You are here: Home / Economics

Coddling Misinformation About Taxation

September 21, 2011 · ·

Warren Buffet Obama Taxation Misinformation Taxesby Chris Banescu -
Warren Buffett and President Obama claim that the rich do not pay enough taxes. They both blame the American tax code of being unfair and coddling the rich. Both have been pushing the same class-warfare narrative for many years, using current US capital gains and dividends taxation rates as evidence for their big government progressive agenda. Both are spreading misinformation about all the taxes corporations and individuals actually pay.

As far back in 2007, Mr. Buffet, the third-richest man in the world, began criticizing the US tax code for its low tax rates on dividends and capital gains from long-term investments. One of his most infamous statements, one often repeated by the Left to support its punish the rich schemes, was made in a speech at a $4,600-a-seat fundraiser for Senator Hillary Clinton in New York:

“The 400 of us [here] pay a lower part of our income in taxes than our receptionists do, or our cleaning ladies, for that matter. If you’re in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent.”

[Read more...]

Filed Under: Economics, Leftism

Bishop Savas is Wrong on Taxes on the Poor and the Rich

September 1, 2011 · ·
Bishop Savas Zembillas Wrong on Taxes

Bishop Savas (GOA)

by Chris Banescu -
Bishop Savas (Zembillas), GOA’s Director of the Office of Church and Society, has launched into yet another missive against conservatives whom he frequently condemns of hating the poor and only protecting the rich. On his facebook page, the main venue where one can find the bishop’s real views and interests, he recently posted a blame Republicans editorial from The New York Times titled “The New Resentment of the Poor.” Apparently forgetting that envy is a sin and truth-telling a virtue, Bishop Savas highlights his class-warfare passions in several false claims he posted in the discussions related to the NYT article.

This is not the first time Bishop Savas has posted such biased hit pieces on his facebook wall. He has a long history of supporting pro-Democrat and anti-Republican views via his many postings of overwhelmingly liberal and leftist-leaning commentary from NPR and The New York Times, his favorite sources of “balanced and objective” news and views. However, this latest editorial further showcases his superficial and misinformed thinking on taxation via several outlandish statements that distort the truth and advance a leftist/progressive agenda.
[Read more...]

Filed Under: Economics, Leftism, Religious Left

America Slouching Towards Fiscal Armageddon

March 18, 2011 · ·

America Slouching Towards Fiscal Armageddon by Chris Banescu
America is in grave danger. Our government’s out-of-control spending and our politicians’ refusal to implement meaningful budget reforms are leading us towards a fiscal crisis that can undermine our very way of life. We are spending ourselves into oblivion. With each passing day, we are $5 billion in deficit spending closer to the edge of an abyss that can cripple our economy, destroy America’s wealth, and lead to catastrophic social consequences for all current and future generations. Yet our leaders in Washington refuse to face reality and continue to play political games while the country’s budget crisis deepens and the threat grows exponentially.

In February of this year the US federal budget deficit grew by a record $224 billion; the biggest one-month increase in history. Worse still, the 2011 US budget deficit is forecast to reach $1.5 Trillion. According to the non-partisan Congressional Budget Office (CBO) this annual deficit represents the largest budget gap in our country’s history, equivalent to approximately 10% of America’s total economic output. This follows the enormous $1.3 Trillion deficit racked up for 2010 and will be superseded by an equally disturbing $1.65 Trillion deficit forecast for 2012. [Read more...]

Filed Under: Economics, Government Incompetence, Leftism

How to Cripple the Free Economy

May 29, 2010 · ·

by Chris Banescu

The socialist policies implemented by the Obama administration and the Democrat leadership undermine America’s economic prosperity and prolong the misery for millions of companies and workers. Despite passing multi-trillion dollar government tax and spend initiatives, numerous bailouts of failed businesses, and repeated extensions of government benefits, Americans are suffering and the economy is languishing. Nationwide the unemployment rate has risen to 9.9%, while mortgage defaults and foreclosure rates have surged to record numbers.

Even with the tens of billions of dollars Congress has spent on preventing consumer mortgage defaults and home foreclosures, things have not improved much. How could they? Such government bailout measures are temporary band-aids that fail to address the structural problems our economy faces. They only delay the inevitable and push the problem further down the road. It doesn’t matter that house payments are now lower and the government has picked up the tab for a few months. If Americans cannot find a job or raise the capital to start a business they won’t have the money to pay even reduced mortgage payments. [Read more...]

Filed Under: Economics, Government Tyranny, Leftism

Orthodox Christianity And Capitalism: Are They Compatible?

April 17, 2009 · ·


AFR – The Illumined Heart | Kevin Allen | Apr 17, 2009

In this interview with Kevin Allen, host of The Illumined Heart podcast on Ancient Faith Radio, Chris Banescu discusses the economic, moral and spiritual issues surrounding the “capitalist” economic model and whether it serves the best interests of Christians living the life of the Beatitudes.

Orthodox Christianity And Capitalism: Are They Compatible? – 4/17/09

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

[Read more...]

Filed Under: Economics, Ethical Capitalism, Moral Issues, Orthodox Christianity, Philosophy, Podcasts

A Primer on Capitalism

January 22, 2009 · ·

Capitalism freedomby Chris Banescu

In today’s turbulent financial times and difficult economic conditions, a lot of unjustified criticism and unwarranted accusations have been laid at the doorstep of capitalism. Many in the mainstream press and academia, a majority of politicians, and a large number of Americans have jumped on the bandwagon and unfairly blame capitalistic principles for the huge mess that we are in. Such widespread confusion evidences a misunderstanding by many Americans of how value is actually created in society and what capitalism really represents.

All societies, in order to prosper, grow, and take care of its citizens must create new value to sustain its economy and support an expanding population. Common sense and experience dictate that there are only three (3) possible ways for anyone in life to have, create, or obtain value (monetary or economic) or acquire any assets (property) to be able to live or sustain oneself or one’s family:

(1) You ethically earn it by working and providing value to your employer, investing in other people’s ventures, risking it in a new business to provide new value to others via a service or product, or by inventing, creating, or discovering something new and original, that is useful (device, process, cure) or pleasing (literature, music, art) to others. This is known as ethical capitalism, which I’ll simply call “capitalism” going forward. [Read more...]

Filed Under: Economics, Ethical Capitalism