BP Exec: Gulf of Mexico "Relatively Tiny" Compared to "Very Big Ocean"

FOXNews.com - BP Exec: Gulf of Mexico 'Relatively Tiny' Compared to 'Very Big Ocean'


If Tony Hayward, the chief executive at BP, is trying to win points with the American people, he isn't doing a great job by making comments like this.

I know that accidents happen on drilling rigs; however, the response from our own government and BP has been laughable to say the least. The government in 1995 created a plan to handle such events. It required use of booms used to collect and burn off the oil. However, the government never purchased the booms and the only company in the US that makes them only had 1 in stock.

Great. Just another example of how our government "protects" us. We had a plan, but we didn't follow it.

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A Few Interesting Points about Our Tax Code

Here are so very interesting bits of trivia regarding the US tax code.

1. Taxes used to be simple. In 1913, the first income tax form and instructions totaled four pages. By contrast, today's 1040 plus instructions totals 176 pages.

2. The tax code gets more complicated. The code is now 3,784,745 words long, not counting the 2009 and 2010 changes. It will get worse in the future.

3. Americans spend more than 7 billion hours trying to comply, according to a forthcoming study from the National Taxpayer Union (NTU). "That is the equivalent of 3.7 million employees working 40-hour weeks year-round without any vacation. That's more workers than are employed at the five biggest employers among Fortune 500 companies," writes David Keating in the NTU study.

4. "Counting time and money for individual taxpayers, the compliance burden would total an incredible $103 billion for individual taxpayers alone."

Don't get me wrong. I pay my taxes and realize that we have to pay for services that our government performs. However, I think our system of taxation needs to be completely overhauled. If I had my choice, we would move to a simple flat tax system and get rid of all of the deductions. I benefit from some of them, but I also know that people are paying for my deductions.

Sallie Mae Blames 2,500 Layoffs on Obama's Student Loan Overhaul

FOXNews.com - Sallie Mae Blames 2,500 Layoffs on Obama's Student Loan Overhaul

Powerhouse student loan provider Sallie Mae says layoffs are imminent as a result of President Obama's new student loan overhaul.

My Thoughts

Instead of working with the student loan industry to make it easier for them to loan money, Congress specifically the Democrats and the Obama administration decided to take over student loans in order to fund parts of it health care programs.

By doing this, student loan companies will now start laying off employees. Thanks, guys!

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Democrats Accused of Trying to 'Intimidate' Firms for Airing Health Care Concerns

FOXNews.com - Democrats Accused of Trying to 'Intimidate' Firms for Airing Health Care Concerns

The CEOs of some of the country's biggest companies are being summoned to Washington to defend claims that the health care reform law would cost them millions -- a move Republicans say amounts to intimidation.

My Thoughts

Congress is trying to save face by shifting the blame on the negativity for the health care law to everyone else including businesses that now have to increase spending on employee medical benefits. Some businesses are stating that they may have to lay off employees to pay for this health care law.

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Jobless Benefit Expiration To Affect Thousands

Jobless Benefit Expiration To Affect Thousands -Labor Group - FOXBusiness.com


WASHINGTON -(Dow Jones)- More than 200,000 people would stop receiving checks in the first week if federal jobless benefits expire April 5 due to congressional inaction, according to pro-labor group the National Employment Law Project.

My Thoughts

While Democrats shifted gears from jobs back to health care, thousands of Americans will have their unemployment benefits cut off if Congress does not act. Republicans will blame Democrats and Democrats will blame Republicans.

I blame both parties for missing this.

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3M Sees 12 Cents a Share Charge On Health-Care Bill

3M Sees 12 Cents a Share Charge On Health-Care Bill - FOXBusiness.com
SAN FRANCISCO--3M Co. said Friday that it expects to record a non-cash charge of $85 million to $90 million after tax, or about 12 cents a share, in the first quarter of 2010 as a result of the recently passed health-care bill.

My Thoughts

Another company announces that they will have to take a charge for the health care law that the President signed.

With the economy in a fragile state and slowly recovering, corporations will be faced with outsourcing the work to foreign countries and laying off employees.

So much for helping with jobs and stimulating the economy.

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AT&T Taking $1B Charge to Cover Costs of New Health-Care Legislation

AT&T Taking $1B Charge to Cover Costs of New Health-Care Legislation - FOXBusiness.com

AT&T (T: 26.24, 0.08, 0.31%) said Friday that tax ramifications related to the newly passed health-care legislation will force it to take a $1 billion non-cash charge in the first quarter.

My Thoughts

It looks like the new health care law will take its toll on the economy. I have heard of companies that are talking about outsourcing more of their jobs so that they can avoid paying more for health care. Some companies are talking about laying more employees off in order to get them off of their payrolls in order to avoid paying more for health care.

Isn't this wonderful? I saw a news segment of a man jumping for joy saying that he will get free health care and housing. Free? It will cost all Americans dearly for this program.

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