TRUE BORN SONS OF LIBERTY

Sunday, December 22, 2019

Just in time for Christmas, another China slave laborer smuggled note story

Horsecrap from The Washington Free Beacon: "The economy is gangbusters" when it's actually underperforming the post-war by over 50%

Through 3Q2019 the US economy over the last ten years as measured by the compound annual growth rate from 3Q2009 and using the government's own gross domestic product measure known as GDPC1 is underperforming the previous 62 year period from 3Q1947 until 3Q2009 by 29.39%.

We're growing at 2.33% now vs. 3.3% then, and that calculation removes the worst of the 2008 debacle from the now column and puts it in the then column.

If we measured as we really ought to from the previous peak in 4Q2007 and included the downturn in the now column, the picture is much much worse.

To keep it simple the full 12 years from 3Q2007 through 3Q2019 (third estimate just reported) comes in at a miserable 1.67% vs. the previous 60 year period at 3.47%. In other words, this so-called gangbusters economy is really underperforming the post-war by 51.87%.

We're not even half as good as we used to be.

The only thing that is going gangbusters right now is Trump cheerleaders from Andy Puzder to Rush Limbaugh and all the usual idiots in between trying to make a silk purse out of a sow's ear.

Thinking Americans are not fooled.

Stampede into Roth IRAs expected after passage of Secure Act in massive spending bill signed by Trump limits "stretch IRAs"

People who have saved $1 million or more in an IRA and plan to pass it on to someone other than their spouses should consider doing Roth conversions, said Ed Slott, president of Ed Slott & Co., which specializes in IRA education and training. For instance, if their children inherit the IRAs, they would likely receive them and face the tax consequences during their prime earning years. "It's a big tax hit," Mr. Slott said. "Beneficiaries can let the money accumulate tax-free in a Roth." Investment advisers are going to put a premium on Roth conversions. ...

Roth conversions also would benefit the government, which would get tax revenue more quickly than it would under IRA distributions. But the change in stretch IRA policy under the SECURE Act will upset many estate plans that were written based on children being able to hold onto IRAs for their lifetimes. "I call this section of the SECURE Act the broken promise," Mr. Slott said. "It's like they changed the rules in the ninth inning."

More here.

79 Republicans in the US House voted for this POS hidden in the bill entitled "National Law Enforcement Museum Commemorative Coin Act".

How would you even know?

By forcing the hands of millions of older Americans with estate plans in place for their non-spouse beneficiaries, the government obviously hopes to reap a windfall of tax revenue generated by their conversion of tax-protected traditional IRAs and 401k plans into taxable Roths, knowing the temporary umbrella provided by the lower Trump tax rates expiring in ten years will be an added incentive.

These bastards are wily.