As The Rich Get Poorer

Let's all educated people get serious for a minute: a DEMOCRATIC president started this economic downturn--oh who am I kidding, by the time it's all said and done, it's a full-blown depression--and a Republican president gets the blame for it. The Democrat's--knowing FULL WELL that they started this mess, blame the sitting president for it and win the presidency again. Now, a Democrat will try to straighten out another, different Democratic President's mess. And when the American people are tired of all the broken promises and lies, they will put another Republican President in power to straighten out this mess--if we live that long-remember, the year 2012 is when the Mayan calendar predicts the world will end due to war. The Bible code predicts the same thing. The Bible code actually predicts a precursor to the end of the world through war in 2008--and I believe that to be electing Obama as president. With his lack of experience and lack of leadership skills, he will be like a baby at a poker table full of grown men. Say goodbye to your freedoms and indeed, say goodbye to life, if the Bible code is to be believed and if the Mayan calendar is to be believed, and if Nostradamus is to be believed.
I guess the only question we have to ask ourselves, is, can Obama overcome his lack of substance to save us from this fate?

For all you economics 101ers...It seems to me every time we raise the minimum wage we go in the hole. When we raise the wage for the bottom rung of the ladder the next rung gets a raise and on and on to the top of the ladder. The products then have to go up to accommodate all the wage encreases. The company that owns and sells all products are still going to make the same money as befor so all of this is then passed on to the consumer (the minimum wage earner), thus a lager amount of the wage earners monthly income goes to buy these products making us all poorer rather than richer??????

I really like your essay especially

By and large, the poor aren't poor because the rich are rich. They're usually poor for their own reasons: family breakdown, low skills, destructive personal habits and plain bad luck.

Maybe instead of taxing the rich we should just instead pay executives more by cutting the pay of the people that seem to support their meaningless high level of pay through low taxes instead. Then we would all be better off.

Excellent article,based on common sense & values.

Many comments are OK.

However,1 big mistake.

U try to talk reason to irrational people.

Socialism & its bastard child, (re) distributionism is an irrational faith.

A cult of hate against the rich,the profits,the money.

Raising the taxes on the 250K + will bring almost no revenue.

But it is a symbolic act for the faithful...

Hey Robert, don't forget you work for Newsweek. You keep telling the truth and you're liable to get yourself fired.

Read two books by David Cay Johnson
Free Lunch and Perfectly Legal
If you think the rich are rich because they work hard, check out the details these two books provide on our Income Tax breaks.

This morning we're hearing of another huge loan bailout for AIG added with the other two ones already done-deals for them.
Government bailouts for the super rich...
These are the same clowns who had the "spa"treatment holiday paid for by taxpayers, and then the "fox hunting" trip in England after that!

All this largesse was sponsored and paid for under the direction of Bush Administration, his Sec. of the Treasury, Paulsen, and rest of those foxes in charge of the hen-house!

Dems did go along under threats that the entire economy was going to collapse if they didn't.

But don't let the Republicans forget that THEY DID IT...
Under a Republican Administration's watch!

US Government bailed out and are now buying-into banks, and this monster-sized Insurance Company.

Recall, they were against SOCIALISM ?
That's what McCain/Palin ranted against??? Accused Obama of being a SOCIALIST ????

This is the form of SOCIALISM that Republicans want to enjoy...
"Free Enterprise" for their profits.
SOCIALISM for their losses.

I can't accept the conclusion that: They're usually poor for their own reasons: family breakdown, low skills, destructive personal habits and plain bad luck. If this may be true for some, it is not always true. believe that the system as it works now is exacerbating inequalities and it is more and more difficult for the middle-class to maintain it's living level. The system seems to be organized right now to suck money from the majority to the pockets of a minority. And your statement is just adding insult to the injury. Taxing the rich will not solve ALL the problems for sure, but a tax system should be fair anyway and when rich billionaires are paying less % than people making less than $50K a year, this is just revolting.

November 5th, 2008 SP Editor Posted in American News | 159 Comments »

Anything can happen in America???

You can literally be ANYBODY and win an election, something that I bet a lot of lazy (and criminally inclined) children will be happy to learn. From now on, experience, knowledge, intelligence, character, associations, intentions, substance, and demeanor will be irrelevant, if you are fortunate enough to belong to an ethnic minority that the Media wishes to promote and that enough European Americans can feel guilty for.

In this first (and probably not last) AFFIRMATIVE ACTION election, we have discovered that if you promise enough nonsense to those who are desperate for a handout, you can be victorious. We have discovered that when you allow the spread of ignorance, entitlement, and irresponsibility throughout an entire population, you can reach very high (note to self when selling any product!).

Yesterday was the beginning of the end for the United States of America. We are only left to see what we can create from the ashes of this entire mess. WE will have to get ready for the tornado that is about to hit us, and be ready to take over from the mindless hordes that now dominate our land.

Will many of these same ???AmeriCONS???, as I will now call them, ever learn?

Yesterday, people elected a clone of Mr. 2000 and 2004. An unprepared empty suit of a man, whom we shall forever call the Affirmative Action Bush (AA Bush for short).

What will be our next step?

HeresHoping; who are you commenting to and what is your point? Capital gains are applied to investors. Increasing capital gain tax rates discourages investment. Reduced investment reduces ability to provide employment. Perhaps you are "hoping" that a tax burden can be imposed and maintained in isolation. It doesn't work that way. There is always a reaction to a action just as in Physics. Ultimately, the consumer winds up paying the bill.
I'm not sure how capital gains came into the discussion. Corporate tax rate on that ugly word profit is subject to a 4% increase in Obama's proposal. This may appear to be a relatively small impact, but it is in the wrong direction for enabling increased employment. McCain's proposal would have reduced corporate tax rate by 10% yielding a 14% differential tax rate burden between the two proposals. The potential impact on employment is major, but articulation to a voting public beseiged with emotional terms such as "trickle down", "profit", "loopholes" and "rich" is quite futile.

Hopefully, I haven't insulted your intelligence. If so, I apologize, and remain hopeful that lthis note may be of some help. Sameulson, Walter Williams, the "concerned Canadian" and myself appear to have studied the same "Economics 101". I must say that the elemental theories have held valid during my 40 years in industry. Needless to say, there are other theories. I'll leave defense of those theories to their proponents.