Dateline: July 14, 2009: The Obama administration intends to fund the healthcare system with 5.4 % surtax on those making more than $1 million a year.

 My Way News

 “The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, with a sharp decline in tax revenues. So for those who reasoned that the Obama spending would be offset by additional taxes, perhaps we need to rethink.” [emphasis added]

This is already a fact not something that may happen: “The soaring deficit is making Chinese and other foreign buyers of U.S. debt nervous, which could make them reluctant lenders down the road. It could also force the Treasury Department to pay higher interest rates to make U.S. debt attractive longer-term.”

Smith School of Business at California State University. "Our foreign investors from China and elsewhere are starting to have concerns about not only the value of the dollar but how safe their investments will be in the long run."

Government spending is on the rise to address the worst financial crisis since the Great Depression and an unemployment rate that has climbed to 9.5 percent.

“The Obama administration has set a goal of cutting the deficit in half by the end of his first term in office.” Since spending is going to increase, while tax revenue is diminishing, taxes on businesses will have to increase. You can’t tax the unemployed and solve the deficit. You can’t tax business that are already failing or on their way to failure. It will be interesting to see what this administration will do.

Gone are Bethlehem Steel, US Steel, Homestead Steel, Anaconda, L.T.V Corporation in Niagara, NY;  What vestiges of our greatness are left are going, going, and gone is the industrial might of the U.S. ““The U.S. steel industry has experienced the largest output decline in decades and is currently operating at capacity utilization levels of well under 50%. The industry has lost over 50,000 jobs since 2000, which is responsible for the displacement of over 500,000 jobs in manufacturing and other sectors of the economy. The unprecedented expansion of the Chinese steel industry represents a grave threat to the future of the domestic steel industry. This expansion has been supported with vast, illegal subsidies for energy and other key inputs. In addition, China recently restored an export rebate program of 9% for many steel products, another direct and unnecessary subsidy to its exports.”

Gone are the manufacturing glory days of Atlantic City, Yonkers, NY; Reo in Lancing, Mich; Camden, NJ; Oakland, Ca; Youngstown, OH; Gary, IN; and Louisville, KY.