The Injustice of an Absurd Bailout

Vermont’s Independent Senator Bernie Sanders:

While the middle class collapses, the richest people in this country have made out like bandits and have not had it so good since the 1920s. The top 0.1 percent now earn more money than the bottom 50 percent of Americans, and the top 1 percent own more wealth than the bottom 90 percent. The wealthiest 400 people in our country saw their wealth increase by $670 billion while Bush has been president. In the midst of all of this, Bush lowered taxes on the very rich so that they are paying lower income tax rates than teachers, police officers or nurses.

Now, having mismanaged the economy for eight years as well as having lied about our situation by continually insisting, ‘The fundamentals of our economy are strong,’ the Bush administration, six weeks before an election, wants the middle class of this country to spend many hundreds of billions on a bailout. The wealthiest people, who have benefited from Bush’s policies and are in the best position to pay, are being asked for no sacrifice at all. This is absurd. This is the most extreme example that I can recall of socialism for the rich and free enterprise for the poor.

Via Chris Martenson who had this to say:

This looks like the old populist message that has been so long dormant/suppressed in this country. Should that animal spirit re-awaken, social unrest will follow. Hell hath no fury…

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1 Comment

  1. Anonymous says:

    "the top 1 percent own more wealth than the bottom 90 percent."

    This is one of those blurbs that is true, but it's also completely irrelevant and misleading. Throwing it out pretty quickly reveals a slant in your perspective. The bottom 1/3 of Americans have zero savings. Zip. None. They are on the "live in the now" plan and they have nothing. So if a 16 year old kid mows lawns or works at Burger King for the summer and saves $3000, he owns more wealth than 33% of Americans. Maybe we should raise his taxes! You can also find plenty of similar stats from the other side. The top 1% of Americans pays over 22% of the taxes in this country, and the top 20% pays over half. Those poor abused rich people! You get the point.

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