The Tea Party Republicans have succeeded in making us believe that President Obama raised our taxes. We’ve been bamboozled again.
As the New York Times reported earlier this week:
“In a troubling sign for Democrats as they head into the midterm elections, their signature tax cut of the past two years, which decreased income taxes by up to $400 a year for individuals and $800 for married couples, has gone largely unnoticed. “
Not only is the Obama tax cut unnoticed but completely forgotten and ignored in the negative mudslinging ads proliferating our airways as we head to November.
Now we are being told again the way to create jobs is with more tax cuts. Well how is that working for you? Eight years of Bush tax cuts and two more years of Obama tax cuts have not produced the promised job growth. Despite the fact we are enjoying the lowest tax rates since 1950.
The only thing the tax cuts have accomplished is to make the rich richer and the rest of us scrambling to pay their bills.
As election day nears it will get even more difficult to separate perception from fact. If we knew that 1/3 of the Obama stimulus funded our tax cuts would we still think it was a bad idea?
Thursday, October 21, 2010
Wednesday, October 20, 2010
2010 Marks Biggest Monopoly Threat To United States
Anti-monopoly regulations never considered the biggest economic threat now bearing down on the United States. It is not just one company but an entire sector of industries that are wielding power over congress and the laws that permit them to become the lords of the 21st century.
In the seventies the financial industry (banks, lenders, investment houses) collectively made about 16% of all the corporate profits in the United States. With bank deregulation, new laws allowing junk bonds and derivative trading, and reduced financial industry restrictions the sector now accounts for over 40% of the nations total profits.
It will only get worse with the 2010 Supreme Court ruling that allows corporate campaign contributions to political action committees to remain anonymous. Prior to the reporting change government records show that billions have been contributed to political races in the past decade by the financial sector. Unless the reporting rules change we will never know how much more they are paying to insure favorable laws to keep making incredible profits without creating actual products.
This house of trading economy with no real output from the exchange of money will be the demise of the US economy and could take centuries to recover from. Left unchecked too long the country's standing in the world will become diminished as the chasm dividing the rich and poor widens and the country’s dependence on imports becomes irreversible.
Recent evidence of the will if the financial sector to push their agenda is surfacing as the November 2010 elections approaches. Massive spending on campaign ads in support of conservative candidates and issues is far outpacing spending for more moderate approaches.
Don’t expect congress to be looking to change these rules any time soon. These big contributions are their best hope of being reelected and they certainly will not want to stop this gravy train. Campaign finance laws need to change but who will lead the charge for new legislation?
In the seventies the financial industry (banks, lenders, investment houses) collectively made about 16% of all the corporate profits in the United States. With bank deregulation, new laws allowing junk bonds and derivative trading, and reduced financial industry restrictions the sector now accounts for over 40% of the nations total profits.
It will only get worse with the 2010 Supreme Court ruling that allows corporate campaign contributions to political action committees to remain anonymous. Prior to the reporting change government records show that billions have been contributed to political races in the past decade by the financial sector. Unless the reporting rules change we will never know how much more they are paying to insure favorable laws to keep making incredible profits without creating actual products.
This house of trading economy with no real output from the exchange of money will be the demise of the US economy and could take centuries to recover from. Left unchecked too long the country's standing in the world will become diminished as the chasm dividing the rich and poor widens and the country’s dependence on imports becomes irreversible.
Recent evidence of the will if the financial sector to push their agenda is surfacing as the November 2010 elections approaches. Massive spending on campaign ads in support of conservative candidates and issues is far outpacing spending for more moderate approaches.
Don’t expect congress to be looking to change these rules any time soon. These big contributions are their best hope of being reelected and they certainly will not want to stop this gravy train. Campaign finance laws need to change but who will lead the charge for new legislation?
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