Punchinello’s Chronicles

September 24, 2008

Finally! Tax the Rich!

Filed under: View from the Bottom — Punchinello @ 10:14 pm
Tags: , , , ,

Well, it looks to me like a dream come true! Democrats, including Barack Obama, have been telling us that in order to fix everything, we need to tax the rich. Those rich people have all the money, and they were just lucky to get that money. It was formed thousands of years ago, like oil, and these greedy rich people simply dug it up and hoarded it.

If they had their way, liberal Democrats would tax rich people into obvlivion, taking all their money and redistributing it to the poor people. Great! We’re just about to do that, with this massive “plan” Mr. Bush would like put in place no later than Friday.

One way or another, it’s a massive tax on the American people. But who gets hurt? Rich people. Considering that we have no money at all, a trillion-dollar bail-out would be done using fake money; Monopoly money. That devalues the currency even more, making everything we buy more expensive. On the other hand, if we don’t bail out these financial institutions, investments will plummet.

Rich people generally don’t store money under the mattress. They keep it in banks, investments, and financial instruments. If those all lose their value, then the rich suddenly aren’t rich anymore. Maybe that’s one reason there’s such an urgency about getting all this taken care of.

Poor people don’t have any money anyway. Why not let AIG fail? Freddie Mac and Fannie Mae could go down too, along with Lehman Brothers. So what? I sure didn’t invest in buying up stupid loans.

But if the US prints a trillion extra dollars with no underlying value at all, that’s going to affect me personally. Instead of paying $3.50 for a chicken, I’m gonna have to pay maybe $5.50 for that same chicken. It could even end up at around $10 for the same chicken.

People on Social Security will be stuck at the same monthly income amount, regardless of what happens after this bail out. But if they can’t live on that money now, they’ll be half as able to live on it next year.

Anyone rich enough to invest falls into one of two main categories: financially wise or financially stupid. If they were stupid (and greedy) and bought into all these high-risk investment bank loans, then they ought to lose some or all of their investment. If they were financially smart, they weren’t involved in those risks.

It doesn’t seem to matter though. This is all going to come down to a massive tax on the rich, far beyond anything anyone in government ever dreamed! When the dust settles, let’s just see how “dumb” trickle-down economics really is. Let’s just see how “useless” those rich people are, in terms of creating the economy for the rest of us.

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