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McCain squirms as he watches a recording of himself which contradicts his own socialist argument – this showdown takes place around 2nd and 3rd minutes in.
To John McCain $25 bn for car makers ~ is not corporate welfare – but a small drop in that bucket to the poorest workers – is a government hand out – is welfare. I think McCain has got a problem with small checks ~ he likes to write the big ones to the big boys. At least that’s the new John McCain – the old John McCain back in 2000 had a very different view:
Here’s a more complete clip on exactly what McCain believed back in 2000 about ‘spreading the wealth around’ to the middle class.
John McCain and his wife – are in a unique group in America – their wealth means that they fall into the top 1% – 2% income gap. His big idea – is that the wealthiest should have more – in order – to in a father-like fashion – have some of their wealth trickle down – to all the social classes below.
It is with this thought that – John McCain believes that the 3% tax increase that Obama intends to put on earnings/profits over $250,000 – that existed during the Clinton era – the same era that saw the biggest economic expansion in US history – that is tax code is equivalent to socialism, welfare and a government hand out.
Even today as the U.S. Treasury is being pillaged by corporate America, there has been an absence of any significant economic middle class(*) backlash here in America. As the wealth gap between the middle class and upper class has increased more than any time in our history, Americans seem to be mostly helpless in stemming this trend toward inequality.
Will the tide finally turn during an Obama Presidency? After analyzing Obama’s economic positions (including health care, tax policies and budgeting), most economists say “yes!”
After eight years of the Bush Presidency, McCain style deregulation and tax policy that favors the rich, the American middle class has been taken hostage and told they will lose everything (trickle down financial ruin) if they do not bailout the big banks, investment firms and insurance companies. Bush & Cheney have perfected the panic mode wealth transfer that Naomi Klein describes so well in “The Shock Doctrine.” This multi-trillion-dollar parting gift is their payback to the upper class that helped orchestrate their election.
the wealth gap between the middle class and upper class has increased more than any time in our history
The U.S. Treasury gained support for the bailouts by promising stricter rules on grossly excessive executive compensation. But now we find out that financial workers at Wall Street’s top banks — the greedy ones that got us into this mess in the first place — are going to receive payouts worth more than $70 billion and, according to the Guardian, “… a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year – despite plunging the financial system into its worst crisis since the 1929 stock market crash.”
Last year, for instance, Merrill Lynch’s chairman Stan O’Neal took a golden parachute deal worth over $160 million, after announcing losses of nearly $8 billion at his firm. Did Mr. O’neal’s labor bankrupting Merrill Lynch really justify $159,935,000 more dollars from society than a teacher or fireman?
The politics of capitalism attempts to fool us into believing in extreme individualism –e.g., that every man is an island. But, the truth (starkly exposed by Mainstreet needing to bailout Wallstreet) is that we are closely interconnected even if worlds apart in wealth and influence. Mr. O’Neal taking $160 million out of the money system to spend on extravagances, does effect the teacher and fireman via the national debt they will incur to bailout Mr. O’Neal / Merrill Lynch.
we find out that financial workers at Wall Street’s top banks — the greedy ones that got us into this mess in the first place — are going to receive payouts worth more than $70 billion
Where did the billions of dollars lost by the banks go? Did the money just evaporate? No. Most of it went to these huge CEO and executive payouts to expand the obscene wealth of the upper class. Someone has to pay for the mega-yachts, extravagant parties, multiple mansions and other extravagances of the rich. If you want to see where your money is going, just tune into “Lifestyles of the Super Rich.”
Once again, responsible hard-working citizens are paying for the lavish lifestyles and reckless financial abandon of the upper class. How ironic that the same institutions that have been feeding off the middle class like leeches for decades (via unreasonable fees, large interest rate spreads, insurance rate hikes, hyped-up investment schemes, etc.), are now begging for more blood money.
The middle class and poor get crumbs from measly “bailouts” such as the lackluster sub-prime mortgage assistance program and a tax rebate check for $600; while the rich get more tangible bailouts to the tune of billions. Capitalism for the middle class, socialism for the rich, indeed! This is what you get when corrupt Republicans and the Corporate sociopathic personality rule the economy. One of the ways to change this dynamic is to remove corporation’s status as a separate entity unbound by individual consequences and place more responsibility on the executives that direct corporate actions.
though the “upper middle class,” “lower middle class,” “working class,” and “lower class,” combine to make up 99% of the United States population, the remaining 1% owns about one third of private wealth.
We need to end the the welfare era for the rich via tax cuts, Halliburton / war “no bid” handouts, oil company gouging and corporate bailouts. Instead, the American government needs to lift the middle class with investments in education, job training, energy independence (from domestic oil companies too!), health care and economic programs such as small business development and tangible mortgage assistance.
The only choice for fiscal conservatives in this election is Obama. By electing Obama POTUS and other fiscally sympathetic representatives, the middle class can then exercise its newfound power over insurance companies, corporations and bankers. You want us to bail you out? Here are some of our demands:
1) Corporations and the rich need to pay higher taxes, period. We are tired of hearing that higher corporate and upper class taxes will increase the jobless rate and slow the economy.
Even Warren Buffet (an Obama supporter) says that our current tax system unfairly puts more of the tax burden on the working class than the rich. The rich pay more taxes as a total collected, but much less of a percentage as the middle class.
Mr. Buffet goes on to say, “There’s class warfare, all right,” Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.”
2) We want tougher consumer regulations on the insurance, credit card and banking industries along with fair mortgage lending practices. It’s time for Wallstreet, insurance company’s and banks to forgo some of the excessive profits we have seen in the past and pass savings along to their clients.
3) Middle class and small business tax cuts. It’s time for some “trickle up” economics.
When Obama becomes President of the United States with a Democratic Congress, the middle class will once again have a strong voice in national politics. If you were advising Obama as he begins his Presidency in 2009, what policies would you suggest he initiate to stimulate and strengthen the economy and middle class (instead of corporate bailouts)?
(*For this (HP) blog’s purpose I’m referring to the “middle class” as everyone who is not in the “upper class.” Even though the “upper middle class,” “lower middle class,” “working class,” and “lower class,” combine to make up 99% of the United States population, the remaining 1% owns about one third of private wealth.)
Source: HP
McCain calls the Obama tax cut for the middle class and lower income earners – a government handout – as his wife Cindy McCain made an incredible $4.2 million last year – and over paid her taxes by $900,000 without realizing it. This for most of us is like going into your pockets and realizing – you left some money in there – which is always a surprise – but finding anything like $900,000 – for most would be extraordinary.
As the economy tanks and 760,000 job losses this year alone (this figure only counts those actively seeking work and not the long term unemployed who have given up looking) – McCain adopts a risky strategy – by calling the Obama tax cuts – a government handout, welfare and even socialism.
McCain risks isolating even Joe the Plumber – his new ‘Bridge to Nowhere’ and ‘Plane on eBay’ – as Obama’s plan – offers a better deal for all the Joe Plumbers out there. Joe the Plumber realizes as much – he has told reporters he would not benefit from McCain’s plan because he makes less (far less) than $250,000 a year. His point is he is not sure Obama will lower taxes as promised (but with a Democratic House and Senate – this might be very likely) and he admires the fact that John McCain fought in the war and was a POW. Nothing to do with taxes.
While people face uncertainty or hardship – if they have already lost their jobs – or can’t afford health insurance – and have become unwell or are afraid of falling ill – as 1 million have lost their homes and up to 12 million are living in homes which are not worth as much as they paid for them – McCain has a choice between at least 7 homes – one a ranch and his wife earned a terrific $4.2 million in 2007, McCain still feels that to offer tax relief to the middle class – is wrong.
Conservatives have described Obama as being Robin Hood – but is a 3% tax increase – stealing from the rich – it’s no wonder people of the time liked Robin Hood and why he is still remembered today – he gave people relief when they needed it most.
To make a comparison – Cindy McCain spent $300,000 on a single outfit to attend the first day of the GOP Convention. A person making $30,000/yr would need to work for 10 long years to buy that dress and earrings. If you were making $50,000 it would take you 6 years – for what Cindy McCain spent for use on a single day. Most people wouldn’t buy a dress with $300,000 – they would buy a house or put it towards a dream home – or pay off their mortgage and invest the rest. Put it in a college fund so their kids can go to university or save it for their retirement.
McCain talks about spreading opportunity ‘around’ – but look at the opportunity he and his wife have – Cindy McCain had the opportunity to pay $300,000 for a single outfit – which because Hurricane Ike was only able to wear for a few minutes. With all this privilege and wealth why then would McCain – not wish to help the very poor with an opportunity to buy a needed new coat – or help a young person to have the opportunity to go to college (considered special needs area of low priority) – or help a family to gat adequate health care – not by giving them a credit with one hand and taking or increasing taxes on health benefits – with the other – while deregulating or placing no controls on insurance companies – as he did with the banking industry.
Why is McCain only focused on what the rich have and want to use his Presidency to unsure the rich have even more – and for the poor – fine words – and smoke and mirrors – and more war – for Big Oil.
Conservatives have described Obama as being Robin Hood – but is a 3% tax increase – stealing from the rich – it’s no wonder people of the time liked Robin Hood and why he is still remembered today – he gave people relief when they needed it most.
Out Foxing Karl Rove 
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