People call Obama "Bush III." Not true. There is a difference.
If Godzilla had destroyed the Washington monument, if Martians had invaded New York, if Cthulhu rose from the murky depths, George W. Bush would have had only one response: Cut taxes on the wealthy.
If Godzilla had destroyed the Washington monument, if Martians had
invaded New York, if Cthulhu rose from the murky depths, Barack Obama
would have had only one response: Cut taxes on workers.
This is what makes Obama a "socialist."
His plan will cut payroll taxes by some $240 billion. How will this create jobs? I'm not sure. The workers whose taxes will be cut already have jobs.
Arguably, the workers will spend more. Higher demand will create jobs, theoretically. But you know what else would create jobs? Creating jobs will create jobs. Why not try the direct approach instead of relying on theory?
Cutting the payroll tax will only endanger Social Security. Right now, the dangers are only theoretical (and the theory is pretty arguable); the system is solvent for another thirty or forty years. Underfunding the system will bring insolvency closer.
Tax cuts don't work. Tax cuts don't work. Tax cuts don't work.
In the meantime, the Republican propaganda machine will do its best to convince the public that Obama's payroll tax cut plan is actually a scheme to raise taxes. Never underestimate the power of propaganda. Many Americans think that Obama's unprecedentedly humungous tax cut in 2009 was actually a tax hike. They think that way because Murdoch and Rush told them to think that way. Many Americans are so fucking stupid they could be talked into eating rocks.
So what is Obama's real agenda? I think he expects the Republicans to shoot down his plan. He will then be able to claim that the GOP are tax-raisers, not tax-cutters.
There is canniness in this, and also -- dare one say it? -- some genuine virtue. The Republicans do want to raise taxes on the workers and lower taxes on the wealthy. Whenever you hear a Republican offer euphemistic bleatings about "sharing the burden," he's talking about robbing Joe Sixpack to pay the brothers Koch. Alas, most Joe Sixpacks do not understand this simple fact of political life, and they refuse to believe the truth when you explain it to them.
If Obama's gambit somehow wakes people up to that truth, then he will have (finally) done something well. Otherwise, and on its face, his proposal is poor policy.
They're still doing it: Did you know that Standard and Poors, the good folks who downgraded the U.S., are still giving AAA ratings to crap securities based on crap mortgages? I did not know that. You probably didn't know it either. But now you do.
6 comments:
Maybe. But the payroll tax cut is also a cut on the employer contribution.
Actually, most of the comment I've seen from Republicans I know about Obama's plan are along the lines of "government can't create jobs, only private industry can" and "cap, cut, and balance" and other Fox News type slogans.
As to Standard & Poor's, I guess we really shouldn't be surprised.
You do know Obama proposed more "free trade" anti-labor deals as curative yesterday? And continued making Medicare vulnerable.
I'm sure the GOP will assist him on these.
All of these proposals are empty. The patent reform bill originally touted as part of Obama's package favors large corporate interests. The trade deals with Panama [sweet place for the high-rollers to hide their money],Columbia [Murder Capitol of the World, particularly fond of knocking off Union members, keeping wages to serf levels] and S. Korea where freebie N. Korean workers can be exploited by all participants are job killers.
As for the payroll tax cut--it's a poison pill for SS. One way to kill Social Security is to defund it, while pretending to give the currently employed a great gift.
Tax cuts do not work. Deregulation does not work. If they did, we'd be up to our ears in jobs.
Just another bamboozle job all wrapped up in a big red ribbon and preacher-speak.
Someone show this man the door, please.
Peggy Sue
Actually, I think President Zero's response would be "deplete the Social Security fund", followed by "where are my golf clubs?"
Next think you know you'll tell me there is a Santa Claus...
Ms. Vandal.
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