Illustrating the economy

by talos
Fri Feb 23rd, 2007 at 01:05:16 PM EST

Matt Taibbi has yet another excellent piece over at Rolling Stone magazine, this time about proposed new Bush tax cuts and what they mean for the average US taxpayer - as well as about the utter indifference shown by the corporate media to a story with great "shock value" - because it's the wrong value.

The story is brilliantly written and worth your while anyway, but the way it illustrates the economic facts (as given to MT by the folks over at rep. Bernie Sanders' office, the socialist congressman from Vermont) is impressive and should be emulated. And so should its tone, because what is being presented is the sort of information that in the not-so-distant-past made peasants and craftsmen grab bats, pitchforks and torches - and march menacingly towards the palace...:


If the Estate Tax were to be repealed completely, the estimated savings to just one family -- the Walton family, the heirs to the Wal-Mart fortune -- would be about $32.7 billion dollars over the next ten years.

The proposed reductions to Medicaid over the same time frame? $28 billion. Or how about this: If the Estate Tax goes, the heirs to the Mars candy corporation -- some of the world's evilest scumbags, incidentally, routinely ripped by human rights organizations for trafficking in child labor to work cocoa farms in places like Cote D'Ivoire -- will receive about $11.7 billion in tax breaks. That's more than three times the amount Bush wants to cut from the VA budget ($3.4 billion) over the same time period...

...Sanders additionally pointed out that the family of former Exxon/Mobil CEO Lee Raymond, who received a $400 million retirement package, would receive about $164 million in tax breaks. Compare that to the Commodity Supplemental Food Program, which Bush proposes be completely eliminated, at a savings of $108 million over ten years. The program sent one bag of groceries per month to 480,000 seniors, mothers and newborn children.

Somehow, to me, that's the worst one on the list. Here you have the former CEO of a company that scored record profits even as it gouged consumers, with gas prices rising more than 70 percent since January of 2001. There is a direct correlation between the avarice of oil company executives and the increased demand for federal aid for heating oil programs like LIHEAP, and yet the federal government wants to reward these same executives for raising prices on the backs of consumers...

...Here's the thing about the system of news coverage we have today. If the Walton family, or Lee Raymond, or the heirs to the Mars fortune actually needed the news media to work better than it does now, believe me, it would work better. But they have no such need, because the system is working just fine for them as is. The people it's failing are the rest of us, and most of the rest of us, apparently, would rather sniff Anna Nicole Smith's corpse or watch Britney Spears hump a fire hydrant than find out what our tax dollars are actually paying for.

Shit, when you think about it that way, why not steal from us? People that dumb don't deserve to have money.  

I have a feeling that over at this side of the Atlantic the sort of massive subsidies to the super-rich that characterize the fiscal policies of the Bushites, have yet to materialize (if I'm not mistaken - and I might be - they're unprecedented in the US as well). Yet as we have noted in this Great European Tribune of Ours, we're headed that way - and fast it seems - and the relative quiet of our own "big media" regarding, say, the massive lobbying that's taking place in Brussels and its direct effects is already noticable.

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Thanks for the excerpt.

"It's the statue, man, The Statue."
by Migeru (migeru at eurotrib dot com) on Sat Feb 24th, 2007 at 04:27:27 AM EST
And why politics matter:



In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Sat Feb 24th, 2007 at 08:10:33 AM EST


In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Sat Feb 24th, 2007 at 08:11:27 AM EST
great graphs to further 'illustrate' the diary.

Thanks.

by delicatemonster (delicatemons@delicatemonster.com) on Sun Feb 25th, 2007 at 11:12:53 AM EST
[ Parent ]
Matt hits the spot, as usual and I hope he never stops being incensed.  The LTCongress lines have lit up and here we go, pushing the rope...

Our knowledge has surpassed our wisdom. -Charu Saxena.
by metavision on Sun Feb 25th, 2007 at 01:52:43 PM EST
...meaning sending emails to every politician and his grandmother with parallel, but different requests to take action.

Our knowledge has surpassed our wisdom. -Charu Saxena.
by metavision on Sun Feb 25th, 2007 at 01:55:04 PM EST
[ Parent ]
Today's NY Times has a column by pundit Ben Stein who usually takes a Libertarian point of view, but has been turning into a bit of a populist lately.

Of Tax Cuts and Those $10 Million Bat Mitzvahs

I started to feel hysterical. Is this what America is all about? We're in a war and we cut taxes to stimulate the economy -- and it probably did -- and we are having million-dollar parties at home while our soldiers are paid starvation wages to offer up their lives in Iraq? We're in a war and the government cannot afford to pay for adequate training for our soldiers, but the society at home is routinely having million-dollar weddings and bar mitzvahs?

Can anyone say "The Decline and Fall of the Roman Empire"?



Policies not Politics
---- Daily Landscape
by rdf (robert.feinman@gmail.com) on Sun Feb 25th, 2007 at 02:18:34 PM EST
LOL. The last line says it all>

Ben Stein is a lawyer, writer, actor and economist.

 with a comedian complex.

Our knowledge has surpassed our wisdom. -Charu Saxena.

by metavision on Sun Feb 25th, 2007 at 02:56:11 PM EST
[ Parent ]
Actually Stein is a comedian (he had a comic quiz show for a number of years). He uses his connection to his father the real economist Herbert Stein to bolster his lack of credentials.

He is a good barometer of the conventional Libertarian/neo-con mind set in the US which is suffering from an identity crisis currently.

Policies not Politics
---- Daily Landscape

by rdf (robert.feinman@gmail.com) on Sun Feb 25th, 2007 at 03:15:19 PM EST
[ Parent ]
Well, Ben Stein is technically an economist, given his bachelor's degree, but his primary academic strength was in law.  He may be a comedian, but nobody becomes valedictorian of Yale Law without being astonishingly intelligent.  Earning an bachelor's from Columbia ain't a walk in the park either, I'd guess.

That, and I have to confess to having been a big fan of Win Ben Stein's Money when I was younger.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (myfriends@thisispancakes.com) on Mon Feb 26th, 2007 at 12:39:46 AM EST
[ Parent ]
His continuing defense of Nixon should tell people all they need to know about his inability to make policy jibe with economics.  At least Friedman had the decency to denounce Nixonomics.

Be nice to America. Or we'll bring democracy to your country.
by Drew J Jones (myfriends@thisispancakes.com) on Mon Feb 26th, 2007 at 12:41:29 AM EST
[ Parent ]


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