Tag Archives: shadow banking

Decline and Fall (Maybe) Dec 20

We’re on our own. It’s official. The House of Representatives completed what the Senate began (which seems like the wrong way around). The giveaway to millionaires, also known as the Obama-Republican tax bill, is now law. The grand total is now $900 billion in tax cuts, a large sum of which comes from the Social Security Trust Fund. Shameless politicians have created an open wound in the Social Security that they say is “temporary.” They lie so consistently, there is no reason to believe that the payroll tax will ever be restored; certainly not in the next two legislative seasons with a super majority of Republicans in the House of Representatives. (Image)

There was no real debate, hence no public awareness, of the crime committed. But when the word gets out over the next few months, there should be an awful reckoning when the people wake up to this theft. Those who voted for this proposal didn’t just touch the third rail of American politics, they sat down on it.

There were some winners out of all this:

“A bonanza of new and extended tax benefits could make it as easy as ever for the rich to stay that way.” Bloomberg Businessweek
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