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If the latest economic meltdown has taught Americans anything, it's that they were fools to ever put any credence in the idea of trickle-down, free market economics, much less trust their financial destiny to the so-called "smartest guys in the room" and "the masters of the universe." In reality these bright boys of corporate America and Wall Street, mindlessly praised and idolized by the mainstream media, were just scam artists and white-collar criminals who leveraged their way into billions while bankrupting the financial system in the process. And George W. Bush and Dick Cheney were their shills, their stooges, their front men who paved the way for them to bilk the system.
And now that our economy is in freefall, and Americans are losing their homes, their jobs, and their pensions, somebody has to pay the price. Unfortunately, there are only two groups left with any money: the super rich and the large corporations. So let's hope President-elect Obama goes after them as soon as he gets into office, although as of this writing, it's been reported that he's "reconsidering" his pledge to increase their taxes. Perhaps this is a result of listening to the likes of Robert Rubin and Larry Summers, the same bright boys who got us into this financial mess by convincing Bill Clinton to deregulate the banking industry in 1999.
If true, this would be a big mistake. It would send a message to average Americans that Obama is already selling out to the moneyed class. What's more, without placing higher taxes on upper bracket individuals and corporate America, the deficit will continue to balloon out of control. Some economists say this may be necessary for the short term, but add that it could be catastrophic for the long term. The question is, why add to the deficit when the government can get much of the money it needs by taxing the same super rich individuals and companies that made a killing in the last eight years under Bush?
If they had any sense of decency or honor, these individuals and companies would give up some of their loot voluntarily. But even Warren Buffet, considered to be one of the good guys, has no intention of doing that. For example, when he told the media that his secretary paid a higher percentage of income tax than he did, reporters praised him for his integrity and honesty. But I didn't hear Buffet say to her: "And starting tomorrow, honey, I'm going to pay you the difference!"
So the probability that the super rich themselves, or the super rich financial advisors who comprise Obama's inner circle, are going to voluntarily come up with a plan to tax a higher percentage of their income is nil; they'll have to be forced to pay more, just as they were in the 1950s. And Obama will have to be the guy to force them; otherwise, he will be accused of selling out and becoming-- in the words of Holden Caulfield-- just another establishment phony.
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