Take away the big venue. Take away the politicians. Take away the soaring rhetoric and what do you have?
I think it is simple…a 34 minute speech about more taxing and more spending cloaked into a lot of blah blah blah. With all due respect, this was another $450 billion of nonsense. There was not one…I repeat…there was not one word about putting certainty in the minds of consumers and businesses. The only certainty again was that government is going to spend more taxpayer dollars. Again, this man thinks it is governments money to dole out. I have news for him…it is our money being doled out to the government…only you decided to bring this country to the point where the next 8 years of taxpayer dollars are already spent.
I have told you since day one of this administration to pay no attention to what he says and watch what he does. This administration was easy to figure out when we all heard “I will not treat taxpayer dollars as monopoly money” or my favorite “I will go line by line!” When I hear anything coming out of this administration’s mouth, I think of one phrase…”yeah…that’s the ticket!
So…a few thoughts:
Government creates no long term jobs. Ok…I take it back. They create long term jobs in inefficient government bureaucracies.
When government borrows to pay for something, it does not stimulate because those dollars have to be paid back. It is just more debt.
There will be no businesses hiring an extra worker just because they get a $4,000 giveaway from taxpayers.
A payroll tax cut does not change behavior. It is just government again saying…here is a little gift for you. It only works combined with permanent tax cuts.
Wasn’t our debt just downgraded? This “program” will just add more. Raise your hand if you believe it will be paid for.
There was absolutely nothing mentioned about putting certainty into a business owner’s mind. Short term thingamabobs are meaningless.
I will have a point by point dissection of the speech over the weekend. I will send it out as well as post at garyk.com.
Gary Kaltbaum owns Kaltbaum Capital Management, LLC (“KCM”), an investment adviser registered with the U.S. Securities and Exchange Commission. The opinions expressed herein are those of Mr. Kaltbaum and may not reflect those of KCM. The information offered in this publication is general information that does not take into account the individual circumstances, financial situation or individual needs of an investor. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results.