BRANDOLAND: Talking to God...For You!

Saturday, January 07, 2006

Saturday, January the 7th

Our Kid was in the Windy City yesterday, making a PR stop - in front of a non-military audience - at the Economic Club of Chicago.

Comments:
Part of making sure this economy grows is to understand who owns the wealth in the United States of America, and it's becoming widespread all throughout our society.
Do you understand "who owns the wealth" in the United States of America?

Sorry, friend, it's not Doctor So-and-so (with the big house) up the street.
Cutting taxes has reduced -- on capital gains and dividends has reduced the cost of capital.

If you want your economy to grow, you want the cost of capital down.

And reducing the cost of the capital has made it easier for investment, and investment has increased the productivity of the American worker, and the productivity increases for the American worker increased the standard of living for the American worker.
Ha.
Just as this economy is getting going, there are some in Washington who want to take the money out of your pocket.
Yeah.

Some in Washington = the miltary/industrial complex.

(NEW STUDY SUGGESTS ECONOMIC COST OF IRAQ WAR MUCH LARGER THAN PREVIOUSLY RECOGNIZED: "A new study by two leading academic experts suggests...that the war is likely to cost the United States a minimum of nearly one trillion dollars and potentially over $2 trillion.")

$2 Trillion: A Lot of Money Out of Your Pocket!
They think they can spend it better than you can.
They know they can.
To keep this economy growing, to keep the entrepreneurial spirit alive, to make sure that the United States of America is the most productive nation in the world, the United States Congress must make the tax cuts permanent.
Grr.

Time to revisit "personal retirement accounts," I mean, a "private pension system":
A growing economy means we've got to have a private pension system that is fully funded and one in which those who pay into the private pension system keep the promises they make. (Applause.)
Is your pension going up in smoke?

"IBM, though flush, joins trend with freeze; 401(k)s, individual savings gain importance"

The news from Charlotte:
IBM's announcement Thursday that it will freeze its pension plan could prompt other companies to modify or scrap employer-funded pensions in favor of employee-funded 401(k) plans, retirement consultants say.

The upshot: Workers would shoulder more responsibility for retirement savings. This comes at a time when the U.S. savings rate has been in negative territory since April, the most prolonged period of negative savings since the Great Depression.

Other companies, including Verizon, Hewlett-Packard, Motorola and Sears, recently have frozen pension plans for many employees.

"You're seeing the elimination of the paternal pension plan in corporate America," said Stephen Skonieczny, partner in the employee benefits and executive compensation group at Dechert LLP in New York.

Pensions, he added, are "dinosaurs. Their extinction is not a matter of if, it's when."
They'll figure out a way to get us to spend our money on Wall Street...one way or the other.

Back to Our Kid:
In order to make sure this economy grows, we've got to have a reasonable health care system.
Reasonable for the employers, that is.
To make sure this is the most competitive country in the world, we've got to get rid of some of these junk lawsuits that are running capital out of America.
"And making poor people rich when they win the lottery, er, I mean, when they win a junk lawsuit."
Now, I want to thank the Speaker (Hastert) again, and the Senate -- we got some legal reform done. We got a good class-action piece of legislation. We got good bankruptcy law. Hopefully this year, we can get a good asbestos reform out of the United States Congress.
Asbestos reform = protecting companies - LIKE HALLIBURTON - from further asbestos-related lawsuits.
But one thing is for certain: People around this country have got to understand we need a balanced legal system if Americans want to be able to find good-paying jobs.
That a threat, sir?

More later...

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