Archive for August, 2012

The Great Recession of 2007 had its origins with the Reagan tax cuts. You’ll notice from the graphs and charts below that income redistribution has been going on since then, and this has been brought about by legislative acts of the federal government. It’s been a rigged income redistribution game against the middle class ever since Reagan. Wall Street Senator Ron Wyden has been a consistent voted for these thinly disguised redistribution legislation, like free trade treaties and deregulation. The same is true for Wall Street Congressman Earl Blumenauer.

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Wall Street Mitt the Twit of the Twit Twins economic scam will only make things worse for the 99 percent. He plans to redistribute income from the 99 to the 1 percent. Here are seven facts about the Mitt Scam that you should know about from Thinkprogress.org.

The scam…”gives the rich and corporations a massive tax cut. Romney’s proposal to give every American a tax cut is a giveaway to the rich that is four-times larger than the Bush tax cuts. Half the benefit would go to the richest five percent of Americans, and each member of the top 0.1 percent would get at least a $264,000 cut. Romney says he will balance the cuts with the closure of tax loopholes, but he can’t name which ones he’d close and even if he did, the plan wouldn’t generate enough revenue to offset revenue lost to tax reductions. His corporate tax plan, meanwhile, results in more than $1 trillion in tax cuts.”

Mitt’s scam also “raises taxes on the middle class. A Tax Policy Center analysis found that Romney’s plan would raise taxes on middle class families by up to $2,000 if he were to keep his promise to maintain the current level of revenue. A later analysis that added in the cost of Romney’s corporate tax cuts nearly doubled the size of the tax hike on the middle class to as much as $4,000 for a family of four.”

Click the link below for the complete story.

Seven Facts About Wall Street Mitt's Economic Scam He Doesn't Want You to Know — Think Progress.org

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New Jersey Republican Governor Gus Christie wants to continue the thirty-two year old war the 1 percent have been waging against the 99 percent. He wants to use legislation to redistribute more income and wealth from the 99 percent to the 1 percent. Let’s face it. That’s his job. Elizabeth Warren (pictured above) decided to respond.

Warren said of Christie’s speech at the Republican convention, “We made a decision together as a country: To invest in ourselves, in our kids, and in our future. For nearly half a century, that’s just what we did.

And it worked. For nearly 50 years, as our country got richer, our families got richer—and as our families got richer, our country got richer.

And then about 30 years ago, our country moved in a different direction. New leadership attacked wages. They attacked pensions. They attacked health care. They attacked unions. And now we find ourselves in a very different world from the one our parents and grandparents built. We are now in a world in which the rich skim more off the top in taxes and special deals, and they leave less and less for our schools, for roads and bridges, for medical and scientific research—less to build a future.

Tonight, Chris Christie and the Republicans told the American people that we’re to blame for our broken economy. He told families to tighten their belts. He told seniors to live on less. He told teachers to stop fighting for fair pay.

He never, ever mentioned how much more the richest have taken, and he had no mention that those who broke our economy still haven’t been held accountable.”

Warren didn’t mention one thing; Christie is most likely on the payroll of the crookiest of the 1 percent.

Related stories

Elizabeth Warren responds to Gus Christie–Daily Kos

Here's the reason the economy is so weak — Johnhively.wordpress.com

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The Guardian of the UK writes that Obama should run on the success of the stimulus because, “Everything you think you know about it is wrong: stimulus saved the US economy, and only Republicans stopped it working better.” And the story goes on.

“…the stimulus measure was “the biggest and most transformative energy bill in history”, and “the biggest and most transformative education reform bill since the Great Society”. It was also a “transformative healthcare bill”, the “biggest foray into industrial policy since FDR”, the “biggest expansion of antipoverty initiatives since Lyndon Johnson”, and – ironically, for a president oft-accused of raising taxes – the “biggest middle-class tax cut since Reagan”. It rebuilt bridges and paved roads; weatherized and retrofitted homes; and spurred the move toward high-speed rail.”

“That, three and a half years after it was passed into law, most Americans simply have no idea what the Recovery Act wrought is a truly damning indictment of the US media.

The other part of this story comes from across the aisle and involves the Republican party, which, with the exceptions of three senators (Collins, Snowe and Specter), voted unanimously against the bill, and which, since it passed, has repeatedly lied about its impact.”
Why Obama Should Campaign on the Success of the Stimulas–The Guardian UK

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Most Americans say the rich don’t pay enough taxes

“As the income gap between rich and poor widens, a majority of Americans say the growing divide is bad for the country and believe that wealthy people are paying too little in taxes, according to a new survey.”

Click on the link below for the full story.

Most Americans Think the Rich Should Pay More in Taxes

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The Guardian UK reports, In reality, the Trans Pacific Free Trade Treaty… “has almost nothing to do with trade: actual trade barriers between these countries are already very low. The TPP is an effort to use the holy grail of free trade to impose conditions and override domestic laws in a way that would be almost impossible if the proposed measures had to go through the normal legislative process. The expectation is that by lining up powerful corporate interests, the governments will be able to ram this new “free trade” pact through legislatures on a take-it-or-leave-it basis.”

Free trade scams, which are labeled “agreements” to avoid the constitutional requirement that all treaties require a 66 percent yes vote in the senate, are treaties aimed to redistribute income from the 99 to the 1 percent. It’s also a way to redistribute what little political power the 99 percent has to the 1 percent, as the Guardian noted above. President Obama represents one faction of the 1 percent; Wall Street Mitt the Twit Romney represents the other faction.

When jobs are shipped or created overseas because of these treaties, the difference between the old, higher US wages and compensation and the new, lower foreign wages and other compensation goes into the pockets of the 1 percent via higher corporate profits, higher dividends and surging stock prices.

The rich also receive the difference between the cost of the old higher standard environmental US regulations and the more lax environmental regulations (if any) in the foreign nations.

But now the TPP has new things in store to redistribute income from the 99 to the 1 percent by bypassing the normal political process, which is why the Obama regime is negotiating the treaty in the first place.

These treaties are the biggest reason the 1 percent now receive nearly 30 percent of the total income in the US compared to around 7 or 8 percent thirty-two years ago.

The Trans Pacific Free Trade Agreement is more of the same, only worse. The Guardian UK has called the treaty NAFTA on Steroids. Click on the link below for more of the story.

Obama's Betrayal: The Pacific Free Trade Income Redistribution Deal–Guardian UK

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