I’m Shrinking!

Yes, the middle class has been disappearing.  It started with the Reagan years when the tax code was written with breaks for specific companies.  Some corporations received huge tax breaks while others had their taxes increased.  It was described as “trickle down” economics which actually started to gush money to the top 5% of Americans.  At the same time, the middle class, ever so slightly, began to diminish.

The economy had ups and downs over the years following the Reagan bandits (Savings and Loan bailouts) while the middle class continued to lose ground.  During his presidency, George H. W. Bush made an announcement that we are now a “global economy”.

Next came NAFTA which was signed into law by President Bill Clinton.  The idea of NAFTA was born during the George H.W. Bush years and it was Ross Perot that brought the voters attention to NAFTA and “the sucking sound” of jobs leaving this country.  President Bill Clinton signed NAFTA into law and American companies began building factories in Mexico.  This creation of manufacturing jobs in Mexico gave Mexicans the opportunity to earn a living wage.  Over the years, these same corporations that provided a living wage kept lowering the wages of Mexicans to the point where jobs in Mexico are now poverty jobs in sweat shops.  This decrease in income has fueled the drug cartels and has increased violent crime along the Mexican border.  That’s a story for another time.

So far, we have special tax breaks for specific corporations and NAFTA.  Then in the year 2000, the US Supreme Court appointed the rich man’s tool as president, George W. Bush.  His appointment accelerated the loss of jobs by providing tax incentives for corporations to send jobs overseas.  How unAmerican and unpatriotic.  The Bush administration also lowered taxes for the top 5% of Americans, the very rich, while keeping taxes high for middle class Americans.  Along with two wars, the Bush tax cuts created a huge Government deficit at the expense of middle class Americans.  Since the birth of Reaganomics, the wages of the middle class have slowly declined or remained stagnant.

Here are 22 statistics proving the decline of the middle class…

#1) According to a poll taken in 2009, 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.

#2) The number of Americans with incomes below the official poverty line rose by about 15% between 2000 and 2006, and by 2008 over 30 million U.S. workers were earning less than $10 per hour.

#3) According to Harvard Magazine, 66% of the income growth between 2001 and 2007 went to the top 1% of all Americans.

#4) According to that same poll, 36 percent of Americans say that they don’t contribute anything to retirement savings.

#5) A staggering 43 percent of Americans have less than $10,000 saved up for retirement.

#6) According to one new survey, 24% of American workers say that they have postponed their planned retirement age in the past year.

#7) Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.

#8) Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.

#9) For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.

#10) In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1.  Since the year 2000, that ratio has exploded to between 300 to 500 to one.

Read more and all the supporting data here…

The negative effects of the Bush years washed over from 2008 into 2009.  It took eight years to destroy our economy and it will take at least eight years if not more to repair the damage done by the Bush administration.

President Obama’s stimulus package included a reduction in taxes for 95% of Americans.  As a member of this 95% grouping, I received a tax refund this year, the first one in many years.  My taxes increased during the Reagan years and this is my first tax break since then.

Trickle down economics is a joke on the American people.  It only increases the income for the top 5% while the rest of us struggle.

One more thing about the George W. Bush years, job creation remained stagnant.  For the first time in over 20 years, there were no job increases.  As a matter of fact, by the end of the Bush years, the job losses were on the rise and at the same time, the rich continued to get richer.

What is the Republican plan for job creation?  The Republicans still stand by their “trickle down” economics theory and they insist on continuing tax breaks for the rich while at the same time providing no tax breaks for the middle class.  If given the opportunity, the Republicans would repeal the Obama tax breaks for the middle class.  Don’t be fooled by their rhetoric because Republicans don’t have the welfare of the middle class in mind when they speak.  It’s all about Wall Street, big banks and corporations with them.

Trickle down economics… how is that working for you?  It’s working for the quitter, Sarah Palin and the cult leader Glenn Beck.  It’s not working for their followers and their followers are like the Branch Davidians or Heaven’s Gate.  They will do anything that their leaders, Beck and Palin, tell them to do, just like puppets on a string.  These money machines (Beck and Palin) are only interested in increasing their income, not yours.

I’m Voting for Robin Hood in ’08

Remember the tale of Robin Hood, who robbed the rich and gave to the poor?  He was a “redistributor of wealth”.

John McCain accuses Barack Obama of being “Robin Hood” because Obama wants to lower taxes for the middle class and raise taxes for the rich back to the pre-Bush tax rate.  The poor don’t pay taxes so they won’t be getting any tax relief.  Compare the tax return that you will receive under Obama’s plan against the tax return that you will receive from McCain’s plan.

From AmericanProgressiveAction.org…

In 2001 and 2003, Sen. John McCain (R-AZ) opposed the Bush tax cuts, arguing that they came “at the expense of lower- and middle-income Americans” and were too costly in a time of war. As a presidential candidate, however, McCain not only embraces the Bush tax cuts but also proposes massive additional tax cuts that are even more tilted against the middle class.

To assess the McCain tax proposals, we begin by defining five key characteristics of the Bush tax cuts: they cost an enormous sum, skew benefits to the wealthy, favor capital over work, protect tax shelters, and increase federal budget deficits. We then assess the McCain proposals against these five benchmarks. Finally, we compare both the Bush and McCain plans with the conservative tax agenda known as “Five Easy Pieces” advanced by Grover Norquist’s Americans for Tax Reform and other conservative tax groups.

Our analysis suggests that the McCain plan shares five key characteristics of Bush policies. First, it is enormously expensive, costing more than $2 trillion over the next decade and essentially doubling the Bush tax cuts. Second, the McCain plan would predominantly benefit the most fortunate taxpayers, offering two new massive tax cuts for corporations and delivering 58 percent of its benefits to the top 1 percent of taxpayers. The Bush tax cuts provide 31 percent of their benefits to the top 1 percent of taxpayers.

Third, the McCain tax plan continues the shift of the tax burden from investment income onto earned income. Fourth, the plan not only fails to address current tax shelter problems in the tax code but in fact will lead to increased sheltering. Fifth, McCain cannot pay for his tax cuts without massive reductions in Social Security, Medicare, or other key programs that benefit the vast majority of Americans.

Cindy McCain will receive an increased tax return (over $60,000.00 more) from her husband’s tax plan while the middle class will continue to receive little or nothing.  The McCain tax savings would go from $313,413.00 to $373,429.00.

From ThinkProgress.org…

In a new Center for American Progress Action Fund analysis, Michael Ettlinger documents how much the presidential candidates stand to personally benefit from the McCain and Obama tax proposals. The McCains — who report an annual income of over $6 million — would receive well over $300,000 from John McCain’s tax plan.

For further details about reported income and tax relief of both the McCains and the Obamas, visit the WonkRoom as it provides a more detailed analysis of the candidates tax plans.

WOW – can you say conflict of interest?  Read some more about the redistribution of wealth upwards which is exactly what John McCain’s tax plan will do in the “Reverse Robin Hood” at Homeless in LA.

What amazes me is that middle class McCain supporters shout “No” to Barack Obama’s tax plan even though they would benefit the most from Obama’s tax plan.  Why would someone from the middle class support paying higher taxes so that the wealthy could receive more tax relief?  Isn’t this like cutting off one’s nose to spite one’s face?  Isn’t voting for McCain voting against one’s own best interest?  The middle class McCain supporters call Obama a “socialist”.  If any of the McCain supporters travel over public bridges and public roads, benefit from police and fireman, use the public library and use public water and sewer, then they too, are “socialist”.  Let’s not forget to include the recipients of Social Security and Medicare which is another “socialist” idea.

The McCain tax plan would eventually eliminate the middle class.  This would foster a return to the feudalistic state where the wealthy own everything and the poor support the wealthy.  John McCain’s plan rewards investments and corporations and punishes the worker who will see an increase in taxes because John McCain will tax health benefits for workers.

The choice is clear… I am voting for “Robin Hood”, the “redistributor of wealth”.  His name will appear as Barack Obama on the ballot.

Rescue Plan for the Middle Class

Today, Barack Obama laid out his economic plan to recovery.

“A Rescue Plan for the Middle-Class”

Monday, October 13th, 2008

Toledo, Ohio

We meet at a moment of great uncertainty for America. The economic crisis we face is the worst since the Great Depression. Markets across the globe have become increasingly unstable, and millions of Americans will open up their 401(k) statements this week and see that so much of their hard-earned savings have disappeared.

The credit crisis has left businesses large and small unable to get loans, which means they can’t buy new equipment, or hire new workers, or even make payroll for the workers they have. You’ve got auto plants right here in Ohio that have been around for decades closing their doors and laying off workers who’ve never known another job in their entire life.

760,000 workers have lost their jobs this year. Unemployment here in Ohio is up 85% over the last eight years, which is the highest it’s been in sixteen years. You’ve lost one of every four manufacturing jobs, the typical Ohio family has seen their income fall $2,500, and it’s getting harder and harder to make the mortgage, or fill up your gas tank, or even keep the electricity on at the end of the month. At this rate, the question isn’t just “are you better off than you were four years ago?”, it’s “are you better off than you were four weeks ago?”

I know these are difficult times. I know folks are worried. But I also know this – we can steer ourselves out of this crisis. Because we are the United States of America. We are the country that has faced down war and depression; great challenges and great threats. And at each and every moment, we have risen to meet these challenges – not as Democrats, not as Republicans, but as Americans.

We still have the most talented, most productive workers of any country on Earth. We’re still home to innovation and technology, colleges and universities that are the envy of the world. Some of the biggest ideas in history have come from our small businesses and our research facilities. It won’t be easy, but there’s no reason we can’t make this century another American century.

But it will take a new direction. It will take new leadership in Washington. It will take a real change in the policies and politics of the last eight years. And that’s why I’m running for President of the United States of America.

My opponent has made his choice. Last week, Senator McCain’s campaign announced that they were going to “turn the page” on the discussion about our economy so they can spend the final weeks of this election attacking me instead. His campaign actually said, and I quote, “if we keep talking about the economy, we’re going to lose.” Well Senator McCain may be worried about losing an election, but I’m worried about Americans who are losing their jobs, and their homes, and their life savings. They can’t afford four more years of the economic theory that says we should give more and more to millionaires and billionaires and hope that prosperity trickles down to everyone else. We’ve seen where that’s led us and we’re not going back. It’s time to turn the page.

Over the course of this campaign, I’ve laid out a set of policies that will grow our middle-class and strengthen our economy in the long-term. I’ll reform our tax code so that 95% of workers and their families get a tax cut, and eliminate income taxes for seniors making under $50,000. I’ll bring down the cost of health care for families and businesses by investing in preventative care, new technology, and giving every American the chance to get the same kind of health insurance that members of Congress give themselves. We’ll ensure every child can compete in the global economy by recruiting an army of new teachers and making college affordable for anyone who wants to go. We’ll create five million new, high-wage jobs by investing in the renewable sources of energy that will eliminate the oil we currently import from the Middle East in ten years, and we’ll create two million jobs by rebuilding our crumbling roads, schools, and bridges.

But that’s a long-term strategy for growth. Right now, we face an immediate economic emergency that requires urgent action. We can’t wait to help workers and families and communities who are struggling right now – who don’t know if their job or their retirement will be there tomorrow; who don’t know if next week’s paycheck will cover this month’s bills. We need to pass an economic rescue plan for the middle-class and we need to do it now. Today I’m proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities, and help struggling homeowners. It’s a plan that begins with one word that’s on everyone’s mind, and it’s spelled J-O-B-S.

We’ve already lost three-quarters of a million jobs this year, and some experts say that unemployment may rise to 8% by the end of next year. We can’t wait until then to start creating new jobs. That’s why I’m proposing to give our businesses a new American jobs tax credit for each new employee they hire here in the United States over the next two years.

To fuel the real engine of job creation in this country, I’ve also proposed eliminating all capital gains taxes on investments in small businesses and start-up companies, and I’ve proposed an additional tax incentive through next year to encourage new small business investment. It is time to protect the jobs we have and to create the jobs of tomorrow by unlocking the drive, and ingenuity, and innovation of the American people. And we should fast track the loan guarantees we passed for our auto industry and provide more as needed so that they can build the energy-efficient cars America needs to end our dependence on foreign oil.

We will also save one million jobs by creating a Jobs and Growth Fund that will provide money to states and local communities so that they can move forward with projects to rebuild and repair our roads, our bridges, and our schools. A lot of these projects and these jobs are at risk right now because of budget shortfalls, but this fund will make sure they continue.

The second part of my rescue plan is to provide immediate relief to families who are watching their paycheck shrink and their jobs and life savings disappear. I’ve already proposed a middle-class tax cut for 95% of workers and their families, but today I’m calling on Congress to pass a plan so that the IRS will mail out the first round of those tax cuts as soon as possible. We should also extend and expand unemployment benefits to those Americans who have lost their jobs and are having a harder time finding new ones in this weak economy. And we should stop making them pay taxes on those unemployment insurance benefits as well.

At a time when the ups and downs of the stock market have rarely been so unpredictable and dramatic, we also need to give families and retirees more flexibility and security when it comes to their retirement savings.

Petition Financial Crisis

Bernie Sanders has presented a plan to help Wall Street that saves Main Street.

Read all about it here and sign the petition.

McCain vs Obama Tax Plan

Feel free to share this comparison.

Compare McCain's Tax Plan with Obama's Tax Relief

My income favors the Obama plan.

John McCain Raise’s Taxes

The McCain/Palin Health Care Plan will raise taxes on Pennsylvanians health care benefits.

Thank you to The Keystone Progressive for sharing this message. Every Pennsylvanian should know about the McCain/Palin Plan. I’m sure there are similar plans for all the rest of the 49 States. Remember one thing, John McCain and Sarah Palin’s health insurance is paid for by the tax payers so this health care plan won’t impact them.

For Immediate Release
September 8, 2008

Contact
Adam Jentleson, 202.682.1611
ajentleson@americanprogressaction.org

RELEASE: The McCain-Palin Plan For Pennsylvania

With Sen. John McCain and Gov. Sarah Palin set to appear in Lancaster tomorrow, the Center for American Progress Action Fund released two new analyses of the impact of their plans on Pennsylvania.

WASHINGTON,DC—A new report, John McCain’s Radical Health Care Agenda, describes the consequences of McCain’s health care plan for Pennsylvania. Millions of Pennsylvanians could lose the coverage they get from their jobs, forcing them to shop for health coverage in a deregulated insurance market stripped of consumer protections. Many Pennsylvanians with health problems, such as cancer or diabetes, would find it particularly difficult or even impossible to find adequate coverage. Millions of Pennsylvania families, and more and more Pennsylvania families over time, would pay higher taxes on health premiums.

A new fact sheet, The McCain-Palin Plan for Pennsylvania by the Numbers, provides a by-the-numbers examination of what their agenda will mean for the citizens of Pennsylvania:

The Backbone of America, the Middle Class

This is a fantastic Labor Day speech. If you care about your job, then listen to what Barack Obama has to say. He is the candidate that puts Americans first. It’s not the Republicans. They support outsourcing our jobs and McCain fought against the minimum wage. That’s not putting Americans first.

Three Fridays, three false attack ads

John McCain doesn’t want us to know the truth. He has no plan to reduce taxes for the middle class. McCain wants to keep the tax breaks for the rich, like himself and his wife and continue giving tax breaks to corporations for sending jobs overseas. Yes, the lobbyist love John McCain. He will give them everything that they ask for and we, the working poor and middle class will get nothing. We will continue paying more for goods and worrying more about keeping our jobs while the rich, including the McCains will be smiling all the way to their off shore tax shelters.

Celebrities don’t have to worry about their family budgets, but the middle class and the poor do. And John McCain has nothing to offer us.

The Middle Class First

We need a president that cares about the middle class and not the big oil companies. People are hurting and it’s not “psychological”.

A Tax Break for the Middle Class

Now that is a novel idea. It’s about time that someone making less than $250,000/year gets a tax break and senior citizens making less than $40,000/year pay NO income tax. Barack Obama tax relief plan will even provide small businesses that make less than $250,000/year with tax breaks including capital gains tax relief.

John McCain is just like George W Bush. Never tells the truth. Maybe it’s because they both listen to traitor Karl Rove.

Here’s the facts:

Now that a tax plan that I can live with and so can most people that I know. People with the wealth of John McCain and George W Bush don’t need more tax breaks. They had their turn and our economy went down the tubes.

(thanks to Paulette at Let Us Talk)

Psssst… pass this video around, share with everyone you know.