Congress: All about the “Benjamins”
Herman Caine has never appeared to be anything but a partisan carnival barker with some of the most asinine ideas coming out of his pie hole. In his 2016 campaign, Caine introduced the memorable tag line “9-9-9” for a tax reform. The idea was to replace all current taxes (including the payroll tax, the capital gains tax and the estate tax) with a 9% personal income tax, a 9% federal sales tax, and a 9% corporate tax. The concept caught people’s attention, but Caine neglected to do the math. And many people didn’t look at the plan’s details, which would have added harsh sales and “value added” taxes while ending all deductions. Some “real economists” believed that the plan would have increased the deficit by billions. Huh?
Now if Herman a clown, Stephen Moore, the other guy Trump nominated for the Federal Reserve Board, is a buffoon. He started a group called Club For Growth in 2004, worked for the Heritage Foundation and has a Master’s Degree of Arts in economics, but professionals in the field feel he has no credibility. CNN hired this idiot to be a balancing act, presenting right winger viewpoints on discussion shows. From my perspective, TV networks putting fools on the air is how we got Trump in the first place. Yes, I blame you NBC.
As our not-so-great leader and part-time president Donald Trump said, “It’s easy to be a critic.” That’s exactly what Moore has been over the years. A plug-in personality to put down people who have power or respect in the financial arena. Unfortunately for Stephen Moore, when he veered out of his imaginary lane and tried to expose thoughts on any other topic, he exposed himself as a total asshole. This self-confessed male chauvinist pig’s latest harangue is that the real problem with the US economy is male wages are not rising fast enough. He goes on to call men the “real bread earners” in the family. He must be from 1945.
When both clowns were nominated by Trump to push Jerome Powell at the “Fed” to lower interest rates, I calmly told many of my friends, “Don’t worry, they will never get on the Federal Reserve Board.” Why did I think that? Because Republicans, especially those in the Senate, care far more about their freaking money than they care about Trump, or America for that matter. And so, it has come to pass that Mr. Caine and Mr. Moore have been obliterated from the Fed board confirmation hearing process. Trump will have to be more careful next time. You know, apply some real VETTING.
If you would enjoy an interesting day of research, look at the financial realities of those who sit in the Senate. Lindsey Graham is ranked 84th in Senate wealth at $489,009. Mitch McConnell is ranked 11th in the Senate with a net worth of $26,927,535. Rand Paul is ranked 66th in the Senate with an estimated net worth of $1,335,018. Mr. Sheldon Whitehouse ranked 21st in the Senate with $8,883,112 in 2010. Richard C Shelby at 22nd had a net worth of $10,963,007. Charles E Schumer ranked 73rd in the Senate with an estimated net worth of $948,522. Unless stated otherwise, all figures are from 2015 and posted on OpenSecrets.org. Mitt Romney, not on their site since 2010, is allegedly worth more than $300 million and is clearly the richest member of the Senate.
The House of Representatives is not much better. Nancy Pelosi is ranked 6th in the House with an estimated net worth of $100,643,521. Darrell Issa (R-Calif) is worth $330,050,015, Jared Polis (D-Colo) clocks in at $313,556,221, Mark Warner (D-Va) is worth $238,157,630, John K Delaney (D-Md) comes in at $232,816,089, Dave Trott (R-Mich) banks $177,149,145 and Vernon Buchanan (R-Fla) is worth $115,534,558. These figures are also from the same site and year, 2015. Just imagine how much more these folks have made with this great economy and why they are so very careful as they cast their votes.
Consider this from NPR. “Russian aluminum company Rusal announced Monday it plans to invest in a new Kentucky aluminum mill to be built near Ashland in eastern Kentucky. The $200 million investment in Braidy Industries is Rusal’s first U.S. project since the Trump administration lifted U.S. sanctions placed against the company. Rusal had been sanctioned by the U.S. government because its major controller, Russian oligarch Oleg Deripaska, who has close ties to Russian President Vladimir Putin, faces accusations of “a range of malign activity around the globe” by Russia, according to the U.S. Treasury Department. Those actions include interference in the 2016 U.S. presidential election and meddling in neighboring Ukraine.” You see, this helps Mitch McConnell’s state and Steve Mnuchin lifted sanctions against this one specific company. Can you say, Quid Pro Quo? They have no souls.
It’s clear to me that smart politicians, economists and business people are not going to let Trump foolishness get in the way of their money. Many of the Republicans who blindly follow Trump into indefensible domestic and global misadventures allow him to make many mistakes if they don’t jeopardize their wealth. With the most recent jobs report showing more than 263,000 jobs added in April 2019, and unemployment dropping to 3.6%, the path is cleared for a great Trump campaign in 2020 and possible reelection. If the Democrats have a chance of taking back seats in the Senate and the White House, they must convince all Americans what they propose is something better than what we see right now. Good luck.
It would be disheartening to the left wingers if a candidate said, “I wouldn’t change a thing.” It would be equally insane for a Presidential candidate to say that they would like to spend more money than Trump spent in his first two years.
Might we remind the public here what Forbes magazine said, “Trump has talked loudly but delivered little real results when it comes to impacting trade. Under his watch the trade deficit has grown over $100 billion, going from $502 billion in 2016 to $621 billion in 2018, an increase of 19%. The deficit for Goods has increased $140 billion from $751 billion to $891 billion. At its current pace, the Goods deficit could also hit $1 trillion in 2020.”
It’s clear that Trump lies about everything, more than 10,000 times since he’s been elected. Why would economic issues be any different? How can we trust him to be a good steward of the economy when he goes too far in everything he does to feed his insatiable need for personal winning? He just can’t smile and move to the next thing. He must rub someone’s face in it. He walks around believing that he’ll figure out the debt later. No planning, No blame. That is the way he ran his companies, and that’s the way he’s managing the nation. HE SPENDS TOO MUCH MONEY ON STUPID THINGS. We just might have a storm on the horizon, but ego won’t let him think he could ever make a mistake. Another credit downgrade of America on the world’s financial stage will hurt us all. We hope it doesn’t happen, but would you loan money to someone who owes $1 trillion? I don’t even know who we owe it to, do you?
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