Thursday, July 7, 2011

Wake up to Eric Cantor


I was up late last night,  researching and reading.   This latest move higher in the financial markets caught me off-guard.  I am long the market and fortunately do not have any downside protection in place, so the money is rolling in the door.   But,  I am leery of this move and itching to take out some major downside protection.  In making that decision,  I'm trying to get a handle on what's moving this market.  As a result,  I'm having trouble getting to sleep in the evenings,  wind up having to take sleeping aides,  and its difficult to pop out of bed in the morning.

This morning,  I woke up to Eric Cantor being interviewed on CNBC.   That man is a moron. But, he got my blood boiling, which make waking up significantly easier.   Maybe someone needs to sell Cantor alarm clocks?

Eric's revelations this morning?  Cutting spending will boost our economy.   But increasing taxes on the wealthy will "destroy jobs" and hurt the economy.   You know something?   I'm just downright tired of hearing all this bullshit that keeps coming out of the mouths of Republican politicians.  Eric is wrong.

Here's the deal.  Tax reduction,  spending ... they are both stimulus to economic activity.  And it doesn't make a damn difference which path we take.  Raise taxes,  cut spending, whatever we do to close the budget gap will wind up hurting our economy.

But here's the major point you need to focus on.   Ten years ago,  the 400 highest earning Americans earned an average of $46 Million a year.  They paid an all-in federal income tax rate of 27%.   Fast forward to the most recent statistics on the 400 highest earners and you'll see they earned an eye popping $340 Million annually.   Taxes?   They paid all-in federal income taxes at an average rate of 16%.   These 400 are walking around with 11% x $340 = $37 Million more a year in their pockets because Republicans insist that they should benefit,  while our country borrows $1.5 Trillion a year.   Is that not insane?

Has the average American seen their tax rate go down by 11% in the last decade?   Has the average American seen their income go up 7 fold in the last 10 years?

We need to raise the tax rate on the very wealthy in this country.  We need to do this because its a matter of fairness.   And unless my Republican party wakes up and smells the coffee on this issue,  they are going to wind up losing middle class America.   There will eventually be a wholesale revolt in our nation,  and Republicans will wind up swinging from the highest trees in town square,  across America.

America deserves better than the idiot Republicans currently serving in Washington DC.  North Carolina deserves better than the moron Republican Senator Richard Burr who currently pretends he's getting anything of value accomplished in Washington DC.

3 comments:

  1. I am sooooo glad to see a republican say that!!! You are an AMERICAN-not a republican...I am an American not a Democrat!....but your and my party are having a party with our LIVES!!! Amen to you sir-maybe one day we'll come back to the America with two parties that can talk and get people back to the way best for our nation-not to fill the pockets of the politicians with blood stained dollars-both parties have sold us down-but in most recent talk Eric Cantor is a shameless GREEDY piece of trash!!!!!!!! He's betting on the failure of the ECONMY with his treasury bond holdings-this is SICK! Spread the word -we the poeple must unite! Btw I am full blown American in heart and soul-my folks are from mexico and came to this country to work hard and fair -to live the amreican dream, my father and mother learned to speak english and do so PERFECTLY....I am Proud of my Mexican Heritage and BLESSED to be American! We MUST tell the people, our friends, family etc the TRUTH that once again I praise you for saying sir!

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  2. I'm sure Cantor is also intelligent enough to understand it should poison future discussions, and intends to do so. As I understand it Cantor's gonna attempt to get Boehner's leadership position by arguing that Boehner is so willing to strike deals with the White House, and that the GOP's House leadership will not give up with Obama. Creating future bargain difficult by fabricating "agreements" based on proposals made in private negotiations is a decent way to signal that you don't want compromise.

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  3. I am sure you are right Missy. Eric is likely using this crises to posture for John's office, and its complicating the effort to get a deal done. But isn't that nothing more than a continuation of the problems that brought us to this point in the first place? Eric's attempts to further his own career at the expense of the entire nation are egregious. We can only hope his constituents see his efforts for what they are - and throw his sorry ass out of office. I suspect the next election will not be as partisan as many expect. Our nation is now truly in the mood to vote out those who are currently in, and give someone new a shot at doing better. That's how I intend to vote. I hope others are of a similar mindset.

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