Tax revenues are falling like stones. Taxes which fall disproportionately on the wealthy, are going to tank so bad it won't be funny because there are less wealthy people. On top of that, investors can use their capital losses to offset any capital gains and I believe they can carry them forward.
On top of that, a Democrat, John Dingell, Michigan, who supported the rank and file auto worker tooth and claw just got removed from the Congressional Chair he had headed for 28 years, and was replaced by Henry Waxman, BEVERLY HILLS so that anti carbon legislation can be rammed down the throats of a auto industry that is near death today.
What a comedy. Barack Obama has already lost control of his own party and is now nothing but a figurehead in blackface.
My, how racist vitriol cloaks itself in spurious and uninformed political inanity.
He's not even PRESIDENT yet...
Its not HIS party... yet.
He can not exert ANY control until he has the power of veto.
BTW- ALL auto companies, world wide, are teetering on the brink right now...
And all other nations are offering their auto industries assistance that is tied to improved efficiency or greener technology.
The stupid fucks who run the big three and take, collectively, more than the entire cost of UAW healthcare in bonuses, stock options and pensions are the real reason the US auto industry is failing.
The greed of the corporate elite is the fundamental cause of this entire economic meltdown.
Republicans took the brakes off of rampant profiteering and insider graft... and viola... we have the most overpaid and underperforming group of CEOS, CFOs and Board members in the world.
Greenspan himself admitted that free market theory has a flaw... in that it failed to account for individual greed among the people with the most wealth and power.
Duh.
Really... Rubepublicans.... give the hate mongering a break... wait for Obama to have the chance to make at least ONE fucking decision as presdient before you start trying to undermine his effrots....
Oh... and this undermining the efforts of the guy charged with trying to fix the mess YOUR guys created....
That is the definition of treason.
The Dems stood with your guy back before we knew he was lying to us about WMD's and Al Queda....
The least you can to is to pretend to stand with the new guy until you have evidence he is lying, stealing, or making a bigger mess of things.
Oh, and by the way.... there is no such things as "taxes which fall disproportionately on the wealthy" ( awwww... the poor poor rich... how will they get by? )
The fact is that, especially after the past 10 years of republican dominance and idiotic trickle down theory, the rich are taxed disproportionately LOW compared to their incomes.
They per capita have vastly MORE of the nation's wealth than the middle class, yet the vast majority of tax revenue comes from the middle class.
Bush has lowered taxes almost exclusivly on the wealthy... and NONE of that money has trickled down to new jobs or industries... it has , rather, been OFFSHORED along with most of the lost jobs.
This is the kind of mess you get when you LOWER taxes and Start a war.
You get an underfunded govenrment that can not even provide essential services and that must accrue debt just to keep operating.
Fiscal conservatives my ass.
Oh... and BTWW... The taxes paid by the wealthy are not gonna drop...
Government revenue is down because HOUSES are being foreclosed on....And because People are not buying things...
Property and sales taxes form the bulk of local government revenue.
And the federal revenue will drop because corporate profits are down and unemployment is up.
Workers laid off not only no longer contribute taxes... they create a COST in unemploment benefits.
These are gonna be the biggest effects on government revenue... not anything having to do with the rich.
...services will be cut, state employees laid off... and that will further erode the economy.
ITs a snowball effect.
Bush SHOULD have RAISED taxes...to pay for his war... His father tried to tell the American people that it was gonna be necessary... but got canned for it.
At this point... we are really stuck... the government NEEDs more tax revenue... but raising taxes when folks are getting laid off is only gonna cause more layoffs and foreclosures...
My answer?
Telll the rich its time to step forward and fork up for the good of the nation and the consumers that made them rich.
Bill gates can afford to gift his nation with 10 billion... and STILL be the richest guy.
Oprah can afford to gift the nation with 2 billion...
Lurch the commerce secretary took half a billion when he jumped out of his firm...
He can afford to gift the nation with 200 million and still be rich...
Let's see the patriotism of the wealthy on display....
Let's see them take just a portion of the sacrifice the rest of us will have to shoulder...