A crucial component of the widely criticized new addition to the U.S. tax regime known as FATCA, passed by Democrats and signed by Obama in 2010 as part of a “jobs” bill, could result in massive capital flight from American banks and economic devastation if efforts to stop it are unsuccessful, experts and policymakers are warning. With the U.S. economy still teetering, some analysts are even suggesting that allegedly unlawful IRS mandates purporting to force American financial institutions to report foreign account holders to their governments could be the straw that breaks the proverbial camel’s back.
Vallejo, California, is on the verge of its second bankruptcy, primarily because of its unwillingness to negotiate its pension plans' terms.
Although SOPA (the Stop Online Piracy Act, which pushed for federal control over the Internet) died in Congress, it is alive and well in the Trans-Pacific Partnership.
The welfare state under Obama continues to expand, exacerbating all the faults and fallacies of such schemes, as predicted years ago by Henry Hazlitt.