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On January 4th I wrote this...
And right now, I'm willing to wager that Junior's "package" will feature more breaks for the…..wait for it……wealthy. The same folks who have benefited the most from the last 7 years, gorging themselves on corporate tax breaks and tax cuts. The ones laid out by the Republican Party at their supply-side, constructed hog trough.
Though acting all non-committal, probably because he's waiting for the consensus from Wall Street to form, Junior Bush is slowly leaking out his "plan" to stimulate the falling economy....the falling economy his policies have helped to create....
The White House has been considering broad-based tax rebates comparable to the $300-$600 checks sent to taxpayers in 2001, as well as bigger tax breaks for businesses that invest in new equipment. But Republicans are wary of new spending initiatives.
In a Rose Garden press conference yesterday, President Bush said his administration will "look at all different options." He added: "We're watching very carefully, and we're listening to different ideas about what may or may not need to happen."
The president's main options include a tax rebate of perhaps $500 for individuals to encourage spending and a change in tax laws that would allow companies to deduct from their taxes a substantial portion of investments in equipment, according to people familiar with the discussions. President Bush is expected to prepare the economic-stimulus package before his State of the Union Address on Jan. 28.
The two measures at the top of the president's list would reprise his tactics during the economic slowdown faced during his early years in office. In 2001, while the economy was in recession, the Treasury sent checks of $300 or $600 to two-thirds of U.S. households during a 10-week period.
Now let's be adults here. The American economy has a systemic problem. We have way too much debt. Consumers have too much debt. The government has too much debt.....virtually doubled during the CEO President's reign. Our dollar has fallen dramatically causing insidious inflation. Our trade balance with other countries is way out of whack. We've been importing more than exporting and Junior's divinely inspired foreign policy has led directly to the new tax of record energy costs.
Bush wants to heap more debt to the top of this mountain. That's going to be the plan. Junior/Cheney's supply side religion must state in it's Articles of Faith that when borrowing too much leads to economic problems....borrow more.
Countrywide Financial, last year the number one mortgage company in America, yes number one, has just been bought out by Bank of America for chump change. That's not something incidental or non-consequential.....that's a, I think, shocking indication of the problems our country has with debt and debt schemes.
As all this has been happening during Junior's time, the "get rich quick" and "get richer quicker" gambling schemes have grown exponentially. The so-called "sub-prime" fiasco is just that. A greedy gambling scheme gone awry. I realize we want it all and we want it all right now, but that doesn't reflect reality.....and it's not beneficial in the long run anyway.
Knowing all this stuff.....Junior and his Juniorettes want to go the "let's give them trinkets and sparkling things" route....again.
In 2001, when I heard about the "rebate" checks, I actually was shocked that a full grown man in charge of the world's richest country would be so juvenile as to pull a stunt like that. But he did. The rebate checks were the sugary sweetness for Americans as they swallowed the bad medicine of a huge windfall to the richest in the land through extensive dividend and capital gains tax rate reductions, not to mention the income tax rate reductions that enabled millionaires or better to buy a new Mercedes each year on their windfall.
What expensive new vehicle did all the working class families buy with that huge $600 check?
It was a set up.
Now that the economy is on a more precarious footing than even in 2001, the greedmongers will tell us it's time to swallow more bad medicine and, naturally, we'll all need a fruity rebate masking to help us help those poor rich people again.
How did it become common practice for American citizens to be treated as third world subjects, promised sparkling trinkets of tiny checks, in return for even more looting of our treasury for the benefit of a handful of the wealthiest. I suppose, as The Dick said, when referring to the richest in the land who would benefit the most from deep capital gains and dividend tax cuts...."it's our due".
What Georgie will announce at the State of the Union address will be another handout to the wealthiest corporations in the land. The last time proposals for instant writeoffs for big ticket business purchases came around.....already wealthy business owners took the opportunity to buy Hummers and other $100,000 personal vehicles.....putting them in their business's name, naturally, and then writing off the entire cost in the same year they bought them.....thus winning on each end of the deal. While taxpayers and the Treasury lost.
That's what Junior will propose again.....and the weak Democrats will, most likely, go along with the arrangement.
Maybe I'll laminate my sparkling trinket of a "rebate" check this time and wear it around my neck....like the national economic noose that it represents.