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Why we must all be taxed to save the wealthy.

30 June, 2009

The Wall Street Journal contains an article today about why Obama will have to renege on his promise not to raise taxes on anyone earning under $250 thousand.  Most of us knew he didn’t mean it anyway so the article came as no surprise, but this opinion piece in the Journal was a slick sell.  Note:  I added the blue emphasis and the comments in brackets.

This reflects the emergence of much larger budget deficits than anyone expected. Indeed, federal deficits may average a stunning $1 trillion annually over the next 10 years. [Tell me again, what was the deficit level when Obama took office in January?]


Why has the deficit outlook changed? Two main reasons: The burst of spending in recent years and the growing likelihood of a weak economic recovery.   [I thought Obama reassured us in January that our economy was just fine and only needed a little help – like that extra $250 he sent me.]


A speedy recovery is highly unlikely given the financial condition of American households, whose spending represents 70% of GDP.   [That $250 really was a big help, Obama, thanks.]


Mr. Obama and his economic advisers understand this deficit outlook and undoubtedly view it as unsustainable. [Whoever spun this notion is not paying attention, cause Obama just keeps adding to the deficit.]

Can you believe this tripe?   The American Reinvestment and Recovery Act was a corporate giveaway.  Add up all the extra money Obama has been throwing at major corporations, his expansion of government and staff (Czars, not even Assistants or Directors), underlings, the insane mid-week parties and “specials,” the need for two planes to take Obama and his wife and daughters to Paris and back (cause even while the middle class dies, the girls must see Paris and shop) – you’ve gotta admit he feels our pain, otherwise he’d have parties every night and he’d be flying all over the country telling people how good he is.

Then there is need to rush through all sorts of special legislation now rather than wait until after the economy has been “fixed:”   think Serve America, Cap and Trade which will raise our home and business energy expenses, Health Reform, etc. and, of course, the need to socialize the financial institutions,  the automobile industry, and health care (which is a big priority with Obama and Pelosi (who thinks “leveling the playing field” is a great term and does not mean socialism). And finally, the appropriations bill (already passed by the House)  filled with extra goodies for all our “lifelong” non-representatives in Congress and all their ilk in the White House – all of whom ought to be sent packing.

NOTHING Obama has done has helped to strengthen the financial position of the working American (unless you include the already rich).  In fact, the administration already is laying plans to reduce benefits from Medicare, Medicaid and most like Social Security as well.

Finally,  despite my love of nature and animals, I balk at this one:  U.S. to Forgive Indonesian Debt in Exchange for Conservation Plan.   $30 Billion dollars to preserve the forests of Sumatra Island.   Of course, Obama has a special affinity for Indonesia, so it is easy to see why this was such a high priority (especially since they would not cooporate when asked for information about Obama’s passport and citizenship.  But, $30 Billion could go a long to save citizens right here in this country, if you could just get them services instead of legislation.

The piece, if of course, an opinion piece, but I doubt that the WSJ would allow such obvious fawning over Obama and glossing over fact were it not leaning slightly towards Obama anyway.

The author of this opinion/praise the master comes from Roger C. Altman of Evercore Partners:

This challenge may be the toughest one Mr. Obama faces in his first term.   Fortunately, the new president is enormously gifted.   That’s important, because it is no longer a matter of whether tax revenues must increase, but how.    (here) [bold emphasis mine]

This is Evercore Partners:

Established in 1996, Evercore Partners is a leading investment banking boutique providing advisory services to prominent multinational corporations and financial sponsors on significant mergers, acquisitions, divestitures, restructurings and other strategic corporate transactions.  Evercore also has a successful investment management business through which we also manage private equity funds, institutional assets and private wealth. We serve a diverse set of clients and investors around the world from our offices in New York, Los Angeles, San Francisco, Boston, District of Columbia, London, Mexico City and Monterrey. We also have strategic alliances that operate in Japan, Brazil and France.  (here)    [bold emphasis mine]

I am so glad this man offered his opinion.  Based on his occupation, however, I dismiss anything he says as totally self-serving.  I suggest he spend a few weeks touring Middle-Class America and talking with the people who worked to make this country a successful manufacturing and agricultural country before the corporate/government corruption undermined it all.

2 Comments leave one →
  1. 11 July, 2009 21:15

    I like your close a lot. “I am so glad this man offered his opinion. Based on his occupation, howver, I dismiss anything he says as totally self-serving. I suggest he spend a few weeks touring Middle-Class America and talking with the people who worked to make this country a successful manufacturing and agricultural country before the corporate/government corruption undermined it all.”

    • 12 July, 2009 21:15

      Thank you Alessandro. I appreciate hearing that. I’ve not been posting much lately due to illness, yet there is such a plethora of material right now, I hate to be missing it.

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