Tuesday, September 7, 2010

More Blather from the Bloviator

La Grande Bouche ... The Bloviator in Chief ...

speaks again ... and again ... and again.

Does he think ? Nope.

On Labor Day he comes out with some more ... talk. He want to give business $200 billion in tax savings on investments in plant & equipment. Uh ... is not the problem a lack of jobs for HUMANS ? So why is he subsidizing replacing humans with machines ?

He want to spend $50 billion on "road, railways, and runways". Uh ... wasn't the P-O-R stimulus plan supposed to do that ? It had $700 billion. I guess he is tacitly admitting that money was squandered on unproductive spending. And the people are supposed to suppose that crowd of knaves for MORE spending ?

Meanwhile, the massive taxes on jobs continue. As do the onerous new IRS reporting requirements for small business expenditures. As does the favored tax rates for the billionaire hedge fund managers (the capital gains treatment for "carried interest").

The working poor pay higher tax rates than the billionaire hedge fund and private equity managers. A single person making $15,000 per year in a small business pays 15.3% tax for Social Security and Medicare [ no deductions here ! ] AND a 15% marginal tax rate on taxable income (after the standard deduction and personal exemptions). There is almost no "Earned Income Credit" for single people OR married people with no children. Thus those people are paying 15.3% on the gross plus 15% more on their net household "profit", for a total a 30.3% tax rate.

The billionaire hedge fund or private equity manager pays 15% capital gains rate on his "carried interest". This is not a capital investment. He invested NOTHING - he gets the carried interest for free as a management fee. And the multimillionaire who inherited their wealth and has invested in municipal bands pays NOTHING, TOO.

So Obama still wants to tax jobs, give companies tax breaks for replacing people with machines and give billionaires and multimillionaires free ride.

Is that the "Audacity of Hope" ?

No. That's just lazy sleaze and bloviation to get and keep power. No thought is happening in the White House, but a simple calculation of how to change the subject ... from his failures to anything else.

The P-O-R [Pelosi-Obama-Reid] knaves need to be ejected from power. I hope the public gives them the boot this fall.

PS: The Tea Party activists who are listening to libertarian billionaires like the Koch brothers are being fooled. All they want is free rein to turn themselves into a new aristocracy and gain more wealth and power. Notice how they love to adulated at those social events. They want the public to kowtow to them like they were Dukes or Princes in old Europe. Pericles would scorn them. And the public should, too. Ugh.

PPS: One of the biggest lies being shouted is that the working poor pay little or no tax. I guess they've never even looked at a tax return and are making it up. Economists and people in think tanks are like that. They have little or no practical experience in the world.

PPPS: The health care debate is rather false, too. Those opposed to some kind of national benefit keep screeching that the poor get health care via Medicaid. BUT anyone checking would find out that is given almost exclusively to people with children. The common man without a job gets almost nothing. Thus if he gets sick and a big health care bill, he can lose his home, too. And his life savings. Some fairness. The US system is a disgrace.

Word of the Day

"Zetetic" - adjective [$10]
Zetetic means proceeding by inquiry, investigating.
Sentence: Good solutions to national problem of lack of jobs must come from true zetetic analysis of the actual factors forming the situation, not from political calculations for gaining or retaining power. From my own zetetic thinking, it seems obvious that the US has too few jobs because it taxes jobs too heavily.


mfl59 said...

I thought they got rid of the carried interest for hedge funds/private equity? Am I wrong? very possible I am....

Bunkerman said...

I think it's still there; lots of proposals to get rid of it, but I don't think it got put into a final bill, such as the Fin Reg bill.

Bunkerman said...

just saw an article dated August 31 that says it's still there.

Frosty said...

kinda like the post today Bunky...or I'm still drunk from the long weekender.

Bunkerman said...

lol frosty.

Frosty said...

where is Sal...get caught up in a weekend CIA dragnetter...I hope his guantanamo bay room has an ocean view.

Spin-em said...

Whats the difference between a rooster and Bud???

A rooster says cockadoodle doooooo

and Bud says...any cock'l dooooo


Frosty said...

thinkin about your post...the girls have nonono 401k....nonono profit sharing...nonono company sponsored health plan....you should feel great shame sir..."do as I say...not as I do"

Bunkerman said...

well, frosty, since I'm planning to sell the clubs to the gals in the next few years at good prices for them, they are building lots of "sweat" equity.

I've even given some purchase options to buiild loyalty.

Obviously I'm an enlightened boss.


Frosty said...

Hawks odds 60-1 to win this years superbowl..."the gals" might wanna get their $$$$ down before sunday.

Spin-em said...

50% BANK Loan 50 % HOOCHIE CASH...(slide it under the table Mary...Ill even be your banker gals