Archives For ultra-rich

I see that the outlying political super pacs otherwise known as the ultra-rich-radical-right are now hitting on Obama because it looks like the government might lose up to $40 billion in the bailout of General Motors.  They claim that it is typical of him to throw away all our tax dollars. But I look at the other side of the coin.

We have lost more than $150 billion in revenues with the tax give-aways of the Bush administration. The main logic behind those tax breaks was that if we tax the “job creators” less they will have more money to hire more people. It is amazing that some, including Mr. Ryan, are still using that rhetoric almost twelve years later. Where are all those jobs that they are supposed to use their additional wealth on? They just didn’t create them; instead they, like Mr. Romney, put the money into their off-shore accounts.

Getting back to the so-called waste of bailing out GM. Since the banks were in a total melt-down at the time it would have been likely that GM and Chrysler would have gone out of business if the governments of Mr. Bush and Mr. Obama had not stepped in. That would have meant millions more would have been added to an already swelling unemployment number. I’m just a simple guy but spending $40 billion to save millions of jobs makes more sense than giving the super-rich more tax breaks with no effect on the economy. I’m sure there are those among the GOP spinsters who are trying to figure out a way to change my mind about this but I think, even though I am a simple guy, I will know enough to see through those yahoos words.

I also hear the stories around just why GM stock is so low right now and that is because all the big money funds are waiting for the government to dump their shares at a discounted rate so they can then jump in and make a windfall profit when it moves to its true value. If I was Mr. Obama I would just keep the stocks to spite those guys. After all what’s another $40 billion to the already exploded deficits? But that is another story for another time I guess.

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