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State Fiscal Problems
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mac



Joined: 07 Mar 1999
Posts: 5356

PostPosted: Thu Mar 03, 2011 11:28 am    Post subject: Reply with quote

Let me see if I can put this union busting into context. According to William Greider, an audit in 2006-7 by Clayton Holdings showed that of 900,000 mortgages, 28% were flawed--but were included in mortgage backed securities without disclosure. Who wrote the law that so deregulated financial oversight? Phil Gramm, a Republican from Texas. Did any Republicans vote to increase financial oversight in the last session? No.

The result was a loss of about $12 trillion. Did the folks who made billions (one billion is the average salary for a hedge fund manager) pay any extra taxes for their rich profits which involved such fraud? No, the Republicans made capital gains taxable at only 15%. They paid less tax per income dollar than most of us on this forum. As a result, tax revenues fell to 2/3 of what they were.

Now the Republicans, having created fraudulent bubbles during their tenure through deregulation of savings and loans (hello Bush family getting even richer!), energy (have we forgotten Enron) and finance want to get back in power. So they blame it on public employees, teachers, and pensions. But according to Boston College's Center for Retirement research, the underfunding of pensions--which many government entities have done in violation of their contracts--accounts for just 3.8 percent of state and local spending. The problem could be fixed by increasing spending to 5%.

Now by the time the kids I tutor get to fifth grade they have some understanding of numbers and proportion. Let me see--A 33% loss due to Republican led malfeasance. Let's blame the unions because properly funding the pensions that they have been working for would cost an addition 1.2%. That should fix the problems.

Why do the Republicans tell this lie? Corporations already outspend unions 20 to 1?

What might some of the fixes be? How about having corporations like Amazon collect sales tax for States? How about actually taxing the ultra-rich like Rupert Murdoch and Vodaphone and Philip Green? Check out what they actually pay.
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