Forum Post: Republicans in Congress Continue to Support the Super Rich -- the 1% -- Time for the Occupy WallStreet movement to effect a change
Posted 13 years ago on Nov. 21, 2011, 1:15 p.m. EST by offenw
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I believe this movement or revolution has the power to effect change. But it needs focus, and I think rather than fighting with police, they should peacefully gather and send a very clear two-point message. 1. Republicans are defending low tax rates for super rich (the 1%), which is leading to huge national debt and will ultimately eliminate governmental programs that help the poor. 2. Banking executives rewarded themselves with $20billion in bonuses in 2008 when taxpayers bailed out their companies and their stock prices plummeted [it makes no sense even to capitalists to have huge bonus payouts when the company is doing very very poorly].
So I believe this Occupy WallStreet movement would effect a very important change in this country, and perhaps in the world, to align behind democratic candidates in elections next year, and push them to bring the growing disparity of incomes between the top 1% with the lower 50%. That difference is absurd and unsustainable.
Actually the Democrats support the super rich as well.
When TARP and the stimulus money was handed out to the rich, Congress was two thirds Democrats. This same group also voted to extend the Bush era tax cuts and the extension was signed by Barack Obama.
Let's not fool ourselves into thinking it is all about the Republicans.
I won't say "it is all about the Republicans". Especially in the past. But today it is clear that the democrats want to tax the super rich more in order to reduce the debt, fund the spending, etc. The majority of Republicans in Congress have signed Norquist's pledge to not raise taxes even one cent. It is absurd to support a lobbyist more than the American people. But in my opinion if spending were cut and taxes raised to cut $4trillion or more in our debt in the next 10 years, we would see job creation that would make the situation in the USA today, with 9% unemployment, greatly improved.
We don't have a revenue problem, we have a spending problem. If we don't cut spending we will never fix our problems. Even if you took every penny from the 1% you would not eliminate the national debt. They will just spend the money on more stupid programs, subsidizing oil and energy, giving it to their buddies, sending it to rich people in other countries…
We spend almost a $1 trillion a year occupying other countries. We have 900 bases around the world and are making enemies all over the place. We spend billions bombing with drones missing the target more than we hit it.
We need to increase the retirement age as well. When SSI was created the average life expectancy was 59 now it is 78.4. If we don't make changes we will continue go deeper and deeper into debt.
I've been a Democrat all of my life; but I now have no affiliation. Although the Republicans are defending the super rich and have a platform that I would never support (or vote for); they are clear and concise about what they want. You know what to expect. The Democrats on the other hand, are on the fence whether to represent corporations and banks (their moneymakers) or the people. For the party that I once supported - THAT QUESTION SHOULD NEVER HAVE BEEN ON THE TABLE!! I trust neither party.
“I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. Corporations have been enthroned, an era of corruption in high places will follow, and the money-power of the country will endeavor to prolong it's reign by working upon the prejudices of the people until the wealth is aggregated in a few hands and the Republic is destroyed.”
It is known that : the honest is oppressed; take bribes ; as trample poor law; the poor are despised. Therefore the prudent shall keep silence in that time; for it is an evil time. If so, vote for the petition: http://wh.gov/jkl
Here's a question... Are you assumed to be a better person if you are poor?
That seems to be the prevailing attitude here and I couldn't disagree more. Everyone is an individual and responsible for decisions they make.
I'm don't have anything against "the rich" in general.
It is, however, much easier for those in positions of power to harm many people with their decisions.
For example: one person by his or herself can walk into a rainforest and hack down a few trees per day, steal a wallet from someone in town, etc. A CEO can order an entire forest to be cleared or outsource an entire workforce to China with just a few signatures. Both people are doing bad things, but the CEO is definitely affecting more lives.
I feel that, at the VERY LEAST, that those who have more money/power should be paying their fair share of taxes along with the rest of us. We should have an equal representation in our Congress. The system needs to change to include rich, poor, gays, straights, blacks, whites, latinos, and everyone else in the lawmaking process, not just those who can afford the best lobbiests.
Yes, if taxes were fair and used efficiently and not used to grow government and waste like tap water or line pockets, then I'd be favorable toward the same end. As it is I'm in favor of no income tax, no IRS, and a drastically downsized Washington... And I repeat the word "drastically" for emphasis.
Fair and efficiently, absolutely. I don't like seeing tax dollars used on multiple wars, a war on drugs, or anybody's "pork" projects. The tax money should be used to feed, heal, educate, and ultimately empower the people to live their own lives. Use the people's money to help the people, not corporate interests!
We spend so many dollars on finding new ways to kill people, yet we cut funding to educate our nation's children. I think that funds can be spent more efficiently in all areas, but as a whole we need to stop throwing money at wars in foreign lands, brings those troops back home, and use that defense money to defend the economy for all.
The ugly truth. America's wealth is STILL being concentrated. When the rich get too rich, the poor get poorer. These latest figures prove it. AGAIN.
According to the Social Security Administration, 50 percent of U.S. workers made less than $26,364 in 2010. In addition, those making less than $200,000, or 99 percent of Americans (actually, more like 98%), saw their earnings fall by $4.5 billion collectively.
The sobering numbers were a far cry from what was going on for the richest one percent of Americans.
The incomes of the top one percent of the wage scale in the U.S. rose in 2010; and their collective wage earnings jumped by $120 billion. In addition, those earning at least $1 million a year in wages, which is roughly 93,000 Americans, reported payroll income jumped 22 percent from 2009. Overall, the economy has shed 5.2 million jobs since the start of the Great Recession in 2007. It’s the worst economic downturn since the Great Depression in the 1930’s.
Another word about the first Great Depression. It really was a perfect storm. Caused almost entirely by greed. First, there was unprecedented economic growth. There was a massive building spree. There was a growing sense of optimism and materialism. There was a growing obsession for celebrities. The American people became spoiled, foolish, naive, brainwashed, and love-sick. They were bombarded with ads for one product or service after another. Encouraged to spend all of their money as if it were going out of style. Obscene profits were hoarded at the top. In 1928, the rich were already way ahead. Still, they were given huge tax breaks. All of this represented a MASSIVE transfer of wealth from poor to rich. Executives, entrepreneurs, developers, celebrities, and share holders. By 1929, America's wealthiest 1 percent had accumulated 44 percent of all United States wealth. The upper, middle, and lower classes were left to share the rest. When the lower majority finally ran low on money to spend, profits declined and the stock market crashed.
Of course, the rich threw a fit and started cutting jobs. They would stop at nothing to maintain their disgusting profit margins and ill-gotten obscene levels of wealth as long as possible. The small business owners did what they felt necessary to survive. They cut more jobs. The losses were felt primarily by the little guy. This created a domino effect. The middle class shrunk drastically and the lower class expanded. With less wealth in reserve and active circulation, banks failed by the hundreds. More jobs were cut. Unemployment reached 25% in 1933. The worst year of the Great Depression. Those who were employed had to settle for much lower wages. Millions went cold and hungry. The recovery involved a massive infusion of new currency, a World War, and higher taxes on the rich. With so many men in the service, so many women on the production line, and those higher taxes to help pay for it, some US wealth was gradually transferred back down to the majority. This redistribution of wealth continued until the mid seventies. By 1976, the richest 1 percent held less than 20 percent of all private US wealth. The lower majority held the rest. This was the recovery. A partial redistribution of wealth.
Then it began to concentrate all over again. Here we are 35 years later. The richest one percent now own 40 percent of all US wealth. The upper, middle, and lower classes are sharing the rest. This is true even after taxes, welfare, financial aid, and charity. It is the underlying cause. No redistribution. No recovery.
The government won't step in and do what's necessary. Not this time. It's up to us. Support small business more and big business less. Support the little guy more and the big guy less. It's tricky but not impossible.
For the good of society, stop giving so much of your money to rich people. Stop concentrating the wealth. This may be our last chance to prevent the worst economic depression in world history. No redistribution. No recovery.
Those of you who agree on these major issues are welcome to summarize this post, copy it, link to it, save it, show a friend, or spread the word in any fashion. Most major cities have daily call-in talk radio shows. You can reach thousands of people at once. They should know the ugly truth. Be sure to quote the figures which prove that America's wealth is still being concentrated. I don't care who takes the credit. We are up against a tiny but very powerful minority who have more influence on the masses than any other group in history. They have the means to reach millions at once with outrageous political and commercial propaganda. Those of us who speak the ugly truth must work incredibly hard just to be heard.
And don't support these bastards anymore than necessary.
Here is a list of the top ten companies that not only paid little or no taxes but got huge corporate welfare from we the people.
1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings. Note: This claim was made by Forbes.com in April of '10'. Shortly after, they published a followup article which included a rebuttal by Exxon Mobil. Forbes.com did acknowledge a mistake based on incorrect line items filed by Exxon Mobil. http://www.forbes.com/sites/energysource/2010/04/07/exxon-says-it-does-pay-u-s-income-taxes
2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.
8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.
10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.
I saw this on another post here, but I feel that its worth re-posting. Buying American made goods, ergo keeping the money flowing in our country instead of overseas, is one way that we can help on a local level.
http://my.opera.com/r0ds0pera/blog/2011/11/20/buy-american
There are links to stores that sell goods made in america on that site. Consider buying as few foreign-produced goods as you can when shopping for gifts this holiday season.
Another blind jackass................
Partisan BS like this is why many see OWS as nothing more than a Democratic Party funded machine. So many here claim this isn't a left vs right movement, but I see many postings to the contrary.
pssst, it's your messiah and his dumbocrat partys "RiggerNich" spending policies that led to HUGE national Debt.
The most profitable industries in the world (energy, healthcare, finance) have been given billions in government handouts and tax breaks. Meanwhile, they keep raising charges causing hardship for millions. With all those massive handouts, tax breaks, and obscene charges, profits rise to record high levels. Millions in bonuses are paid to the executives. With record high profits, record high dividends are paid. 40% of all dividends in the United States are paid to the richest one percent. All of this causes a gradual concentration of wealth and income. This results in a net loss for the lower majority who find it more and more difficult to cover the record high cost of living, which again, is directly proportional to record high profits for the rich. As more and more people struggle to make ends meet, more and more financial aid becomes necessary. Most of which goes right back to the health care industry through Medicare, Medicaid, and a very expensive prescription drug plan. This increases government spending. This has been happening for 30 years now. During the same time, tax rates have been lowered drastically for the richest one percent. Especially those who profit from investments. These people pay only 15 percent on capital gains income. As even more wealth concentrates, the lower majority find it more difficult to sustain there share of the consumer driven economy. Demand drops as more and more people go broke. Layoffs results. Unemployment rises. This results in less revenue and more government debt.
Massive subsidies and tax breaks for Wall Street, massive tax breaks for the super rich, heavy concentration of wealth, record high charges along with record high profits and record high cost of living, more hardship for the lower majority, more government spending in the form of financial aid to compensate, more concentration of wealth, less demand, layoffs and unemployment. All of this results in slower economy and less tax revenue. At the same time more and more financial aid becomes necessary. It's a horrible downward cycle which gradually pushes the national debt higher and higher. The other big factors are the wars in the Middle East.
This post is not intended to excuse those who sit on the couch collecting welfare, make no attempt to find work, or squease out kids they can't provide for.