Wednesday, March 2, 2011
Puppets on a string
I can still remember September 15 of 2008 because that's the date Lehmann brothers went down and almost took down our entire country’s Financial System in a domino effect. However clumsy it was and I think Federal Chairman Bernanke, Secretary of Treasury Hank Paulson and President Bush made the right decision when they decided to let the taxpayers bailout out Wall Street. Yet, we still have those that will shill for Wall Street and big corporations because they think taxes and regulations will weaken them.
I know after 30 years of Ronald Reagan’s prophecy of “ government is a problem not the solution” the followers will all defend trickle down economics'. They will go to bat to give the top 2% a tax cut and go out of the way to see that Wall Street and the corporations have very little interference in the pursuit of the almighty dollar. The republicans have a bill to restrict the EPA from enforcing current emission laws and they want to repeal the finance reform package the democrats passed. This is the basis for local bloggers like Observer and rollingstone to that the top 2% and the big corporations should not be tampered with if we're to have a robust economy.They are puppets on a string.
Conservatives accused President Clinton of “tax and spend politics” when he raised income taxes on the very wealthy to pay for investments in economic development, education, and new technology. [Washington Post] But Clinton’s policies yielded 23 million new jobs—nearly five times more new jobs than Bush created with his tax cuts for the super-rich. [Bureau of Labor Statistics]
The problem is not that corporations are overtaxed. In fact, a whopping two-thirds of American corporations and foreign corporations doing business in the United States pay absolutely no federal income taxes—despite taking in $2.5 trillion in sales. [Government Accounting Office] In 2005, 28 percent of large foreign companies doing business in the United States (those with more than $250 million in assets or $50 million in sales) paid no taxes.
There's a point of overtaxing and over regulations but we can’t come to the table if zero is the starting point. I bet the majority of Americans believe that cutting discretionary spending by $61 billion is a great start at getting our fiscal house in order. Not so, says Goldman Sachs that large of an amount would cut the GDP by 2% and other economists have said that it will lead to 700,000 jobs being lost. There is a rule that says “ when consumers and businesses are not spending- government has to.” we don't want to make the same mistakes of the 1929 Depression by drastically reducing government spending before full recovery. We should sit down at the table and discuss 10 year plans of tax reform, entitlement reform, and defense cuts with tax increases that will trigger if we don't mean our goals.
I'm completely ignorant when it comes to local politics because Lamppost wrote a blog that doesn't make any sense to me. I'm pretty sure the posters that responded understood what he was talking about because he was articulate and but I don't know if his message was about the good ole boy system, volunteering, or a combination of both. I guess I’m that far behind with my head buried deep in the sand. Someday,I will will get someone to explain all this to me.I don’t know if “puppets on a string” applies because I don’t know who the puppets are.
In the meantime Mike Huckabee thinks Obama was born in Kenya and Chris Matthews is going off the edge like Charlie Sheen and Rick Perry thought Juarez was part of Texas.