georgephillip
Diamond Member
Government handouts also take the form of tax bias. For example, the current bias favoring debt rather than equity investment which "...is largely responsible for loading down the US economy with debt.""Obama seems to be campaigning for his own defeat!
"Thanks largely to the $13 trillion Wall Street bailout while keeping the debt overhead in place for Americas 'bottom 98 per cent' this happy 2 per cent of the population now receives an estimated three quarters (~75 per cent) of the returns to wealth (interest, dividends, rent and capital gains).
"This is nearly double what it received a generation ago.
"The rest of the population is being squeezed, and foreclosures are rising."
Possibly the biggest problem Progressives have is finding candidates willing to state what's completely obvious to businessmen like Warren Buffett:
"It is a reflection of how one-sided todays class war has become that Warren Buffet has quipped that 'his' side is winning without a real fight being waged."
Obama's Greatest Betrayal
Nowhere in the Progressive model is an acknowledgement that people who made money tend to know how to make money and government handouts don't create prosperity for those who don't know how to make money.
"It encourages corporate raiding with junk bonds, thereby adding interest to the cost of doing business.
"This subsidy for debt leveraging also is the government’s largest giveaway to the banks, while causing the debt deflation that is locking the economy into depression – violating every precept of the classical drive for 'free markets' in the 19th-century..."
There is a profound acknowledgment in Progressive thought that providing tax incentives for debt leveraging, i.e., for most of the population to go into debt to the rich, will shrink an economy.
"This will lead to even deeper financial crises, employer defaults and fiscal insolvency at the state, local and federal levels.
"Future presidents will call for new bailouts, using a strategy much like going to military war.
"A financial war requires an emergency to rush through Congress, as occurred in 2008-09.
"Obama’s appointees are turning the U.S. economy into a Permanent Emergency, a Perpetual Ponzi Scheme requiring injections of more and more Quantitative Easing to to rescue 'the economy' (Obama’s euphemism for creditors at the top of the economic pyramid) from being pushed into insolvency.
"Bernanke’s helicopter flies only over Wall Street. It does not drop monetary relief on the population at large."
Obama"s Greatest Betrayal