Omaha Hokum The entire Buffett Rule premise is false. In 2008, the last year for which such data are available, the IRS reports that those who made more than $1 million in adjusted gross income paid an average income tax rate of 23.3%.
That's slightly lower than the 24.1% rate paid by those making between $500,000 and $1 million, probably because the richest are like Mr. Buffett and earn more from capital gains and dividends. The rate for a relative handful of the rich -- 400 people -- fell to 18%. But nearly all millionaires still paid a rate that is more than twice the 8.9% average rate paid by those earning between $50,000 and $100,000, and more than three times the 7.2% average rate paid by those earning less than $50,000. The larger point is that the claim that CEOs are routinely paying lower tax rates than their secretaries is Omaha hokum.
--Wall Street Journal
The Hand That Feeds Them Linda Chavez, former staff director of the U.S. Commission on Civil Rights, has noted how the rulers' envy is selectively expressed: "The populist zeal to seek revenge on those who make a lot of money is targeted almost exclusively at corporations. I haven't heard outcries about Hollywood actors who make millions per film."
--Robert Knight, senior fellow, American Civil Rights Union, Washington Times
Pitiful Payoff After decades of subsidies, wind provides only 1% of our electricity, compared to 49% for coal, 22% for natural gas, 19% for nuclear power and 7% for hydroelectric. Wind turbines generally operate at only 20% efficiency, compared to 85% for coal, gas and nuclear power plants.
A 2008 report by the Department of Energy's Energy Information Administration reported that in 2007, while the average subsidy per megawatt hour for all energy sources was $1.65, the subsidy for wind and solar was about $24 per megawatt hour.
Daniel Kish, senior vice president for policy at the Institute for Energy Research, told Cybercast News Service that "without government subsidies or mandates, none of these energy sources exist, they just simply won't ... these energy sources are not as efficient as the sources of energy that the marketplace has picked and the consumers have picked to run the country."
President Obama has said we need to focus on the energy sources of the future and not those of the past that built the economic superpower that is now atrophying under his clueless leadership. As he heads off to hear the musically soothing wind chimes of campaign contributions, we leave oil and coal in the ground and Americans standing in the unemployment line asking themselves, "Where are the jobs?"
--Investor's Business Daily
Epic Entrepreneur Steve Jobs' resignation as CEO of Apple prompted an outpouring of adulation for his truly marvelous successes. It would do us all better to focus on his failures. Jobs failed better than anyone in corporate America and did what only the greatest entrepreneurs can do: learn from one's mistakes. While everyone today thinks of Jobs as the genius who gave us the iPhone and the iPad, Jobs also brought us the Apple I, which sold in the mere hundreds. Jobs was the architect of Lisa, which cost tens of millions of dollars to develop and also failed epically. Jobs founded NeXT Computer, a now-forgotten firm whose highest-profile success was its purchase by Apple. This acquisition paved the way for the serial failure Jobs to return to his natural home -- and thrive.
There's a moral here for a Washington culture that fears (private-sector) failure too much. In today's Washington, large banks aren't permitted to fail; nor are large auto firms. Next up will be too-big-to-fail hospital systems. Steve Jobs is a reminder that failure is a good and necessary thing. And that sometimes the greatest glories are born of catastrophe.
--National Review
Speak Your Mind A writer's job is to tell the truth. I believe that if all the truth were known about everything in the world it would be a better place to live. I know I've been terribly wrong sometimes, but I think I've been right more often than I've been wrong. I may have given the impression that I don't care what anyone else thinks but I do care. I care a lot. I have always hoped that people will like what I've written. Being liked is nice but it's not my intent.
--Andy Rooney, 60 Minutes
Dare to Dream I suppose that when a politician has no record to campaign on, he attacks. But wait. Wasn't it President Obama who promised to change the rhetorical excesses in Washington?
The President clearly has failed to bring a new tone to Washington.
One of these days a candidate will go positive, campaign on substance and obliterate his or her opponent. [We] look forward to that day. Some people will call our vision pie-in-the-sky or wishful thinking, but as the song Happy Talk reminds us: "You got to have a dream. If you don't have a dream, how you gonna have a dream come true?"
--Cal Thomas and Bob Beckel, USA Today
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