Posted by
Logical Party on Wednesday, April 01, 2009 9:00:00 AM
The mentality of narcissistic greed was created during our first supply side debacle during the Reagan Revolution, which created Yuppies, Junk Bonds, and Mergers and Acquisitions which ended in the market crash of October 1987.
We are now suffering from another crash and burn supply side voodoo economics created by Bush Jr., the new "Uber rich" because rich wasn't good enough, and a fraudulent real estate market that provided that mirage of 55 months of consecutive GDP growth - we thought.
We should have always taxed those who make more in one year than a person makes in a lifetime at the 50% level. That would have provided a balanced budget, not the mess Bush Jr. left us.
Then we should raise the minimum wage which is ludicrously below the poverty level (as sane as war time tax cuts) and adjust the working class salaries, the ones who ultimately bear the brunt of this disaster.
We’ll never hear a capitalist talk about that inequitable wage distribution, and now it has come back to bite them wear it can really hurt. Americans are screaming for wage EQUITY and not falling for the "have's" argument of redistribution; As Lincoln said, one can only make a fool of people for so long.
If wages were fair we wouldn't be in this mess today, and wouldn't be resorting to living on credit while our wages stagnate, yet health premiums, tuition and rent have all doubled in a decade thanks to NAFTA and our competition with third world economies.
I feel sorry for Timothy Geitner who was first demonized for failing to pay taxes amounting to 1% of his overall tax burden, an oversight at worst, and then making the mistake of thinking “the have’s” wouldn't have the audacity to want a bonus after their company failed.
That’s the new America. While 1% of our nation endures the military sacrifice, the rest wear flag lapels and scream "Me, Me, Me!"
David DiBello