Monthly Archives: October 2010

If Bush Tax Cuts are so great, Where Are All of the Jobs They Are Supposed to Create?

bush

THE LEGACY CONTINUES

The short term memory of the American public often needs a jolt of history and there has  never been a more important moment than now to exterminate our amnesia. I would like to offer a view of the situation as I saw it evolving during the last administration.  People on Main Street were suffering from the toxic effects of the Bush administration’s economic policies much earlier than their radioactivity hit Wall Street and other investors.

For people on Main Street it went something like the chronological list below combined with imagined (though probably not too far from the truth) conversations among President Bush’s string pullers and other Republican power players:

• 1999-2000 The economy continues to soften after the dot-com bust.  
• Wages flatten
• September 11, 2001
• Voila’ a distraction from our economic woes
• A great way to capitalize on this American rally & create more profit for our wealthy base is to ramp up the war machine
• Anyone who opposes war becomes unpatriotic
• Go to war & keep the American public in a state of fear
• Don’t let the public see the real cost of the war by creating tax cuts for everyone
• Make sure the public believes that the tax cuts for the wealthy will stimulate jobs
• When this doesn’t work, hide the fact by lowering interest rates
• Promote “It’s patriotic to shop.”
• As Americans get a little more money in their hands & a lot more credit available to borrow, everyone experiences the illusion of wealth.
• Even the poorest Americans are swept up in the moment with credit they never had before!
• Poor people in America have big, shiny trucks, SUV’s & Hummers & own homes for the first time. Magically, many first time homebuyers even qualify for homes big enough for 3 families, complete with 3 car garages.
• Regulators turn a blind eye so a building boom can further disguise the true cost of the war and real weakness of our economy, just until the elite & savvy base can quadruple their wealth.
• All that matters is whether housing starts & the DOW are up; just hide the rest.
• Tax breaks for the rich are tasty as regulators sleep. The real clever rich hide more money in Swiss banks so they don’t have to pay taxes at all. This party looks like it will never end.
• Deficit grows further (but the true cost of the war still is not disclosed in the Bush budget; private contractors create an unknown factor that works to the advantage of the Bush policies).
• Let’s distract further and go after Saddam Hussein; we can buy a few more years from this one and no one will notice whether or not we find Osama Bin Laden if we catch Saddam Hussein.
• People protest
• Interest rates drop further.
• Let now become the best time to buy a house.
• It’s the best time to buy a big, new car.
“An Inconvenient Truth” is released.
• Consumerism starts to wane as conservation efforts multiply.
• Economic woes continue as the bubble starts to burst & consumers realize that too much debt & waste is not the key to happiness.
• Bush administration ignores the economic warnings, just until they get enough of that wealth stashed away.
• Election of 2008 takes place.
• Let the Democrats deal with this & let’s make sure they fall flat on their faces by depending on the American short-term memory.
• Obama reveals the true cost of war.
• Obama continues to shed light on the true American problems, removing the veil of illusion. (Of course, Obama cannot help but have some of the problem makers work with him to untangle the mess they made.)
.• Republicans find the best strategy to channel the anger at the true devastation to the American economy is to again, use distraction by igniting the witch hunt against Obama.
• Let’s make Obama the problem; let’s hide what really went on by allowing the Tea Party voices to drown out the truth once again. Fox News will help, which they do!
• Damn- we’re good!
• The perfect storm for the 2010 election now that the Democrats have been successfully characterized as the problem.
• And on and on and on………

So, my question is:

IF THE BUSH TAX CUTS FOR THE WEALTHY ARE SO GREAT, WHERE ARE ALL OF THOSE JOBS THEY ARE SUPPOSED TO CREATE ?

They never were meant to create jobs as much as they were meant to extend the free ride for those at the top in an act of  The Base self-preservation, protecting  investments with no strings attached. These tax cuts encouraged investors to seek haven outside the U.S. and outsource to increase profits.  Instead of job creation, tax cuts for the rich that are still in effect today continue the lifestyles of these rich and famous, like personal luxuries shown on the Today Show recently where $75,000 a pop did not seem to make these tax cut beneficiaries think much about job creation: “Gone in 180 Seconds” is how Neiman-Marcus  the run on 100 specially outfitted 2011 Chevrolet Camaro Convertibles from the luxury department store’s annual Christmas catalog.

So, for anyone on the fence about a candidate and all others, including  Tea Party candidates and Republicans who think that trickle down really works, think again! These policies have not worked. If they have, WHERE ARE ALL OF THOSE JOBS?  Perhaps the Fair Tax is what we need!

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