Our elites are scared.
What more can you say about a blaring headline and a story like this on MSNBC as we head towards the weekend? One authored by "senior producer" John W. Schoen? One that posits that our economy will be crushed if the Bush tax cuts expire?
Well, this is where you have to scream bullshit.
It's a very neat trick to link spending cuts with the expiration of the Bush tax cuts. They are not the "Bush-era" tax cuts; they are the tax cuts that gutless Democrats helped pass in the early 2000s and we are still paying a steep price for this neat little piece of fiscal insanity and monetary redistribution. They are what's killing this country. They are what is allowing the One Percenters to continue their scam. And their scam is obvious. In exchange for "creating jobs" they are going to continue to demand their tax cuts.
The problem with this scenario is that they're not creating jobs. They're hoarding their wealth.
I'm all for a rollback on these tax cuts. If they want to replace them with targeted incentives--like actually hiring people or investing in green technology--fine and dandy. But don't link these tax cuts to a "crushing" of America's economy. That's absurd.
Our elites--Bernanke especially--have failed to accomplish much of anything with regards to restarting America's economy. It's time to end the cozy relationship between failed Wall Street bankers and failed ex-Wall Street politicians and go back to a tax rate of 39% for everyone who makes more than $250,000 per year and a 45% tax rate for everyone who makes more than a million dollars a year. And if you have more than a billion dollars in assets, we'll be taking half, please.
It's the least you could pay for living in the one country on Earth where such wealth actually allows you to live without fear of paying a 90% rate or being thrown in prison with the other oligarchs because the Prime Minister thinks you may be too popular for your own good.