Robert Reich, Former U.S. Labor Secretary, UC Berkeley Professor and friend of The Ed Show, breaks down the "truth about taxes" in a mere two minutes and thirty seconds. Trust me, you should spare the time to hear his reasons for raising taxes on the rich.
Check it out and tell us what you think!
Leave a Comment:
Not according to the some of corporate rich JOB CREATORS my ass!
Taxes must be raised on the wealthy because the poor don't have enough money to pay for debt begin created by Afghanistan, Iraq, and the War on Drugs, which benefit only the wealthy.
The poor have only enough to pay their own needs - not the needs of the wealthy.
The last country to get this incorrect was France immediately before the revolution in 1789, which happened because the old French government ran up so much debt on foreign wars that it caused a famine, so poor people (that tend to outnumber rich people) had to kill the wealthy in order to avoid starvation.
It could happen again.
The NObama campaign is LYING!
vote NObama 2012!!
You don't realize those two statements are contrasting?
@jupiterthunder4, the following pair of statements:
just means that @b113 intends to vote for the Presidential candidate associated with the lying campaign. That says more about @b113 than it does about either Obama or Romney. We already know that the only chance Romney has is to fool enough of us to believe the lies that Romney, his campaign, and the pro-Romney/anti-Obama Super-PACs (and associated 501(c)(4)
Social Welfarenon-profits, like Rove's Crossroads GPS, that are abusing the tax code by spewing lies instead of only spreading the truth with donations that can be both anonymous and unlimited) are telling about the success of Obama's Economic Policies. [Frankly, given that McConnell's abusive tactics, starting with Inauguration Day, have essentially required the Democratic majority to get 60 votes for every Bill to even come to a vote, it's amazing that Obama was able to achieve as much as he has.]See http://www.irs.gov/charities/nonprofits/article/0,,id=96178,00.html and links therein for info on 501(c)(4)s.
I have no speakers attached to the computer I'm using. At most, Reich may have mentioned a reason, for why the rich must pay more taxes, that I'm not yet aware of. I already know several reasons, each of which are individually sufficient to demonstrate the truth of the proposition that the rich must pay more taxes. For one, the purchasing power needed to drive a market economy lies with the Middle Class. Thus, it's the members of a sufficiently affluent Middle Class that create enough demand to create a problem for the business owners, which can only be remedied by hiring additional employees, so that the supply will satisfy the demand.
The only reason we have trillion dollar budget deficits are because of the two Bush wars in Iraq and Afghanistan combined with the Bush tax cuts. The two wars will cost $4 trillion long term. The Bush tax cuts added at least several trillion more beyond these long term war costs. The Center for Budget and Policy Priorities clearly lays this out after analysis of CBO data on what drove the long term structural budget deficits. The conclusion was the Bush tax cuts of 2001 and 2003 combined with the two wars in Iraq and Afghanistan are the main drivers of our trillion dollar budget deficits. The costs of the 2008 recession while high in the short term have little impact on driving our long term budget deficits or our exploding national debt. Look no further than George W. Bush for our trillion dollar budget deficits.
Source: Kathy Ruffing and Jay R. Horney, 2010. "Critics Still Wrong on What's Driving Deficits in Coming Years, Economic Downturn, Financial Rescues, and Bush Era Policies Drive the Numbers." Center on Budget Policies and Priorities. www.cbpp.org/
The costs of the recession of 2008 were also caused by GOP deregulation of the the big Wall Street banks under the repeal of the 1932 Glass-Steagall Act by the Graham-Leach-Bliley Act of 1999. Democratic President Bill Clinton should have rejected the Graham-Leach-Bliley Act that has prove a total disaster for America. The deregulation of the Wall Street investment banks caused their to be absurd hubris and risk taking in the markets by the big banks. Mortgages were bundled into securities called mortgaged backed securities and sold on the world market.
These securities were highly leveraged sometimes $30 to $1. If the security went up because real estate markets kept inflating and going up, investors made handsome almost obscene profits. When the subprime mortgage house of cards fell apart because of excessive greed amongst traders these trading firms quickly went bankrupt because if the mortgage backed securities went down $1 you would lose $30 if leveraged by a factor of 30. Large firms like Bear Stearns did not have enough capital reserves to cover these huge hundred billion dollar trading losses. So we come into the conundrum of "too big to fail". If these large Wall Street investment banks all went broke they would have brought down the entire financial structure of the United States.
Here is a quote worth looking at from Sam Stein's Huffington Post article:
"Edward Kane, a finance professor at Boston College, warned that "nobody will be able to discipline a Citigroup" once the legislation passed, because the banks would be too big and the issues too complex"
"It made it possible for the very big firms to take risks in away that would require a great deal of investment risk and time for regulatory agencies," Kane recalled ten years later. "You had people who could basically outplay the regulators."
Source: Sam Stein, June 11, 2009. "Glass-Steagall Act: The Senator And Economists Who Got it Right." Huffington Post. www.huffingtonpost.com
Canada kept its banks highly regulated. Also the largest Canadian banks had branches in all ten provinces enabling them to move capital quickly to wherever it is needed. These facts make Canada much more stable the the United States. The Canadian big banks did not take the risk that the American investment banks did in 2008.
Source: Keith A. Richburg. October 16, 2008. The Worldwide Fincial Crisis Largely Bypasses Canada". Washington Post. www.washingtonpost.com
The bottom line is clear: Canadians are a lot smarter than American supply side economists.
It's telling that you don't mention the 5.1 Trillion dollars obamma has added to the national debt in 31/2 years. For the first time in our history we have Trillion dollar deficits!
Economists state this is the worst recovery in US history.
All the talk about Governor Romney sending jobs overseas; obamma's stimulus bill spent 29 Billion dollars for jobs overseas. Some in China!
You can bet Ed will never mention that!
Sullyman: The $5.1 trillion you are referring to came about because of the two Bush wars and the two Bush tax cuts in 2001 and 2003. All of these plus the Medicare prescription drug bill part D were all paid for with borrowed money increasingly from China. President Obama inherited the cancer of trillion dollar deficits because of the absurdly reckless policies of George W. Bush. Go read the Center on Budget Policy Priorities report that I listed above. The writers of this article took analysis of actual data from the Congressional Budget Office to write their article. Go down the article part way and look for the big black print that says:
"Bush Tax Cuts, War Costs Do Lasting Harm to Budget Outlook"
When you have your graduate degree and decades of experience working with budgets, statistics, and other analysis methods you can come and have an argument about CBO data. Until that day comes, I will listen to the CBO and these two writers at the CBPP because they are at least competent on this subject while you are not.
Because they pay a lower percentage than the rest of us, while benefiting from what taxes pay for.
And because they cannot spend enough to make up for the lack of dollars that should go to the middle class and the bottom quintile, who will spend the money and by doing so create jobs due to DEMAND. This YouTube speech by Nick Hanauer, venture capitalist, puts it into common sense concepts.
http://www.youtube.com/watch?v=bBx2Y5HhplI
How much you want to bet the Reps won't keep the tax cut for the middle class, so EVERYONES tax cuts will have to expire or the Dems will have to relent and vote to keep them for everybody to keep the middle class from getting hurt? I kind of hope Obama lets them ALL expire or they will end up being permanent. If Romney got elected he'd tax us and let the rich go free anyway. If the Prez gets re-elected he can do tax reform next year, assuming we keep the Senate and take back the House.
I think taxes for anybody making over 250k should be 70%. That would still leave them 75,000. That is a gods plenty for anyone. There is to many peole who have no income and dont work. We have to be able to take care of these people that can get out and work.
Then why not move to Cuba, I work damn hard for my money and I will be damned if I am going to let the government take it to give to people who are on the government nipple sucking it dry because they choose not to work.
Who are you to say how much money anyone else should have left in their pockets? Unfortunately there are so many of you that are just so jealous of people that have succeeded in the American dream. People that have studied, worked hard and have financial success. It is not their responsibility to pay for a government that that is so full of waste, corruption and bs that they need to ask the public for even more money to cover their mistakes. Should the government take more from them just so they have to give it to people that won't work? I am not including all people but there is also a huge amount of welfare and unemployment abuse and those people don't deserve a dollar out of the pocket of the guy that worked hard for it.
Wait a minute if you made 150,000 amd only got taxed 20% you would net 120,000. Thats ok because the person making 250k would be paying their fair share.
And what basis are you considering their "Fair Share"?
The president made the comment Friday during a speech
to supporters in Roanoke, Va. Arguing that business owners got help from others
along the road to success and suggesting they should pay more in taxes in
return, he said: "If you've got a business, you didn't build that.
Somebody else made that happen."
vote NObama 2012!!
Truth hurts, doesn't it?
Because Democrats want bigger government, more wasteful spending, more control and it panders to their clueless base who have no understanding of economics?
If we owe so much of our individual success to government, then shouldn't all you liberals complaining about a lack of equally and fairness be more successful? I mean, you would think the people that pay little or nothing in taxes would be our most successful members of society then, right?
Gee, it's like a dive bar. I come here to laugh at the regulars.
Oh come on Chris, have you been reduced to stealing my jokes now? How does the saying go...imitation is the sincerest form of flattery?
He was talking about the roads and bridges and infrastructure (which would also include the legal system) that SUPPORTS your business. People take the great systems we have in America for granted, but they were provided by INVESTMENT by the tax payers and by the government. Listen to the whole clip - not the Faux News edited version. It's true. America is a good place to do business BECAUSE of all the money the people before you have invested in infrastructure (and the internet) so that YOU can come along and build a successful business supported by all these publicly provided and discovered and created systems.
Realchris, you really do say the stupid things. Do you actually have anything mature and constructive to say or are you just 13 years old and don't know better?
Don't go saying crap like fox news not playing the "whole clip" I have seen them play the same clips as your favorite liberal networks. I have seen several clips from this network leaving important parts out and then making their own opinions and twisting the overal meaning to mock people they dont like. Then people watching this network take it as truth. Look in your own backyard before pointing your fingers at the neighbors.
@B113 Do you get all your political information from Fox News? If you heard the entire speech made in Roanoke, VA you would know that "If you've got a business, you didn't build that. Somebody else made that happen," is NOT what was said. Do yourself a favor and educate yourself about the speech.
The left loves to use the term..."fair share"...yet no one can give you a definition of what fair share actually is...
just saying...
who determines what is "fair"?
just saying...
Yeah...I know, but it is so much fun asking the question and watching how quiet the libs get. They shout from the mountain tops that things have to be fair, but when it comes time to define it, they are all as quiet as a cockroach crawling across the floor
just saying..
Does anyone really think that raising taxes on the so called "rich" is going to have any effect on them? The only thing that will happen is that those tax increases will be passed on to us, the consumer. Wake up people, get real. Think!
Really but to get out of paying a few extra dollars these billionaires are willing to spend up to 100 million dollars to buy a republican. Right they can't afford to pay the taxes because it will bankrupt them, then you wonder why we laugh at you.
Whom-- do you even bother to read what people post before you comment?
Stop projecting, we know that you just post from a script that you copy and paste from so you don't have to think, thinking hurts your poor little head.
Unfortunately, I don't see or hear enough people talking about the issues that I'm talking about, which is the fact that when taxes or cost of production and distribution go up, those increases are passed on to consumers. We, the consumers, will be the ones paying the lions share of those increases!
That is because they are not issues they are crap that the GOP gave you to repeat.
Lol@corrupt. Don't try to have an intelligent conversation with some of these jokers. There are 4 or so it seems that completely ignore what you are saying or trying to say and spit something back at you that has nothing to do with the topic. They don't want real world facts. When you give them concrete numbers, they call them GOP lies. They are narrow minded and in denia of the truth unless it's the truth that they want to believe.. Not all of them of course. If I said all I would be like them when they point their fingers at the tea party people and consider them all to be racist, right wing republican puppets. They speak out of ignorance because they have neither spent time actually meeting or talking to these people to make an informed choice. They watch this network and blindly accept it as truth.
I think some of these people are the same occupy people that think the world owes them something. That the rich should pay more to them just because. Don't expect intelligent banter with some of the guys. All they want is someone with different opinions to go away.
The last republican to tell the truth got shot in the back of the head by a conservative.
There is your usual immature response. Why don't you just not say anything? That way you don't make yourself out to look Ike a fool.
High tax rates do not create jobs.
Reich is an atypical liberal that feels anyone with more money than he has needs to pay a higher tax rate.
Go look at the unemployment rate in 1980, then in 1990.
Then take a look at the amount of revenue collected by the irs during the same time frame.
Now notice the tax rates went down, unemployment went down and tax revenues went up.
irs.gov bls.gov the facts.
Tell that to DDE, he raised the wealthy taxes to 91% and he never saw unemployment. Go look at private sector jobs compared to public sector jobs from 1980 to 1992. During Reagan era government jobs increased private sector jobs saw layoffs and outsourcing. Funny how you believe you can rewrite history when facts are Reagans economy saw 10.8% unemployment, 11 tax increases and a trillion dollar deficit plus 7 million new welfare families, you call that a success BOL.
Wrong young man. When Reagan left office the unemployment rate was less then 6 %; He did not increase income taxes, the top rate was 28 % when he left office.
He closed tax look holes; He increase the SSC tax on richer Americans; He increased taxes on cigarettes, and alchohol.
Reagan shrunk the government unlike Obama. The 10.8 % unemployment rate was owned by Jimmy Carter. You are conmpletely wrong about public sector jobs increasing under Reagan. Let's do compare Obama's record against Reagan's 3 years in. Obama wants higer taxes, and Reagan's top rate was 28 %.
Wrong again the private sector jobs that increased under Reagan were low wage part time service jobs. The living wage industrial jobs declined. Oh another fact Reagan was the first president to see a stock market crash since Hoover. Ah no the 10.8% was Reagans, Jimmy Carter wasn't president in 1982. You are just repeating Newts pants on fire lie from the GOP clown circus you tried passing off as primaries.
YearAnnual unemployment rates from bls.gov
1948
3.8
1949
5.9
1950
5.3
1951
3.3
1952
3.0
1953
2.9
1954
5.5
1955
4.4
1956
4.1
1957
4.3
1958
6.8
1959
5.5
1960
5.5
1961
6.7
1962
5.5
1963
5.7
1964
5.2
1965
4.5
1966
3.8
1967
3.8
1968
3.6
1969
3.5
1970
4.9
1971
5.9
1972
5.6
1973
4.9
1974
5.6
1975
8.5
1976
7.7
1977
7.1
1978
6.1
1979
5.8
1980
7.1
1981
7.6
1982
9.7
1983
9.6
1984
7.5
1985
7.2
1986
7.0
1987
6.2
1988
5.5
1989
5.3
1990
5.6
1991
6.8
1992
7.5
1993
6.9
1994
6.1
1995
5.6
1996
5.4
1997
4.9
1998
4.5
1999
4.2
2000
4.0
2001
4.7
2002
5.8
2003
6.0
2004
5.5
2005
5.1
2006
4.6
2007
4.6
2008
5.8
2009
9.3
2010
9.6
2011
8.9
Notice that from 2009 - 2011 over 8% unemployment rate, also notice that is the 1st that has happen from 1948-2011?
Who's in the white house during the past 3 years?
What policies have been past in the past 3 years?
Facts liberals facts.
No they are just meaningless numbers you dug up that prove nothing.
There it is right there. Perfect example of some of the left. Give them the real world numbers and they just stick their noses in the air cross their arms and put their hand up. You obviously did some homework to get all the figures and he has nothing intelligent to say. Says a lot about him.
The Obama Administration is the Carter Administration all over again, except there isn't a drunken brother named Billy wandering around the grounds.
This economic situation doesn't surprise me, President Obama has never held a job in the private sector and doesn't have a clue how economies work nor how to create long term jobs with livable wages. He has hired a "Job Czar" GE CEO Jefferey Immelt that is doing the exact same things (outsourcing, paying no taxes on 5 billion in 2010 profit) that the President himself and his campaign are accusing Romney of engaging in.
President Obama inherited an economy with two flat tires, but unfortunetaly he slashed the other two tires.......one being a stimulus package that gave tax payer money to enitites and organizations that were not designed to create any long term growth or jobs in the economy ...basically paybck to Acorn and Green energy companies that went belly up. Secondly, Obamacare. Hence, 4 flat tires.
Hmmmm, last time I checked the pie chart on the IRS website, the top 1% wage earners are paying 70% of the money going to the United States Treasury.
Well yeah, but they still aren't paying their fair share right? They would be paying %100 if you leave it up to the democrats and this president.
Supply side economics does not work period. Go check message #2.3. All that supply side economics has done is drive America into a right winged ditch of economic stagnation and severe wealth inequality that hobbles the middle class who have little or no discretionary income after the 2008 Great Recession.
We need an Apollo energy program that liberates us from the yoke of imported OPEC oil. This would save us at least one trillion dollars pumped outside our economy to secure our oil supply lines. Military costs are prohibitive. If you look at all the military costs, environmental costs, and health costs of imported oil all added up together. We are subsidizing oil to the tune of between at least $11 to $15 per gallon.
Source: Tom Dogget. 2012. "The True Cost of U.S. Gasoline is $15.14 per Gallon Report Says". The Progress Report. www.progress.org/
progress.org code for socialism's for America.
How about the treaty we have with Taiwan? you do know that if China invades Taiwan the USA has to defend them.
Guess what? we would have to barrow the money from China to defend Taiwan.
and using Rex's logic, the cost of a loaf of bread should probably be $10 and a Big Mac should be $12.50.
just saying..
Jimmy Carter always gets a bum wrap but the truth is he was totally correct about energy policy. Ronald Reagan tore down the solar panels on the White House and one hundred million gas guzzling SUV's were made. The only reason the price of oil went down in the 1980's was because of Jimmy Carter's higher CAFE MPG standards for vehicles but the loophole in the regulations he established for trucks was pushed by the automobile and probably oil companies so that SUV's were counted as trucks rather than automobiles. We started importing more oil than ever from 40% in the 1970's to well over 60% in the 1990's.
The American public made a fatal error in electing Ronald Reagan. Our total reliance on foreign oil is gutting the middle class and retarding job growth in our economy. We only have 2% of the world's oil today and peaked in production in 1970, but we also consume 20% of the world's oil everyday. Because of this reliance on Middle East oil we became involved in the 1991 Persian Gulf war and a 20 year long conflict with Iraq with the no fly zones and the 2003 occupation war. We also ended up in Afghanistan because our oil addiction. The 9-11 attacks are directly because of our oil addiction and 1991 Persian Gulf war. We had our inning in 1991 but the disgruntled Arabs who were insulted by having 250,000 American soldiers marching around Saudi Arabia, where Mecca and Medina are located, had theirs on 9-11. We spent $4 trillion long term and suffered 50,000 casualties just like Osama bin Laden wanted. Arabs are proving themselves smarter than American conservatives.
Whatever happened to those American solar companies? They all went to Germany, who welcomed them with open arms and long term investment strategies and subsidies. Today, Germany has over 250,000 Germans working in the solar industry. Last May, Germany achieved an engineering milestone in generating 50% of their electricity from solar power. The Germans have wind farms, solar panels, biomass fuels that can produce heat and electricity for small applications all in the process of being connected by a smart electrical grid. Germany is talking about closing down all their nuclear plants and will rely almost entirely incoming years on wind, solar, and biomass fuels for their energy.
Germany does not huge aircraft carrier battle groups to secure their energy sources in unstable parts of the world. Germany just needs solar, wind, and biomass fuels, combined with mass transit commuter rail, buses, and bullet trains like the ICE. Germany has not had to suffer 50,000 casualties and waste $4 trillion long term for two wars to secure their energy supplies like we have in America. It just goes to show that Germans are also a lot smarter than American conservatives. Jimmy Carter has been right all along about energy. Its too bad America did not listen to him back in the 1970's and elected Ronald Reagan instead. It might have saved 5,000 young American soldiers from an early burial and countless tens of thousands more from burn units, amputee wards, and hospitalization for life changing disabilities. I won't even bother mentioning the 100,000 plus veterans who suffer from brain trauma and PTSD. You see all of this gas guzzling in America costs a lot of treasure and human misery that no one likes to talk about in the conservative camp. Jimmy Carter had it right all along, we need a green Apollo energy based on the German model and by God we need it now.
Finally, Obama has come out with record!! Yayyyy!!!
8.2% unemployment
18.9% unemployment for Blacks
9.1% for woman,
685,000 woman lost their job and health insurance(who cares about FREE birth control when you do not have health insurance)
The poverty rate for woman has gone up to 14.2% from 7.6%
We have 5.1 million fewer jobs than 3.5 years ago
3.6 million Residential foreclosures
2.6 million Commercial foreclosures
Over 3.8 million business have gone out of business
38,000 US products moved offshore for manufacturing
The lowest number of patents in 35 years
The highest number of people receiving food stamps in 30 years
A 26% decrease in the value of the dollar
The fewest new prescription drugs in 25 years, 308 prescription drugs in short supply (as of 6/1/11)
Housing values drop 33%
Housing starts the lowest in 35 years
Gas $5 a gallonInflation at 18% (counting food and energy cost), a budget that is 24.6% of GDP (Clinton's was 18%), this is the slowest recovery in the history of the United States
Gave Al Gore $527 million to build electric cars in Finland
Fast and Furious - Americans and Mexicans murdered
The only President to drop our credit rating to AA from AAA+
Over 2000 EPA regulations on business and farmers.
Oh, better accuse my rival of felony, that might divert just enough for me to win.
Vote Nobama 2012!!
That's a sad record--Hard to run on that. Remember-- It's a penalty, oh wait, its a tax, no its a penalty! Damn! I forgot my Teleprompter.
Wait for it,,, wait for. Wait for some of these guys to come out and tell you these are all bogus GOP lies just made up to scare people.
The two Bush wars and the Bush tax cuts are the reason for the trillion dollars budget deficits we have today. Go to CBPP and go do some real adult reading. This is too much for many of the trolls here on this blog from the right. The research ability of many of the right wingers here indicate a deficient intellect and gross stupidity on a large scale.
In 2009 we were facing the biggest economic crisis since the Great Depression. We were losing 800,000 jobs a month, we had two wars that were going very badly, and we had a $1.3 trillion budget deficit. These were the problems facing President Obama when he walked into the White House. The GOP also caused the 2008 Great Recession because of the 1999 repeal of the Glass-Steagall Act by the Graham-Leach-Bliley Act. This was a disaster of a bill that allowed Big Wall Street banks to take huge risks on the real estate market that went bust. Go read the Financial Crisis Inquiry Commission Report for an education stupid ignorant right winged dolts.
President Obama turned around the economy. President Obama prevented another great Depression II from happening. The Dow Jones Industrial average is at 12,500. Corporate profits are at record levels with $2 trillion earned last year. This year looks similar. So companies are making plenty of profits under President Obama despite all the bitching big business is doing very well. Main Street businesses are doing poorly because of wealth inequality reaching unprecedented levels. The middle class works harder than ever and has less to show for it in constant dollar terms. Don't forget too that the unemployment rate would be well below 7% had the GOP house passed the American Jobs Act in August, 2011. The GOP Senate last week filibustered the Small Business Jobs tax credit bill that would have created one million jobs. Let's see now that is three million jobs that the GOP has helped destroy by obstructionism. Facts are inconvenient things for right winged dolts aren't they?
Rex- the GOP caused the recession because of Graham Leach Billey?- first there may be empirical data that demonstrates such a cause and effect- but I have not seen it- if you argument is that Graham resulted in the housing crash that does not follow because a large number of sub prime and other poorly underwritten loans were originated by mortgage companies not subject to federal regulation and were then sold F. Mac- but more importantly Graham was signed in to law by President Clinton- so does it not follow based on your logic that the Democrats caused the recession? If President Clinton had vetoed the bill there were not enough votes to override a veto.
In terms of the current economic problems- there is simply no way to demonstrate that any job would have brought unemployment down to 7%- and even 7% is to high- as the Secretary of the Treasury said this morning the continuing slow down in the economy is a result of the residual effects of high oil prices, the problems in Europe and the slow down in fiscal spending (i.e. less stimulus). Which at least in my view proves the point, that fiscal policy can only take you so far and that it has very marginal impact thereafter.
The slowdown/rescission is all about housing and the significant reduction in housing starts since 2006. That is simply not going to change any time soon. This is a real sea change we are going to have to live with high unemployment rates- that said we do need to figure out a rational way to limit the impact on the unemployed.
Wrong again young man, unlike the socialist Obama before the end of Reagan's first term the unemployment rate was 7.5 %; The 10.8 was before Reagan even had his economic plan implemented. Over all income under Reagan went up.
Let's do compare Reagan's first term to Obama's; You don't want that conversation. Why do you want this socialist Obama to be reelected ? Everything he has tried has failed the world over, again and again. Obama wants this country to he socialist Europe. Why do you want that ? Look at what is happening in Europe. Liberalism, socialism has failed every time it has been tried. Why are you screaming for it young man ?
Obama and his party caused the crash with their ridiculous comminity reinvestment act; They own it. As for deficits, Obama caused them with his spending, not teh Bush tax cuts. Even if you took every penny from the villified 1%, it would not run the government for a month!
The GOP has pushed the deregulation mantra down Democrats throats for 30 years. Clinton should have vetoed the Graham-Leach-Bliley Act in 1999. Remember, the three sponsors of this bill are all Republicans. Sometimes Democrats take a chance on Republican ideas working. This idea failed disastrously. Also the Financial Crisis Inquiry Commission Report shows that excessive corporate greed, deregulation, lack oversight by the SEC, and crazy money schemes to have these bundled mortgaged backed securities caused the financial meltdown in 2008.
Wrong young man. The community reinvestment act caused the crash, not copporate greed.
KEEPING IT THOUGHTFULLY HONEST: According to Senator Bernie Sanders, America has lost 60,000 factors to Communists China due to outsourcing! Today, the Senate Republicans blocked a "Bring Jobs Home" bill that, if nothing else, that highlights Romney's ties to Bain Capital again and its outsourcing practices.” This American Bill would have simply “provided a 20 percent tax credit to American companies to move production back to the United States as well as end a tax breaks for companies when closing a domestic plant, even if operations are outsourcing abroad. Really! THE INCONVENIENT TRUTH IS: while just last week, America had another 65,000 low jobs report, the U.S CHAMBER OF COMMERCE (Should be called-The Communists China Chamber of Commerce) was at work behind the scenes! It is critical to note that “All but four of the Senate's 47 Republicans voted to block this American jobs bill. Sixty supporters were needed to advance the jobs legislation, which failed on a 56-42 vote.” So the US (Communists China)Chamber of Commerce which is the largest pay-off spender last year at $66.4 million dollars in lobbying to created jobs in Communists China, while displacing hundreds of thousands American workers in USA) continues to be at work! According the data, over-all amount of pay-off to self serving corrupt politicians is only $3.3 billion! This traitorous action is both inexcusable and despicable! And we wonder why there are NO new jobs being created in America? Mr. McConnell and your Obstructionist, Middle Class Americans will remember you and your obstructionists in the Senatein November!