The New American Plutocracy

  First we get six years of Republicans using fear-based leverage (mushroom clouds!) to roll over everybody and take whatever they want from the country.  Including much of our treasury, while decimating the middle and upper-middle class with billions of dollars moving from the middle to the top.   Then we get two years of a Republican president and Democrats in the Congress, who do nothing, followed by a Dem president, who has a Democratic majority that won’t back his moves, except when it deals with a “better than nothing” proposition like the healthcare semi-reform they gave us (under which insurance companies continue to rape and pillage) or a new set of rules re-regulating the banking industry, which, in reality, pretty much left Wall Street in charge.

Socialism will destroy America!  (Except when you need things like schools, libraries, highways, sewer and water, street lights, police and fire departments, etc.)

From the Philadelphia Daily News:  “As author Timothy Noah points out, between 1980 and 2005, about 80 percent of the increase in total U.S. income went to the top 1 percent of Americans – that is, those who make more than $380,000 a year.

That richest 1 percent account for 24 percent of the nation’s total income, the highest share since 1928, right before the Great Depression.  That’s nearly triple their 9 percent share in the 1970s.”

And now comes time for the President and his democratic colleagues to deliver on the promise to eliminate Dubya Bush’s tax cuts for the wealthy, and they can’t even do that.  Oh wait.  Do I see another “better than nothing”compromise in the works?  Here it comes….  And it’s corker.  Extending tax cuts to the wealthy for another two years (taking them up to the next presidential election) along with lower estate taxes for rich Americans while extending long-term unemployment compensation for only one year, and cutting payroll deductions for Social Security?

This is nuts.

Social Security needs all the funding it can get.  At the very least, Social Security deductions should be left alone.   Unless the idea is to give the Republicans even more ammo in their ongoing quest to privatize (destroy) Social Security and screw the elderly.  Is that what’s going on?

Unemployment benefits are probably one of the best things the government has going to pump money into our faltering economy.   Americans making more than $250,000 a year will do quite nicely without extending the Bush tax cuts, so you eliminate the tax cuts to help pay for extended unemployment benefits for Americans who need the money to survive.  They will also survive without cuts in estate taxes.

We can’t keep borrowing our way out of debt and increasing our dependence on China and our “good friends” the Saudis, who continue growing fat on our petro dollars.  Ergo:  We have to get money from Americans who already have it.  That would be the wealthy, not the poor.  Duh.

So you let the tax cuts on the rich expire, forget about tax breaks on estate taxes, extend unemployment benefits and leave Social Security alone.

That’s what you do, unless you’re dealing with a Congress that’s mostly bought and paid for by lobbyists representing those privileged few who are living off their military-industrial complex dividends.

While big media pretends the Democratic Process is still in play.

Welcome to the new American Plutocracy.

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