’t believe that, I am not sure where their motivation comes from, but they are just so wrong. They are just so wrong.

The DISCLOSE Act was somewhat of a McCain-Feingold 2.0 and is the Democratic response to the Citizens United ruling which allows people to use corporations and unions as avenues to advance their own free speech. This time though, not even McCain voted for the bill, that's how bad it was. It failed 53-45 and the vote was along party lines.

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CVN Editorial
Citizens Should Demand Free & Fair Elections 
by Susan Petrey
July 17, 2012

I am tired of having our elections wide open to anyone (including dead people and terrorists). It's folly for us to ignore such obvious flaws in our voting system.  James O'Keefe of Project Veritas has done an outstanding job uncovering just how easy it is to game our election system. His work has already resulted in more stringent voter ID laws in New Hampshire, and other states are looking more closely at this issue and are working to reduce voter fraud.

O'Keefe recently went into a polling place in Washington D.C, and asked a question about Eric Holder and was offered his ballot to vote! Surprised you didn't hear about this in the evening news?

No matter who may benefit politically in keeping the current system, we better wake up and realize how dangerous it is to allow our election process be so wide open to manipulation. We already have a serious problem with lack of representation in government.  The citizens of this country, REGARDLESS OF POLITICAL IDEOLOGY should demand we have a FREE AND FAIR voting system that actually represents the will of our citizens.

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