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Three Cheers for Chapter 11

November 24th, 2008
By Lee Blum
This week the CEO’s of the Big Three (GM, Ford and Chrysler) begged Congress for money, as they flew into Washington on their private jets. Congress has correctly denied funding and now the Big Three are left on their own. However, Congress should help out U.S. auto manufacturers, but not by providing them money outright. Congress should promote Chapter 11 bankruptcy by the automakers, encourage them to revamp their business models and provide adequate funding and programs for any employees adversely affected by the bankruptcy. Read More

Other Blog

We’re Not Ready To Turn Left

November 12th, 2008
By Lee Blum
Barack Obama’s win was undoubtedly a proud moment for all Americans, regardless of where you may fall on the political spectrum. The Democratic wins for control of both the executive and legislative branches are a rebuke of the previous years of Republican control. However, Lee Blum urges us to remember that Obama was elected not only as the “change” candidate, but as the pragmatic candidate. And in spite of the Democratic wins, this country is not really as liberal as many on the extreme left may believe. Read More

Don't Be Afraid of Deficits

October 22nd, 2008
By Lee Blum
The 2008 federal budget deficit is about $455 billion and the 2009 federal budget deficit is projected to be anywhere from $700 billion to an extremely liberal estimate of $1 trillion. That's pretty scary, no doubt about it, by Blum sheds a bit of light on what it really means, relatively speaking. It turns out it's not something to be too worried about. Read More

The Tax Cut Fallacy

October 22nd, 2008
By Lee Blum
Obama's tax plan may sound good, but did you know it allows total tax liability to be reduced to below zero? Say that a couple pays $1,000 in income taxes per year. Assuming that there is a $2,000 refundable tax credit and that this couple qualifies for the tax credit, the couple would receive a check from the government in the amount of $1,000, according to Obama’s plan. The Tax Foundation also estimates that approximately 44 percent of all tax filers will have zero income tax liability under this proposal. Blum further discusses this very pertinent issue in his blog, focusing in on the true effects of the Obama tax plan. Read More