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Big Business Paid For Their Beds, Now Republicans Have to Lie in Them

By       Message Walter Brasch       (Page 1 of 4 pages)     Permalink    (# of views)   3 comments

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          Historian and satirist Thomas Carlyle said "a lie cannot live." However, Mark Twain casually remarked, "It shows that he did not know how to tell them."

 

          More than a century later, newly-elected Gov. Scott Walker and the Republican-dominated Wisconsin legislature have proven themselves to be "quick studies," having learned how to tell whoppers about the working class and unions. Here are just a few.

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          LIE: The public workers' pensions are what caused much of the financial crisis not just in Wisconsin but throughout the country. Gov. Walker has repeatedly said, "We're broke . . . We don't have any money."

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          FACTS: Wisconsin had a $120 million surplus when Walker came into office in January. Had the newly-elected Republican-dominated Legislature in January not given about $140 million in special tax breaks (also known as "corporate welfare") to business, the state could have had a surplus, according to the Legislative Fiscal Bureau. About two-thirds of all Wisconsin corporations pay no taxes at all, according to the Wisconsin Department of Revenue.

 

            Wisconsin could also save significant expenses by having state-employed fiscal analysts, not Wall Street investment counselors, handle the entire pension investment portfolio. Wisconsin pays about $28 million to state managers to handle about half the portfolio; it pays about $195 million to Wall Street investment brokers to handle the other half, according to the 2010 annual report of the Wisconsin Investment Board.

 

          Noam Chomsky, in an interview with Amy Goodman of "Democracy Now," correctly points out, "the population in the United States is angry, frustrated, full of fear and irrational hatreds. And the folks not far from you on Wall Street are just doing fine. They're the ones who created the current crisis." The Great Recession has cost states revenue, not because of the workers' salaries and pensions but because the values went down because of lax oversight primarily during a Republican administration. Even with the Wall Street crisis, and lower-than-expected revenue, the Wisconsin pension fund is fully funded, able to meet its obligation for several years, according to the independent PEW Center for the States.

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          Columnist Robert Greenwald says the "shortfall" would be wiped out if Wisconsin brought home only 151 troops from the war in Afghanistan. If the U.S. left Afghanistan completely, the state would save $1.7 billion, according to Greenwald's analysis.

 

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Walter Brasch is an award-winning journalist and professor of journalism emeritus. His current books are Before the First Snow: Stories from the Revolution , America's Unpatriotic Acts: The Federal Government's Violation of (more...)
 

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