Wealth: When Will The 98% Tell The 2%, Enough Is Enough?

LeprechaunGilbert Mercier writes on News Junkie Post:

Congress has passed, a two year renewal of the Bush tax cuts. The bill is a nice extra Christmas bonus for the wealthiest 2 percent of Americans, and it will only amplify the monumental US budget deficit.

The logic behind the bill goes against, not only common sense but also against the global trend, notably in Europe, to cut spending and increase taxation in order to address a spreading budget crisis.

The governments of countries such as Greece, Ireland, Portugal and Spain are pushing for unpopular austerity measures, and richer countries such as the UK and France are trying to implement the same type of economic policies often by cutting social benefits and programs.

If austerity is the trend in Europe, it is certainly not the case in the United States. The US political and financial ruling class, which can be credited for starting the global financial meltdown of 2008, is still betting on the “virtues” of shock capitalism by cutting taxes and not cutting spending. What Congress did last night is quite simple: Our politicians made the decision to charge our common national credit card with a $700 billion gift to themselves and their real constituents, which are the wealthiest 2 percent Americans. And, once again, future generations will have to pick-up the astronomic tab. That is, of course, unless the United States goes completely bankrupt from 30 years of reckless financial and economic policies.

However, Americans, especially Democrats, should not be surprised at all. The new documentary “Inside Job” exposed how the same players, often switching jobs from top Wall Street executives to “public servants” rigged the system, and are still running the show. By giving Wall Street full license to operate like a Ponzi scheme, we have allowed this very dangerous symbiosis between Wall Street and Congress, where the financial sector is truly in charge of the electoral American process.

Before he became president, Barack Obama was denouncing the “Fat Cats” of Wall Street. Two years later, this hypocritical populist stand has been exposed as a lie. President Obama has, in his own economic team, some of the worst fat cats he was denouncing a while back. The de-regulators or former Wall Street executives such as Larry Summers, Tim Geithner, Ben Bernanke etc are behind all financial and economic decisions in the Obama administration, and they fully qualify as fat cats.

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  • Hadrian999

    it wouldn’t matter if they did, inside 1 generation there would be a new 2%

  • Hadrian999

    it wouldn’t matter if they did, inside 1 generation there would be a new 2%

  • Belcat

    Hadrian999, The idea is not to tax the 2% to the point where they aren’t rich anymore, that’s silly. The idea is to make them pay their fair share – if you’re making $300,000 a year, you can easily afford to give 40% as taxes. And they will still be rich, trust me, unless they are really foolish.

    It’s sick that both parties are in bed with the rich. I guess the only solution is to start voting in independents…what are the odds of that? Yeah, I know, slim, but until the population starts voting for something different, not much will happen.

    • Hadrian999

      i think as soon as the independents amassed any power they would jump right into bed with the rich.
      any time there is a revolution or changing of the guard the people on top change but the people on the bottom don’t see much benefit.

  • Belcat

    Hadrian999, The idea is not to tax the 2% to the point where they aren’t rich anymore, that’s silly. The idea is to make them pay their fair share – if you’re making $300,000 a year, you can easily afford to give 40% as taxes. And they will still be rich, trust me, unless they are really foolish.

    It’s sick that both parties are in bed with the rich. I guess the only solution is to start voting in independents…what are the odds of that? Yeah, I know, slim, but until the population starts voting for something different, not much will happen.

  • Hadrian999

    i think as soon as the independents amassed any power they would jump right into bed with the rich.
    any time there is a revolution or changing of the guard the people on top change but the people on the bottom don’t see much benefit.

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    Hell, I’d be content if we just focussed efforts on taxing the 0.5 percent who exceed millions in income per year. Over taxing smaller fish in the 200 to 300K range has been the boondoggle to broaden the pool of people upset about raising taxes…but these people are far less valuable and far less inclined to cheat the taxman than the gangsters up above them. Re configure the next tax hike and make it exclusive to the 1 million + crowd…and bring back the damned estate tax…(like we need homegrown welfare for trust fund lushes.)

    • NaturalSelection

      Exactly!

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    Hell, I’d be content if we just focussed efforts on taxing the 0.5 percent who exceed millions in income per year. Over taxing smaller fish in the 200 to 300K range has been the boondoggle to broaden the pool of people upset about raising taxes…but these people are far less valuable and far less inclined to cheat the taxman than the gangsters up above them. Re configure the next tax hike and make it exclusive to the 1 million + crowd…and bring back the damned estate tax…(like we need homegrown welfare for trust fund lushes.)

  • NaturalSelection

    Exactly!

  • http://profiles.yahoo.com/u/LZNJUGQUKQ5GBYR3FZ3D4FJF7I Donald

    We keep trying. Problem is, nobody’s listening and we’re all afraid to start shooting.

  • http://profiles.yahoo.com/u/LZNJUGQUKQ5GBYR3FZ3D4FJF7I Donald

    We keep trying. Problem is, nobody’s listening and we’re all afraid to start shooting.

  • Bill Wilson

    Look at the percentage of people that vote and select the so called “Leaders ” Far to many vote themselves a paycheck or seek to buy favor. Real American’s are beginning to wake up an call for goals to bring this great Nation back in line with our Constituation . I believe the answer to the topic’s question Is ; When the 98 %
    vote instead of running their mouth. Real change is not going to be obtained without sacrafice from all ! Obama’s
    touchee-feelee change, the verbal circle jerk, is not going to cut it. Nov. 2nd was a great message. Our next move should be to take that spark and turn into an unquenchable Wildfire, which leaves NO-ONE untouchable .

  • Bill Wilson

    Look at the percentage of people that vote and select the so called “Leaders ” Far to many vote themselves a paycheck or seek to buy favor. Real American’s are beginning to wake up an call for goals to bring this great Nation back in line with our Constituation . I believe the answer to the topic’s question Is ; When the 98 %
    vote instead of running their mouth. Real change is not going to be obtained without sacrafice from all ! Obama’s
    touchee-feelee change, the verbal circle jerk, is not going to cut it. Nov. 2nd was a great message. Our next move should be to take that spark and turn into an unquenchable Wildfire, which leaves NO-ONE untouchable .

  • http://pulse.yahoo.com/_WNY3BQ27TZIXZHTXTYH2ZNS2GU danny

    Class warfare..a communist/progressive tactical manuver that always works.. blame every thing on the few that acheive what once was the  american dream.

  • http://pulse.yahoo.com/_WNY3BQ27TZIXZHTXTYH2ZNS2GU danny

    Class warfare..a communist/progressive tactical manuver that always works.. blame every thing on the few that acheive what once was the  american dream.

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