TeaParty favorite, newly elected Senator Rand Paul was asked why the tax cuts should be extended to the highest 2% of the rich when the tax cuts were supposed to be temporary. Paul, staring very naively into the camera said: "There are no rich, there are no middle class, there are no poor...We all either work for rich people or we sell stuff to rich people so just punishing rich people is as bad for the economy is as bad as punishing anyone."Hmmm. Let's see. The last time I heard a statement this naive was from Queen Marie Antoinette. Back in the 1700s, when asked what to do about the starving peasants in the midst of a national famine in her country who could not afford bread, she said: "No Bread? Then let them eat cake!" (As she stared naively into the interviewers presence)
Oh I know the Teaparty Rand Paul supporters will defend him and say we do all work for the Rich and it makes sense for them to continue to pay little to no taxes. Taxing them less means they will hire more people. La la la. What a fairy tale. All this means is they get bigger bonuses and the opportunity to ship more jobs overseas. It's like saying none of us should pay taxes. Let's stop all city, state and federal services. Think of the jobs this will create. The street lights will stop working. More accidents. More need for doctors and nurses and pharmaceuticals and morticians. Think of all the jobs. And, we will ALL EAT CAKE!
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I swear Democrats like you are so retarded. It is the rich who create jobs. I am for the rich paying their fair share of taxes but why penalize them by not including them in the tax cuts? I don't get it, Democrats like you were all for Obama bailing out the auto industry, etc. (run by the rich) and yet you balk at this? You don't make any sense at all.
We can expect more from of the same from Rand Paul but I don't see how his reasoning applies to hedge fund managers and people like Soros, Gates and Buffet. I propose a 75% tax rate for hedge fund managers and all billionaires.
The deficit actually needs to be addressed. As the economy recovers over the next couple of years, the deficit will decline. It will only decline, however (and depending on what Congress does), to the nearly but maybe not quite sustainable range of 3% to 5% of GDP, and it will then begin rising again around mid-decade, thanks mostly to increasing entitlement spending. By the end of the decade, America's debt-to-GDP ratio will be at troublingly high levels. And at some point between now and then, probably in a couple of years when America's economic slack has largely tightened up, interest rates will rise. Depending on how high and how fast they rise, America's economy will experience something between a slight drag on growth and a serious crisis.
Anon,
Obviously you do not "get it." The so called bailouts by the auto industry were PAID BACK with Interest.
Since when have the 1-2% paid back their tax cuts. (Hint: NEVER)
Please study economics 1.0. It might help you.
Ultima,
I agree with you.We do need to tax Sorox, Gates, Buffet, the Koch Brothers, et al, and your proposal is definitely in the right direction.
As Michael Moore said, in the 1950s, the richest paid 90%. Politifact even did a fact check on this.
See their
report
http://politifact.com/truth-o-meter/statements/2009/oct/02/michael-moore/michael-moores-film-capitalism-claims-richest-paid/
Ultima,
I do agree with you that under the Obama administration we are seeing some economic recovery. We are seeing the auto companies pay back with interest their loans; same for banks. We are seeing improvement in jobs. Wall Street has made a huge turnaround.
We still need to increase the job rate. I predict we will see significant increases in the job rate over the next 4 years.
The problem is, we are NOT seeing Big Business supporting economic recovery. They are STILL outsourcing! Answer me why? WHY are they continuing to outsource.
Where I see the Obama administration at fault, Obama is NOT holding these outsourcers FEET TO THE FIRE. He needs to address this! We have to bring the Jobs Back! Republicans are totally quiet on this aspect -- which is predictable. They are in Big Businesses' pocket.
Dee wrote, "The so called bailouts by the auto industry were PAID BACK with Interest."
Not entirely true with regard to GM. A news report today suggested the public would lose money on that deal depending perhaps on how the GM IPO comes out.
Here's some of Rand Paul's ideas on balancing the budget and other matters.
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