Posts Tagged ‘Tax Cut’
by David Deau
President Obama’s recent deal with the Republicans to extend the Bush-era tax cuts is a win for the Republicans and another push for the decline of Western civilization. This deal includes estate tax cuts for multimillionaires and billionaires…after the Republicans threatened not to extend unemployment benefits for the estimated 2 million unemployed (a number believed to quadruple within a year).
Apparently, the politicians that the hardworking middle and lower class Americans elected into office are going to make them suffer unless the rich can get richer. The Bush tax cuts do little to help the middle or lower classes, but do continue to help the rich get richer. The tax cuts will only amount to a few hundred dollars for middle class families, but luckily, both lower and middle class families will be able to compound their benefits by the addition of the estate tax cuts—just like the wealthy folks do, right? And we all know that hardworking middle and lower class Americans tend to have large estates.
President Obama seems to have run out of steam, and the hope of re-establishing the foundation that this country was built on is fleeting fast—or should I say gone. Does anyone remember, “Life, Liberty, and Pursuit of Happiness?” It seems as though the President was set-up once again, if we consider the following quote from Bush’s communications director on the Bush tax cuts:
“We knew that, politically, once you get it into law, it becomes almost impossible to remove it,” says Dan Bartlett, Bush’s former communications director. “That’s not a bad legacy. The fact that we were able to lay the trap does feel pretty good, to tell you the truth.”
We have gone from our GDP (production) growing more than twice as fast as our debt, to our debt growing at nearly four times the speed of our GDP. A train wreck is getting ready to happen and this train wreck is literally unstoppable.
—National Inflation Association
The world knows what is happening in the US and they have begun to position themselves for the imminent collapse. China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday, November 23 in St. Petersburg. (View Article)
The wealthy are doing everything they can to hold onto what they have because they know the next step is to begin austerity measures on US citizens. This is happening all over the world as a domino effect. In fact, a presidential commission studying the deficit identified austere measures last week to cut $4 trillion from the federal budget over the next decade. HOLD ON ITS COMING.
Let’s look at what is happening around the world:
Ireland: Ireland is spending more than 50 billion euros on regular government activities this year, and collecting just 31 billion euros in taxes, for an underlying deficit of 12%—four times the limit for members of the European currency union. Exceptional bank-bailout costs on top of that have driven this year’s deficit to 32% of gross domestic product, a postwar European record. Ireland was forced to admit defeat in its two-year effort to fight its runaway deficit while plowing at least 45 billion euros into a bank bailout. The escalating bank bill put the nation on course for bankruptcy next year, as its borrowing costs surged to unsustainable highs on bond markets. “The banks have brought this country to its knees. We’ll be paying for their mistakes for the rest of our lives,” said Alice Dunleavy, 30, a civil servant.
Spain: The Spanish government approved new austerity measures and a limited economic stimulus package to ease investor fears about its debt and insisted again that the country is taking strong steps to right its ailing economy.
On Tuesday, European finance ministers pressured the Eurozone’s weaker members to get a grip on their finances, one day after they refused to increase the 750 billion euro ($1 trillion) bailout fund. With Ireland joining Greece in getting bailed out, the markets have fretted about which country will be next — Portugal and Spain are viewed by many as the weakest links in the 16-country currency union and the EU’s finance ministers are continuing to press them to get their financial houses in order.
On December 5, 2010, the Guardian reported that the British Chambers of Commerce will cut their short-term forecast for growth in Britain’s faltering economy, warning of fragility in household finances and tepid consumer spending as the coalition’s austerity measures begin to bite. (Guardian Article)
To sum all this up: it’s “Take from the poor and give to the rich,” a divided world in the name of the greed of the few! How long are Americans going to put up with it? You can search the Internet and see the protests going on around the world. The protests over austerity measures have been taking place in the following regions: Belgium, Czech Republic, France, Germany, Greece, Poland, Portugal, Romania, Spain, and the UK. Yet the American people are too busy watching sports or celebrities on television to join the fight for their own freedom.
Where are the Americans that really remember the words in the Preamble to the Constitution: “promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity.”
Have our last symbols of the fight for freedom passed with the assassination of John F. Kennedy and Martin Luther King Jr., with the dissolution of the Weathermen? This country was built on Revolution!