Tuesday, February 12, 2008

We've been warned ...


Graph derived from U.S. Census 2006 Economic Survey. Via Wikipedia.

All too often I get pieces of what I think of as "investment spam," email newsletters that promise me the secrets of easy wealth. Mostly they go straight to my spam folder and I never read them. But today one piqued my curiousity: "Republicans & Hillary On Track To Lose Election".

The Democratic primary season has brought out the partisan pseudo-pundit in this purveyor of get rich quick nostrums.

By around 9:00 this evening, Barack Obama should be the clear front-runner for the Democratic nomination. ...

... Here's the way the next few months play out, in my opinion. On the Republican side, John McCain has two problems. One, he has to reach out to the conservative base, as he did last week, and try to make the case that he is a real conservative. But two, he has to somehow move to the center to keep his independent voters onboard at some point. I don't know how he does both. ...

Finally, Be Careful What You Wish For!
No doubt, many conservatives, and indeed a growing number of Democrats, would like nothing more than to see Obama take out Hillary, with no return of the Clintons to the White House. But those who are cheering Obama on had better realize just what they're in for if he becomes our next president.

... Obama has proposed eliminating the earnings cap on Social Security taxes - read raise taxes - now set at the first $102,000 of income. Those earning $102,000 or more would get an immediate tax increase, so the "wealthy" would become those earning just over $100,000 a year. ...

Obama's higher income taxes will come at a time when the US economy is very possibly in a recession. Have we not learned the lesson that you don't raise taxes in a time of recession; just the opposite, that the best medicine for a recession is tax cuts? I guess not if you are Barack Obama (or Hillary). Unfortunately, most American voters don't think these issues through, and Obama knows it.

Final emphasis added.

The deeply oligarchic inclinations of this writer, and his party, leak through the talking points. There is no evidence that giving more money to people who don't need it (cutting taxes) does anything for the overall health of an economy already hampered by inequality.

But apparently this guy is sure that the 83 percent of us who live in households bringing in less than $100,000 don't know what is good for us. Unfortunately for the Republicans, we do vote and after seven years of the Bush disaster, we know we want CHANGE.

Now whether the Dems can deliver change, there's a question -- but meanwhile we can enjoy watching plutocratic Republicans squirm.

UPDATE: For a clear witted summary of what economic inequality is doing to the well-being of all of us by a guy, Robert Reich, who really does know what he is talking about, see this. He even suggests remedies.

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