Happy Tax Cuts for the Super Rich Day!

Submitted by Alicescheshirecat on Tue, 04/15/2008 - 13:32.

Ahhh tax day. The wonderful day where we all get to hear republicans justify tax breaks to the top 1% of the income bracket.

And.... how's that working out for ya? Let's see shall we?

Job Losses Worst in 5 Years according to CNN. The same piece says that payrolls sunk in February, and

"The weak report fueled already mounting recession fears and is likely to keep the Federal Reserve cutting interest rates further when it meets later this month."

According to the federal reserve you can often spot a recession when you see interest rates drop because the Fed "acts to reduce interest rates during recessions, in order to stimulate economic activity."

"Job growth appears to have weakened across nearly every industry with the exception of health care and government," said Keith Hall, the commissioner of the Bureau of Labor Statistics, which prepares the jobs report, testified Friday before a congressional committee." CNN says

Wages?

"$54,302 average income
$30,374 bottom 90% average income
$210,597 average income for the top 5%
$29,638,027 average income for the top .01%"

But wait there's more!

Similarly, TPM's Jared Bernstein said in a recent Take Back America Conference

"YOYO economics (You’re On Your Own) have led to an economic stratification resembling 1929 right before the Crash and the Great Depression. At that time, the top 1% had 24% of national wealth; the rate is now pegged at an eerily similar 23%. Looking at other markers like hourly wage trends and job growth further illustrates how median family income has not recovered since 2000, making it the first economic recovery since the ‘40s where the middle class did not resume its former level of prosperity."

At the same time we are encountering the mortgage crisis, the fuel crisis, and now ... the food crisis.

What is the McCain solution to these economic woes?? According to the Wall Street Journal (emphasis mine)

"The all-but-certain Republican presidential nominee cast himself as a defender of the Bush tax cuts he voted against, but added caveats to a "no new taxes" vow he made on a Sunday television talk show two weeks ago.

On Social Security, the Arizona senator says he still backs a system of private retirement accounts that President Bush pushed unsuccessfully, and disowned details of a Social Security proposal on his campaign Web site."

Wow... stimulate the economy by cutting social security and giving more tax cuts to the wealthy. And you thought seniors would vote for John McCain - not after they hear this...

Jared Bernstein's piece in the American Prospect

"In economic discussions, he makes mistakes, both small and not so small. He famously admitted that economics is not his strong suit, though he assured us that he owns Greenspan's book. I've heard him speak of the "alternate" minimum tax (it's "alternative" -- can you imagine Hillary getting that wrong?). In a recent interview in The Wall Street Journal, he was unaware that his Web site endorsed a different plan regarding Social Security than the one he was touting to the interviewer. It's hard to imagine a discrepancy like that regarding the war...

"McCain's answers to questions regarding the policy responses to the current downturn are way off base, far worse than you'd get from say, Secretary Paulson or even Bush. In a recent Wall Street Journal interview, when asked what measures would best deal with the current downturn, he touted making the Bush tax cuts permanent in 2010 and cutting corporate tax rates. Other than Larry Kudlow and The Wall Street Journal's editorial page, I can't imagine many folks would be inspired by that plan."

I'm at a loss for words about this. All I can say is ... wow.

Finally, at a time when the government is throwing money at the problem (and they call Democrats tax and spend guess Republicans are just... spend and spend) the President proposed a nice big fat stimulus package where poor people get nothing, the middle class gets just enough to make a mortgage payment and maybe fill up their car with gas, and the rich get enough to invest more in the stock market. After, of course, they spent a couple million in postage telling us that a check was coming hoping we'd spend it before we got it. But hey, drop in the bucket right?!

Americans don't agree that the economy is on the right track. They think we're headed for a catastrophe, which is why more plan to spend their stimulus check to pay off debts and buy food than vacation on the beach or have fun. Seems the days of fun are waning and just when we thought it was getting a tiny bit easier we're all back to killing ourselves just to get by. Elect John McSame and its another 4 years of the hardships we're facing now.