Middle class hammered under Obama administration

September 9, 2013 

How's the middle class doing? Let's take a general look at the economics of a family of three. Both parents work; their average income is $60,000 annually.

• Auto insurance (two) cars: $1,500.

• Annual mortgage payment: $14,500.

• Homeowner's insurance annual premium: $2,200.

• FICA and Medicare withholding: $4,590.

• Payroll withholding tax: $7,500.

• Family cost for healthcare: $8,000.

• State income tax (none in Florida): $0.

• Total fixed cost per family: $38,290.

• Net disposable income for all other expenses $417 per week.

The figures used provide a valid indication of how the middle class is being hammered. Runaway healthcare, homeowners and automobile insurance costs are reaching extortionary levels with no end in sight. Insurance companies, for example, are a trillion dollar a year business. America needs a Congress that represents the people, not lobbyists.

The increasing costs associated with the "New Thinking" propaganda being sold to the uninformed will surely kill future prosperity. The "progressive machine" needs to "double down" on increased tax revenue to fund its plans. Plans to increase revenue likely include such acts as eliminating mortgage interest deductions, increasing the tax on dividends and profits on long-term investments, just to name a few.

I am totally baffled that young people don't get it. Perhaps when they experience the financial yoke of Obamacare they will wise up, but alas it will be too late.

President Obama took over the student loan program from the private sector. He trumpets that doing so will help college students. He forgot to mention that he is spending the peoples tax dollars, which means in addition to students paying for their loans they will have the added burden of paying increased taxes for the huge percentage of unpaid loans by dropouts and deadbeats. Big government at its best, yes?

Patrick Neylan

Bradenton

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