Trim With A Clever

I took a wait and see attitude to Mr. Ryan’s new plan……wanted to see what was said in defense or opposition…….

We have had the prez budget and now Mr. Ryan has yet another one for us to worry about…..his idea is to cur $5.1 trillion from the budget in ten years……and of course it will fall on the backs of the poor and middle class to do all the sacrifice while corporations get an almost free ride on everything…….

Paul Ryan unveiled a Republican budget plan today that would slash $5.1 trillion in federal spending over the coming decade and balance the government’s books with wide-ranging cuts in programs like food stamps and government-paid health care for the poor and working class. About 40% of Ryan’s projected savings would come from the repeal of ObamaCare, reports the Wall Street Journal. Ryan’s budget claims balance by 2024, but relies on $74 billion in savings in that year from the macroeconomic effects of cutting deficits, which CBO says would have a long-term positive effect because it would free up savings and investment capital. Democrats are sure to seize on the maneuver as phony math; without these projections, however, Ryan’s budget plan would fall almost $70 billion short of balance.

The New York Times writes that Ryan’s plan “will serve more as a 2014 Republican campaign manifesto than a legislative agenda.” And the Washington Post says it “amounts to personal manifesto on government austerity from a man who has emerged as the GOP’s leading light on fiscal policy.” The Post also notes that Ryan wants to replace the outgoing Dave Camp as the next chair of the Ways and Means panel while still keeping his options open for a 2016 run for the White House. His complete budget blueprint is here via the Hill.

In his 2014 budget proposal, Ryan backed cuts to Medicaid and the Supplemental Nutritional Assistance Program (SNAP) – the program colloquially known as food stamps – and called for a repeal of the Affordable Care Act’s benefits. According to the CBPP, these cuts, which accounted for 72 percent of the budget’s total program cuts, would have “resulted in large increases in poverty and deprived many millions of affordable health insurance.”

Read the proposal and tell me if you think it is more for political campaigns than reality……..yes, this will be a manifesto for elections in November and most likely will also be used for the 2016 ones also……..

Does it sound like Trickle Down 2.0?

You think it sucks now….just wait for the results in 2014 and see how quick they start trying to implement these cuts……the election results will dictate their actions……..

The Next Media Circus

Just when you thought it was safe to follow the news again…..BLAM!  Here we go again with a ginned up story to capture our hearts and minds……well you know what they say about hearts and minds, right?  NO?  “when you have them by the balls they follow willingly”……and that my friends sums it up very nicely……

But all seriousness aside……..the next “big” story for the media to drive will be the “super committee” to solve all our debt problems with one group of people….(pause here for side splitting laughter)……..remember that can that everyone was so concerned about go down the road?  This committee is just that sort of can…..need we say any more?

While it’s a relief to many in Congress that the debt ceiling bill is on its way to becoming law, Jill Lawrence reminds us of the next phase — “the one with the holiday deadlines — in which a 12-member bipartisan committee of senators and House members is supposed to come up with $1.5 trillion in further deficit reduction.”

“A word to future supercommittee members as you ponder how to proceed: You’re starting out in a deep hole. The public has been focused to an unusual degree on Congress for the last several weeks. The result is rock-bottom approval ratings and an image nobody wants

But who these saviors be?  I can tell you who they will not be……any of the Gang of Six, while I did not agree with them on much, at least they had a plan….and then there are those Dems and Repubs that were on the Simpson-Bowles committee, they will not be on there either for there was a plan that came out of those meetings….so who will it be that will be tapped to lead away from the road to ruin?

Senate GOP sources tell the Weekly Standard that senators who vote against the debt ceiling legislation today will be ineligible to serve on the so-called “supercommittee” for deficit reduction that the legislation creates.

“Excluding those who vote against the debt deal will ensure that some of the most fiscally conservative members of the Senate Republican caucus, including most of its freshmen, will be reading about the committee’s activities in the newspaper rather than guiding its decisions.”

(Sorry…I had to pause for more raucous laughter…..sorry)….like I said….it will be a joke and at worse a media circus…..

There will be the extremes of all three sides of the political triangle…..Dem/Repub/Tea Party….and for that reason there is NO one serious on solving the problems……and then in the end will go the way of Simpson-Bowles and the Gang of Six….dismissed and all this crap will start over again……NO one in Washington is serious about finding solutions…..and in the end….we Americans will have a good laugh at those that we elect…..but will we learn anything?  Doubtful, very doubtful!  And in the end we will still be on that road that we hope to avoid trying to catch up with the can we kept kicking……

Governance as usual!

P.S.  If you do not like this, then wait….the Repubs will use the unemployed to finish the screwing of the American people  (post to come)………

The Cut, Cap And Balance Two-Step (Part 3)

My last day of non-existent Zen…no deal out of Washington……and the beat goes on…..tick….TOCK!

The third and last part of the wonder that is ‘cut, cap and balance’……..the Balance part of the equation and here is where this whole thing falls apart, in my opinion…….FleetAdmiralJ of Blue Wave News has done a fine job at describing the act and if you want to read the whole thing go to Parts 1&2….or go to blogroll and click on Blue Wave News and if that is too slow for your liking then this should help……http://bit.ly/mRYhLS

Title III: Balance

This section extends the debt limit to $16.7 trillion (an increase of $2.3 trillion), but only unless and until a balanced budget amendment as introduced in H. J. Res. 1, S. J. Res. 10, or H. J. Res. 56 (or any comparable amendment) is passed by 2/3 of both houses of Congress and sent to the states.

And then 2/3 of the states must vote to put this in the Constitution……NOT gonna happening, sports fans…..why?  Think about the ERA or as us old farts called it the Equal Rights Amendment….which would truly have made everyone equal……if the states could NOT pass an equal rights amendment, which by the way is something that the Constitution already says we have….what chance would a balanced budget amendment have?

Let’s be honest….if you have read parts 1,2 & 3 you have seen what they want to do to the budget and to the country………but if this were to actually pass…..what would it do?  Let us be clear!

  • Make it near impossible to implement stimulus spending in a recession. In fact, it would almost certainly require severe budget cuts in the very programs that help people the most during a recession.
  • It would create a disincentive to implement possible stimulative tax cuts as it would take a 2/3 vote to repeal them (assuming one couldn’t just sunset them)
  • It would make it difficult for the government to provide disaster relief in the case of a major hurricane, earthquake, flood, drought, or other natural disaster as it would require a 2/3 vote to do so
  • It would make some common sense fixes to Social Security difficult, by making any vote to raise or eliminate the payroll tax cap subject to a 2/3 vote, putting the sustainability of Social Security into even further question
  • The Patient Protection and Affordable Care Act would almost certainly have to be repealed. This would actually make it harder to balance the budget, as the PPACA has the net effect of lowering the deficit, but it would violate the 18% of GDP provision.
  • It would almost certainly require that any steps to be taken to lower the national debt would have to be taken by spending cuts only.
  • If the GOP cut taxes with the argument that it would increase revenue – and were wrong – it would be nearly impossible to reverse as it would take a 2/3 vote to do so.
  • However, it would make it (relatively) easy for a party who controls Washington to do something such as Invading Iraq again, as it would only take a 3/5 vote of both Houses to declare doing so a “imminent and serious military threat to national security.” – but would make it difficult to pay for such action by raising taxes as 2 of the 3 amendments wouldn’t waive the 2/3 vote to raise taxes provision, even in a time of war.
  • It would make the US much like California in that it would take a 2/3 vote to do any sort of real budget reforms. This situation was a large reason why California faced one of the biggest budget deficits in the nation
  • It would encourage Congress to balance the budget using budgeting tricks, similar to what is happening in many states with balanced budget amendments right now, making the nation’s financial situation less stable, not more stable…….

Many have that it was a pretty good plan…..but once again it would fall on the shoulders of the middle class to solve ALL the country’s economic woes…….personally, I am weary of all the these programs that have me and people like me having to shallow the austerity pill……It is about time that we ALL…..and that means just what I said…..ALL…….to be part of the solution…..if they cannot do that then…..LET IT RIP!

Another Plan From Washington

Ok, we have heard from the GOP with the Ryan plan…..we heard from the gang of 6……we have heard from damn near every politician that can sprint to a mic after a negotiation session….here a plan and there a plan….plans are everywhere…..and with all that planning…there is NOT a damn solution in the bunch…..SNAFU….or maybe a better description would be….FUBAR!

But wait there is time for one more deficit plan…..yes….one more….this one comes from the Senate and it comes from the majority leader, Harry Reid……his is very simple……

$2.7 trillion package, including $1.2 trillion in discretionary spending cuts, $100 billion in mandatory savings, $1 trillion savings from winding down the wars in Iraq and Afghanistan, $400 billion in interest savings, while establishing ‘Joint Congressional Committee to Find Future Savings’.

Can anyone say……”VAGUE”?

But it does include one of my favorite things about Washington……..establish a “Commission”…….now that is what is needed…for sure…….look how well the Simpson-Bowles Commission worked (all that is sarcasm, in case you missed it)…..you know how every politician, yes those same politicians, that sprint to a mic to get the first talking point in, likes to use the analogy of….”kick the can down the road”…..a term that is almost as popular as “boots on the ground” or “24/7″……..well sports fans…..a commission is nothing more than kicking that damn can down the road…….a commission is something used to make it appear that progress is being made…….but all we get is that can rolling into traffic…..

Oh goody…the Prez has signed on…..and what would you think the GOP response will be?  You got it!  To the Repubs it is a non-starter….go figure!

Sorry people….but this plan is no damn better than nay of the others….the middle class is still pulling everybody’s weight in the deficit debate…….now that is fair….we would not want all those jobs that the corporations are creating to be effected b y an increase in taxes…….(yep!  Sarcasm again!)

The cowards in Washington have 7 days………

And just when you thought it was safe from another plan…..you were WRONG!  It seems that House Speaker, John Boehner has a two step plan….oh goody….more fun……

In the first phase, there would be $1.1 trillion in non-defense cuts with an increase in the nation’s debt ceiling by $1 trillion which should last until April.

In the second phase, there would be a vote on a balanced budget amendment, which is designed to secure the votes of 59 House Republicans who have already pledged not to vote to raise the debt ceiling under any circumstances.  And he also wants a commission….cool, huh?

I see Boehner has the same vision as everyone in Washington…..F*ck the Middle Class and collect your dividends from the special interests………business as usual…….not much new!  All this is just so damn silly that it begs to be ridiculed!

There is an election in 2012….maybe we as voters should look elsewhere for representatives….the ones we keep electing are cowards and as worthless as tits on a boar…….period!

7 days and counting……tick….tick!

Cracks In The Nordquist Wall?

In case there are still those who do not know who Grover Nordquist is let me assist……he is the guy that has the Tax Pledge that almost all Repubs sign promising to NEVER raise taxes….and there is where the rub is in the debt debate…..Repubs want nothing but cuts and Dems are calling for cuts and revenue sections to any bill…..up until about a year ago…cracks are starting to form in his wall of tax cuts only…….

One of the leaders of the hammer brigade is Sen. Coburn, a Repub, but it is more in the form of a technicality than an outright dismissal of the Pledge he signed when he came to Washington……

This from the Fiscal Times……

The Wall Street Journal reportedthat Coburn was among the members of a small bipartisan group of senators who are willing to consider taxes as part of a deficit reduction package. Norquist immediately went after the three Republicans named in the article: Coburn, Saxby Chambliss of Georgia, and Mike Crapo of Idaho. (The Democrats are Kent Conrad of North Dakota, Richard Durbin of Illinois, and Mark Warner of Virginia.)The same day the Journal article appeared, Norquist fired off a letter to Chambliss, Coburn and Crapo, threatening them with retaliation for their apostasy:

I was disappointed this morning to read an article … in which you were implicated as parties to a bipartisan budget deal containing a net tax increase…. Needless to say, support for such a deal would most likely be a violation of your Taxpayer Protection Pledge. That pledge which you made to your constituents and the American people obligates you to “…oppose any net reduction or elimination of deductions and credits, unless matched dollar-for-dollar by further reducing tax rates.”

I urge you to reject this so-called “deal” which is little more than a transparent attempt to hike taxes and put off the spending restraint the country clearly called for in the 2010 elections.

Chambliss, Coburn and Crapo immediately wrote back to Norquist, rejecting his threat and the logic of his argument. They said there is a huge difference between a legislated tax increase and the natural rise in revenue that would accompany faster growth resulting from tax reform.

To Nordquist, the deficit is NOT important at all…….

Norquist is backed into a corner and forced to admit that he doesn’t really care about the deficit. He told the Washington Post’s Ezra Klein on March 9, “The goal is to reduce the size and scope of government spending, not to focus on the deficit.”When asked to explain how the size and scope of government is reduced by the tax pledge, Norquist fell back on a discredited doctrine called “starve the beast,” which says that tax cuts somehow or other automatically reduce spending and that the only thing to talk about is spending.

There must be revenue increases if there is to be a true recovery……cuts alone will do little to nothing….hopefully there are those that can do the math…….it is basic math not some exaggerated formula…….

So I ask again, is there cracks appearing in the Nordquist wall?

But wait!  There is an addendum……..this from yesterday’s Think Progress……

The Washington Post editorial board reported this morning that Norquist himself stated that allowing the Bush tax cuts to expire in 2012 would not technically violate his pledgeas “not continuing a tax cut is not technically a tax increase”:

Would allowing the Bush tax cuts to expire as scheduled in 2012 violate this vow? We posed this question to Grover Norquist, its author and enforcer, and his answer was both surprising and encouraging: No.

In other words, according to Mr. Norquist’s interpretation of the Americans for Tax Reform pledge, lawmakers have the technical leeway to bring in as much as $4 trillion in new tax revenue — the cost of extending President George W. Bush’s tax cuts for another decade — without being accused of breaking their promise. “Not continuing a tax cut is not technically a tax increase,” Mr. Norquist told us. So it doesn’t violate the pledge? “We wouldn’t hold it that way,” he said.

Norquist is quickly trying to walk back that statement, declaring that “any failure to extend or make permanent the tax cuts of 2001 and 2003, in whole or in part, would clearly increase taxes on the American people.” However, even while reaffirming this principle on MSNBC this morning, Norquist stated again that there are technical ways to allow the tax cuts to expire that “and not violate the pledge.”

Cracks are forming……’Mr. Nordquist…tear down this wall’………(sorry could not resist)………

Everybody Has A Plan

Daily we hear of the plans for the correcting of the economic problems we have here in the US….there are tax cuts…..there stims….there are infrastructure….there are …..on and on……everybody has a plan….Repubs, Dems, Greens, Libertarians, etc etc….and now the Fed chief has a plan for deficit reduction….

Bernanke speaks and his plan is…….

“Clear metrics are important, together with triggers or other mechanisms to establish the credibility of the plan. For example, policymakers could commit to enacting in the near term a clear and specific plan for stabilizing the ratio of debt to GDP within the next few years and then subsequently setting that ratio on a downward path. Indeed, such a trajectory for the ratio of debt to GDP is comparable to the one proposed by the National Commission on Fiscal Responsibility and Reform.To make the framework more explicit, the President and congressional leadership could agree on a definite timetable for reaching decisions about both shorter-term budget adjustments and longer-term changes. Fiscal policymakers could look now to find substantial savings in the 10-year budget window, enforced by well-designed budget rules, while simultaneously undertaking additional reforms to address the long-term sustainability of entitlement programs. Such a framework could include a commitment to make a down payment on fiscal consolidation by enacting legislation to reduce the structural deficit over the next several years.”

Spoken like a true intellectual……..all that geek speak means…..the debt ceiling should be raised…..a bi-partisan approach to spending and a long term plan…period.

Screw The Deficit!

This is a piece that I was reading on Buzzflash.com and thought that it would be a good post on my blog…..this person Richard Stitt is saying basically the same thing as I have been saying since January of 2011……I urge those who do not see the pressing necessity for a debt debate or a deficit debate to read Mr. Stitt commentary……an excellent piece……

Personally, I don’t see our country’s deficit as the most pressing priority. Although it didn’t take watching the History Channel’s startling revelation, The Crumbling of America, to convince me that rebuilding our infrastructure is an imminent priority, it did magnify the pending calamity which we have confined ourselves if we do nothing.

But, saying No to everything and doing nothing except tax cuts for their wealthiest election campaign contributors is exactly what Republicans want. Maybe they will wake up if we have a tsunami, a major earthquake and a Fukushima-like nuclear plant meltdown. But that would require preparation and attention to our collapsing infrastructure which would require siphoning tax dollars away from their benefactors like the billionaire Koch brothers.

Read the entire piece by Stitt…good read and good points……..blog.buzzflash.com//node/12605?ut…..

Like I have said…these are the things that average Americans are concerned with….BTW…GOP….Where are the jobs!

How Many Corporations Pay Their Taxes?

Riddle me that…….

(sorry this is a bit longer than most of my posts….but it needs to be said….)

I know that some of my more conservative readers will not want to hear these proposals…..I believe that if the middle class must suffer and sacrifice then so should the others……I believe in shared sacrifice…..in action not in the idle words of politicians…….

For years conservs have been rattling on about the high corporate taxes in the US…..but they seemingly leave out the part that they get enormous tax breaks and tax cuts almost yearly….and in some states, mine to be exact, the conserv legislature is trying to eliminate corporate income tax, even though they pay very little as compared to what the working stiffs pay……

Think not?  This from Politifact Ohio……..

To back up her assertion, Fudge’s office cites media reports about particular companies – like General Electric and Bank of America — that did not pay 2009 taxes as well as a July 2008 report from Congress’ Government Accountability Office that showed it’s relatively common for big companies to pay no taxes.

Between 1998 to 2005, GAO found that about 72 percent of large foreign controlled companies and 55 percent of large U.S. controlled companies reported zero tax liability for at least one year. About 57 percent of foreign controlled large companies and 42 percent of U.S. large companies paid no taxes in two or more years, and a third of the foreign companies and one quarter of their U.S. counterparts paid no taxes for at least four of those years. Just 45 percent of large U.S. companies and 28 percent of foreign companies reported a tax liability for each of the eight years. The report defined large companies as those with at least $250 million in assets, or at least $50 million in receipts

I say if I pay a 30% tax then corporations pay the same….a shared sacrifice….that they all keep going on about……and there are other ways that corporations can be more socially involved…….I read a piece in the UK’s Guardian by Nicholas Shaxson and I say it is worth considering…..

1) Corporate profits depend on tax-financed public goods: healthy and educated workforces; good infrastructure; publicly enforced respect for contracts and property rights, and so on. When corporations avoid or evade tax, legally or illegally, they free ride on the backs of the rest of us. Stop taxing them, and you savagely undermine political community.

2) Corporation taxes are an essential backstop to personal income tax. Cut them to zero, and wealthy individuals will increasingly reclassify their earnings as corporate income, typically using offshore corporate structures, and escape tax. Gauke’s arguments about employees footing the corporate tax bill are irrelevant.

3) Gauke’s claim of a “consensus among economists” that the burden of corporation taxes falls on employees and not on capital owners, is false. The US Congressional Budget Office said last week that it was “unclear” how much of the corporation tax burden fell on employees; earlier, it said that capital bore most or all of the corporate tax burden. The Institute for Taxation and Economic Policy (ITEP) in Washington said this month that the incidence of corporate tax fell mostly on capital owners, not employees. It added that corporate income tax was among the most progressive taxes, because stock ownership was heavily concentrated among the wealthiest taxpayers. This is an especially precious tax.

4) When Gauke talks about “employees”, who does he mean? Goldman Sachs employees earned $430,700 on average last year. To the extent that the burden falls on them, taxing such firms makes the tax system more progressive. It would also cut into excessive bank remuneration, which has been a big factor in the recent financial crisis. Taxing financial corporations also curbs the “too big to fail” problem where large banks can hold governments hostage and shift losses on to taxpayers.

5) If corporation taxes didn’t fall on the owners of capital, as Gauke claims, then corporations, responding to shareholders’ wishes, shouldn’t mind being taxed. So why do they spend so much time and money designing tax avoidance strategies?

6) Limited liability companies are separate legal persons, greater than the sum of their parts. So they should be taxed separately: this is not “double taxation”. Limited liability lets shareholders dump costs on to society when things go wrong. Corporations must pay for this privilege.

7) Many corporations earn what economists call rents. These – like oil money that flows effortlessly into Saudi or Kuwaiti coffers – are earnings that arise not from hard work and real innovation but from accidents of nature or good fortune. Adair Turner recently explained how banks in the City of London are particularly adept at earning rents, such as from exploiting insider knowledge and expertise; from natural oligopolies in market-making and other activities; and from “valueless” trading activity. Economists since Adam Smith – including Turner – have advocated taxing rents especially hard.

8) Corporate tax avoidance, despite hiding behind weasel words such as “tax efficiency”, is unproductive and inefficient. When corporate managers pursue tax avoidance they take their eye off what they do best – producing better or cheaper goods or services – and focus instead on engineering transfers of wealth from taxpayers to corporations. Clamp down on it, hard, to make markets more efficient.

9) It matters where company owners and business activities are. Take a US mining company digging gold in Zambia. If Zambia raises corporation taxes, wealth will flow from wealthy US stockholders to ordinary African taxpayers. The investor will stay, because that’s where the gold is – and even if it goes, another will take its place. That basic formula works for profitable opportunities in general. Tax corporations, within reason, and they may bluff and bluster – but they will stay.

10) The “Laffer argument” that corporation tax cuts pay for themselves has been thoroughly debunked. Even Greg Mankiw, formerly chairman of George W Bush’s Council of Economic Advisers, calls Laffer’s adherents “charlatans and cranks”.

Good stuff and excellent proposal……it will NEVER come about……special interests are in control….they have almost always been in control…….but what about shared sacrifice?

So, There Is No Class War?

Tax cuts!  Spending cuts!  Who gets what?  Who will smile?  And who gets depression?

I found this graphic when I visited the blog of one of my newest readers,  a good blog that deserves a look. runawaylawyer.wordpress.com…….

I have heard a lot of conserv commentators say that there is NO class war being waged in the US……..I know people do NOT want to hear it…..but I am sorry….but I cannot think of another term to use to describe what is being done to the working majority of this country……..how about the fight in Wisconsin?  How about the labor wars in other “rust belt” states?…..check out the graphic….and then tell me what it is called!

runawaylawyer.wordpress.com/2011/03/13/whe…

There are story after story of how the working class is being manipulated at every turn….I cannot completely blame the conservs….after all the American people are dumb enough to fall for the rhetoric of the politicians……no matter how you cut it the working majority is getting the shaft and the corporations and the CEOs are getting the gold….if that is NOT class warfare….then you tell me what it is!

Are There Serious Solutions To Be Had?

College of Political Knowledge

Subject:  Federal Deficit/Budget Spending/ Budget Cuts

There is a good game of political tennis going on in Washington and on the airways……we all agree we need cuts, but for some reason these cowards are NOT serious about them….why?  In a word….re-election!  They will propose…they will piss and moan….they will accuse and they will cry (not necessarily Boehner)…..and in the end…we have done what the ALL say we should stop doing…..we will have kicked the can down the road…..

But are there some cuts that could be done today that would put the country on the right path to solvency?

Yes, there are some very easy cuts that could be made….but NO one in Washington has the courage to even propose let alone try to implement….

OK Professor, what cuts would you suggest at this point in the debate……

  • The extension of the Bush tax cuts for the wealthy, enacted by a Democratic-controlled Congress in December with the approval of the Obama administration, pumps $700 billion over the next ten years into the pockets of the rich. Reclaiming two years of that tax windfall would eliminate all the state budget deficits combined.
  • Total compensation at Wall Street banks and securities firms last year hit a record $135 billion, according to an analysis by the Wall Street Journal, on all-time-high revenue of $417 billion. The recipients of the Wall Street bailout could bail out the states out of their own pockets.
  • The 400 richest individuals in the United States dispose of a staggering $1.37 trillion in assets, an average of nearly $3.5 billion apiece. A levy of 10 percent on the resources of these billionaires would also erase the deficits of all 50 states.
  • Combined profits for all American corporations rocketed upwards in 2010, hitting an annual rate of $1.66 trillion in the third quarter. A tax of eight percent on those profits—the same percentage as the cut Walker seeks to impose on schoolteachers and park rangers—would eliminate all state deficits.
  • US corporations are currently sitting on $2 trillion in cash, refusing to hire workers despite collecting tax cuts that are supposed to be incentives to do so. A levy of 10 percent on that idle cash would provide enough money to eliminate not only the deficits of the states, but the deficits of all cities and local governments too, as well as preserving the jobs of hundreds of thousands of public employees.
  • Hedge funds assets rose to $1.92 trillion in 2010, the highest ever, up from $1.18 trillion at the beginning of the year. Given a standard earnings formula of 2 percent of total assets plus 20 percent of the increase, hedge fund bosses stood to collect roughly $186 billion in personal income. An 80 percent tax on that income—less than the percentage rate on multimillionaires levied under the Eisenhower administration—would produce more than enough revenue to put all 50 states in the black. (It should be pointed out that the top hedge fund manager, John Paulson, had a personal net profit of more than $5 billion in 2010, while more than a dozen hedge fund bosses had personal incomes above $2 billion and many more took in over $1 billion).  (Thanx to Patrick Martin)

There you are….none of those will make the rich happy or for that matter any corporation, especially those that are sitting on their cash watching the country circle the drain……but I keep hearing from Washington that we all must make the sacrifice for the good of the country and would not that include those that are making a killing on the backs of the middle class?

Does anyone truly believe that cuts to NPR, WIC or any of the hundreds of nickle and dime programs will help balance the budget?  So far the only sacrifice that is being made is that of the middle class and those living in poverty…….nothing asked of the wealthy or the corporations…..so basically they are saying that it is up to the working class to balance the budget and cure the spending woes…..(I know you cannot see it…but trust me…I am smiling my “told you so” smile)…….