Dear friends, I trust that you will have a very special Christmas weekend. I hope that on Sunday, you will take time to: 1)visit this blog for a Christmas Sunday Special;and 2)tune in to the special Christmas broadcast of "Truth That Transforms." (Also, as always, please visit www.worldmag.com, in particular the editorial cartoon section.)
[NOTE: For the past week,the President (anxious to start his Christmas vacation - estimated to cost $1 1/2 million to taxpayers!)and the Senate a big deal about the House wanting an extension of the payroll tax cut for a year, unlike the Senate's PROPOSAL of just 2 months. The TRUTH behind this stalemate over what is basically a savings of a mere $20/week for the person making at least $50,000 a year can be found at the story presented below (with an excerpt provided). Following that are excerpts from articles on the TRUTH about: 1)the "rich-getting-richer" myth, 2) the push to "Buy American."; and 3) Things 'Made in China."
Senators, Do Your Job and Get to Work - Posted By Mike Brownfield On December 21, 2011; http://blog.heritage.org/2011/12/21/morning-bell-senators-do-your-job-and-get-to-work/print/?utm_source=Newsletter&utm_medium=Email&utm_campaign=Morning%2BBell
An excerpt states: "In a rare appearance in the White House press room yesterday, President Barack Obama reiterated his message, blaming Washington’s inaction on “a faction of Republicans in the House” and their “refusal to cooperate” with the Senate — as if it’s the job of Members of Congress to go along and get along for the sake of advancing the President’s agenda, regardless of whether it’s the right move for America. As a reminder, this is the same President who has not met with House Republican leadership in five months and is now praising the grand accomplishment of a Senate that has failed to pass a budget for nearly 1,000 days under Majority Leader Harry Reid’s (D-NV) direction."
"As you might not be surprised to learn, there is, of course, more to the story than the President lets on. Here’s what you need to know about the latest standstill in Washington that, unfortunately, follows much of the same order of business that America has witnessed for the past year...."
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The 'Rich-Get-Richer' Myth - by Michael Medved; The Daily Beast; Oct. 31, 2011 http://www.thedailybeast.com/articles/2011/10/31/new-budget-office-income-report-fuels-media-s-rich-get-richer-fiction.html
"A new income analysis has fueled news stories about the middle class getting screwed that are off the mark—but play well with a public that believes wealth should be distributed more evenly. When the nation’s most prestigious newspaper runs a misleading headline proclaiming “IT’S OFFICIAL: THE RICH GET RICHER,” why should ordinary Americans respond as if this amounted to bad news?..."
"...Figures from the IRS, however, demonstrate that since the recession began the rich hardly got richer: the number of Americans earning $1 million or more fell a staggering 40 percent between 2007 and 2009 (declining to 236,883), while their combined incomes fell by nearly 50 percent—a vastly greater loss than the 2 percent drop in total incomes of those making $50,000 or less. Could anyone make a plausible case for how a massive reduction in the number of top earners (with nearly 200,000 fewer million-dollar incomes) could conceivably benefit the economy, or count as good news for anyone."
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The Stupidity of "Buy American"; by John Stossel Dec.02,2011 http://www.humanevents.com/article.php?id=47264
An excerpt:"One sign of economic ignorance is the faith that "Buy American" is the path to prosperity. My former employer, ABC News, did a week's worth of stories claiming that "buying American" would put Americans back to work. I'm glad I don't work there anymore."
"'Buy American' is a dumb idea. It would not only not create prosperity, it would cost jobs and make us all poorer. David R. Henderson, an economist at the Hoover Institution, explained why: "This is what people always forget. Anytime we can use fewer resources and less labor to produce one thing, that leaves more for other things we can't afford. If we save money buying abroad, we can make and buy other products."
The Accountability Charadeby Michelle Malkin11/18/201177
http://www.humanevents.com/article.php?id=47601
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[The TRUTH behind]'Made in China' August 16, 2011 Source: Galina Hale and Bart Hobijn, "The U.S. Content of 'Made in China,'" Federal Reserve Bank of San Francisco(8/8/2011).
http://www.frbsf.org/publications/economics/letter/2011/el2011-25.html
The United States is running a record trade deficit with China. This is no surprise, given the wide array of items in stores labeled "Made in China." Researchers at the Federal Reserve Bank of San Francisco examine what fraction of U.S. consumer spending goes for Chinese goods and what part of that fraction reflects the actual cost of imports from China. They answer three questions:
[1] What fraction of U.S. consumer spending goes for goods labeled "Made in China" and [2] what fraction is spent on goods "Made in the USA"? ... [and finally][3]What part of U.S. consumer spending can be traced to the cost of goods imported from China? Not all goods and services imported into the United States are directly sold to households. Many are used in the production of goods and services in the United States....
[bold and italics emphasis mine]
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