Tax The Rich More, for Goodness Sake.
They Have Nearly All The Money.
Obama's Subservience to The Rich WIll
Send The Market Higher,.
by William Schmidt, Ph.D.
(C) 2007-2011 All rights reserved. Reproducing any part of this
giving full acknowledgement
is a copyright infringement.
Polls show a majority of
voters support raising taxes
on the rich. Obama might have reasserted himself
as champion of working Americans after the Democrats
November losses. Not Obama - the Puppet of Wall Street.
Why must Obama and Republicans always be so
solicitous of the very wealthy?
do the rich need the Bush tax breaks? Why can't Obama stand up, just a little,
the people who voted for him. The Treasury has been looted by Halliburton and
Wall Street banks. The Bush tax cuts will have given the rich a trillion dollars
by 2020 if extended. With executive pat and bonuses rising again and
unemployment at 17% and pay down sharply, the rich have nearly all the
now. They are the only ones who can pay any more taxes!
remember the 1950s when the economy was booming. The marginal
rate for the rich was 90%. Now it's under 40%. What are the rich doing with their
that helps America or Main Street. Investing in multinationals. Hiding the
off-shore. Buying yachts and third , fourth or fifth vacation homes.
out of every seven Americans is in poverty. 25 million are unemployed.
more are working part-time, not being paid much and having a terrible time
wage gap between the rich and poor is the widest it has ever been.
allowed this. The political system is clearly a plutocracy. The only
missing are corporate logos on the American flag.
The "Democratic" Congress did nothing
about outsourcing of jobs. That's
an oversight. Their corporate sponsors do not want things changed.
Budget Deficit Panel refuses to consider any increases of taxes
the super rich. Instead, they want Social Security to renege on their promise
the elederly and raise the age of retirement with full social security to 69
"The percent of income garnered by the wealthiest 10% of U.S. households hit 48.2%
in 2008, up from 34.6% in 1980, according to a
recent report on income equality by the Congressional Joint Economic Committee.
"Much of the spike was driven by the share of total income accrued by the richest 1%
of households. Between 1980 and 2008, their share rose from 10% to 21%, making the United
States one of the most unequal countries in the world."
"And the income gap has actually widened since the financial crisis: According to
the 2010 Census, the top 20% of workers -- those making more than $100,000 each year --
received 49.4% of all income generated in the U.S., compared with the 3.4% earned by those
below the poverty line. As
reported by Slate.com, that ratio of 14.5-to-1 was an increase from 13.6 in 2008 and
nearly double a low of 7.69 in 1968. (See: "Great
Recession" Pushes Gap Between Rich and Poor to Record Levels)
Obama and the Rpublicans will extend the Bush tax
cuts for the very richest.
Nobel prize winning economist Paul Krugman writes:
"Whats at stake here? According to the nonpartisan Tax Policy Center, making all of the
Bush tax cuts permanent, as opposed to following the Obama proposal, would cost the
federal government $680 billion in revenue over the next 10 years. For the sake of
comparison, it took months of hard negotiations to get Congressional approval for a mere
$26 billion in desperately needed aid to state and local governments.
"And where would this $680 billion go? Nearly all of it would go to the richest 1
percent of Americans, people with incomes of more than $500,000 a year. But thats
the least of it: the policy centers estimates say that the majority of the tax cuts
would go to the richest one-tenth of 1 percent. Take a group of 1,000 randomly selected
Americans, and pick the one with the highest income; hes going to get the majority
of that groups tax break. And the average tax break for those lucky few the
poorest members of the group have annual incomes of more than $2 million, and the average
member makes more than $7 million a year would be $3 million over the course of the
"How can this kind of giveaway be justified at a time when politicians claim to
care about budget deficits? Well, history is repeating itself. The original campaign for
the Bush tax cuts relied on deception and dishonesty. In fact, my first suspicions that we
were being misled into invading Iraq were based on the resemblance between the campaign
for war and the campaign for tax cuts the previous year. And sure enough, that same
trademark deception and dishonesty is being deployed on behalf of tax cuts for the
"So, for example, were told that its all about helping small business;
but only a tiny fraction of small-business owners would receive any tax break at all. And
how many small-business owners do you know making several million a year?
"Or were told that its about helping the economy recover. But its
hard to think of a less cost-effective way to help the economy than giving money to people
who already have plenty, and arent likely to spend a windfall.
"No, this has nothing to do with sound economic policy. Instead, as I said, its
about a dysfunctional and corrupt political culture, in which Congress wont take
action to revive the economy, pleads poverty when it comes to protecting the jobs of
schoolteachers and firefighters, but declares cost no object when it comes to sparing the
already wealthy even the slightest financial inconvenience. "
Dec 10, 2010
Obama Admits That Tax Cuts
For The Rich Won't Create Jobs
President Obama was on NPR's Morning Edition Friday
discussing the compromise on the Bush tax cuts when in response to a listener's
Dec 6, 2010
Did Obama Make
Tax Cuts for the Rich Permanent by Kicking Them to ...
... A central part of the White House compromise was putting the tax-cuts-for-the-rich
in the middle of the 2012 campaign.
Despite How Glaringly Obvious are The Failures of
"Free Market", Obama Still Promotes This Myth
Lets Millions Suffer... He Was Elected To Lead
A New Direction. He and His Party Have Failed Terribly.
Just 21 years ago after the collapse of the Soviet
Union, Socialism and Marxism
dismissed as complete failures. The "free market" seemed vindicated
many. But, now the boom and bust of Wall Street, the trillion Dollar bailout
banks too big to fail, a real unemployment level of 15%, homelesness,
medical insurance costs, unending wars a world away, Global Warming
the obvious domination of both political parties by Wall Street show that
needs to fundamentally change the status quo. Even now, Wall Street
as though everything is back to normal.
and The Planet Can No Longer Afford To Be Guided
This "Free Market" Ideology Whose Sole Purpose Now
To Befuddle Common Sense and Protect The Rich and Powerful.
of Reading for the Curious.
2008 OBAMA: "I am a pro-growth, free-market guy. I
love the market.
think it is the best invention to allocate resources." (Source.)
theory this means, businesses are regulated through the dictates of supply and
and and distribution are controlled by business owners and investors. Profits are
among the owners and shareholders. In a word, "greed is good".
Obama was either being naive or telling the
rich and powerful that he was no threat.
we really had a free market, the Wall Street banks that made stupid investment decisions
now be bankrupt, to be replaced by more intelligent banks and managers. Instead
have been bailed out -- at taxpayer expense -- and permitted to continue with
any new restrictions. (B
few industrues are competitive. Most are "oligopolies" and dominated by a
just a few corporations.
example, as of fourth quarter 2008, Verizon, AT&T, Sprint Nextel, and T-Mobile
of the US cellular phone market...Firms may employ restrictive trade practices (collusion,
etc.) to raise prices and restrict production in much the same way as a monopoly. Where there
a formal agreement for such collusion, this is known as a cartel. A primary example of
such a cartel
OPEC which has a profound
influence on the international price of oil.
examples: Airlines, tire, banking, autos, steel, soft drinks, tobacco, TV networksm film,
phone, gas distribution, music companies (4), beer, healthcare insurance and corn flakes.
laws are no longer enforced very much. The result is higher priced products, slower
and emphasis on TV marketing. Prices are set by leaders where outright collusion
depend heavily upon government handouts and contracts.
have bought Congress and the Networks and subverted Democaacy..
very rich have so much political power, they cannot be challenged and so get richer.
are run as fiefdoms with those on top getting huge salaries that often bear no
their true productivity and the company's success.
has lost its indistrial and manufacturing base to the international free traders..
workers are being impoverished more and more. It is ti the interest of the
to pay as low as possible to Labor.
(greed unmitigated) and Busts (unmitgated fear) cause severe unemployment for
long periods of time.
decisons are made with very imperfect information, because of the pervasive corporate
fraud and concealment of relevant information to shareholders and consumers.
is inevitable. Corporations want to operate as cheaply as possible. Over-all
the planer are not the concern of a business seeking to maximize profits.
and non-renewable energy resources and food (fish) are exhausted. Long-term, future
concerns are secondary to exploiting resources to maximize profits in the present..