Bring It On!

The Economic Meltdown and Class Warfare

October 9th, 2008 | by Tom Harper |

Molly Ivins wrote a few years ago that the most lucrative investment you can make — nothing else even comes close — is to purchase your own congressman (or several). How’s this for a Return On Investment? The financial sector has contributed $2 billion to Congress since 1990.

Talk about a payoff! Make $2 billion worth of bribes to Congress and get rewarded with a $700 billion handout from the taxpayers. Now THAT was some shrewd investing.

The Institute for Policy Studies has suggested a transaction tax of one penny for every $4 invested. This would add $100 billion a year to the Treasury. If this tax had been in place since the Enron meltdown in 2001, the Treasury Department would now have $700 billion.

Getting rid of overseas tax shelters would also yield hundreds of billions for the U.S. Treasury. Just imagine if these corporate bailouts were paid for by the people who created the need for them in the first place. Large corporations having to take responsibility for their own mistakes, just like regular people do — what a concept.

A member of the Institute for Policy Studies said “Many of these things have been examined, but not implemented. Congress essentially punted on how to pay for the bailout.”

The author of this column, Derrick Z. Jackson, ends his column with: “If Congress is the punter, the people are the football being kicked once again far downfield as Congress and the CEOs high-five with relief from the skybox.”

If you’re in the mood for a little more class warfare and socialist rhetoric, check out this article by Michael Moore. During the past seven and a half years, the 400 wealthiest Americans have increased their wealth by about $700 billion. Again, that number is — Ahem! — $700 billion. (see above)

Are you thinking what I’m thinking?

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  1. 8 Responses to “The Economic Meltdown and Class Warfare”

  2. By manapp99 on Oct 10, 2008 | Reply

    So the Feds take 3 trillion a year from the taxpayers of this nation and have been totally irresponsible with it. 3 trillion each and every year. Yet you think it a good idea to devise ways to send even more money to them.

    What have the politicians in Washington done that makes you think they deserve to have even more money? Do you really think they are doing a good job with the money they take from us?

  3. By Chris Radulich on Oct 10, 2008 | Reply

    You do realize the government is us. Strange as it seems the people who work for the government ( including the armed forces and police forces) like to be payed. You have seen the results of borrowing on a grand scale. You know the present economic crisis. You can argue about how we spend the money ( always remembering that SS and Medicare/ medicaid have been in the black for years) but sending less money when we can not pay the bills now will only gaurenttee us becoming a third world country.

  4. By manapp99 on Oct 12, 2008 | Reply

    “You do realize the government is us.”

    Yeah, then try not paying the government for a few years and then tell the judge that you didn’t have to because the govenment is “us”.

    There is a vast difference between what the US federal government was meant to be and what it is today.

    It is not about paying the employees of the government. Payroll in the case of the government is a small part of the pie. However if the government did not have so many useless or redundant programs they would not need so many employess.

    You just don’t seem to want to admit that the federal government has become a bloated, wasteful and corrupt organization.

    If we don’t want to become a third world country we need to get government less involved not more.

  5. By Windspike on Oct 12, 2008 | Reply

    I might suggest we save a billion dollars a day by pulling our troops out of Iraq. How about saving nearly a trillion dollars by not going there in the first place. Of course, that decision was made and who wins? Those no-bid contractors such as Halliburton?

  6. By manapp99 on Oct 12, 2008 | Reply

    If you take the figure of 12 Billion a month that we are spending and multipy it by 12 you get 144 billion a year. Divide that by 365 you get about 395 million a day, not 1 billion.

    Windspike…why do you hate math?

    Besides, Obama has already told us he plans to escalate the war in Afghanistan so there will be no gain to the taxpayer when he pulls us out of Iraq.

  7. By Chris Radulich on Oct 13, 2008 | Reply

    There is a vast difference between what the US federal government was meant to be and what it is today.

    There is a vast difference between the country in 1776 and 2008. For one thing corporations as the exist today did not exist then. If you think it was better then there is always some part of the north west that is probably so remote that you can simulate that period.

    Yeah, then try not paying the government for a few years and then tell the judge that you didn’t have to because the govenment is “us”.

    Exactly who do you think it is OK not pay for services rendered? I guess you feel that if you have a wife and kid it is alright not to feed, cloth, and shelter them. After all it is your money. You earned it.

  8. By manapp99 on Oct 13, 2008 | Reply

    So you think it is OK for the feds to take tax dollars from one state, say New York and spend it on bridges to nowhere in Alaska?

    Keep tax dollars local and spend local tax dollrs on local projects. Closer to the taxpayer where they can keep a closer watch. Besides we pay a considerable amount of money just to pay people to collect the money and redistribute it. Why not cut out the middle man and allow the tax dollars to more real work.
    You can spend 10 million on a bridge or spend 20 million for the same bridge by sending the money to Washington and then having to send your local officials up to lobby for it.

    I makes since to get the feds back to the business of running the federal government and let the states and localities run their own affairs.

    Why do you think lobbyist make so much money? Because there is so much to pass around that it pays to pay someone to try and get a share of the pie. Get rid of the vast sums sent to the Washington wasteland and you will get rid of the lobbyist.

  9. By Elizabeth on Oct 13, 2008 | Reply

    Danny Schechter has written a great book, Plunder, on how we all got into this mess. Plunder shows how debt has restructured our economy and put Americans under a burden that’s just insurmountable for many. (Personally, I’m glad we’ve always paid off credit cards every month; but I’m more than a little peeved that I am now helping bail out all those who bought more house than they could afford…)

    Great read.

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