Are you rich?
I can't resist asking the question, and I'm hoping you write in
with your response. My address is:
. Let me prime the pump...
Yesterday I said I wouldn't go 'all political' with my
discussion on the economy. But today I won't exercise such
restraint - especially when debate regarding what to do with the
Bush tax cuts is heating up. This debate is leading some in
Congress to stick their necks out and define what they consider to
But some Senate leaders have decreed that they won't vote on the
future of the tax cuts, which expire on January 1 unless Congress
takes action, because some incumbents in tight re-election races
might become vulnerable to campaign attacks if they take a position
on the tax cuts.
Now if that's not political brilliance at work, I don't know
what is. Instead of taking a stance on an issue and letting voters
decide, some fat cat politicians would rather get re-elected, and
let the voters know where they stand on the Bush tax cuts.
That's akin to an employer hiring somebody for a job, and then
letting them know what they'll get paid. Brilliant - CEOs across
the country should employ this strategy. I guarantee the
unemployment rate would plummet overnight.
Of course I'm laying the sarcasm on pretty thick, but I think
that's the appropriate response. Even though drawing a line in the
sand between the 'rich' and the not so rich could be political
suicide, didn't these folks get elected precisely because they need
to make hard decisions when they count?
President Obama has suggested allowing the tax cuts to expire
for the top 2.5 percent of taxpayers - those individuals earning
more than $200,000 a year and families that earn more than
So clearly Mr. Obama believes that if you earn more than
$200,000 than you are wealthy. So I repeat the question: Are you
wealthy? My inbox is ready for your response at
If federal statistics are right, for every 100 responses I get
to that question I should get 2.5 that respond 'yes'.
I can't wait to read your response. For extra credit, let me
know if you think those earning $382,551 a year should be taxed at
the same rate as those earning $5 million. Under President Obama's
plan, they would.
I have to say, I appreciate that the President is putting
numbers out there. More Senators and Congressmen should do the same
- regardless if re-elections will be decided on the issue.
Given that these are the folks that decide how to spend our tax
money, we should at the very least know if they think we can afford
it before we elect them into office.
Send in your position on this question and let me know where YOU
define the line. I'll post responses next week.
A couple of responses from yesterday's issue, "
It's The Economy, Stupid"
Mike thinks stocks are overpriced right now. He wrote:
Yes, stocks are stabilizing as you have pointed out, but
valuations are INSANE! John Hussman and Jeremy Grantham have fair
value about 20-25% lower on the S&P and likely 40% on the
Russell 2000, which still does not even have a trailing p/e
according to the Wall Street Journal. Valuations are
Byron has another great idea for a sign:
Good article. Another sign that could be hung on the door of
Voters is, "It's All About Electing Conservatives, Stupid". I
think that our country is at a cross roads and if conservatives
don't act now we may be lost for a very, very, long time which
could be forever.
So, let's get out the vote and really support our
conservative candidates. You will notice I did not say Republican
candidates but CONSERVATIVES.
I have to say, even though I did get a little political today, I
think I exercised pretty good restraint. Hopefully you won't follow
my example and will send in your authentic response to this issue