Group items tagged

"There is nobody in this country who got rich on his own. Nobody," she declared, pointing out that the rich can only get rich thanks to the "social contract" that provides a decent, functioning society in which they can prosper.

Our society may simply disintegrate if the rich win the battle in Congress. The top 1% of the national income strata, having bought up just about all depreciating assets at bargain basement prices, will have increased its portion of total national marketable wealth from about half of it to all of it. This is not a desirable situation at all.

"RICH"

This seems to be The President's modus operandi - 1) Lay out clear markers that are supported by a majority of Avericans - i.e. balanced approach with cuts and revenues; 2) Watch the republicans take a hard line to satisfy the tea party; 3) Give the republicans 99% of what they want; 4) Blame the left for not compromising. It looks like the framework for the deal is beginning to take shape, and it's not at all surprising. Tilted heavily toward cuts that will affect the middle and working classes disproportionately, and almost tailor-made to spare the rich any sacrifice whatsoever. While this is not surprising given the terms of the debate, it still boggles the mind to witness our republic complete its transformation into the very definition of a plutocracy. We have a political system designed specifically to protect the interest of the monied elite (I suppose one could argue that this had been the case for a long time, but it only really became nakedly, brazenly obvious during the 2008 financial crisis). Stories like these don't end well. Including for the elite. The history books are replete with warnings. Our country is going into a dark time.

In the debate about the proper size of government, an agreement should be easy to reach: If the government stops serving the interests of the rich, the rest of us will not need to rely on it to dress the wounds that it inflicts.

"...when the economy falters deficits are part of the remedy; when the immediate problem is what it is now-a lack of demand, not a shortage of capital-higher spending is generally more efficacious than lower taxes, especially lower taxes on the rich.

Most Americans, regardless of political party, don't understand how we can ask a senior citizen to pay more for her Medicare before we ask corporate jet owners and oil companies to give up tax breaks that other companies don't get. How can we ask a student to pay more for college before we ask hedge fund managers to stop paying taxes at a lower rate than their secretaries? How can we slash funding for education and clean energy before we ask people like me to give up tax breaks we don't need and didn't ask for?

VIDEO

Citigroup's Shocking 'Plutonomy' Reports -- h/t Michael Moore

'Billionaires For Social Insecurity' Gather