September – Week 4 Summary

24 Sep

September 18, 2011

  • Paul Ryan, Increase Taxes on Middle Class But Dismisses Millionaires Tax as ‘Class Warfare’
    Wisconsin Rep. Paul Ryan has suggested that Obama’s economic policy’s plan to tax millionaires’ profits from capital gains in order to fund job creation efforts constitutes “class warfare.” While he said this, Ryan, was also making a call to the end to the current tax cuts that would effectively raise taxes by 50% for those who make less than $106,000. Pot, I’d like you to meet kettle. The wealthy have enjoyed years upon years of loopholes, tax cuts, and incentives. These so-called “job creators” have done everything but created jobs. Since these types seem to be so good at forgetting history, cause its inconvenient, might I remind you how this country was pulled out of the depths of the Great Depression. During Roosevelt’s first term as President the government implemented the New Deal which included numerous economic programs and new regulation to not only restore our country’s greatness but aid in preventing repeat economic disasters in the future. Here’s what it did:

    • Bank and monetary reforms included deposit insurance, leaving the gold standard, as well as many other regulations and legislation. Some of these regulations were more recently repealed for God knows what reason, they then helped lead to our recession.
    • The Economy Act proposed to balance the federal budget by cutting the salaries of government employees (something you wouldn’t see them doing today) and cutting pensions to veterans by 15%.
    • Numerous projects funded by the government were started including the manufacturing of clothing to be donated to charities and hospitals, school lunch programs, art programs, building new schools, building roads in remote areas, and reforestation.
    • Creation of the Food Stamp Plan which not only benefits the poor but also food producers, grocers, wholesalers, and farmers who not have otherwise seen the sale.
    • The Repeal of Prohibition which allowed for the legal commercial production and taxation of alcohol. We’re at a turning point today with the same potential for tax and job creation, the legalization of marijuana, imagine the jobs that could be created by the commercialization of marijuana production and distribution as well as the tax revenue.
    • Here’s the big one, tax increases to OH MY GOD, redistribute wealth. It included a gift tax, a severely graduated income tax, and a corporate income tax.

    You see, we can learn a lot from our very own history. When our country was faced with a similar, albeit worse, economic disaster, they took several steps to repair the damage. It was successful, the decades following the implementation of the New Deal saw our explode with a stronger and more powerful economy, we once again were the greatest nation on the planet. Now we face similar hardships, why we face them is another discussion. However, someone, having actually studied our country’s history, saw what had worked in the past. Federally funded projects to spur job creation and get some spending money into the hands of the working class. They’ll turn around and spend that money, thus contributing to the betterment of our economy. The corporations that make the products that are seeing better sales will then have the ability to hire more employees to meet demand and the cycle will repeat. Taking more money from those that hardly have any and taking less from those that have an abundance will not create jobs, it didn’t back in the 30’s and it’s still not now. The class warfare that seems to be on the tip of every conservative’s tongue these days is nothing more than a projection onto the true victims of class warfare, to make them feel guilty for not being as fortunate as the upper crust.

September 19, 2011

  • The ‘Jimmy Buffett’ Rule
    I’m not really sure how to react to this, um, Fox News posted an opinion piece on their site that doesn’t really belong on Fox News. The author, Ellis Henican, discusses Obama’s new plans for cutting $3 trillion from the federal debt, in particular the expiration of the Bush tax cuts for upper-earners as well as a new tax for people earning over $1 million a year. She goes on to add an addendum to the Jimmy Buffett Rule, “If you ask the bottom 98 percent to sacrifice, that’s prudent fiscal policy. If you ask the top 2 percent to sacrifice, that’s class warfare.” Check out the following paragraph and you’ll see why this is so weird.

    • The middle class was always the strength of America. That’s what gave the country its energy, its creative, its drive. But for middle-class Americans, a solid career with benefits is becoming more the exception than the rule. Kids are coming out of college with huge student loans and shrunken opportunities. Fifty million Americans can’t afford health insurance. For young people especially, home ownership is an increasing distant dream.

    The author concludes her post by stating that unless we find a way to spread the burden upward and cut the middle class some slack, it isn’t Greece or Portugal we will soon be resembling. It’s those old Caribbean islands Jimmy likes to sing about. Where a few super-rich families own just about everything. Where the vast majority of others have hardly anything at all. Like I said, its weird, I can’t remember the last time I read anything this logical or level-headed on Fox News. Not to worry though, the Fox disciples do their part to discredit her opinion, spewing their venomous hatred like she just came out as a Communist. Calling her a slut, being paid to write leftist propaganda, the kind of response I expected to see. These very people that in a majority of cases, fit into the “middle class” profile she was talking about. The very same people that stand to suffer greatly, fighting for a class that they stand little chance of ever touching. The delusions I see in these reader’s comments is really quite depressing. Something tells me Ellis won’t be working at Fox much longer, she seems to have forgotten importance of maintaining the conservative illusion.

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Posted by on September 24, 2011 in Weekly Summary


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