Socialism for the rich

https://www.msn.com/en-us/news/opini...lse/ar-BBTr9Ux

Trump offers socialism for the rich, capitalism for everyone else

In the conservative mind, socialism means getting something for doing nothing. That pretty much describes the $21bn saved by the nation’s largest banks last year thanks to Trump’s tax cuts, some of which went into massive bonuses for bank executives. On the other hand, more than 4,000 lower-level bank employees got a big dose of harsh capitalism. They lost their jobs.
Banks that are too big to fail – courtesy of the 2008 bank bailout – enjoy a hidden subsidy of some $83bn a year, because creditors facing less risk accept lower interest on deposits and loans. Last year, Wall Street’s bonus pool was $31.4bn. Take away the hidden subsidy and the bonus pool disappears.

Trump offers socialism for the rich, capitalism for everyone else

In the conservative mind, socialism means getting something for doing nothing. That pretty much describes the $21bn saved by the nation’s largest banks last year thanks to Trump’s tax cuts, some of which went into massive bonuses for bank executives. On the other hand, more than 4,000 lower-level bank employees got a big dose of harsh capitalism. They lost their jobs.
Banks that are too big to fail – courtesy of the 2008 bank bailout – enjoy a hidden subsidy of some $83bn a year, because creditors facing less risk accept lower interest on deposits and loans. Last year, Wall Street’s bonus pool was $31.4bn. Take away the hidden subsidy and the bonus pool disappears. Originally Posted by WTF

An article about Robert Reich in the Guardian. Well, you're not a hypocrite, so presumably you won't criticize the next person who posts something like a video of Steve Bannon on Fox.

Reich has a point about executive compensation. Shareholders and independent directors should grow some balls and pay people what they're worth instead of what they want. Also on the social safety net. Poor children and single mothers need more help. The problem is that when Democrats at the Federal level design support systems they end up flushing about half the money down the drain.

Otherwise Reich is FOS. Full of shit. Start with what you quoted. He's saying Fed policy (low interest rates) jacks up banks' profits. Interest rates wouldn't be any different if Reich's mentor, Bill Clinton were president. Or if Janet Yellen, who was appointed by President Obama, were still chairman. Yeah, I believe interest rates should be higher, to head off inflation, but the economists at the Federal Reserve disagree. Who are you going to believe, them or Reich and Tiny?

As to GM ripping off the taxpayer, I can't find their 2018 Financial Statement, maybe it's not out yet, but in 2017 their income before tax was 11.863 billion and they paid 11.553 billion in income tax, leaving them with a 300 million profit. Again he's FOS.

He says 60% of America's wealth is now inherited and talks about the 30 trillion in inheritance that will go to people's children. Makes sense to me. The total value of all U.S. homes is $31.8 trillion. The baby boom generation is retiring and their children get their homes and other assets. Reich apparently believes this should belong to the government, not to their families. I disagree.

As to people leaving assets to their children tax free, that works up to $11 million per person until the Trump tax cuts expire, and will then go back to around $5.5 million. Everything above that is taxed at 40%. If Reich has his way, based on his comments, apparently that exemption will go to "zero". His comrades like Sanders want to boost the death tax rate to as high as 77% on the wealthiest Americans.

He says "after a few generations...almost all of the nation's wealth will be in the hand of a few thousand non-working families." Again, complete bull shit. He's probably basing this on the writings of Thomas Piketty, whose work has been discredited. If this is the case, why hasn't it already happened by now? Here's a list of the 10 wealthiest Americans:

Jeff Bezos
Bill Gates
Warren Buffet
Larry Ellison (Oracle)
Mark Zuckerberg (Facebook)
Larry Page (Google)
David and Charles Koch (Koch Industries)
Sergey Brin (Google)
Michael Bloomberg

All except the Kochs are completely self made. And the Koch Brothers, who are American Heroes, grew their family business many, many times larger, creating tens of thousands of jobs and paying billions more in taxes than what would have happened if government had confiscated the family's wealth as advocated by Reich.

An article about Robert Reich in the Guardian. Well, you're not a hypocrite, so presumably you won't criticize the next person who posts something like a video of Steve Bannon on Fox.
. Originally Posted by Tiny

I actually like Bannon ….he is a realist.

Do not agree with everything he says ….but there is opinion and facts. He seems to get his facts straight enough.

The death tax rate is a ploy for confiscatory government grab for the nation's means of production.

Quote Reich from article:

After a few generations of this, almost all of the nation’s wealth will be in the hands of a few thousand non-working families. To the conservative mind, the specter of socialism conjures up a society in which no one is held accountable, and no one has to work for what they receive. Yet that’s exactly the society Trump and the Republicans are promoting for the rich.

Strictly an opinion with no science behind it.

Go look at AOC's Green New Deal - government checks for those who do not wish to work, government jobs for everyone, totalitarian control over houses, cars, food, and living. And Reich has the chutzpah to accuse Trump of exactly what the DPST's are planning for America.

I think it's safe to assume that Trump doesn't really know what he's offering. Just as long as he gets the last rude word.

Never judge the left on the consequences of their action, but the divinity of their thoughts...
Don't forget LBJ's "great society"...working like a charm...10 trillion dollars later!!

bb -perhaps you mean"their feelings"?

Never judge the left on the consequences of their action, but the divinity of their thoughts...
Don't forget LBJ's "great society"...working like a charm...10 trillion dollars later!! Originally Posted by bb1961

Are you nuts?

You do realize that SS and Medicare are in the black.

Those programs have a dedicated tax.

The biggest driver of our debt is unfunded military spending.

If we had a dedicated tax on military spending like we do on SS and Medicare that is required to stay in the black....this country would have very little debt.

[QUOTE=WTF;1061262144]Are you nuts?

You do realize that SS and Medicare are in the black.

Those programs have a dedicated tax.

The biggest driver of our debt is unfunded military spending.

If we had a dedicated tax on military spending like we do on SS and Medicare that is required to stay in the black....this country would have very little debt.


You are WRONG...AGAIN!!

https://www.nytimes.com/2018/06/05/u...-finances.html

Another source...YOU'RE TOO EASY!!

https://www.politico.com/story/2018/...ok-2026-625908

Funny you mention SS...that is where most of the debt is owed...the people of this country!!

https://www.thebalance.com/who-owns-...l-debt-3306124

Military spending 3.5% of GDP...INCREDIBLE!!

https://www.forbes.com/sites/niallmc...infographic-2/

PLEASEEEEE do a little research before making a FOOL of yourself!!
MOST OF THE DEBT IS WASTEFUL SPENDING BY A BLOATED OUT OF CONTROL GUMMENT SPENDING ON FABRICATED "ENTITLEMENTS"!!

[QUOTE=bb1961;1061262284]

Are you nuts?

You do realize that SS and Medicare are in the black.

Those programs have a dedicated tax.

The biggest driver of our debt is unfunded military spending.

If we had a dedicated tax on military spending like we do on SS and Medicare that is required to stay in the black....this country would have very little debt.


You are WRONG...AGAIN!!

https://www.nytimes.com/2018/06/05/u...-finances.html

Another source...YOURE TOO EASY!!

https://www.politico.com/story/2018/...ok-2026-625908

Funny you mention SS...that is where most of the is...the people of this country!!

https://www.thebalance.com/who-owns-...l-debt-3306124 Originally Posted by WTF

God Damn , you provide a link proving wtf I said is true. 8 years more in the black for one and 16 years more in the black for the other.

Your 3rd link proves that in a round about way , SS is funding deficit spending (mostly in Defense) by investing in T bills.

People are living longer Einstein. ..there hasn't been an adjustment since the 1980's.

You really need a mentor to run yourposts thur before posting!

[QUOTE=WTF;1061262305]

God Damn , you provide a link proving wtf I said is true. 8 years more in the black for one and 16 years more in the black for the other.

People are living longer Einstein. ..there hasn't been an adjustment since the 1980's.

You really need a mentor to run yourposts thur before posting! Originally Posted by bb1961

So you're doing the happy dance about counting the years before it becomes insolvent...if it been managed correctly from the start THERE would be no worries EVER...there is no money invested what ever comes out goes directly to pay the recipients...IT'S a ponzi scheme...there is no pension fund!!
Like I said the BIGGEST % of the debt is SS... NOT MILITARY spending...A BIG 3.5% of GDP...another one of you fabrications!!
It would only work with your logic...people working to 100...since their living longer...EINSTEIN!!
And SS would never go insolvent...great idea!!
Run it by Bullosey

The SS debt is the biggest % of the debt and you go on about how it isn't in trouble...please explain that with economic rationalization??

WTF, I share your belief that we spend way too much on defense. Unfunded entitlements are however the elephant in the room. These are the first four items I get when I Google "unfunded liabilities social security medicare medicaid:"

https://www.mercatus.org/system/file...e-analysis.pdf

https://www.marketwatch.com/story/th...say-2018-06-15

https://www.cato.org/publications/co...abs-coming-due

https://www.forbes.com/sites/johnmau.../#331795c665b1


I don't think there's a lot of disagreement that they're huge, much larger than the $20 trillion national debt. These estimates are typically discounted for the time value of money, otherwise they'd be even larger. They range from the government's estimated 75 year liability for Social Security and Medicare of $46.7 trillion up to Kotlikoff's $200+ trillion estimate.

WTF, I share your belief that we spend way too much on defense. Unfunded entitlements are however the elephant in the room. These are the first four items I get when I Google "unfunded liabilities social security medicare medicaid:"

https://www.mercatus.org/system/file...e-analysis.pdf

https://www.marketwatch.com/story/th...say-2018-06-15

https://www.cato.org/publications/co...abs-coming-due


https://www.forbes.com/sites/johnmau.../#331795c665b1


I don't think there's a lot of disagreement that they're huge, much larger than the $20 trillion national debt. These estimates are typically discounted for the time value of money, otherwise they'd be even larger. They range from the government's estimated 75 year liability for Social Security and Medicare of $46.7 trillion up to Kotlikoff's $200+ trillion estimate. Originally Posted by Tiny

When is just paying the interest on the debt, let alone the principle going to overwhelm the tax payers of this country??

Wow!

How does one even respond to that?

Little help, Americans.