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Thread: Deficit Commission: A major transfer of wealth from middle class to filthy rich

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    Elite Member Grimmlok's Avatar
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    Exclamation Deficit Commission: A major transfer of wealth from middle class to filthy rich

    The title is the story. Obama's Deficit Commission (you may as well own it, sir; it's Obama's voluntarily created Deficit Commission) proposal:

    "clearly represents a major transfer of income upward, from the middle class to a small minority of wealthy Americans."

    That's Paul Krugman, who goes on to ask, "And what does any of this have to do with deficit reduction?"

    Or, as we put it when the proposal first came out: "From your pocket to mine, sucker."

    You should memorize this — the "Deficit" Commission proposal represents a major transfer of wealth to wealthy Americans. Who wrote the report? (Wealthy Americans.) Who will vote on it? (Wealthy Americans.) Done and done.

    The detail, for those who want to see the ugly, from the New York Times initial report:


    The proposed simplification of the tax code would repeal or modify a number of popular tax breaks — including the deductibility of mortgage interest payments — so that income tax rates could be reduced across the board. Under the plan, individual income tax rates would decline to ... 23 percent on the highest bracket (now 35 percent). The corporate tax rate, now 35 percent, would also be reduced, to as low as 26 percent.


    Reagan only managed to lower the top marginal rate to 28%. We're being robbed in front of our eyes — according to Krugman the money will come from the middle class (natch) by:


    eliminating tax breaks that, whatever you think of them, matter a lot to middle-class Americans — the deductibility of health benefits and mortgage interest — and using much of the revenue gained thereby, not to reduce the deficit, but to allow sharp reductions in both the top marginal tax rate and in the corporate tax rate.


    But what about the actual deficit, you ask? Oh, that:


    It’s true that the PowerPoint contains nice-looking charts showing deficits falling and debt levels stabilizing. But it becomes clear, once you spend a little time trying to figure out what’s going on, that the main driver of those pretty charts is the assumption that the rate of growth in health-care costs will slow dramatically. And how is this to be achieved? By “establishing a process to regularly evaluate cost growth” and taking “additional steps as needed.” What does that mean? I have no idea.



    His closing:


    It’s no mystery what has happened on the deficit commission: as so often happens in modern Washington, a process meant to deal with real problems has been hijacked on behalf of an ideological agenda ... tax cuts for the rich and erosion of the social safety net.

    And that doesn't begin to touch what Dave Dayen calls the "killer app" in the proposal —"Cap revenue at or below 21% of G.D.P." That would kill progressive government, one that "promotes the general welfare," forever. A revolutionary force at work, implacable and relentless.

    Clearly this firestorm will cause the proposal to shift. But this is now one pole of the tent, the de facto starting point for discussion. I'm willing to bet a year's supply of perfumed cat litter that Obama will look for a "middle ground" on which to surrender.

    What you can do. Democrats were not put in office to do this. Perhaps they should be made to know that.

    AMERICAblog News: Deficit Commission proposal: 'A major transfer of income to a small minority of wealthy Americans'

    Duuuuuuuude.. you guys are fucked. Seriously. If you can leave the country, I'd go. NOW.

    The oligarchs and putocrats have direct control and don't care if anybody sees them raping you anymore.

    it's a fucking free for all, and you're all on the hook.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member MohandasKGanja's Avatar
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    Oh, the horror.

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    Great article. You should also be aware that the very wealthy are also making less than they used to. Everyone's losing income and hurting, it just disproportionally affects our class and the people who are even poorer. Imagine if one day your home were to go into foreclosure. Where would you live?

    You are looking at a full recovery by 2018 or 2019, pending Obama stays in his presidency. However, we have to factor in population growth and climate change, so we aren't guaranteed anything. This just may be a new norm for us that we have to deal with.

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    Elite Member Mel1973's Avatar
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    Quote Originally Posted by mikesandy View Post
    Great article. You should also be aware that the very wealthy are also making less than they used to. Everyone's losing income and hurting, it just disproportionally affects our class and the people who are even poorer. Imagine if one day your home were to go into foreclosure. Where would you live?

    You are looking at a full recovery by 2018 or 2019, pending Obama stays in his presidency. However, we have to factor in population growth and climate change, so we aren't guaranteed anything. This just may be a new norm for us that we have to deal with.
    what the hell does that mean? you mean if he's re-elected? cause that won't happen.
    Kill him.
    Kill her.
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    Elite Member Brookie's Avatar
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    You should also be aware that the very wealthy are also making less than they used to.
    Small violin, please.
    Life is short. Break the Rules. Forgive Quickly. Kiss Slowly. Love Truly.
    Laugh Uncontrollably. And never regret ANYTHING that makes you smile.

    - Mark Twain

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    Elite Member Mel1973's Avatar
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    Quote Originally Posted by Brookie View Post
    Small violin, please.
    *hands over the world's smallest along with the sheet music for "My Heart Pumps Purple Piss for YOU"*
    Kill him.
    Kill her.
    Kill It.
    Kill everything... that IS the solution!
    П(•_•)П
    twitchy molests my signature!

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    Elite Member Grimmlok's Avatar
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    Actually, Wall Street and most corporations are making even MORE profits now than before the meltdown. They're so loaded with cash they're buying their own stock back.

    Rich people are doing better NOW than before.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Quote Originally Posted by Mel1973 View Post
    what the hell does that mean? you mean if he's re-elected? cause that won't happen.
    Well why do you want that to be the case? Is it over taxes, his policies, or him personally. Honesty, I would advocate for an increase in taxes for those making over 250k a year (the most wealthy), plus those in the middle class who support tax hikes, so the government can gain more money to operate on. Lowering the taxes (tax relief) gives the country (United States) less money to operate on and we'd have to borrow from China/Japan and other foreign countries more often who are already in debt too. Think about the conditions of Greece, England, Venezuela, Haiti, Ireland, etc.

    Why do you want his presidency/administration to not be re-elected into office? Is it because of him as a person, or some other reason?

    Also, by the way there is a water shortage that would occur in the United States in 2013, add to that the effects of climate change, population growth, and continued economic strain and we're looking at a international resource war or World War III that could occur in the future. By then, adding all of these perils together, in addition to a weak global economy with unemployment close to 10.0%, we'd have to limit our showers, the amount of water we drink, and the amount of food we consume unless something internationally can be done.

    That's why it's mandatory that Obama/Biden must win re-election in 2012. The GOP or the American Third Position winning the presidency would be huge steps backwards for our country.
    Last edited by mikesandy; November 16th, 2010 at 05:37 PM.

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    Elite Member Grimmlok's Avatar
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    because he's a lying shitbag corporatist fuck who's sold everything out and continued 95% of Bush's most heinous policies and in many cases, has expanded upon them?
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Ok then, believe what you want. I can't argue with you. However, what if it was Kerry and not Obama? Would you have the same opinions?

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    Elite Member Grimmlok's Avatar
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    ... It's not the PERSON, it's what they DO.

    Doesn't matter of it's Kerry, Obama, Hillary, Colin Powell, Vanilla Ice, fucking Santa Claus or the pink elephant.

    The actions are what matter, and so far Obama has turned out to be a hideous disappointment, a champion of business as usual, executive assassin, expander of state secrecy, middle class raping, corporate stooge and fighter against civil rights.

    Now kindly tell me why you asked if i'd be saying the same thing if Kerry was in power. I'd like to know what spawned that question.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Quote Originally Posted by Grimmlok View Post
    ... It's not the PERSON, it's what they DO.

    Doesn't matter of it's Kerry, Obama, Hillary, Colin Powell, Vanilla Ice, fucking Santa Claus or the pink elephant.

    The actions are what matter, and so far Obama has turned out to be a hideous disappointment, a champion of business as usual, executive assassin, expander of state secrecy, middle class raping, corporate stooge and fighter against civil rights.

    Now kindly tell me why you asked if i'd be saying the same thing if Kerry was in power. I'd like to know what spawned that question.
    I was also thinking about Bill Clinton in the 90s. Back in 1992, there was a recession then and Clinton pulled us out of it. I think Obama can do the same thing, it's just that the dynamics and morale is different this time around.

    And Mel1973, you have to think about the reactions that other countries would have on the United States if Obama loses. The European Union, G20 and China would "disown and disconnect away from us". Other countries would hold a negative impression of us if he loses. We won't be able to borrow from China anymore or have international support from other countries. Even Indonesia would be angry at us. Think about it from an international perspective. There's a plethora we would lose if Obama loses. Basically if he falls, the whole world falls too.

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    Elite Member Grimmlok's Avatar
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    .....

    Yeaaaah. That'll happen.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member Mel1973's Avatar
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    Quote Originally Posted by mikesandy View Post
    Well why do you want that to be the case? Is it over taxes, his policies, or him personally. Honesty, I would advocate for an increase in taxes for those making over 250k a year (the most wealthy), plus those in the middle class who support tax hikes, so the government can gain more money to operate on. Lowering the taxes (tax relief) gives the country (United States) less money to operate on and we'd have to borrow from China/Japan and other foreign countries more often who are already in debt too. Think about the conditions of Greece, England, Venezuela, Haiti, Ireland, etc.

    Why do you want his presidency/administration to not be re-elected into office? Is it because of him as a person, or some other reason?

    Also, by the way there is a water shortage that would occur in the United States in 2013, add to that the effects of climate change, population growth, and continued economic strain and we're looking at a international resource war or World War III that could occur in the future. By then, adding all of these perils together, in addition to a weak global economy with unemployment close to 10.0%, we'd have to limit our showers, the amount of water we drink, and the amount of food we consume unless something internationally can be done.

    That's why it's mandatory that Obama/Biden must win re-election in 2012. The GOP or the American Third Position winning the presidency would be huge steps backwards for our country.
    Oh, I think you'll find that it is NOT mandatory. It wouldn't be steps backwards because Obama has made no forward motion. He's sat on his ass and continued Bush's policies. He will not win. And what the hell has a water shortage got to do with Obama remaining president? Do you think he can stop it or something?
    Quote Originally Posted by Grimmlok View Post
    because he's a lying shitbag corporatist fuck who's sold everything out and continued 95% of Bush's most heinous policies and in many cases, has expanded upon them?
    Yeah, this too!
    Quote Originally Posted by Grimmlok View Post
    ... It's not the PERSON, it's what they DO.

    Doesn't matter of it's Kerry, Obama, Hillary, Colin Powell, Vanilla Ice, fucking Santa Claus or the pink elephant.

    The actions are what matter, and so far Obama has turned out to be a hideous disappointment, a champion of business as usual, executive assassin, expander of state secrecy, middle class raping, corporate stooge and fighter against civil rights.

    Now kindly tell me why you asked if i'd be saying the same thing if Kerry was in power. I'd like to know what spawned that question.
    Because Kerry is white, Grim. Der.
    Quote Originally Posted by mikesandy View Post
    I was also thinking about Bill Clinton in the 90s. Back in 1992, there was a recession then and Clinton pulled us out of it. I think Obama can do the same thing, it's just that the dynamics and morale is different this time around.

    And Mel1973, you have to think about the reactions that other countries would have on the United States if Obama loses. The European Union, G20 and China would "disown and disconnect away from us". Other countries would hold a negative impression of us if he loses. We won't be able to borrow from China anymore or have international support from other countries. Even Indonesia would be angry at us. Think about it from an international perspective. There's a plethora we would lose if Obama loses. Basically if he falls, the whole world falls too.
    You shouldn't be running amok with your fear mongering. Isn't that something we typically leave to the Tea Party or the GOP? My, my now one of Obama's fans is doing the same? See? You're no different than "they" are!
    Kill him.
    Kill her.
    Kill It.
    Kill everything... that IS the solution!
    П(•_•)П
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    Elite Member witchcurlgirl's Avatar
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    Quote Originally Posted by mikesandy View Post
    I was also thinking about Bill Clinton in the 90s. Back in 1992, there was a recession then and Clinton pulled us out of it. I think Obama can do the same thing, it's just that the dynamics and morale is different this time around.
    Presidents don't pull us out of or put us into a recession. They ride the wave if it's good and take the blame when it's bad. You need to learn a little about economics and politics.

    Quote Originally Posted by mikesandy View Post
    Basically if he falls, the whole world falls too.
    Is he Atlas?

    Quote Originally Posted by Mel1973 View Post
    And what the hell has a water shortage got to do with Obama remaining president? Do you think he can stop it or something?
    It thinks he can walk on it.



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