How Social Security “reform” was used to launder $1.7 trillion into tax cuts for the very wealthy. From Oxdown Gazette (h/t Corrente), David Cay Johnston on Lou Dobbs:
A day in the life of Joe Republican:
Joe gets up at 6 a.m. and fills his coffeepot with water to prepare his morning coffee. The water is clean and good because some tree-hugging liberal fought for minimum water-quality standards. With his first swallow of water, he takes his daily medication. His medications are safe to take because some stupid commie liberal fought to ensure their safety and that they work as advertised.
All but $10 of his medications are paid for by his employer’s medical plan because some liberal union workers fought their employers for paid medical insurance – now Joe gets it, too.
He prepares his morning breakfast, bacon and eggs. Joe’s bacon is safe to eat because some girly-man liberal fought for laws to regulate the meat packing industry.
In the morning shower, Joe reaches for his shampoo. His bottle is properly labeled with each ingredient and its amount in the total contents because some crybaby liberal fought for his right to know what he was putting on his body and how much it contained.
Joe dresses, walks outside and takes a deep breath. The air he breathes is clean because some environmentalist wacko liberal fought for the laws to stop industries from polluting our air.
He walks on the government-provided sidewalk to the subway station for his government-subsidized ride to work. It saves him considerable money in parking and transportation costs because some fancy-pants liberal fought for affordable public transportation, which gives everyone the opportunity to be a contributor.
Joe begins his work day. He has a good job with excellent pay, medical benefits, retirement, paid holidays and vacation because some lazy liberal union members fought and died for these working standards. Joe’s employer pays these standards because Joe’s employer doesn’t want his employees to call the union.
If Joe is hurt on the job or becomes unemployed, he’ll get a worker compensation or an unemployment check because some stupid liberal didn’t think he should lose his home because of his temporary misfortune.
It is noontime and Joe needs to make a bank deposit so he can pay some bills. Joe’s deposit is federally insured by the FSLIC because some godless liberal wanted to protect Joe’s money from unscrupulous bankers who ruined the banking system before the Great Depression.
Joe has to pay his Fannie Mae-underwritten mortgage and his below-market federal student loan because some elitist liberal decided that Joe and the country would be better off if he was educated and earned more money over his lifetime. Joe also forgets that his in addition to his federally subsidized student loans, he attended a state-funded university.
Joe is home from work. He plans to visit his father this evening at his farm home in the country. He gets in his car for the drive. His car is among the safest in the world because some America-hating liberal fought for car safety standards to go along with the taxpayer- funded roads.
He arrives at his boyhood home. His was the third generation to live in the house financed by Farmers’ Home Administration because bankers didn’t want to make rural loans.
The house didn’t have electricity until some big-government liberal stuck his nose where it didn’t belong and demanded rural electrification.
He is happy to see his father, who is now retired. His father lives on Social Security and a union pension because some wine-drinking, cheese-eating liberals made sure Dad could take care of himself so Joe wouldn’t have to.
Joe gets back in his car for the ride home, and turns on a radio talk show. The radio host keeps saying that liberals are bad and conservatives are good. He doesn’t mention that the beloved Republicans have fought against every protection and benefit Joe enjoys throughout his day. Joe agrees: “We don’t need those big-government liberals ruining our lives! After all, I’m a self-made man who believes everyone should take care of himself, just like I have.”
As the Gulf Coast way of life is dying, I keep thinking of this Nanci Griffith song (yes, that’s Darius Rucker singing with her):
I do believe hell has frozen over. First Alan Greenspan admits his ideological beliefs were wrong, he’s now telling the Republicans it would be “disastrous” to extend the Bush tax cuts without paying for them, thus attacking the centerpiece of their dogma (that tax cuts pay for themselves):
Former Fed Chairman Alan Greenspan said that the push by congressional Republicans to extend the Bush tax cuts without offsetting the costs elsewhere could end up being “disastrous” for the economy.
In an interview on NBC’s “Meet the Press,” Greenspan expressed his disagreement with the conservative argument that tax cuts essentially pay for themselves by generating revenue and productivity among recipients.
“They do not,” said Greenspan.
“I’m very much in favor of tax cuts but not with borrowed money and the problem that we have gotten into in recent years is spending programs with borrowed money, tax cuts with borrowed money,” he said. “And at the end of the day that proves disastrous. My view is I don’t think we can play subtle policy here.”
The comments from the former Fed chief were an elaboration of a position he outlined in an interview earlier in the week. Speaking with PBS’ Judy Woodruff, Greenspan expressed his opposition to passing legislation that would hold tax rates steady (under law the tax cuts Bush passed ten years ago are going to expire, thereby bringing rates back to Clinton-era levels). President Obama has pledged to continue the tax breaks for those individuals making under $200,000 and those families earning less than $250,000.
But Republicans want the entire package kept in place. Even so, they have declined to say how they would pay for it, saying, in part, that keeping the Bush tax cuts in place will pay for itself.
In addition to throwing cold water on that theory, Greenspan also weighed in on broader economic issues and trends. The former Fed Chairman relayed some sobering economic predictions, saying he expected the nation’s unemployment rate to remain at its current level, mainly because there were few tools left to change it.