Tag: Great Depression

Categories
Politics taxes

Russell Simmons To The Rich – Stop Bitching, Pay Your Damn Taxes

Republicans have shown time and time again during these negotiations on raising the debt ceiling, that they are willing to allow the good faith and credit of America to be ruined, just to protect the tax loopholes their rich friends enjoy. Loopholes like providing $600 billion a year to oil companies and giving tax breaks to companies who close down businesses in America and open those same businesses in other countries. Well, Russell Simmons, a millionaire whose net worth is listed as over $340 million, has some choice words for his fellow millionaire friends: “Stop bitching and pay your damn taxes!”

Mr. Simmons wrote a piece in Huffington Post in which he rightly criticizes Republicans for attempting to balance the budget on the backs of the middle class and poor, while the rich gets richer.

To all my Republican friends, billionaires and multi-millionaires, stop bitching and pay your damn taxes. How dare you make record profits and not want to contribute more to fixing our problems while some in our country are suffering the worst economic times since the Great Depression? I DON’T NEED A TAX BREAK. I AM RICH. AND SO ARE YOU!

He then questions the wisdom of American citizens who would support Republican candidates who only have intentions of protecting millionaires.

Who amongst us is stupid enough to support politicians that want to protect guys with corporate jets and five homes around the world? What rock are we living under? I know this may not sound like the voice of a yogi, but even Krishna would have told Arjuna stop crying and pay your damn taxes. So, stop this nonsense and start giving.

Simmons then questioned the claim by many rich folks who claimed they “worked hard,” to  attain their wealth and asked them, “what box you lifted today?” He continued;

Most of you, not all of you, but most of you got some lucky break or your daddy left you all that you needed. I know, for one, I am one of the very lucky ones. Talent was a small second to the luck I’ve had while building my businesses. The “hard work” is the fun part; the only happiness we get is derived from that service.

He then praised the efforts of President Obama for wanting to put politics aside to get America back on the right economic track, while the rich and their Republican friends exert no effort to do the same.

The President has shown he is willing to make compromises and make difficult decisions to put this country back on the right track while it seems that all you want to do is play Russian roulette with the most vulnerable people of our nation. The President is showing leadership and you Republicans are showing how silver your pockets are lined by the corporate interests. That is not acceptable and you should be targeted for support. You ought to know full well that we cannot decrease our deficit by only cutting our spending. We MUST raise revenue. And those who have made the most should give the most.

And we couldn’t agree with him more. Because of the policies and hard work of middle class Americans, the rich in this country have prospered beyond their wildest dreams. It is only right that now when the country needs their support, they should pick up the slack and do their share. The middle class and the poor are already carrying the majority of the burden.

Categories
Employment Politics United States

How To End The Vicious Cycle And Get America Working Again

Image by Koshyk via Flickr

It is simple math, really! The primary incentive for any Corporation is to make money, to make a profit. But in order for these companies to achieve their  goal, their products or services must be in demand and then purchased. When the demand is there and consumers are able to purchase these products or services, companies make a profit then produce more to satisfy consumer demand, thus more profits.

The problem with this economy is not a matter of supply and demand. Records show that Corporations are sitting on a collective financial nest egg of about $2 trillion in cash, so the ability to produce is there. And the problem is not a lack of demand either, for as long as there are consumers, there will always be a demand. The problem with this economy is the ability of consumers to purchase. It’s a vicious cycle – take away consumer’s ability to purchase, and the company’s profit incentive is no longer achievable. If the company can’t see a way to be profitable, they lay off workers and sit on their nest-egg. These laid off workers then join a population of non-consumers who don’t have the ability to purchase and the cycle continues.

What then, is the answer? As far as I can see, the answer is simple – give consumers the ability to purchase.

The best, most ideal way to do this is with jobs. If consumers are working, they get a paycheck and thus, are able to purchase. But in this economy, jobs are becoming scarce because Corporations are trying to hold on to their profits and are laying off. If we can’t attack the problem by making Corporations hire, then we must attack it from the other end  – creating the ability for consumers to buy, thus, increasing demand. When this demand is increased, the profit margin is realized by these Corporations, and hiring is increased to meet the demand of the consumers.

How do you  empower the consumers? There are two ways:

  1. The government must pick up the slack and take the initiative. A perfect example of this was the actions of  President Franklin Roosevelt during the Great Depression, where the government took more of an active role in The New Deal and was able to reduce unemployment by converting auto manufacturing plants into factories to meet the demands of World War 2. This action alone employed millions of unemployed Americans, giving them a paycheck and essentially reversing the effects of the Great Depression.
  2. A massive direct Stimulus Bill – This will put real dollars into the hands of consumers, thus, giving them the ability to consume. Because of the nature of this method, it is not a long-term sustained effort to get the economy going, but it will provide a necessary needed jolt that can get corporations hiring again to meet the sudden demand by these newly empowered consumers. More hires will eventually lead to more paychecks, thus reversing the effects of this recession.
Can this government employ these two measures now to get the economy back on the right track? Yes, they can, but it takes both sides to come to the table with a real genuine goal to get America back to work. We’ve heard a lot about “shovel ready projects.” These are real areas where people can get work and begin the process of ending this recession. Bridges, roads, schools and America’s communication infrastructures need repair. We talk about green technology and clean energy, well now is the time to put people to work getting these ideas implemented. If Roosevelt had the ability to do it back in the 1930/40’s, there is no reason why it can’t be done now.

So if a simple person like myself can figure this out, why can’t the elected elites in Washington do the same?

Categories
Politics Ronald Reagan Tax United States

The Lesson of Not Taxing The Rich in Hard Economic Times

If history is to be our guide, then why aren’t we doing what’s already historically proven to work? The refusal by congressional Republicans to raise the taxes of the rich in these hard economic times makes as much sense as pouring water into the ocean. And this refusal goes against all that history has taught us.

According to a report written by Larry Beinhart, “History shows that when spending is cut — in the name of balancing the budget — recessions immediately follow. It makes sense, therefore, to look back at government tax and spending policies during the Depression and what the results were. ” Mr. Beinhart writes in detail some very interesting historical facts:

  • 1932 — Hoover raises the top tax rate from to 25 to 63 percent.
  • 1933 — Roosevelt comes into office. He begins spending at the same time that new tax hike comes into effect. The Depression bottoms out.
  • 1934 — Recovery begins. The GNP rises 7.7 percent, unemployment falls to 21.7 percent.
  • 1935 — New government spending on public works and rural electrification. A push to strengthen labor and raise wages. New taxes through the creation of Social Security.
  • 1936 — The top tax rate is raised again. This time to 79 percent. GNP grows a record 14.1 percent; unemployment falls even further.

Middle class Americans have carried this country on their backs for far too long. Since Ronald Regan took office in the 80’s and introduced the concept of trickle down economics, the concentration was placed on making the rich pay less in taxes while providing them with unlimited loopholes, in the hopes that when they succeed, the middle class will succeed. That concept has failed and over the last 30 years, the rich continued getting richer while the middle class fell more and more into poverty.

So here we have our lesson in history.  At a time when this country went through what is now called The Second Great Depression, all Americans, especially the rich, bore the responsibility, each paying according to his/her means. Today however, the lie of the sucess of a trickle down theory to boost a failing economy is still engraved in our minds, and the congressional Republicans are determined to keep it that way.

Read Mr. Larry Beinhart’s Report here.

Categories
Barack Obama Domestic Policies Politics Tax cut United States

Millionaires to President Obama – Raise Our Taxes Please!

It was just a matter of time before the rich in this country made their voices known, either in favor of the Bush tax for the wealthy, or in favor of ending them altogether. Well now, and not a moment too late, a group of these wealthy folks have come forward and doing just that. But contrary to what the Republicans might think, these millionaires are asking President Obama to tax them more.

Yes Pecan

The group, made up of more than 40 of America’s most prosperous entrepreneurs – including hedge fund legend Michael Steinhardt, super trial lawyer Guy Saperstein, and Ben Cohen of Ben & Jerry’s – have formed a website in the hopes that others would join their efforts to restore financial responsibilities for all Americans, and not just the middle class.

In a letter to the President, the group states;

We are writing to urge you to stand firm against those who would put politics ahead of their country.

For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you allow tax cuts on incomes over $1,000,000 to expire at the end of this year as scheduled.

We make this request as loyal citizens who now or in the past earned an income of $1,000,000 per year or more.

We have done very well over the last several years. Now, during our nation’s moment of need, we are eager to do our fair share. We don’t need more tax cuts, and we understand that cutting our taxes will increase the deficit and the debt burden carried by other taxpayers. The country needs to meet its financial obligations in a just and responsible way.

Continue reading “Millionaires to President Obama – Raise Our Taxes Please!”
Categories
Barack Obama China Politics

Pres. Obama will now be called “The Angry Black Man”

In a time of turmoil – fighting two wars, going through the worst economic recession since the Great Depression, dealing with unemployment figures presently at 9.7% nationwide, the international issues regarding Israel and Palestine, China, Iran, Russia to name a few and now the Deepwater Horizon oil spill caused by BP –  president Obama has so far kept a cool head trying to navigate through all these obstacles. And that’s what is expected in times of trials and hardship, someone who knows the issues, has a plan to get past the issues and is keeping a calm head while navigating through the issues.

President Barack Obama

Conservatives however wants a screeming, crying and confused leader who gets distracted by every issue that comes up and start throwing a fit. They’re not concerned about the plans in place to deal with the issues. They’re only concerned about the theatrics of a president who drops everything and pop up in every television shot, crying about what’s going on and the Armageddon of the situation.

Well it seems that the president heard their cry for more emotions. He seem to have lost his “cool” in an interview with NBC’s Today Show host Matt Lauer. Mr Lauer asked the following question;

Critics are now talking about your style which is the first time I’ve heard that in a long time. And they’re saying,”here’s a guy who likes to be known as cool and calm and collected, and this isn’t the time for cool, calm and collected. That this is not the time to meet with experts and advisors, this is a time to spend more time in the Gulf and, I never thought I’ll say this to a president, but kick some butt.”

President Obama chuckles at the suggestion, then replied;

“I was down there a month ago, before most of these talking heads were even paying attention to the gulf,” he told Lauer. “A month ago I was meeting with fishermen down there, standing in the rain talking about what a potential crisis this could be. And I don’t sit around just talking to experts because this is a college seminar; we talk to these folks because they potentially have the best answers, so I know whose ass to kick.”

They have accused President Obama of being too cool. Saying that he’s not showing enough emotions and because of that, they accuse him of being disconnected from the common folk. This group of people have put themselves opposite of President Obama on every single issue, so what will they do now that President Obama is taking a harder stance?

The Conservatives and Republicans will now called him the “angry black man.”

Watch the entire interview below.

Related articles
Categories
Barack Obama Politics United States

So you want your Country back!

So you want your country back!

President George Bush

Evidently, you lost your country when Barack Obama won election, (a process where a majority of Americans decided he was the most fit and overwhelmingly decided with their vote that he should lead the country). That election paved the way for you to loose your country. Apparently, your country was stolen from you and the thief lives in the White House. His name it seems, is Barack Obama.

Restoring a Stolen Country.

Now that you feel your country was stolen, lets restore it back to what it was before Obama won the election. To do this, we’ll have to know what the country was like back on January 20th, 2009.

===> A projected deficit of $10.6 trillion: As per a CBS News report, when Obama took office on Inauguration Day, the Debt stood at $10.626 trillion. The report also stated that the deficit has increased by $1 trillion since Obama took office, but points out that much of this increase was in the pipeline from the previous Bush administration. About this $1 trillion increase, President Obama stated in a Town Hall Meeting in Bristol, VA  in August 2009;

“They basically handed me a bill for $1.3 trillion and said, ‘Here, fix it,’ and now they’re on TV saying, why haven’t you fixed it yet — in the middle of the greatest recession since the Great Depression.”

So to summarize, the country you want back was already in a $10.6 trillion deficit, with another $1.3 trillion schedule to happen in spite of Obama’s policies.

===> Fighting 2 wars with no end in sight: The Bush administration felt that even setting a time table will spell defeat. So they were prepared to stay in Afghanistan and Iraq for ever, regardless of how much lives were lost, or the financial burden this country will carry. Of these two wars, one was started because of the greatest terrorist attack on American soil, where almost 3000 lives were lost and the other war in Iraq simply due to the choice of the Bush Administration. It should also be noted that the cost of these two wars was never budgeted under the Bush administration.

At the time of Obama’s Inauguration, over 4200 servicemen have been killed in Iraq alone, with an estimated amount of over 100000 wounded.

So to summarize this point, the country you want back will spend unlimited lives and money in Iraq and Afghanistan, regardless of how far that country is dragged down the drain. This is the country you want back!

===>A country that lost all respect with the rest of the world: Never before in the history of this country have we lost the respect of the rest of the world to the point where our leader, the leader of the “free world”, was shoed! In a part of the world where seeing the souls of ones shoes was a sign of disrespect, having those shoes thrown at you meant that you’re lower than the scum of the earth. Our leader, the man who represented the rest of America, had two shoes hauled at him, and us!

So to summarize, you were so comfortable with being looked upon as the scum of the earth, that you will want that country back!

===>The Longest Post-World War II recession: Beginning in December 2007 and mainly due to George Bush’s economic policies or lack there of, the United States entered what would turn out to be the longest recession after World War II, causing Bush to add another $700 billion in TARP money to an already out-of-control deficit.

A Republican president, and so disgraced that even other Republicans and conservatives began turning their backs on the President.

So to summarize this point, the country you crave was in the middle of the second longest recession in it’s history, and had a president that even his own party dis-owned.

Going Forward

What’s been described so far is not the country I want. It’s not the country the majority of Americans want. We are a hard working people and proud of our accomplishment. We don’t want to be disrespected in the rest of the world, we want to be looked upon as leaders.

Under the leadership of President Obama, we have regained that standing. President Obama is now looked upon as the most respected leader in the world and representing Americans, we too share that distinction. We have stemmed the tide and due to the immediate actions of the new administration, we are now seeing improvments in the economy. We also have a time-table for the end of the wars in Afghanistan and Iraq, and the administration has taken concrete steps to bring down the deficit.

If you’re still insisting on wanting your country back, then the conservatives effort to dumb down Americans have worked and you’re a perfect example of that.

____________________________________________________

Related articles

Exit mobile version