- The proposed Bailout of the financial industry will cost Obama the election. This $2 Trillion giveaway to the Superrich by the Democratic Congress will levy an additional $31,000 of debt onto the 65 million households who pay almost all of the income taxes. Most of those households are working class and middle class Democrats.
- It will force a lot of those Democratic voters to ask why they should even bother to go to the polls -- and to ask whether they should vote for Ralph Nader if they do.
- Especially since Democratic Senators voted for Bush's $2 Trillion tax cut for the Superrich in 2001, approved an unnecessary $1 Trillion Iraq War, and did nothing to stop Bush's theft of $3 Trillion from the Trust Funds for Social Security and Medicare.
We constantly hear that the current Congress can do nothing because of Republican Senators -- but when did we ever see a Democratic filibuster in the last 8 years?
- If the bailout is necessary, then it should be paid for by the people who caused the crisis and who will benefit from the bailout. An Income Surtax to raise $2 Trillion should be imposed on the richest 3 percent of the population to pay for the bailout.
That MUST be part of the Bailout bill currently being debated in Congress.
- Any LATER attempt to raise taxes on the Superrich after the Bailout will FAIL. The mass of Republicans Senators will filibuster increased taxing of the rich -- and they will always be sustained by a few corrupt Democratic Senators like Zell Miller and the other 11 Democrats in the Senate who approved the 2001 tax cut.
- The $31,000 that the Bailout will cost us is on top of the $154,000 per
household we already owe on a $9.8 Trillion debt, much of which was incurred in the last 8 years.
- You don't like the message in Paragraphs 1 and 2. You will like it even less when Ralph Nader promotes it in the coming weeks, aided by $30 Million in new donations from McCain backers.
NOTES:
a) The total cost of the financial bailout is currently $1.5 Trillion, which is why the Democratic Congress is being asked to raise the federal debt limit to $11.3 Trillion, up from $9.8 Trillion. That's $800B for Bear/Fannie/Freddie/AIG/Emergency Bank Loans plus another $700B for latest bailout Paulson proposed last Friday. Adding in 4 years
of interest raises the cost to $2 Trillion.
b) There are roughly 116 Million households, but 50 million of those households make less than $40,000 per year, are barely surviving and can NOT afford to pay more taxes. The bottom 40 Percent of the households make less than $34,000 per year.
That leaves the cost of the federal debt to be borne by the other 65 million households, most of whom are working class and middle class
Democrats.
See http://en.wikipedia.org/...