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It appears that Mitt Romney is not the only candidate for president with investments in the Cayman Islands. Another candidate has investments offshore in that island paradise as well. His initials are B.O., as in body odor.
Politifact, one of the left’s favorite sources of campaign dirt, confirms that “investments made by managers of the Illinois pension fund in which Obama has an account” does indeed have holdings in the Cayman Islands.
No tax advantage in that plan. Not like Romney's tax shelter in any regard.
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Atwood went further, saying: "There is no tax advantage to any (pension) plan participant" from that investment. T
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he Illinois pension fund also has numerous foreign investments, including in Chinese companies, as part of its diversified portfolio, Atwood said.
Miller offered this analysis: "There is no evidence that the fund helped the Illinois pension fund avoid any taxes – in this respect, the Illinois pension fund would have been treated identically had the fund been organized as a domestic (U.S.) partnership. However, the fact that it was organized as a Cayman partnership might have allowed some taxable investors to defer some tax on foreign (non-U.S.) portfolio companies purchased by the Fund."
Despite the fact that welfare spending was already at record levels when he took office, President Obama has increased federal means-tested welfare spending by more than a third. . .
At the beginning of this year, only four of the 80-plus federal welfare programs had work requirements; the Obama Administration has now suspended the work requirements in two of these. After the Obama Administration suspended the work requirement from the food stamp program in 2009, the number of people on food stampsdoubled.
For decades the almighty auto industry, one of the cornerstone sectors of America's GDP has paid line workers UAW union scale. Most recently that was $39/hr. Before the troubles that led to the bankruptcies and bailouts that reorganized GM and Chrysler. Now as a result of new negotiated contracts, GM, Chrysler and Ford can pay newly hired line workers $14/hr. This will keep them competitive with Honda, Toyota and Mazda who already pay line workers $14/hr.
What isn't said is that the Toyota CEO makes 2M/yr and the GM CEO makes 40M. Hmmm the head of a failing concern that is rescued from bankruptcy continues to earn as he is accustomed to. Moreover, this salary is 20 times that of a rival that has never come close to being bankrupt. Would you really want to argue that the reason Toyota is solvent is because they pay workers 14/hr or might it be because they only pay their CEO 2M/yr. Or looked at another way... would you imagine GM went broke because they were paying line workers $39/hr or because they were paying the CEO 40M/yr and the rest of the Executive Branch comensurate salaries... ... the answer is crucial because depending on how you answer you might be more inclined to watch America move forward lowering wages to turn of the century levels for line workers even while the executives of these concerns get salary increases and bonuses. Which they will of course immediately park offshore.
Having taken in enough of our money and the 2 Trillion they have lent us notwithstanding, the Chinese are now being openly aggressive to our allies in East Asia. Their assessment of America is that we are done. Over. And we just might be if we give the ultra rich any more money to sock away in the Caymans. And, when you deny an American a living wage you are giving money to a rich person somewhere.
Is Obama Buying the Election With His Welfare Explosion?
No.
He's merely trying to buy the election with his Welfare explosion... but failing.
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