Senator Bernie Sanders, filibustered the Senate for 8.5 hours on the tax bill. Thank God for Bernie Sanders. He's trying to stop yet another giveaway to the powerful, this time as tax cuts for the rich. People across the land cheered for Filibernie, Sanders is also updating events on his twitter account. Below is a floor speech Sanders gave a week ago, making it clear, we have class warfare going on in this country and the middle class is losing, badly.
President Obama literally put former President Bill Clinton on a White House official podium, to endorse his deal. I kid you not. We all know Bill could sell us a fly shit farm and we'd think we had struck gold long afterward. So, are you buyin' this one?
Remember, Clinton brought us the China trade agreement, deregulation of the financial industry and NAFTA. Often touted as the great economic presidency, the reality is many of the seeds of destruction were sewn during the Clinton Presidency. Dean Baker wonders why the headline of Bill Clinton wasn't President Obama Gets Leading Proponent of Social Security Privatization and Bubble Economy to Tout Budget Deal.
President Clinton had been considering a variety of options for partially privatizing Social Security in the beginning of 1998 when the Lewinsky scandal exploded.
Meanwhile the unsqueaky wheel gets no noise and that of course is the CBO who scored the Senate tax cut bill. Guess what, it will cost us -$756.41 billion in lost revenues for 5 years. In the first 5 years, S.A. 4753, or the Senate tax bill, will add $892.85 billion to the budget deficit. Most of this, at least $500 billion, is directly lost revenues in tax cuts for the rich. The CBO figures are attached, so you can look for yourself on how giving tax cuts to the rich blasts out the deficit.
More amusing, the unemployment extension is just $44.66 billion for 5 years in lost revenues, while the estate tax is $67.5 billion. See that? Something that is known to be stimulative as well as the right thing to do, help people who cannot get a job, is cheaper that letting the super rich pass their ill gotten gains to their heirs. All of this additional debt for 1.26% of Americans wage earners, or roughly 1.9 million. If one goes up to $250,000 dollars, the number of people affected is 1.2 million. For more details on the statistics, read Tax Cut Do Not Generate Jobs.
Even worse, the CBO warned on waiting to deal with the deficit. But most interesting, they are focused on social security instead of the real causes, which are two wars, high medical costs and the lack of revenues because people don't have jobs.
- Higher debt would reduce the amount of saving devoted to productive capital and thus would result in lower incomes than would otherwise occur.
- Higher debt would lead to higher interest payments, meaning that larger tax increases or cuts to spending programs would be needed to make fiscal policy sustainable.
- Higher debt would make it harder for policymakers to respond to unexpected problems, such as financial crises, recessions, and wars.
- Higher debt would increase the likelihood of a fiscal crisis.
In the true spirit of our corrupt Congress, it appears corporate lobbyists wish lists are being filled by our Congress additionally....in, you guessed it, the tax cut bill.
Merry Christmas Match Girl.