Robbing the "Rich" Wrecks the Economy

[MintJulep]

Of course, we're seeing the results of this already but this is a good article which pulls it all together.


Democrats in Congress, frightened by what voters are likely to do in November, have been given their marching orders by the Obama administration.

We're to be told that we're in "Recovery Summer," a turnaround that's the direct result of unprecedented government spending on stimulus-funded pork.
And after "Recovery Summer," if we don't flinch and just follow the leader, maybe we'll be told that we're in "Utopian Fall" and become the beneficiaries of more mandated equality and less individualism.

Perhaps that will be followed by what they'll call an "Egalitarian Winter," a time when paychecks are capped and we lessen our guilt by increasing handouts, both here and abroad, for everything from free windows in Detroit to new sewers in Kabul.

President Obama's program for more jobs includes a call for the government, starting in January, to take more money from "the rich," from the nation's key job creators, a strategy that's intrinsically irrational and counterproductive -- unless you think that all jobs should be with the government.

This anti-wealth, anti-business line of attack against the nation's job producers includes "a close-to-60-percent increase in the capital gains tax rate," a tax rate on dividends that would "soar by nearly three times," and income-tax rates that would "effectively rise nearly 20 percent" on the top two income brackets, reported budget analyst Peter Ferrara recently in Investor's Business Daily.

"Under ObamaCare, the Medicare payroll tax rate goes up 31 percent for higher-income earners," explained Ferrara, a policy to further empty the wallets of job creators. "The president would also restore the death tax rate at 45 percent," thereby confiscating a lion's share of the assets of the next generation of job creators.

Even without these proposed tax hikes on "the rich" (defined as those earning more than $200,000 a year, $250,000 for couples), high-income earners already pay a disproportionately high portion of federal taxes.

An analysis of IRS data for 2007 shows the top 1 percent of income earners receiving 22.8 percent of total income and paying 40.4 percent of all federal income taxes. Similarly, the top 5 percent of income earners received 37 percent of total income and paid 60.6 percent of all federal income taxes.
In short, the top 1 percent of income earners paid more of the total federal income tax bill than the bottom 95 percent of income earners -- 40.4 percent vs. 39.4 percent, respectively.

Obama doesn't talk about those numbers. He pushes, instead, for more government, more taxes at the top, and says it won't cost anyone making under $200,000 a dime. He fails to acknowledge that our current lack of job creation is directly linked to American businesses sitting on nearly $2 trillion in cash, reluctant to invest and expand in the anti-business, anti-rich, high-tax environment that President Obama is promoting.

In the high-tax era of the late 1970s, pre-Reagan, the United States was a net capital exporter, with American individuals and companies investing more abroad than foreigners were investing here.

Cuts in income taxes at every level, reductions in taxes on capital gains, and cuts in the highest income tax rate during the Reagan years, from 70 percent to 50 percent and then 28 percent, turned that capital loss around and created what the National Bureau of Economic Research called "the longest sustained period of prosperity in the twentieth century," the creation of 17 million new jobs from 1981 through 1989.

Obama is moving in exactly the opposite direction

http://www.pittsburghlive.com/x/pittsburghtrib/opinion/s_693792.html

[Dale escondido]

Yes but somewhere down the line we will all benefit from a new america where you don't need a job.
It is just a matter of understanding change and how fiscal conservatives are old school and don't have a clue.
We are building something here, so join in or get out of the way.
"I am from the government and I am here to help" will become comforting words to us all.

[John Galt]

10 years of robbing from the middle class has worked just great.


Ask the 1% of the population that has all the wealth.

And billions of our tax dollars.

[MintJulep]

Yes but somewhere down the line we will all benefit from a new america where you don't need a job.
It is just a matter of understanding change and how fiscal conservatives are old school and don't have a clue.
We are building something here, so join in or get out of the way.
"I am from the government and I am here to help" will become comforting words to us all.When hell freezes over. They will have to kill me as I will never submit to this bullshit.

[MintJulep]

10 years of robbing from the middle class has worked just great.


Ask the 1% of the population that has all the wealth.

And billions of our tax dollars.Yeah, things are working out great!

Hope N Change!

[Moby]

Yet for some reason before the massive tax cuts for the wealthiest Americans, the economy was doing so much better. Hmmm...... :confused:

[doctordog]

10 years of robbing from the middle class has worked just great.


Ask the 1% of the population that has all the wealth.

And billions of our tax dollars.

I didn't feel robbed until this year.

[nondual]

ECONOMY -- DEFICIT FRAUDS BOEHNER AND PENCE CAN'T ANSWER HOW TAX CUTS FOR WEALTHY WILL BE PAID FOR:

Yesterday on NBC's Meet the Press, House Republican leaders John Boehner (R-OH) and Mike Pence (R-IN) had a tough time answering host David Gregory's questions about how they would pay for extending the Bush tax cuts for the wealthy. Gregory asked Boehner to respond to former Fed Chairman Alan Greenspan, who said last week that extending the tax cuts without offsets would be "disastrous" and that they do not pay for themselves. "The only way we're going to get our economy going again…is to get the economy moving," was all Boehner could muster in response. When Gregory repeatedly pushed Boehner on whether the tax cuts were paid for, the Minority Leader could not answer directly, replying "I am not for raising taxes," and "what you're trying to do is get into this Washington game and their funny accounting over there." Later in the program, when asked how touting spending discipline and extending the tax cuts that aren't paid for is "a consistent and credible message," Pence also struggled to answer, responding, "I understand the credibility problem" and "I don't acknowledge that" the tax cut extension is not paid for because "it's apples to oranges." The reality is that extending the Bush tax cuts for the wealthy will cost $830 billion over the next 10 years. But many conservatives -- who have made bringing down the deficit one of their signature issues -- are deficit peacocks who are proving that they neither know nor care how they will pay for them.

http://pr.thinkprogress.org/2010/08/pr20100809

[Dale escondido]

When hell freezes over. They will have to kill me as I will never submit to this bullshit.

I am sure it could be accomodated by the peoples republic of america.:D

Tax cuts, raising taxes?
We need to allow the states a little freedom on policy to attract new business with some fed support(getting out of the way))
Then lets see what works best.
I am willing to fess up nothing has really worked yet.
We are now going into resession part deux, but a happy face is the best way to look at it folks.

[Independent Harry]

I didn't feel robbed until this year.

Nothing anecdotal evidence from wayers...

[Independent Harry]

You mean we should continue to let wall street rob the middle and lower class then... OK! let's do it.

it's like a couple retards trying to hump a doorknob in this thread. ie..wayers and mintys view of the world.

[MintJulep]

You mean we should continue to let wall street rob the middle and lower class then... OK! let's do it.

it's like a couple retards trying to hump a doorknob in this thread. ie..wayers and mintys view of the world.How does Wall Street "rob" the middle and lower class?

[MarkMiller]

Better to rape the poor and middle class than ever "rob" from the rich? Please....it's like the mice defending the cat with a tail sicking out it's mouth. You Cons are too funny!

[Dale escondido]

How does Wall Street "rob" the middle and lower class?

The creation of a new enemy who causes all the worlds problems is not an old trick.
We could build camps for the wall street mob and have a better world for the rest of us.
Maybe if the regulators would just get out of bed with em?

[John Galt]

How does Wall Street "rob" the middle and lower class?
The claim that tax cuts create jobs, is rather outdated.

Never mind that history doesn't support that claim.

We don't manufacture anything in this country anymore. Well, except for debt.

We began trading debt on the open market, and until the smoke and mirrors were removed, it seemed as if everything was moving ahead nicely.

The only problem...we began manufacturing low quality debt. Those wealthy you guys choose to hail, were all in cahoots.

They rated this bogus debt as a top quality product. They bundled it up, and sold it to the suckers who never dreamed that the wealthy would screw them.

Lest we forget about Goldman Sachs, and their multi billion dollar fraud against consumers.


Have we forgotten that the uber wealthy are still carrying around our tax dollars in the form of bonuses?



Can someone please be specific, and explain how tax cuts create these fantasy jobs?


Let's assume that we aren't manufacturing anything here anymore....nor will we.

And while you're at it, can you tell me how many jobs were created through shortselling?


Derivatives trading?


Oil futures whoring?


Thanks.

[2T]

Yet for some reason before the massive tax cuts for the wealthiest Americans, the economy was doing so much better. Hmmm...... :confused:


thats the part that confuses hey? lol

[nondual]

The claim that tax cuts create jobs, is rather outdated.

Never mind that history doesn't support that claim.

We don't manufacture anything in this country anymore. Well, except for debt.

We began trading debt on the open market, and until the smoke and mirrors were removed, it seemed as if everything was moving ahead nicely.

The only problem...we began manufacturing low quality debt. Those wealthy you guys choose to hail, were all in cahoots.

They rated this bogus debt as a top quality product. They bundled it up, and sold it to the suckers who never dreamed that the wealthy would screw them.

Lest we forget about Goldman Sachs, and their multi billion dollar fraud against consumers.


Have we forgotten that the uber wealthy are still carrying around our tax dollars in the form of bonuses?



Can someone please be specific, and explain how tax cuts create these fantasy jobs?


Let's assume that we aren't manufacturing anything here anymore....nor will we.

And while you're at it, can you tell me how many jobs were created through shortselling?


Derivatives trading?


Oil futures whoring?


Thanks.
:thumbsup: I guess she was left speechless... :D

[Independent Harry]

How does Wall Street "rob" the middle and lower class?

Have you been living in a cave the last few years . It wasn't some bad mortgages that causedbthus mess. It was the trilions of dollars in mortgage securities that were the real issue. Wall street then stuck their hand out after these securities they created, got billiobs of dollars and ran off with it. That's how they screwed the middle class. Peoples homes still were foreclosed on it the banks made record profits.

[MintJulep]

Have you been living in a cave the last few years . It wasn't some bad mortgages that causedbthus mess. It was the trilions of dollars in mortgage securities that were the real issue. Wall street then stuck their hand out after these securities they created, got billiobs of dollars and ran off with it. That's how they screwed the middle class. Peoples homes still were foreclosed on it the banks made record profits.How did these people who defaulted, get mortgages in the first place?

And BTW, I'm not in favor of any "Bailouts" for anyone. I was against TARP and the rest of the "stimulus" packages. A failed business is a failed business, let them sort it out and start over.

Back to the point, Wall Street does not have the ability to "rob" the middle and low class on any regular basis.

[MintJulep]

The claim that tax cuts create jobs, is rather outdated.

Never mind that history doesn't support that claim.

We don't manufacture anything in this country anymore. Well, except for debt.

We began trading debt on the open market, and until the smoke and mirrors were removed, it seemed as if everything was moving ahead nicely.

The only problem...we began manufacturing low quality debt. Those wealthy you guys choose to hail, were all in cahoots.

They rated this bogus debt as a top quality product. They bundled it up, and sold it to the suckers who never dreamed that the wealthy would screw them.

Lest we forget about Goldman Sachs, and their multi billion dollar fraud against consumers.


Have we forgotten that the uber wealthy are still carrying around our tax dollars in the form of bonuses?



Can someone please be specific, and explain how tax cuts create these fantasy jobs?


Let's assume that we aren't manufacturing anything here anymore....nor will we.

And while you're at it, can you tell me how many jobs were created through shortselling?


Derivatives trading?


Oil futures whoring?


Thanks.I asked how Wall Street "robs" the middle and low class. Apparently you can't answer it.

[GetAClue]

I asked how Wall Street "robs" the middle and low class. Apparently you can't answer it.
The simple and correct answer is that the government is robbing the middle class to enrich themselves and their cohorts on Wall Street. If not for the government bailouts at the expense of tax dollars confiscated from the middle class, most if not all of the crooks on Wall Street would be broke by now.

Only when we begin to hold people accountable for their actions and quit bailing out businesses that fail will we be able to see the middle class prosper again.

[Dale escondido]

The simple and correct answer is that the government is robbing the middle class to enrich themselves and their cohorts on Wall Street. If not for the government bailouts at the expense of tax dollars confiscated from the middle class, most if not all of the crooks on Wall Street would be broke by now.

Only when we begin to hold people accountable for their actions and quit bailing out businesses that fail will we be able to see the middle class prosper again.

So are we blaming wall street or gov. here?
Just got new bailout today :) maybe it will work now?

[nondual]

If not for the government bailouts at the expense of tax dollars confiscated from the middle class, most if not all of the crooks on Wall Street would be broke by now.
When the crooks running the country tell you that we must bail Wall Street out tonight or the whole system will collapse, what do you do? Hmmm? What if they tell you - you either bail us out, or no ATM machines by tomorrow morning?

[MintJulep]

The simple and correct answer is that the government is robbing the middle class to enrich themselves and their cohorts on Wall Street. If not for the government bailouts at the expense of tax dollars confiscated from the middle class, most if not all of the crooks on Wall Street would be broke by now.

Only when we begin to hold people accountable for their actions and quit bailing out businesses that fail will we be able to see the middle class prosper again.Thanks. That's what I thought.

[doctordog]

Nothing anecdotal evidence from wayers...

Taxing my health plan to pay for the lazy fucks.

These new EPA rules and regualtions causing industry to make tough decisions on which plants will close.

Obama is totally against the middle class, does that make him the rich fuck that all the liberals hate?

[MintJulep]

Taxing my health plan to pay for a lazy fucks.

:lmao2: :lmao2:

[John Galt]

I asked how Wall Street "robs" the middle and low class. Apparently you can't answer it.
Apparently, you can't read.

Now you qualify your question with the words "On a regular basis"?


Goldman Sachs defrauded investors by failing to disclose a conflict of interest on mortgage investments it sold as the housing market went sour, according to the civil complaint filed by the Securities and Exchange Commission on Friday.

Goldman allegedly failed to disclose to investors that it was betting against subprime mortgage investments it pushed on clients. Essentially, according to the complaint, Goldman pushed a product designed to fail

This alone cost investors billions, while the guilty parties pocketed billions.


"On a regular basis"...even for you, that's a moronic way to back down from a flawed position.

[John Galt]

Taxing my health plan to pay for the lazy fucks.

These new EPA rules and regualtions causing industry to make tough decisions on which plants will close.

Obama is totally against the middle class, does that make him the rich fuck that all the liberals hate?
Why should taxpayers pay for your insurance?

You, who complains about entitlements.

[2T]

exactly, those of us who don't get healthcare from our employers, have to make the purchase with post tax dollars. what makes you worthy of a tax loophole?

the middle class was robbed by wallstreet when the value of our holdings suddenly and drastically dropped. Due to the white collar crime committed by traders... trading derivitives of valueless financial products. They chose high risk hat tricks to build their individual wealth and when the smoke cleared the billions of dollars said to be held by banks... was GONE.

[MintJulep]

Apparently, you can't read.

Now you qualify your question with the words "On a regular basis"? Apparently you don't understand basic grammar rules. "Robs" is active voice -- present tense, and I used it both times. After your first reply referencing the mortgage crash two years ago, I realized you didn't know that so I qualified it to make sure you didn't repeat the mortgage meme. Wall Street doesn't "rob" the middle and lower classes. That's an absurd statement.

This alone cost investors billions, while the guilty parties pocketed billions.

"On a regular basis"...even for you, that's a moronic way to back down from a flawed position. The govt is robbing the taxpayers, not Wall Street. Dear Leader handed them billions of dollars on a whim, and without allowing anyone to know the details of the liberal goody bag called a "stimulus" package, which is an utter failure, btw. I damn sure didn't want them to get a dime. All the Soros' talking points in the world doesn't change that obvious fact.

[MintJulep]

Why should taxpayers pay for your insurance?

You, who complains about entitlements.Taxpayers don't pay for employer-based insurance. What a dense statement.

[nondual]

The govt is robbing the taxpayers, not Wall Street.
Correction:

The Republicans and Wall Street are robbing the middle class. That's explains their refusal to pass financial reform. They hate transparency.

[MintJulep]

Correction:

The Republicans and Wall Street are robbing the middle class. No, they're not -- but the gubbmint is.

That's explains their refusal to pass financial reform. They hate transparency.Reform is code word for gubbmint control.

No one hates transparency as much as your Dear Leader and his band of thugs. So much for "ushering in a new era of positive politics". What a sad joke the poor, dumb sheep fell for........

[nondual]

No, they're not -- but the gubbmint is.
That's what I just said, the Republicans in government. The ones fighting financial reform tooth and nail.

Reform is code word for gubbmint control.
Right, reform is key word for more government regulation.

No one hates transparency as much as your Dear Leader and his band of thugs. So much for "ushering in a new era of positive politics". What a sad joke the poor, dumb sheep fell for........
Who were the ones opposing the DISCLOSE Act?

[MintJulep]

That's what I just said, the Republicans in government. The ones fighting financial reform tooth and nail. No, it is the dems who mortgaged the money of future generations -- all for a liberal goody bag.

Right, reform is key word for more government regulation.Regulation = gubbmint control

Who were the ones opposing the DISCLOSE Act? Who said this?

"Ushering in a new era of positive politics"

"Healthcare debates will be televised on CSPAN"

et. al., ad nauseum. Boy, dumb, lazy America really got punk'd on this one.

[nondual]

No, it is the dems who mortgaged the money of future generations -- all for a liberal goody bag.
:gossip: She thinks TARP was Obama's idea.

Regulation = gubbmint control
Exactly! As long as it is a government by the people, what's wrong with the people having some control? Why does that even bother you?


Who said this?

"Ushering in a new era of positive politics"

"Healthcare debates will be televised on CSPAN"

et. al., ad nauseum. Boy, dumb, lazy America really got punk'd on this one.
Just some broken campaign promises, no big deal. All professional politicians always promise more than they can deliver. What we need to pay attention to is, why can't he deliver? Who are the ones with the wrong agenda?

[SortofLiberal]

If you look at history, you will see that the times the country has been in its worst shape comes after the rich are allowed to steal from the poor. Just look at the robber barron days when Teddy Roosevelt had to step in and stop the RICH from exploiting the poor. Look at the dark days of the depression when the RICH brought down the economy through the banking system much like has just happened recently.

Please name one time that our economy has crashed due to anything to do with the poor exploiting the rich?

Had Social Security not been hyjacked by the rich and remained a SAFETY NET to take care of those that reached old age without the means to take care of themselves, Social Security and Medicare would not be in trouble today, but the RICH always find a way to rob any social program that is set up to insure the poor are taken care of. It seems that those that were fortunate enough to live the American Dream would appreciate all this country has given them instead of continuing to have their hands out for more. If there is any problem with social programs in this country it is that the RICH always take far more than they put into it. They pay on very little of their income, but they collect at maximum. They have private insurance, but have the working class picking up the tab for the medical care since Medicare always pays primary.

So, don't tell me how the poor are living off the rich. FACTS just do not support that bullshit.

[John Galt]

Apparently you don't understand basic grammar rules. "Robs" is active voice -- present tense, and I used it both times. After your first reply referencing the mortgage crash two years ago, I realized you didn't know that so I qualified it to make sure you didn't repeat the mortgage meme. Wall Street doesn't "rob" the middle and lower classes. That's an absurd statement.

I see. So only when you choose to use Fox talking points, figurative speech is allowed.

Nice attempt, but you're still backpeddling. Forget the mortgage "meme". Derivatives trading, where Wall St. pushed a known toxic product on investors, is robbery.

You are aware that millions of people had retirement funds robbed from them during this period? They never had direct contact w/the thieves, but their mutual funds tanked because of the Wall St. thieves.


Dance all you want....this had nothing to do with the govt...save for the fact that there should have been a ton of regulation on this industry.


The govt is robbing the taxpayers, not Wall Street. Dear Leader handed them billions of dollars on a whim, and without allowing anyone to know the details of the liberal goody bag called a "stimulus" package, which is an utter failure, btw. I damn sure didn't want them to get a dime. All the Soros' talking points in the world doesn't change that obvious fact.


Which dear leader is that? I suggest you check your facts. TARP was your boy's handout.