Republicrats follow the money


Image by MATHEAU MOORE

Mike Lofgren of CounterPunch recently wrote that the super-rich have seceded from the United States. OK, we knew that, but read to the end of his article to see how deeply he appreciates the implications of their secession:

…Steven Schwarzman, the hedge fund billionaire CEO of the Blackstone Group who hired Rod Stewart for his $5-million birthday party, believes it is the rabble who are socially irresponsible. Speaking about low-income citizens who pay no income tax, he says: “You have to have skin in the game. I’m not saying how much people should do. But we should all be part of the system.” But millions of Americans who do not pay federal income taxes pay federal payroll taxes. These taxes are regressive, and the dirty little secret is that over the last several decades they have made up a greater and greater share of federal revenues…

…This lack of skin in the game may explain why Willard Mitt Romney is so coy about releasing his income tax returns. It would also make sense for someone with $264 million in net worth to joke that he is “unemployed,” as if he were some jobless sheet metal worker in Youngstown, when he is really saying in code that his income stream is not a salary subject to payroll deduction. The chances are good that his effective rate for both federal income and payroll taxes is lower than that of many a wage slave.

The real joke is on the rest of us. After the biggest financial meltdown in 80 years – a meltdown caused by the type of rogue financial manipulation that Romney embodies – and a consequent long, steep drop in the American standard of living, who is the putative front-runner for one of the only two parties allowed to be competitive in American politics? None other than Mitt Romney, the man who says corporations are people. Opposing him, or someone like him, will be the incumbent president, Barack Obama, who will raise up to a billion dollars to compete in the campaign. Much of that loot will come from the same corporations, hedge fund managers, merger and acquisition specialists, and leveraged buyout artists the president will denounce in pro forma fashion during the campaign.

The super-rich have seceded from America even as their grip on its control mechanisms has tightened.

Footnote: Rod Stewart was a soulful singer with the Jeff Beck Group and with the Faces. He also recorded some terrific solo stuff, but he hasn’t cut a good album in about 35 years. He became someone who would record anything and perform anywhere if you threw enough money at him. He and Steve Schwarzman were perfect together.

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This entry was posted in Great Recession, Mitt Romney, Obama, Politics, pop music, The New Depression and tagged , , , , , , . Bookmark the permalink.

7 Responses to Republicrats follow the money

  1. swissecon says:

    Funny monopoly picture 🙂

    With regards to the content of your post, you might like to read this article:

    http://swissecon.wordpress.com/2011/10/23/the-hidden-coalition/

    The problem is that most people who complain about “the super-rich” want to have the government do something about it. But government is part of the coalition.

  2. Pingback: The rich lead, Republicrats follow

  3. Videopolitan says:

    Loved the picture. Good article, my love affair with Obama was very short lived, it was almost as if he wasn’t even trying to hide the lobbyists movements behind his policies. On the other hand (and this might just be because I’m watching the race from the other side of the Atlantic) is that seriously the best of the Republican Party, a group of men who don’t look like they have a brain cell between them and one of them could actually be president. I’m still not convinced that it’s not all just satire, I’m half expecting Steve Colbert to join the line up.

  4. excruman says:

    We are regressing to the era before universal suffrage, when only those who owned property had the right to vote and to determine the direction of our country.

  5. Ten Bears says:

    As I recall, Rod Stewart came to represent the very epitome of the excesses of the era.

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