Tuesday, August 16, 2011

Some thoughts on politics and the economy

“This is an impressive crowd -- the haves and the have mores. Some people call you the elite -- I call you my base.” -- George W. Bush

"When it comes to tax cuts for the wealthy, Americans are united across the political spectrum, supporting a message that says, “In times like these, millionaires ought to be giving to charity, not getting it.” Drew Westen, NYTimes August 7, 2011

"400 people control more of the wealth than 150 million of their fellow Americans. ...the average middle-class family has seen its income stagnate over the last 30 years while the richest 1 percent has seen its income rise astronomically." "...we cut the fixed incomes of our parents and grandparents so hedge fund managers can keep their 15 percent tax rates." "... only one side in negotiations between workers and their bosses is allowed representation." "it is not public opinion but the opinions of the wealthy that predict the votes of the Senate." Drew Westen, NYTimes August 7, 2011

A corporation is a business entity that has many of the legal rights as an actual person. But when it comes to corporations, profit is private and individual. Loss is public and social.

WASHINGTON, Sept 27 2007(Reuters) -
"With the U.S. government fast approaching its current $8.965 trillion credit limit, the Senate on Thursday gave final congressional approval of an $850 billion increase in U.S. borrowing authority. The Senate voted 53-42 to raise the debt ceiling to $9.815 trillion, the fifth increase in the U.S. credit limit since President George W. Bush took office in January 2001."
Judiciary Report Sept 27. 2007

"And while Reagan somewhat slowed the marginal rate of growth in the budget, it continued to increase during his time in office. So did the debt, skyrocketing from $700 billion to $3 trillion. Then there's the fact that after first pushing to cut Social Security benefits - and being stymied by Congress - Reagan in 1983 agreed to a $165 billion bailout of the program. He also massively expanded the Pentagon budget." Brian Montopoli Feb 4, 2011

"...Reagan actually ended up raising taxes - eleven times. That's according to former Republican Sen. Alan Simpson, a longtime Reagan friend who co-chaired President Obama's fiscal commission that last year offered a deficit reduction proposal. Brian Montopoli Feb 4, 2011

"Reagan also raised the gas tax and signed the largest corporate tax increase in history, an act Joshua Green writes would be 'utterly unimaginable for any conservative to support today.'" Brian Montopoli Feb 4, 2011

No comments: