You do realize that catering to special interest groups is a specialty of the democrats don’t you? It is. I think it’s in the party platform, “Thou shall covet and nurture whichever special interest has the deepest pockets”…
The Occupy Wall Street protesters want the rich to pay more taxes. They seem to think that increasing taxes on the wealthy would somehow translate into somehow benefiting them. It wouldn’t.
There is too much hype about raising and lowering taxes. The thing to always remember about taxes is that they are a COST. A cost that eventually, no matter who they are placed upon, will have to be paid by the consumer in the form of an additional price on a good or service.
Many of the “rich” that said it’s just fine to increase their taxes understand quite well that they will defer those tax increases on to the consumer, or will have a way of getting around paying it anyway. Warren Buffet made something like 8 billion dollars last year – ask yourself why he pays no taxes, yet supports a tax increase. Nobody is twisting his arm to take every deduction that his team of accountants can find.
Something else to remember as far as taxes go – GHW Bush said “Read my lips, no new taxes…” but the economy got so good he deferred to the democrats and went along with a raise to the Capital Gains Tax… and capital investment immediately dried up during a construction boom which almost overnight killed the construction industry which took down the savings and loan industry which had so much invested in that construction and almost sent the country into a depression with hundreds of thousands of people being wiped out.
There are partially build strip malls and office buildings in almost every city sitting empty today left over from those dark days. All because he went along with a small raise in Capital Gains Taxes… “Read my lips…” that’s his legacy.
The GW Bush tax cut on the other hand lowered unemployment from 6.2% to 4.2% (the lowest unemployment rate ever documented) and INCREASED revenue to the Treasury by 44%. If it hadn’t been for 9/11 and its aftermath, the war against terror, hurricanes Katrina and Rita the country would have been awash in revenue… at least until the housing crash (which, by the way, he’d been warning was coming from practically day one of his administration).
Rich people don’t sit on their money, they invest it (Wall Street!) and those investments are the engine that drives the economy. It’s what creates jobs, builds factories, and all the things that go with it. Right now “rich people” are scared of the future, the unknown costs associated with the healthcare program that no-one even today fully understands. Scared that they’ll have to share their wealth without a return like they get when they share that wealth thru investments… so they buy gold and invest in oil futures and safe havens to minimize the risk… and in doing so no factories get built, no new jobs, no… nothing.
I’ve seen pictures of the Wall Street protestors with signs telling about how hard they have it and I agree, they do have it hard. My dad had it hard when he was young, too. He didn’t have anywhere to protest. Nor the time. He had to get out and sell vacuums and then became a sewing machine repairman to make ends meet until he could save enough money to open a business for himself.
I don’t really know if my dad ever graduated high school. He talked about high school, but I never saw a diploma. After the army he worked and scrimped and saved and opened his own store and became a self employed businessman, and perhaps the smartest one I’ve ever known.
Nowadays people borrow money to go to school. Often too much money for whatever the occupation they seek. I’m sorry, but I just can’t seem to catch hold of the feeling that somehow the $200,000 that someone borrowed to go thru college and graduate school only to end up with some degree in some form of “studies” is a debt that I somehow should be obligated to forgive.
I saw a sign a girl had written that told her story of making $52,000 a year, but after her student loan, rent, car note, bills and insurance, she only had a very few dollars left to spend per month. I only have a few bucks to spend a month. I have a second job. Someday her student loan will be paid off then she’ll have THAT money. And she’ll probably get a raise or two along the way. Meantime, get a second job.
Don’t tell me there are no jobs. There has been a “Help Wanted” sign on the local NAPA store door for well over a month. There may not be any real good high paying jobs, but there are jobs in most places. Get a couple. Worked for my dad, and it works for me.
YES, we need to reign in the lobbyists. YES, we need to pay our fair share of taxes. YES, we need good paying jobs for American workers and fair prices and affordable housing and all kinds of stuff. Those things go without saying. But what Wall Street does is only a reaction to the environment in which they have to operate. Protesting there is barking up the wrong tree. Go bark at the White House. Obama and the democrats received by far the largest percentage of Wall Street campaign contributions, and it was the democrats that blocked strengthening the regulations over the home loan market in the first place.
Adbusters ( a Canadian group) was given the seed money for the protests from the Tide Foundation, who gets much of its contributions from Corporations and “the Rich”… ironic isn’t it. Much of the Occupy Wall Street support comes from George Soros, a billionaire financier who is extremely influential in Washington DC among the democrats… the exact type of person the protesters are protesting against!!! The irony could be cut with a knife…
Meanwhile people that were given loans to buy houses that everyone knew they couldn’t afford in the first place are losing them because they can’t afford them… and who was it that came up with the idea to give loans to people that couldn’t afford them in the first place? It wasn’t Wall Street…
Everybody wants to blame the rich. Who among you wouldn’t want to be rich if you had the option? I know, you think you’d somehow be a “better” rich person. No you wouldn’t. Unless you didn’t respect how you became rich you’d want to make sure that your hard earned money wasn’t wasted, or given away to those that did nothing to earn it. If you were going to give it away you’d want it to go where it would do something or someone some real good, not be flittered away on some “program”.
Still the protests go on… and we sit and wait on tomorrow. It’s going to get better. It will work out. It always has. As long as we don’t get too far down the path we’re on we can turn this around… there ARE elections coming. Maybe in the mean time we’ll quit attacking the one group of people with the resources and power to pull us out of this mess.