Warren Buffet demolishes the Galtian nonsense.
OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.
These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places.
The current makeup of the GOP is completely insane. When asked at the debate who would walk away from a financial deal that had 10:1 ratio of spending cuts to spending increases… all of them said they would walk away. That’s simply absurd. I know the teahadists have control, but we really shouldn’t let our financial policy be determined by inbreds who need a calculator to figure out what 10% of any number is.