Hey Mr. Elephant, what’s all this I hear that you’re blaming the President for the bad economy? Obama’s fault, really?
Mr. Elephant you’re always harping to me, Mr. Donkey, about ‘personal responsibility’. Well, what about taking personal responsibility for the mess Bush put us in. President Clinton handed Bush a budget with a surplus for the first time since Eisenhower. Eight years later, you had increased spending by 85 percent, doubled the debt and handed Obama a failing economy, with trillion dollar debts as far as the eye can see. How dare you label Obama as failing?
Then you tell us to forget about Bush. That’s like telling a World War II veteran to just forget about Pearl Harbor.
Obama is working the economy out of the hole you dug, and would do it faster if you weren’t shoveling dirt on him all the time. Yes, the debt will be a problem; but even Republican wunderkind, Congressman Paul Ryan, doesn’t get his budget balanced until after 2040.
Right now the problem is jobs; and your answer is cut 400,000 teachers, policemen and firemen so your fat cat contributors can keep their massive tax cuts.
Consider two things, Mr. Elephant. First, since Ronald Reagan, the share of this nation’s income given to the richest 1 percent has grown from 8 percent to 24. In addition, the Wall Street Journal points out the richest 2 percent’s taxes have dropped a massive 25% in the past 18 years.
Second, hidden away, in Congressman Paul Ryan’s budget plan, is the Republican call for no taxes on capital gains and dividends. Since the ultra rich get almost all their money from capital gains and dividends, what you Republicans want is no taxes on the rich.
Before you raise your trunk and bellow ‘CLASS WARFARE’ at me, let me remind you what billionaire Warren Buffet had to say, “Is there class warfare? I’d say yes, and we’re winning.”
Your idea of jump starting the economy is to lay off teachers and give that money to the ultra-wealthy so they will invest in our economy. How 20th century of you. Earth to Elephant: That doesn’t work anymore!
In the 20th century, the wealthy, like Henry Ford, Ted Turner, James McDonnell, and Bill Gates, actually had the novel idea of reinvesting in their companies. Through much of the 20th century, there was some validity to trickledown economics. Here in the 21st century, today’s mega rich too often invest in financial games like credit default swaps or hedge funds. Over a quarter of all Wall Street money goes toward playing these games, which create absolutely no jobs.
Additionally, who do you think funds the movement of jobs overseas, the local small businessman? No, it is the mega rich who have taken $2 trillion out of our economy to build factories overseas in the last 2 years; thus, moving 2 million American jobs overseas since the recession started.
Elephant, you and I know it is the small businessman who is responsible for almost 70 percent of all new jobs. Unfortunately, the mega rich have sucked the credit market so dry, small businessmen looking to expand their business can’t get a loan. Nor can hard working Americans get credit to buy a car or a house. You want to know why the economy is so slow to recover, Mr. Pachyderm? Just look at that long face in mirror.
Franklin Roosevelt’s Federal Reserve Chairman Marriner S. Eccles blamed the Depression on too much wealth concentrated at the top. He felt this left the rest of America with too little buying power to sustain job growth. That was when the top one percent had only 18-20 percent of all income as opposed to today’s gluttonous 24 percent.
I, Mr. Donkey, will be glad to cut taxes on the mega rich who invest in new plants and research here in our great country, or to those who provide equitable funding to new entrepreneurs or small businesses. But listen up Big Ears, Mr. Donkey will not give tax breaks to August Bush III or IV or others like them, who mismanaged their company into extinction, bailed out on golden parachutes, made fortunes for themselves and their hedge fund managers while only paying capital gains tax, and left their employees holding the bag.
One last point that has been festering under Mr. Donkey’s saddle: On a Thursday in September of 2008, Federal Reserve Chairman Ben Bernanke told President Bush and a room full of our Congressional leaders, if they didn’t approve the bank bailout, by Monday we wouldn’t have an economy. Senator Chris Dodd (Chairman of the Senate Banking Committee) said the air was sucked out of the room. To the great credit of everyone in that room, they got it.
Incredulously, led by the Abbot & Costello of St. Charles County (Representatives Todd Akin and Blaine Luetkemeyer), the bank refunding bill failed in the House. It passed on a later vote, but again Akin and Luetkemeyer were both MIA.
How dare you blame the bank bailout on Democrats. Take some personal responsibility, peanut breath, and be honest with the American people for once. The Wentzville General Motors plant would be closed today if it weren’t for the auto bail out which Representative Todd Akin voted against.
So, Mr. Elephant, let’s join hands and hire back those teachers and fireman, give tax cuts to those willing to invest right here in America, and do everything possible for our greatest job creator, the small businessman.