GUILT, FEAR AND LIES By Charles Payne

Aug. 16, 2012 10:48 AM ET
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Long/Short Equity, Portfolio Strategy

Contributor Since 2009

Wall Street Strategies has been providing independent stock market research since 1991 to individual, retail and institutional clients through a balanced approach to investing and trading. Charles Payne, our founder and chief analyst, is routinely sought after for his stock market, political, and general opinions by several prestigious news organizations. Currently, Mr. Payne is a contributor to the Fox News Network and Fox Business Network. He also hosts his own radio show on KFIAM 640 every Saturday from 2-4pm PST. Mr. Payne recently released his first book entitled Be Smart Act Fast Get Rich. Our all-star analytical team is called first when the media needs to know. We are regularly featured on several well respected finance-oriented radio and television programs such as Fox, CNBC, BNN, WSJ to name a few and widely recognized in the media as a leaders in the analyst community. In addition, Wall Street Strategies is part of Thomson-Reuters Consensus Estimates. Brian Sozzi is an equity research analyst specializing in the softline/hardline goods sectors of the retail industry for Wall Street Strategies Inc. Mr. Sozzi graduated Summa Cum Laude from Dowling College, receiving his Bachelors of Business Administration with a concentration in Finance and Accounting. Routinely sought after as a trusted point of reference for opinions and insight on the global economy and retail sector stock evaluation, Mr. Sozzi is a frequent on air contributor to CNBC, Fox Business Network, and Bloomberg, and is cited regularly by online/print publications that include Forbes, Bloomberg, The Wall Street Journal, Thestreet.com, CBS Marketwatch, Reuters, Seekingalpha, Associated Press, Crain’s NY Business, Fortune, Barron’s, AOL Finance, and the Financial Times. In 2009, Mr. Sozzi became recognized by Starmine as a top-ranked equity research analyst for stocks under coverage in such categories as EPS Estimate Accuracy and Industry Excess Return. Carlos Guillen is an Equity Research Analyst providing coverage of the technology sector for Wall Street Strategies, Inc. Mr. Guillen has had experience working in both the sell side and the buy side. Prior to working as an analyst, he was a Design Engineer for Lambda Electronics. Mr. Guillen holds an M.B.A. from NYU’s Stern School of Business, and he has a B.S. in Electrical Engineering from Manhattan College. David Urani is a research analyst with concentrations on the homebuilding, staffing, medical devices, and logistical services industries. Along with providing institutional clients with up-to-date reports of individual stocks within his industry coverage, David assists the rest of the Wall Street Strategies research desk with timely analysis of vital economic data. A graduate of the A.B. Freeman School of Business at Tulane University, David earned a Bachelor of Science in Management while majoring in finance. With prior training experience running small businesses, he has an eye for key fundamentals that keep Companies running efficiently. David’s insight has been featured in several outside sources, including the Fox Business Network, MarketWatch, and SeekingAlpha. Carlos Guillen is an Equity Research Analyst providing coverage of the technology sector for Wall Street Strategies, Inc. Mr. Guillen has had experience working in both the sell side and the buy side. Prior to working as an analyst, he was a Design Engineer for Lambda Electronics. Mr. Guillen holds an M.B.A. from NYU’s Stern School of Business, and he has a B.S. in Electrical Engineering from Manhattan College.

I'm not a glutton for punishment, but I was somewhere and saw a New York Times on the floor-so I picked it up.

Why???

Anyway, I see this article titled "America's Aversion to Taxes" and it's laced with all the dumb nonsense that celebrates socialism while promoting racism. This is the one-two punch the administration and its media allies have decided to go with. The author Eduardo Porter paints this glorious picture of socialized medicine in Europe, particularly Italy where greatness is measured by a social safety net rather than opportunity and upward mobility. Huge welfare and the veneer of free medicine is how the NY Times measures richness. Italy is in deep trouble and is anything but the ideal place for America to emulate.

It would be like Usain Bolt asking me for tips on running and staying in shape.

Let's talk facts. According to the World Health Organization, the United States spent 15.2% of GDP on healthcare in 2008. This is the highest percentage in the world and heading to 20% in the next few years.

The $2.3 trillion spent on healthcare in the United States in 2008 is greater than the entire GDP of Italy ($2.19t), Spain ($1.49t), Netherlands ($836.3b), Sweden ($538.1b), Denmark ($332.6b), Greece ($298.7b) and Portugal ($237.0b) while France barely beats it with $2.7 trillion. America spent $256.0 billion on healthcare in 1980, which means the outlay has grown 4 times faster than inflation.

It's not that America isn't pumping enough money into healthcare; it's how that money is spent. The same with education, which is also mentioned in the article. As for free healthcare ... nothing is free. From VAT taxes, to sky-high gas to massive individual income taxes

Europeans are paying for their welfare states big time. Check out the table and see just how expensive it is to live in those wonderful European nations that are so much nicer to its population than America. I put gas prices on the table because more than half the price at the pump comes from taxes, from $5.40 in France to $6.00 in the Netherlands. By the time anyone gets to the hospital, they have more than paid for the work that by the way is nowhere near as great as in America (the photo of that great Italian hospital looked like an old WWII temporary US military hospital).

Moreover, the lack of entrepreneurs, innovation and real redistribution of wealth that turns poor families rich from hustle and smarts is non-existent. But, wait, there's more. The article says high taxes work in Europe because white people don't mind helping white people, but we hate the idea of helping blacks in the United States. At this very moment, Belgium is on the cusp of separating into two separate nations based on the fact the hard workers in the north hate paying for the French-speaking freeloaders in the south. The same in Italy where all the industrious north is seething as their tax Euros flow to the beaches of lazy folk in the south.

I personally abhor the idea of any person of any race sucking up my tax dollars without trying to get a job. I don't like them buying drugs with my tax dollars. I don't like them getting tattoos with my tax dollars. I don't like them going clubbing with my tax dollars.

The only thing the article got right is how wealth in Europe historically came for a special class, mostly royals and their close advisers. Of course, anyone would feel frustration, and anyone would vote to attack that wealth via higher taxes but America creates new millionaires. Heck, as much as liberals are trying to create the image of burning crosses at GOP headquarters, if they get their way blacks would have been limited to only one generation with a legitimate chance of earning great wealth. And if this is where the nation hits the pause button and coast, blacks would remain permanently at the bottom of the totem pole.

What person in the country would want to exchange our economy for any in Europe? There is no "free" health care and there is no upward mobility and there is no future greatness unless they pry themselves off giant taxes and huge government spending.

So in the end I say, "Damn Skippy we hate higher taxes because it's stupid and unfair to punish success."

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