April 12, 2011 @ 12:35 pm by sean
See, here’s the thing. Corporate profits hit record highs in November 2010 (the last time I took note), and the national unemployment rate was 9.8%, 3 percentage points higher than it was two years prior, 5 higher than two and a half years prior. There is this logic going around that we can balance all our budgets by cutting social program funding and cutting business taxes – save money, and create a better climate for businesses to hire in, resulting in less necessary social spending. (or at least that’s what I’m guessing the base logic is. trickle down?) But, if corporate profits can hit record highs the same time unemployment is staying at record highs, it is quite evident that if you give corporations tax breaks it won’t necessarily result in more hiring. They are under no obligation to hire more. It’s a nice thought, but, take a quick look at this chart of income disparity over the last 30 years, and it looks like when you give corporations tax breaks it results only in increased profits for themselves. When those who are in power and can control how much trickles down, they practically shut off the valve. Governor Snyder has this quaint notion of “sharing the sacrifice” which has so far meant we sacrifice social programs, education funding, et al., while they sacrifice higher taxes for lower taxes.
“Balancing the budget” apparently means increasing the imbalance of rich and poor.
I know your works: you are neither cold nor hot. Would that you were either cold or hot! So, because you are lukewarm, and neither hot nor cold, I will spit you out of my mouth. For you say, I am rich, I have prospered, and I need nothing, not realizing that you are wretched, pitiable, poor, blind, and naked. I counsel you to buy from me gold refined by fire, so that you may be rich, and white garments so that you may clothe yourself and the shame of your nakedness may not be seen, and salve to anoint your eyes, so that you may see. Revelation 3:15-18 ESV
There’s a warning in there, both to those who are falsely secure in their wealth, and to those with a depraved indifference to what the falsely secure in their wealth are doing to the rest of society. He who has an ear, let him hear what the Spirit says to the churches. Revelation 3:22 ESV