Bloodletting

"I think when you spread the wealth around, it’s good for everybody."—BHO to Joe the Plumber, October 2008

And if you think that income redistribution only happens via the tax system, think again.  From a Tompkins County Republican Party press release on inflation and stagflation:

The United States Bureau of Labor Statistics announced the May Consumer Price Index figures, showing the CPI for Urban Wage Earners and Clerical Workers (CPI-W) increased 4.1 percent over the last 12 months. For the month, the index rose 0.5 percent.  For the same period, real average hourly earnings (wages adjusted for inflation) dropped 1.6 percent. 

Tompkins County Republican Party Chairman James Drader said, “We are, and we all ought to be, deeply concerned about this economic data.  Many Tompkins people are finding themselves increasingly squeezed between lower purchasing power and higher taxes.” 

Tompkins County’s economy is not cyclical and we tend to avoid the worst of an economic downturn.  But, Drader says, “even locally our economy is a significant problem.  There are so many families having to use food banks to supplement their needs.  And, it suggests that without policy change, “stagflation,” by which I mean a stagnant economy coupled with rising prices, may be ahead.  Those who can remember the Carter years will have experienced this before.” 

“Our primary concern needs to be the economy and good jobs.  So, the Tompkins Republican party is asking office holders at all levels to be as prudent as possible in holding down tax increases.  In the upcoming city and town campaigns, it is important that residents vote not to expand government or increase spending.” 

“We can get through these difficult times,”  Drader says, “with the right policies and approaches.  I call on elected officials in Tompkins County, at all levels, and of all parties, to focus on these critical issues before they become an unmanageable crisis.”

And on a related note, Middle-Class Families Struggle to Overcome Regulatory Recession:

Government policies have made life difficult for middle-class families like Thomas and Melissa Clements. Their business in Broussard, LA, has suffered from the Obama administration’s offshore drilling moratorium and subsequent permitorium. Tomorrow morning Thomas is coming to Capitol Hill to talk about his struggles at a congressional hearing.

Clements recently appeared in a video produced by Heritage and the Institute for Energy Research on the moratorium’s economic impact. His business, Oilfield CNC Machining LLC, has suffered from the government’s delays in permitting.

This week’s hearing, organized by the Senate Health, Education, Labor and Pensions Committee, is titled, “Stories from the Kitchen Table: How Middle Class Families are Struggling to Make Ends Meet.”

Clements will join Jared Bernstein of the Center on Budget and Policy Priorities, Susan Sipprelle, a multimedia journalist from Englewood, NJ, and Amanda Greubel, director of the Family Resource Center at Central Clinton Community Schools in DeWitt, IA.

The hearing starts at 10 a.m. Thursday [June 23rd] at 430 Dirksen Senate Office Building. It will also be streamed live from the committee’s website.

And at American Thinker

...Obama is treading the same path as FDR, repeating the same steps that turned a recession into the Great Depression.  But fear not; we survived the Civil War, Woodrow Wilson, Franklin Roosevelt and World War II.  We'll survive Barack Obama as well.  But we must make certain he only reigns for one term.