Monday, February 25, 2013

President of the Few Exaggerates Impact of Sequestration

Now I know that for many folk, the sequestration is either serious or not. Although I do accept the ramifications of the process, it is hard to get real involved in make believe political nuance. But as such, It is equally as hard not to weigh in on the inside the beltway kabuki theater we surmise as Washington politics. First, what get me is the big deal folk make out of this entire thing per an economic issue. If anything it is an issue of national security first and foremost (42 percent of cuts will come from defense). But I suspect this is what President Obama anticipated when he first proposed sequestration for whatever reason in 2011 (which in itself is another essay). I say this because I think he really believed that Congress would bow down to protect their cash cow “defense spending.” But they have since then taken his player card.

Truth be told from a federal agency perspective, it only $85 Billion (north of $40 billion this year), that they have to cut. I think what is missed mostly in all of this is that our issue really isn’t related to debt or the deficit, but rather credit and borrowing. Yes we spend too much no question, but ours is a credit problem – we borrow too much which makes economics ignore what is essential – that one can address the debt and deficit and encourage economic growth by leasing in on cutting wasted and duplicated spending.

Again it is just $85 billion. AIG got two times as much when the government bailed them out, yet we can find money to bailout Wall Street but not cut from what we already spend? I find that hard to believe because the average individual, family and small business owner, if had to, could cut less than three cents from each dollar earned without going bankrupt or homeless. I know less than 3 percent is possible from history alone. If FDR could cut the federal budget by almost 40 percent at the start of WW II in one year, surely we can locate 3 pennies of each government dollar currently spent.

Maybe this is why the theater. Three cents on the dollar won’t hurt if done correctly (end waste and duplication.) But if it hurt anybody it will be us, the poor folks in America who depend on services like head start and similar provisions. President Obama knew he was taking a risk, but instead of the wealthy he pretends he wants to tax, he put folk on the hook who live pay check to pay check, struggling to survive in poverty and who depend on head start on the hook as bait for house republicans. And they didn’t take it because they only grab on behalf of rich lobbyist (as well as democrats). Now we are back to Washington at its best, seeing that pointing fingers is more important to the administration and the congress than moving pencils and using erasers. The result is all outside in real America being stuck in the weeds on this matter.

In four days we will have Armageddon as the president describes it. Although all parties agreed to it, why is it Armageddon now and it wasn’t then? America outside the beltway isn’t growing fast like Washington, DC and Wall Street. Since looking at what has happened from 2009 to 2011, more than twenty major corporations have paid no income taxes. Including the likes of General Electric, Boeing, Verizon and Amazon [Amazon made billions in sales in 2011, while paying nothing in corporate taxes]. The reality is that since Obama has taken office, corporate taxes in the U.S., at an all-time low in which we see the most profitable companies paying nothing at all. Yet instead of fighting for the payroll holiday to continue President Obama did not fight for it, for these people were on the hook as bait. In 2011, Facebook made billions and paid not taxes yet was given a rebate of more than $400 million dollars the same year.

The fact is all of the above demonstrates that both the present administration and the members on the hill have only corporate interest at hand. Not only is it government for the few, it is also President of the few. Drake almost got it right, but I would say “we started from the bottom and we still here.”





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