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August 3, 2009
Geithner lies - hope dies
Obama and Geithner lied
People's hopes died
As their incomes slide
Because their non transparent government hides
Economic unrealities, miles wide.
My appalling--but true--doggerel was inspired by deliberately tax evading Treasury Secretary Timothy Geithner expressing, during an interview with ABC's George Stephanpoulos, former President Bill Clinton's (D) advisor, that contrary to earlier statements, tax increases are probably coming.
Geithner was clear that he believes a key component of economic recovery is deficit reduction. When I gave him several opportunities to rule out a middle class tax hike, he wouldn't do it.
"We have to bring these deficits down very dramatically," Geithner told me. "And that's going to require some very hard choices."
"We will not get this economy back on track, recovery will be not strong and sustained, unless we convince the American people that we are going to have the will to bring these deficits down once recovery is firmly established," he said.
But just last year your boss, President Barack Hussein Obama (D) promised no tax hikes on the middle class, just on the rich. And just a few weeks ago, in Saudi Arabia of all places, you stated that you
saw signs of confidence returning to the U.S. financial sector and pledged that the United States would pursue policies that preserve the dollar's value.
"The policies of the United States are designed to lay the conditions for a strong dollar for more stability in the international monetary system and among the major economies," he said at the Jeddah Chamber of Commerce.
Signs of strength were also returning to the economy, he said. "We are seeing very active issuance in corporate bonds and equity markets and the banking system itself in the United States shows signs of more confidence," Geithner said.
Geithner said aggressive efforts to counter a global financial crisis were starting to work and acknowledged the United States had a special duty to help spur a recovery.
"Given the dollar's role in the international financial system and the significant impact of the U.S. economy on global economic conditions, we fully recognize that the United States has a special responsibility to play," he said.
What happened? Are you beginning to realize that flinging trillions--trillions!, not billions--of other people's (tax) money as if it were penny candy on unsustainable, unrealistic projects (and yes, green jobs to save the economy is unrealistic) without any practical anti corruption safeguards, increases the deficit? That there aren't enough rich people, who already pay more than their fair share of the taxes so the classification of "rich" must be defined down to the middle class? And that middle class is getting scared and isn't buying; the wealthy are saying why increase profits by investing and creating when that will increase taxes while also drawing contempt--and more?
So, poof, the economy is further off track, the recession intensified and prolonged.
You wanna know how to "get this economy back on track," while bringing about a "strong and sustained" recovery" and even "convince the American people that we are going to have the will to bring these deficits down"? Stop. . .and then reverse the trash talk about class warfare while redistributing wealth.
Then get the government out of business; stop interfering in the free market economy that made this country great. Government Motors will be the beneficiary of cash for clunkers. However government interference in business merely distorts the economy which will also suffer from the law of unintended consequences. The U.S. has been a one crop economy--auto manufacturing--for too long. It is so-o-o last century. Time to get with the 21st century--and it isn't autos. And anyway, I love my so called clunker--it gets me where I want to go. Even better, it is paid for.
As for health care (insurance) reform? It is making people ill just thinking about it. And btw--be a bit accurate if you can--for starters just admit 47 million people are not without health insurance. The government solutions will certainly increase the deficit by such an amount that recovery will never, ever occur.
And as for taxes. Well, if you and your other government buddies would just accurately pay your fair share of taxes already written into law--and no, Secretary Geithner, camp tuition isn't deductible and you know it--that would help a great deal.