The Pirates of Capitol Hill
By CHARLES M. BLOW
NYT
Corporations are roaring. Wall Street is rolling in cash. C.E.O. bonuses are going gangbusters. It’s a really good time to be rich!
If you’re poor, not so much. The pall of the recession is suffocating. The unemployment rate is still unbearably high. The Census Bureau reported in September that the poverty rate for 2009 was 14.3 percent, higher than it has been since 1994, and the number of uninsured reached a record high. And the Department of Agriculture has reported record “prevalence of food insecurity.”
So in a civil society, which of these groups should be expected to sacrifice a bit for the benefit of the other and the overall health and prosperity of the nation at a time of great uncertainty? The poor, of course. At least that seems to be the Republican answer.
Under the guise of deficit reduction, the Republicans are proposing to not only make the Bush tax cuts for the wealthy permanent, but to reduce their taxes even more — cutting the top individual rate from 35 percent to 25 percent to “promote growth and job creation.” And they plan to pay for this by taking a buzz saw to programs that benefit the poor, elderly and otherwise vulnerable.
But the spurious argument that cutting taxes for the wealthy will somehow stimulate economic growth is not borne out by the data. A look at the year-over-year change in G.D.P. and changes in the historical top marginal tax rates show no such correlation. This isn’t about balancing budgets or fiscal discipline or prosperity-for-posterity stewardship. This is open piracy for plutocrats. This is about reshaping the government and economy to benefit the wealthy and powerful at the expense of the poor and powerless.
(More here.)
NYT
Corporations are roaring. Wall Street is rolling in cash. C.E.O. bonuses are going gangbusters. It’s a really good time to be rich!
If you’re poor, not so much. The pall of the recession is suffocating. The unemployment rate is still unbearably high. The Census Bureau reported in September that the poverty rate for 2009 was 14.3 percent, higher than it has been since 1994, and the number of uninsured reached a record high. And the Department of Agriculture has reported record “prevalence of food insecurity.”
So in a civil society, which of these groups should be expected to sacrifice a bit for the benefit of the other and the overall health and prosperity of the nation at a time of great uncertainty? The poor, of course. At least that seems to be the Republican answer.
Under the guise of deficit reduction, the Republicans are proposing to not only make the Bush tax cuts for the wealthy permanent, but to reduce their taxes even more — cutting the top individual rate from 35 percent to 25 percent to “promote growth and job creation.” And they plan to pay for this by taking a buzz saw to programs that benefit the poor, elderly and otherwise vulnerable.
But the spurious argument that cutting taxes for the wealthy will somehow stimulate economic growth is not borne out by the data. A look at the year-over-year change in G.D.P. and changes in the historical top marginal tax rates show no such correlation. This isn’t about balancing budgets or fiscal discipline or prosperity-for-posterity stewardship. This is open piracy for plutocrats. This is about reshaping the government and economy to benefit the wealthy and powerful at the expense of the poor and powerless.
(More here.)
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1 Comments:
Taxing 100% of all income above $250,000 would generate $1.4 trillion, enough to run the US government for 141 days. I suppose liberals will attempt to redefine the calendar and then give us the “All is well” signal.
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