Where is Obama going to get $$$???
Cypress Q2 loss 32 cents a share
Global air traffic posts a steeper drop in May
PPG net income falls 42%; sales hit by currency
Nokia's profit slumps, Sony Ericsson reports loss
Fairchild Semiconductor swings to loss
MGIC second-quarter loss widens
Marriott 2Q profit declines 76 percent
Harley-Davidson deepens cuts as 2Q profit tumbles
We could go on and on....American Airlines, Dell, Intel, CSX, J.B. Hunt etc........
Important companies who have slashed employees are still reporting anemic profits. We know the banks are reporting "profits", but that is only AFTER the government gave them hundreds of billions in bailout $$$$.
Since last tax year, millions of Americans have lost their jobs. Tens of millions more have suffered pay cuts. And now, business after business, especially small businesses, are making much lower profits, if any.
It is clear that the tax revenues to government are continuing to EVAPORATE while the spend requirements are growing rapidly. The government will have to raise the money from somewhere in order not to destroy the dollar and force interest to unsustainable levels bankrupting the nation.
As fewer and fewer are capable of paying any taxes, the money will have to come from a shinking pool of businesses and individuals. We are rapidly getting to the point where assets and stock portfolios will have to be taxed unless dramatic changes in spending kick in.
We are beginning to see some evidence of government cut backs in spending:
A committee of University of California regents approved a plan today that will force most of UC's 180,000 employees to take unpaid leave and pay cuts as part of a plan to address cuts in state funding.
There are over 20,000,000 Americans that work for government. Tens of millions more that work for private companies that work for companies benefitting from government spending. The problem is when we cut the wages of workers, they pay less in taxes.
At this point, after millions of jobs have been cut forever and tens of millions have suffered material wage cuts...it looks like we are going to have to cut more...MUCH MORE!!!!
Ask yourself this question....at what point do you cut so much, that there is not much left to cut???