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Wednesday, June 30, 2010

Don't look for recovery from Washington, they're too busy pocketing corporate cash
Posted by Jill | 5:01 AM
Perhaps Washington plutocrats will take to eating the unemployed with fava beans and a nice chianti. God knows they show no interest in getting people back to work and are busy demonizing them as vermin at the same time:
So if lawmakers are wondering why consumer confidence and the stock market are tanking (the Standard & Poor’s 500-stock index hit a new low for the year on Tuesday), they need look no further than a mirror.

The situation cries out for policies to support economic growth — specifically jobless benefits and fiscal aid to states. But instead of delivering, Congressional Republicans and many Democrats have been asserting that the nation must act instead to cut the deficit. The debate has little to do with economic reality and everything to do with political posturing. A lot of lawmakers have concluded that the best way to keep their jobs is to pander to the nation’s new populist mood and play off the fears of the very Americans whose economic well-being Congress is threatening.

Deficits matter, but not more than economic recovery, and not more urgently than the economic survival of millions of Americans. A sane approach would couple near-term federal spending with a credible plan for deficit reduction — a mix of tax increases and spending cuts — as the economic recovery takes hold.

But today’s deficit hawks — many of whom eagerly participated in digging the deficit ever deeper during the George W. Bush years — are not interested in the sane approach. In the Senate, even as they blocked the extension of unemployment benefits, they succeeded in preserving a tax loophole that benefits wealthy money managers at private equity firms and other investment partnerships. They also derailed an effort to end widespread tax avoidance by owners of small businesses organized as S-corporations. If they are really so worried about the deficit, why balk at these evidently sensible ways to close tax loopholes and end tax avoidance?

Because they are bought and paid for by greedy executives and individuals who would have the unemployed former middle class to have to dumpster dive and live on the streets rather than have to give up one dinner at a fine restaurant to help them keep body and soul together.

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Anonymous Anonymous said...
So, today I'm closing the 403B account and taking the last of it to live on -- maybe 3 months. Then I don't know what I do if I don't get a job in the next 3 months. You can't tell me it's good for the economy for me to take out my investment money at this point. But, hey, I'm one of those lazy, long-term unemployed who don't deserve help. I grew up in the 50s with a lot of respect for government and its elected legislators... I've lost most of that now. They're lousy opportunists.

Blogger casey said...
Hello Anonymous,

Yes it was different in the 50's. The greed was there but held in check. Now there is no stopping them. They are willing to steal the gold in your teeth if you have any.