Pensacola Tea Party – April 15, 2009

I attended one of the two Pensacola, FL tax day “tea parties” on April 15th.  Considering that there were only 6 people confirmed to attend this on Facebook, I was pleasantly surprised when I drove up to 500+ people attending this.  Granted, this crowd was nothing compared to the 15,000+ in Atlanta, but I thought this crowd was pretty good for Pensacola.  The rally was in front of University Mall on N. Davis Highway and stretched a good 1/3 mile from one end of the party to the other.

Patriotic music was playing and there was an overall good spirit during this rally.  The entire time I was there, cars were driving by honking their horns in support.   I saw plenty of FairTax signs and plenty of people handing out literature regarding various causes.

The unfortunate thing about the nationwide mainstream media and their coverage of this event which happened in over 700 cities across this country was their focus on who attended these rallies rather than why they occurred.   The reporting of this was more about supposed “extremist right wing groups” coordinating these rather than the fact that people are genuinely opposed to the Democratic congress and Obama’s outrageous spending in the past 10 weeks or so.  People at these rallies aren’t against all forms of taxation, but just the type that punishes success and thus leads to less overall growth.

Make no mistake about it, liberals are genuinely afraid of what is going on here.  Otherwise, they wouldn’t have spent so much time denouncing these on TV and referring to them as an obscure homosexual practice (tea-bagging).  In fact, no one actually participating in these rallies called them tea-bagging parties.  I’m amazed at how many anchors on CNN and MSNBC show surprising familiarity with the term, which is one that I’ve never heard before a few days ago.

The total estimated attendance of all tax day tea parties is now at 618,000 according to PJTV.  Not bad considering getting conservatives to rally for a cause is next to impossible.

Below are some pictures that I took with my iPhone of the rally to give various perspectives.  I look forward to the next time one of these occurs.  I feel confident these will occur on a regular basis until 2012 or whenever Obama is out of office.

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Obama versus the Dow

The Dow Jones Industrial Average after passage of the stimulus bill

The Dow Jones Industrial Average after passage of the "stimulus" bill

Here’s a shocker.  Mr. Hopenchange (Barack Obama himself) has now presided over the fastest and most significant drop of the Dow Jones Industrial Average for a new president in at least the last 90 years according to Bloomberg.

I honestly don’t worry that much about me and my immediate family as much as I do about my parents and my in-laws.  I’m only 30 and I have a lifetime of income in front of my.  However, my parents and others in their 60’s and 70’s do not.  They’ve just watched 30-50% of their saved income vanish.

This Obama administration is going to do their best to pass the buck to George W. Bush.  You’re supposed to forget the fact that all of this has happened under a Democratic-led congress (in power since 2006 in case you Obama voters didn’t know).  Blaming Bush will only go so far…perhaps until August.   Sure, the previous administration made some errors, such as spending too much.  Democrats are doing their best to justify outrageous spending by confronting us with the outrageous spending under the Bush White House.  You don’t fix the problems arising from excessive spending by more excessive spending.

What’s the Obama Adminstration’s response to all this?  They’re not going to make policy based on what the Dow does.  Yeah, it’s pretty obvious they don’t care about the life savings of the majority of Americans.

In large part, this is a crisis of confidence.  There won’t be a recovery until the leader of the free world decides to stop stoking fear in the heart of American investors and businesses.

Obama’s favorite words lately seem to be “crisis” and “catastrophe”.  That’s really a shame.  A man as gifted a communicator as Obama (at least while he’s on a teleprompter) could really inspire Americans to believe in themselves and thus help us get out of this recession.  But that won’t happen.  Obama believes in government, and more government is what you’re going to get.

Or maybe more food stamps is their idea of compassion.

HT: FoxNews.com

The Dow Jones Industrial Average has fallen faster under President Obama than under any new president in at least 90 years, according to a review conducted by Bloomberg.

Bloomberg reports that since Inauguration Day, the Dow has fallen 20 percent, leading at least one investor to dub this the “Obama bear market.” The Dow has also dropped 31 percent since Election Day.

Despite a string of government bailout offers and Obama’s advice earlier this week that Americans should be buying stock while shares are low, the Dow has continued to freefall.

Bloomberg reported that Obama is at risk of breaking a historical trend — in which the Dow soars an average of close to 10 percent in the first year after a Democrat wins the presidency.

Plus: Obama’s radicalism is killing the Dow

Exxon Mobil Setting New Records In Income Tax

Exxon Mobil reported this week that it set an all time new record— not in earnings or profit, but in income taxes paid to the government in a single quarter. Exxon Mobil paid $9.32 billion in income taxes in the first quarter of 2008 alone, which is a record for U.S. corporate taxes. Profit was $10.89 billion, which was the second highest ever for a U.S. corporation in one quarter. Total overall tax burden for Exxon Mobil this quarter was $29.3 billion if you include income taxes, sales taxes, and “other” taxes, which turns out to be a 25% total tax rate when you examine total revenue ($116.85 billion). Taxes paid by Exxon Mobil was nearly triple what they made in profit.

Exxon Mobil

With oil prices and gas prices through the roof, this warrants some examination. If you haven’t already noticed, the discussion of corporate taxes is an acute political issue. On one side, you have the Republicans, who are for tax cuts for pretty much everyone (including businesses). On the other side, you have Democrats who claim they want tax cuts for the poor and want to stick it to businesses (like Exxon Mobil) and the “rich”. While “tax cuts for the rich” tugs at the heart-strings of every person with wealth envy in this country, it doesn’t really make much sense in the end. Who are the “rich” in this country? They are the small business owners, the big purchasers, and the people who employ the rest of us. What sense does it make sticking it to them? When the so-called “rich” get nailed by taxes, they make cut backs like the rest of us. They hire fewer people and they don’t buy as many nice things. Jobs and retail sales suffer and the economy slows down.

As for corporate taxes, here is the big myth debunked: Corporations don’t pay taxes! They don’t now and they never will. Corporations COLLECT taxes only. When a corporation is taxed, the corporation figures it into the cost of goods sold and it is passed onto the consumer. Only the consumer pays taxes. That’s how it is now and that’s how it will always be. Every business, including oil companies, does this. This is a stealth tax on consumers. By some estimates, this stealth tax averages out to 22% on everything we purchase. On gas purchased from Exxon Mobil and other American oil companies, it’s more like 25%. That’s 25% of every gallon going right to the federal government.

Yet, 25% isn’t enough for liberal politicians. Just a few days ago, Barack Obama called for an additional $15 billion per year tax on oil companies. This is a statement from the Obama campaign as reported by Bloomberg.com:

“The profits right now are so remarkable that one could trim them 10 percent or so, which would turn out to be somewhere in the $15 billion range,” said Jason Grumet, an adviser to the Obama campaign.

Oil companies would still have ample reason to “continue to pursue production, while at the same time providing relief to consumers,” Grumet said.

Relief to consumers? Are you kidding? How does raising taxes on oil companies by $15 billion provide relief to consumers? Does Mr. Grumet honestly believe that gas prices are going to fall after the government confiscates more money from oil companies? Of course not, this $15 billion is going to show up right at the gas pump when the national price of gas jumps an additional 15-20 cents a gallon. See the twisted logic of liberals?

There is a giant disconnect between liberals and basic economics. Yet, it gets them votes on election day because of the ignorance of the public. The myth of corporate taxes continues to prevail among the masses and people think that by taxing oil companies that somehow it doesn’t affect them. It does, and it is probably one of the most devious methods our government uses to tax us–the stealth tax.