Getting it Right - Welcome

The goal of this blog is to publish my thoughts on a variety of economic and political topics in the hopes that people who find them educational or beneficial will utilize them and/or forward to others who might find them interesting and/or worthwhile to promote to others, possibly including politicians who can push some of these ideas to fruition. The topics in my blog are meant to be of value on a long term basis, not a daily diary or political issue of the day log. If the information posted is useful to you, by all means utilize it and/or forward it as you see fit. If not useful, then merely ignore it. There are no universally agreed upon truisms and too little tolerance between some of those with opposing viewpoints to successfully convince the people with hardened opinions to move away from them. I am an analytical type person who will try to be as factual as I am able.

I disdain the current popularity of name calling and condemnation of viewpoints with no factual alternatives or logical solutions given that I see so often. If you don't have a solution based on fact and logic, then opt out of the discussion because you have nothing to contribute. My background is a degree in Economics from the University of Michigan and 39 years working in middle management jobs for a major retailer. My opinions are forged on the personal experence of life, family, friends, and work as well as triumphs and mistakes that I have made and hopefully learned from. My hope is that this blog helps you.

My first topic will be about personal finance. I chose that one first because most of us work long and hard just to survive but not all of us realize our dreams of becoming financially independent from the labors of our work. Much of our political votes/thinking also focus on the economy and in particular how well we are personally doing financially.

It is relatively simple, without sacrificing the enjoyment of living for 'today' and even at moderate incomes, to retire as a millionaire or multi-millionaire, if you focus on that goal consistently from a young age. It is also simple to ensure that your child or grandchild retires rich. It merely requires a one time gift of just $2,000 invested wisely and the passage of time. Please read my first post on this blog to learn more.


Getting it right on Politics, Economics, and Personal Finance

An index/schedule of past and future posts and their dates will always be updated so that it becomes the first post that you see below. If the date of a post that you wish to read is preceded by the word "Posted", then find it below or click on the title in the Blog archive to review.

Blog Archive

Friday, June 28, 2024

Do the Wealthy Pay Their Fair share of Taxes?

Do the wealthy pay their fair share of taxes? Hey Joe Biden, yes they do. The top 1% pay almost 46% of all Federal income taxes collected. The top 10% of income earners pay 75% of all Federal income taxes collected while the bottom 50% of income earners only pay 3% of all Federal income taxes collected. That is very fair and very "progressive". Scroll down this link to the chart listed under What's Your Tax Rate?


https://www.cbsnews.com/news/tax-irs-income-taxes-who-pays-the-most-and-least/

Posted by at No comments:

Inflation 2024 - Who is Responsible - Trump or Biden

Another clueless news story that never answers the question posed in the headline, namely the cause and responsibility of high inflation. As a person who majored in Economics in college, here are the facts logically analyzed to conclusions:

1. Energy Costs
Under Trump, we were energy independent for the first time in decades. Costs for gasoline, electricity, heating and air conditioning were cheap.
Joe Biden, on the first day of his Presidency, restricted energy drilling in America. Consequently, we were no longer energy independent and had to get a significant part of our needed oil supplies from other nations at more expensive prices and higher transportation costs to ship it thousands of miles over oceans. Plus it was dirtier fuel to burn than American fuel. Energy costs are a big part of producing and transporting goods and services. So everything was negatively impacted with higher costs that were passed on to consumers.
2. Interest Rates
Covid, which started in earnest in 2020 during Trump's Administration, was nobody's fault but it negatively impacted our abilities to work, shop, and use restaurants. To counter the impacts of Covid, Trump had to vastly spend money to prevent Economic collapse. That significantly raised deficits to two trillion dollars a year. Huge government deficits require higher interest rates to attract people to buy government bonds to cover our deficits because the risk of a future government default is exponentially higher. Higher interest rates impact production and services costs, causing prices to rise to cover the increased costs. The housing industry is especially negatively impacted by this, and so is the cost of food. For the most part, Covid was over in terms of the number of people impacted when Biden took office. Federal budgets needed to get rid of extra 2 trillion dollars in Covid spending and go back to pre-Covid 2019 federal spending levels. Instead Biden didn't cut the spending and consequently interest rates kept going up and is the reason for America's high interest rates. https://www.usatoday.com/story/money/2024/06/27/biden-trump-presidential-debate-economy-inflation-takeaways/74236870007/


Posted by at No comments:
Subscribe to: Posts (Atom)