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President Obama on Friday called on Congress to do more to help small businesses, which he called America's "most important engine for hiring and for growth."
The president said he wanted the Senate to pass a bill that would provide tax cuts for small businesses and increase lending to those businesses. A small business jobs bill containing these measures could come up for final vote in the Senate in the next few days.
The bill would set up a $30 billion fund to help community banks offer loans to small companies -- a provision that has won bipartisan support, help states encourage more private sector loans to small firms in hard-hit industries like manufacturing and construction, expand small business initiatives and more than double the size of loans available to small business owners. Obama said he hoped to see the bill pass "without delay" and without "partisan wrangling," arguing that small business owners "can't afford any more political games."
"They didn't send us here to wage a never-ending campaign; they didn't send us here to do what's best for our political party," Obama told reporters gathered in the Roosevelt Room. "They sent us here to govern and that's what I hope we will do in the remaining days before the Congress takes its August recess."
The administration believes help for small businesses will spur hiring to solidify what has turned out to be a slow-paced economic recovery. The White House also wants to see Congress pass aid to states faced with budget shortfalls so they can retain school teachers and other officials.
But there is not a lot of support for more spending as the mid-term elections approach, with Republicans especially opposing anything that would add to the budget deficit.
The small business bill joins other measures the administration wants to see pushed through Congress in the coming days. There are several important matters the White House is hoping the Senate -- in particular -- can dispatch with before it breaks for the August recess, including ratifying the New START -- which the president signed in Prague in April -- and confirming Elena Kagan to the Supreme Court.
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Atlas Shrugged
So, yeah, I read this last night because it seems to be all the rage among the right wing that this story be their cause celebre for the 21st century to this point. I have to say that while it might be a adequate vehicle for advancing an economic/political philosophy, as a story, it pretty much... well... sucks. There really were no sympathetic characters in the novel and the overriding premise - that society would completely collapse if some 'talented' people went on 'strike' is pretty ludicrous.
However, it occurred to me as I was reading that I was probably looking at it the wrong way. The novel probably defies analysis as a novel in the strictest of terms because the right wing really does not care about it as a story. They care about it as a validation of their beliefs. And it also occurred to me that they probably actually DO believe this nonsense - that the only valuable people in society are a few captains of industry and various and sundry other 'talents.' Of which, they all, of course, count themselves as one.
Amusingly, however, the right wing fails to acknowledge that even though there are probably at least 150 million conservatives in America, the only people who really 'count' in Rand's vision are the relatively few who decide that they are more imporant than the society in which they live, which gives them the moral justification to abandon all responsibility for it. The number of those 'talents' is probably no greater than 10,000 or so, which I would think would leave at least 149,990,000 of the devotees of Rand's out in the cold, assuming this scenario ever came to pass.
It is amazing that so many would so willingly accept at face value their own basic worthlessness.
It is even more amazing that, if the world of Rand is the world that the conservatives now envision, they would so easily bow to the demands of the elite 'talents' - like you would suppose Zuckerman with his comments today - in the face of threats by them that they will harm the world if they don't get their way. Is this really what the right wing believes?
Unfortunately probably.
At the heart of Rand's story is a guiding principle that should be attractive to anyone. If you work hard for something, you should be able to keep it. However further into the heart of it is something much uglier. Your right to keep what is yours does not extend to having the right to hold the world hostage over it. Abandoning all responsibility for the society in which you live does not make you a hero. Succeeding in part based on the society in which you live and then absolving yourself of all moral obligation to the people that populate that society does not make you a visionary.
All that is makes you is a 'looter' or a 'mooch.'
Atlas Shrugged was popular when Goldwater was running for President. I read it a long, long time ago. Your critique is excellent. What you describe is the gaping hole in the conservative theory.
With regard to helping small business, I wish this would have been given a priority when the stimulus money was first passed. Small business really is the engine that makes our economy run.
Excellent post.
ALI: You lost the blue log-on button on the previous post.
Ron,
$47 billion of the $288 billion in tax cuts from the Recovery Act went to Small Businesses (16%).
http://www.recovery.gov/Accountability/Documents/d10223.pdf
Dennis: Thanks for the reminder.
The small Business Lending Program has passed the first hurdle by 60 to 37 in the Senate. Two Republicans joined the ranks. Funny thing about this bill is that the Republicans trying to stop it as usual, were actually trying to relate it to TARP, which many politicians wish they never heard of. I guess they (the Republicans) forgot who signed TARP into law back on Oct. 3, 2008. GW did.
I agree with all that this should have been a priority in the first stimulus bill. Again, I fear this was left out because my party did not have the backbone to push it.
Nearly two years into his one and only term, and Obama finally figures out where jobs come from. And another $30 billion thrown on the ol'debt to finance Obama's latest Grand Scheme. Just where does all that money come from?
Oh, and Ron, great post!
Joanna, from the number of posts on here on a daily basis, i take it you do not work? you really need to do something with yourself. maybe go to college after you get your GED. that might do you wonders.
Michael T, enjoyed your post. I remember the book but the details are vague. Thanks for the refresher.
The legislation the President mentioned today in his brief address was initially in with the unemployment extension bill that finally passed yesterday. Also in that original bill was aid to state governments to prevent teacher, fire, police, etc layoffs. It is so frustrating to watch the Senate GOPers, with Ben Nelson's aid, sit back and watch Rome burn and Americans suffer rather than allow Pres Obama and democrats to further help the economy.
I fully support dealing with the deficit and the debt but right now the economy still needs some pushing. None of those yelling loudest about the deficit paid any attention to it during the Bush/Cheney/GOP era of unfunded, budget busting spending. With few exceptions, every economist both right and left, has said the Govt must stimulate the economy.
I think Harry Reid needs to bring in the cots again and force all nighters. Everytime he does that, miraculously, 60 votes materialize.
Selfish Redhead: I thought I wrote a pretty good post also.
I'm certain Nancy Pelosi and Harry Reid included this spending in their budget for the year. If nothing else, those two pay very strict attention to those kinds of details.
Wait, there is no budget.
Nevermind.
I trust that everyone remembers Aug 09......
The administration should not let the message be hijacked by town-hall crazies with signs, yelping at the congressman, rude righties!
Let us not forget!
Not this year Chilly. Last years message to the Democrats obviously was ignored by them. This year is different. This one gets settled at the ballot box.
Oh, and we won't. November 2nd - "Take Out the Trash Day"
Oh, and great post.
JoAnna---
Those town-halls were like a recurring nightmare.....nothing of substance....only the horror of low-information shills and what people can be convinced to do. Especially when it isn't in their own best interest.
Hurry November.....
What I saw was Americans involved in the political process. The country was founded on much worse terms then what was seen in those townhalls. There is nothing wrong with Americans being angry with their elected officials and expressing that anger to them. I do not feel sorry for those elected officials getting a ear full from the people they were supposed to represent. That's kind of a part of democracy. Without that, you have these representatives living in ivory towers.
On that we agree.
Joanna, George Bush deficit when he started = $5.5 trillion
George Bush deficit when he left = $11 trillion
plus 2 wars
way to keep your eye on the whole deficit thingy from 2000-2008.
Ron, terrific post. Both this one, and the ones you'll be making. And I voted.
Come on, JoAnna, that schtick was at best mildly amusing the first 17 times you used it today.
Now it's getting as tired as your usual stuff.
Don't quit your day job (or is this your day job?)
Washington acts like they are clueless. Big business pushes their agenda to cheep labor practices, so called "Free Trade" is putting our small business out of business not only here, but all over the world with giants taking all the market, namely Walmart, Cosco and the rest of the community killers. Or selling our infrastructers all over this wonderful land. They've sold us out.
We are awake, Washington needs to come out of long sweet dream of funnel money from big money lobbyist.
Â
Breach of trust.
After 2 years of doing nothing that we ask for.. Now you push.. And just before elections. Thats slimy even for Obama and the Liberals in Charge.. How stupid do you thing Americans are?
Actually its exactly what he should have done and it is brilliant. Let's see what Republicans say no to small business loans. And ending the unemployment benefits on November 30th was also brilliant because around election time, they will be asking for another extension and daring the Republicans to say no again. Brilliant! Republicans are hanging elections on Deficit and Immigration. Neither a winning argument in a bad economy. ITS JOBS STUPIT!
P.S. I forgot the tax cuts (entitlement) for the rich will be expiring. Republicans will be running against their own deficit message to pass them for their many corporate donors. While the Democrats will push only strict tax cuts for created jobs Republicans will be pushing for blanket tax cut. Brilliant again! Right about then Breitbart will come up with something much to the misfortune of the RNC.
This is typical of the Libs. It's all about politics. And just how do unemployment benefits coming up again on Nov/30 help the Democrats? The election is on Nov/02 fool.
One other item of business that will come up on or around Nov/30 is Congress increasing the legal limit on the national debt. The limit is currently at $14 trillion. It will need to be increased because we will sone exceed that amount. For reference, that limit was around $10 trillion when Obama took office, so you do the math.
And how come with the wonderful economic world Obamanomics has given us, we have to continaully extend unemployment benefits?
And no vote for you. Not a good post. Not at all.
This is typical of the Libs. It's all about politics.
I had to take a second look.
That's a laugh! Of course cons are only concerned with being philosophically pure, right? Politics is the las thing they think about.
geez
Are you serious?
Of course it's about politics. It cracks me up when I hear the President, Boehner, Reid, McConnell, Palin, etc etc etc, say lets put politics aside and do something. It is the most laughable red herring in the political vocabulary. If we put politics aside we would be putting THEM aside. We'd put this blog aside.
It would be like a pitcher saying 'let's put baseball aside and play the game.' LOL you can't!
Well gee rick and Steven, please excuse me for taking a moment, just a moment mind you, to actually worry about the people whose lives are affected by the decisions made by our politicians in Washington DC. You are correct, it is more important to score cheap political points and tune into MSNBC and Fox at night and see who "won" then it is to make the lives of Americans just tad bit easier.
Thank you for pointing out my error.
What I was pointing out was that you tried to make it party specific which it is not.
Here is what America has to look forward to in 2011/12 if the Dems loose the House. Nothing will get done. Thank goodness the President got 4 years work done in 18 months.
Bachmann speaking to the GOP Youth Convention in DC
QUESTION: I might be putting the cart before the horse here, but assuming the Republicans win the House back this next cycle, how do you feel about the chances for a little oversight and a little accountability now that the Republicans would have the subpoena power? How aggressive do you think?
BACHMANN: Well I think that’s all we should do. I think all we should do is issue subpoenas and have one hearing after another and expose all the nonsense that has gone on. And it’s very important when we come back that we have constitutional conservative leadership, because the American people’s patience is about this big. [...]
And this is the year, this is it. All of our chips are on November. If we don’t get it back and then starve the beast, the House – we have the power of the purse – so we can starve Obamacare, we don’t have to fund any of these programs. And that’s exactly what we need to do: defund all of this nonsense and then unwind it.
and yes, JoAnna this is mostly a cut and paste. LOL
Great post Dennis. I voted!
And a question. Is PayGo a law, or just a suggestion?
Wacky doodle Bachmann. Ironic that republicans NOW want to investigate, hold hearings into what exactly I don't know, but in 2009 they were whining and puffed up with outrage--how dare the President or AG Holder investigate or even suggest investigating anything Bush/Cheney did.
It takes 60 votes to bypass it. You know a super majority.
Joanna,
Paygo is actually law, but it has a convenient escape clause for "emergency" spending. To the best of my knowledge, no one defined emergency.
Living in LA,
To the best of my knowledge it takes the 60 vote majority to declare a bill to be emergency legislation.
I think that is what took so long for the unemployment benefits.
Have a good weekend JoAnna. Try to get out and enjoy some sunshine and maybe interact with your fellow Americans.
Sitting in your easy chair all week and thinking up these cute little posts must have a major drain on your --- intellelect?, anyway, spending so much time trying to be so much more smarter than anyone else is not good for the spirit, especially when it doesn't work.
Darn those politicians! Always pulling fast ones on us!
And FrankH - Great post! I voted!!
Joanna, your inability to understand who brought on much of our debt makes you either incoherent or ignorant. i am thinking both.
deficit in 2000 = $5.5 trillion
deficit in 2008 = $11 trillion
hello, mcfly
Breaking news from the Washington Post. Kenner, LA.: Long before an erruption of gas caused BP's Deep Water Horizon to explode, an alarm system designed to alert the crew and prevent combustible gases from reaching potential sources of ignition had been deliberately disabled said Michael Williams, former chief electronics technician on the rig. The explanation he was given: leadership of the rig did not want the crew members needlessly awakened in the night.
Good grief. It seems that daily, the evidence mounts toward criminal charges against BP, and Transocean, who knows maybe even Halliburton.
Wonderful post Jody!
Has anyone noticed the news reports? No more oily birds. No more destroyed marshlands. Charter fishing boats going out. Shrimpers allowed to fish in more and more waters. People on the beach and in the water. Almost like, nothing happened.
So will the Obama administration refund to BP any money left over they put in escrow for the clean up? Or is that what's paying for some of the new spending in Congress?
Did I say great post Jody? It really was.
So I take it that it bothers you that some people compliment each others' posts and no one compliments yours?
Outstanding post MT! Much applause!
JoAnna - Just because the news reports haven't spoken about the oil spill doesn't mean the problems have all gone away. Less than a week since the temporary stoppage and you think this story is over! You must be quite naive to think that it will not take years for the shrimping, fishing and other communities along the coast to recover.
This week the whole country had been obsessed about the Sherrod story. A story although important to that woman, was merely a way for the republicans, who caused and fabricated a false reverse racism story, to veer away from important topics. That is why other important stories were ignored in the media and here at first read as well.
As Jody said earlier, the help for small business was part of the unemployment bill in the house that senate republicans stripped out. Don't you want to help out small business? I would think that you could support this legislation.
As far as the clean up fund is concerned, once BP is forced to pay for all aspects of the cleanup I am waiting for the fines for the millions of gallons they allowed to spill into the gulf due to their at best incompetence and at worst criminal behavior.
Thanks, your appreciation is appreciated, I suppose.
Just saying what I'm seeing Yellow. Looks like things are getting back to normal in the Gulf. Looks like the clean up efforts to date have been successful. No mile upon mile of oily beaches. Wildlife looks like it's not getting damaged anymore. Fishing has begun again.
Don't be afraid of declaring victory Yellow. It's looking like the clean efforts have been successful.
Yes, the Republicans pulled a fast one on the Democrats with that one. Just when Obama was going to declare victory with his (greatly cut back) Finance Reform legislation, those nasty Republicans stole his thunder with the Sherrod story. Those Republicans, always causing problems.
I guess I don't want to keep kicking our own problems down the road to be paid for by future generations. Call me old-fashion.
Not sure if taking a major player in the oil industry to the brink of bankruptcy is such a good idea. Not much competition now in the oil industry, having less will mean higher prices. But if you're out for revenge, well sure, that's fun too.
Ok Johanna, I guess as with all things, politics included, everyone sees what they want to see from their own perspective.
However, If the republicans seem willing to go along with the small business help, I'll be the first to say the Dems should compromise. I was against the Dems comprimising for the unemployment relief because that was emergency relief that needed to go out ASAP.
For this, I could support some of this being paid for by some of the interest the government has gotten back from the TARP loans. I don't think the Dems are against compromise. The other side is though.
http://mast-economy.blogspot.com/2009/04/seven-banks-have-now-paid-back-tarp.html
Morgan Stanley and JP Morgan and Goldman sachs have paid back $35 billion plus interest
http://dealbook.blogs.nytimes.com/2009/06/17/jpmorgan-repays-treasury-as-tarp-exits-continue/
Also I'm not about revenge just Retribution.
1. Something justly deserved; recompense.2. Something given or demanded in repayment, especially punishment.
Have a good weekend.
Gosh, and I thought the Public Sector was the one that drove the economy; after all, those were the "necessary" jobs that needed to be protected to avoid an even deeper recession! You knuckleheaded liberal lemmings are so incredibley out of tune and misinformed that I've got to believe that you all TIVO Keith Olberman and Chris Matthews and consider that blather informative.
Of course small business helps drive the economy. So, what did the annointed one do when the $800 billion in stimulus money was thrown around like chump change, he gave Small Business an invisible bone in the form of a tax credit if those businesses hired more employees! What? Even a simpleton knows that a small businesses can't afford to hire someone to get a minimal four-figure tax credit while adding a five figure salary! You do understand that, don't you?
This latest $30 billion is simply more pandering by our community organizer in an effort to show that he is actually attempting to do something to stimulate the private sector; unfortunately, he is beholden to the public sector, as evidenced by the thousands of government jobs that will be created with both the idiotic Health Care Overhaul and the Financial System debacle, so more and more money will be flowing down the proverbial toilet with little to show for it other than an increase in the deficit.
$730 million for the SBA. That was it.
$280 million to upgrade border security technologies - That kind of explains why AZ passed their immigration law.
$3.45 billion for job training - More then likely for the Census Taker jobs.
JoAnna,
$47 billion of the $288 billion in tax cuts from the Recovery Act went to Small Businesses (16%). On top of that was an additional $730 million for other projects.
http://www.recovery.gov/Accountability/Documents/d10223.pdf
Please pardon me Dennis if I don't trust the Obama administrations website for my information. I'll take the wiki anyday over that site.
Here is the detailed listing of tax cuts for businesses from the 2009 Recovery Act. It was $51 billion in total that was not focused on small businesses.
Great - they finally figured out that tax breaks might be a good idea. Unfortunately, if looks like the only way to get them is to throw another $30B onto the deficit stack (since I can't imagine they are going to take it from the stimulus money).
I guess we'll just have to rob Mark to pay Luke to pay John to pay Matthew to pay Peter to pay Paul.
It was the republicans who voted AGAINST pay/go. They like to use it as a talking point but ignore it otherwise--just look at 2001-2006. The deficit/debt hoopla wasn't there while Bush was in office. Didn't hear any outcries of protest when unfunded legislation, two wars, unsustainable tax cuts which they claim do not require spending cuts; no Tea Party protests then.
I would be willing to listen to republicans about the deficit and spending if they had been asking these questions during the previous administrations. Right now, I see their tactics as what they are--fake outrage for political gain. Bush and the GOPers added 89% to the national debt. I do not buy their "we were wrong" words either--if that was the case they were wrong when Reagan added 189% and Bush 41 added another 55%. Fiscal responsibility at its finest!
Because the rules of enforcement were a joke. By all appearances, the Republicans were correct.
Jody,
Is it safe to assume then that you are FOR increasing the debt? If so, are you really sure that is what you want? Do you actually understand what is likely to happen if this continues?
"They did it first, so we should be able to do it too" is a very weak argument for allowing our representatives to spend us into oblivion.
And, for the record, most Republicans (including the pundits and commentators) were up in arms over the Medicare bill they pushed through, because of the costs. It is one of the main reasons that Republican voters either didn't show up or voted for Democrats, allowing the Democrats to gain control in 2006. Unfortunately, the message apparently hasn't made it's way to the Democrats yet. They don't seem to understand that failure to stop this out-of-control spending is going to bring about the same result.
Ali Weinburg you don’t have any place for comments on your Blog Buzz
Michael You did a good job with the Atlas Shrugged. Like the others I had to read it many years ago in pursuit of an economics degree and glad to see that the basic interpretation and worth of that little tome hasn’t changed unless you went to Bob Jones or Liberty University
As always my thanks and appreciation to our hosts for their time, giving me a little place to stand, a subject to comment on, a forum to put it in, and their indulgence when I don’t quite get it right or get a little off subject. I purely do appreciate it. Hope you’ll have a fine weekend and good fun among folks that you know and love. To my fellow participants keep well, keep safe, and keep the faith. We’ll make it. See you’ll next week
JoAnnaSmith
Nearly two years into his one and only term, and Obama finally figures out where jobs come from. And another $30 billion thrown on the ol'debt to finance Obama's latest Grand Scheme. Just where does all that money come from?
President Obama said last May that he wanted a smaller Wall Street. Smaller community banks help drive the economy and invest in small businesses. He also spoke of it during the campaign. Thus more loans to businesses means small businees create jobs
So will the Obama administration refund to BP any money left over they put in escrow for the clean up? Or is that what's paying for some of the new spending in Congress?
Jo Anna your political hackery makes no sense call a waaaaabulance!!
Is it because help the economy and the democratics? That's right I forgot it will. John Boehner of Orange wanted to bail out bail out BP. Did you forget that Agent John Boehner of Orange wanted to bail out bail out BP but flip flopped. He only wants to repeal healthcare, and financial reform now. I believe next it'll be the Constitution.
Is it because help the economy and President the democratics? That's right I forgot you righties want US to fail; right?
Ludcrious, by all means could get anymore riduculous?
And this is going to happen, when . . . . . ?
A few things. It's not up to Obama to want a bigger/smaller or what ever Wall Street. He's a Constitutional lawyer, and knows nothing about it. Second, what was really interesting in the Finance Reform legalisationwas it authored by, and favored, the big banks. The JP Morgan CEO was angry he wasn't invited to the signing ceremony while other big banks CEOs were invited. So your "small bank" theory appears tenuous at best. Third, money to loan is not the problem. Demand for business is the problem. Small businesses don't need money to expand, they need orders for their products and services.
You also seem to be quoting or inferring things I didn't say. Please don't do that. Ask CA for details on how that goes over with me.
Can anyone explain why unemployment benefits are taxed as earned income?
As you know consumers have cut spending. Businesses, uncertain about the strength of their own sales or the economic recovery, are sitting on a lot of cash, reluctant to beef up hiring and expand operations. A stalled housing market, near double-digit unemployment and an edgy Wall Street shaken by Europe's debt crisis are other factors playing into the economic slowdown.
Spending more money is one thing and creating reform is another, but what I see as needed as well is to say something to both big and small businesses to not fear about the strength of their own sales or the economic recovery and start hiring again. What they need is firm leadership to set new goals and objectives that are sustainable for their organizations instead of tightening their collective belts and sitting on trillions of dollars wasting time for something new to happen in the economy.
The Fed could create a new program to spark more lending to businesses and consumers in a bid to lure them to ratchet up hiring, spending, and growing the economy.
Managers must become good leaders not just hire, fire people and dish it out. Progress takes off human shackles. Managers need to be told some times to be opened minded to new and creative ideas that may come their way to help in putting others back to work and growing their businesses and keep doing just this thing with little resistance from both internal and external pressures to stop it.
Progress is born of experience. The key is not to stifle communication, but to enhance it with some more new and creative ideas. Thus the dawn of ideas goes on, forming each successive stage of progress.
As I like to do to support good team work, I aim to inspire, challenge, and educate because that is progress in many different areas of government, business, science and technology.
We are an incredibly social people with a wealth of knowledge to share new and innovative ways to making ideas grow for new goods and services. It just takes time to research and develop upon these ideas and with the right mix of people on the team it can be watered regularly and just watch it grow.
When the destination is desirable, expectation speeds our progress. This is an element of progress, and progress is the law of God, whose law demands of us only what we can certainly fulfill.
Salt Grass
First of all, you need to know earned income is.
Earned Income Does Not Include The Following:
Interest and dividends
Social security and railroad retirement benefits
Welfare benefits
Pensions or annuities
Veterans' benefits (including VA rehabilitation payments)
Workers' compensation benefits
Alimony
Child support
Unemployment compensation (insurance)
Taxable scholarship or fellowship grants that were not reported on Form W-2
Variable housing allowance for the military
Earnings for work performed while an inmate at a penal institution.
Perhaps, you're confused because you must pay/report the miscellaneous income scam artist gold coin dealers like Glenn Beck who are attracting attention over sales tactics?
Want to keep Socialism in check? Then we need to stop putting more people on welfare by not encouraging and rewarding the exporting of American jobs, along with the taxes that pay for government. I know, we really need to create replacement jobs but that obviously takes time and it isn’t as easy as we would like it to be, plus the con that just giving the wealthy more money will create more jobs is ridiculous. If that worked then we would never have had the problem to begin with because that is all Bush-Cheney ever did and it literally benefited only the very few. The ‘trickle down’ theory is literally a fraud. The problems we have today can be directly traced to government’s irresponsible focus on benefit for Special Interest and the influential, powerful and extremely wealthy few, where their overt and covert support, substantial contributions and even after office compensation were sought by the politicians, with the neglect of everything else while using an abundance of subterfuge to rationalize and manipulate as the cost passed to the people.
I recently read an article on the shrinking middle class and it indicated that not only are the rich getting richer and the poor getting poorer but that the middle class is contracting at an alarming rate. Some statistics offered were: 83% of all US stocks are now in the hands of 1% of the people; 66% of income growth between 2001 – 2007 went to 1% of Americans; only 5% earned enough to offset the rising costs in housing since 1975;in 1950 the ratio of executives pay to average worker was 30 to 1 and now that has exploded to 300-500 to 1; the bottom 80% hold only about 7% of the liquid assets; the bottom 50% collectively own less than 1% of the nations wealth; the top 10% earn 50% of national income; and so on. Being wealthy is not a negative and it should not be criticized or punished but what has literally made America and its economy great was always the success of its’ middle class – the ‘American Dream’. That is being lost!
People who were self-sufficient before, who owned homes, bought new cars, sent their kids to private schools, shopped at the malls and lived the American Dream are now out of work, on welfare, using food-stamps and in desperate straights. When they hear the ‘conservative’, the Tea Partier, the Republican cry to hold back Socialism as it just may cut into financial status with increased government spending and taxes, they are hurt, offended and want to shout out ‘what about me’, as they feel they didn’t do anything wrong. What the self-protecting, self-focused, self-deluding people who buy into the subterfuge that Socialism is a growing problem really don’t realize is that as we loose the middle class, so goes the economy it supports. Even the wealthy will suffer setbacks in their personal financial status when the middle class isn’t there to support it. They are literally the class that makes it all work.
The real point here is that government and politicians who put their political ambitions above all else, who prostitute themselves as ‘puppets’ for the money people who ‘pull their strings’, they are the real problem. And the irresponsible self-serving con they sell, with the strong overt and covert support of those who they benefit, has to be recognized and rejected by the voters. If we don’t take the steps to preserve the middle-class, including absorbing the necessary costs, then society as we know it will be gone. Returning to ‘more of the same’ that we experienced in 2001 – 2008 would be a total disaster.
Self-sufficiency and independence are illusions. The coming economic "crash" will make that clear. We live, and have resided for quite some time, in a world of interdependence.