The political response to the AIG bonus issue concerns me greatly. First, neither our politicians nor Big Media is reporting the affair accurately. That, of course, is no surprise, but it does greatly influence the way that the normal American forms opinions, conclusions, and solutions. There are virtually no comments that even though these are "bonuses," they are contractual obligations that AIG entered into. Neither are our great and wonderful INVESTIGATIVE journalists informing the public that the politicians who rushed the stimulus (re: bailout) bills through their hallowed halls of Congress already knew and approved this.
On 3/17/09, Rush Limbaugh commented, "Sen. Chris Dodd wants to tax AIG retention bonuses at 90%, but Dodd added 'an exception for contractually obligated bonuses' into the stimulus bill! Once again, we have the real architects of this disaster acting like innocent bystanders who had no idea this was coming. We're being played for suckers with this populist assault to distract from Obama's poll numbers." I am well aware that Rush can be disliked for many reasons, but if you are trying to decide whether to believe Rush or our elected officials, keep a few things in mind... (1) Rush makes his living by claiming to be accurate and truthful. If he is not, he can be exposed by the evidence. Most of the time, those opposing Rush attempt to harm his character instead of refuting his evidence. Since Rush's enemies are out to destroy him, I am certain that they would not overlook introducing evidence that clearly refutes him. If such evidence is not presented, it makes me think that it does not exist. (2) While he may or may not influence people, Rush has no power to impose (legislate) his will upon others. Our politicans do, and as a result, they are also susceptible to questionable, if not corrupt, influence. It is beneficial for them to keep such influences secret or, if exposed, to mislead the public about it. (3) Take any political issue that has been discussed by Rush over the life of his program. Compare the known facts that eventually came out with Rush's public comments and any politician's public comments. Who stands up as the more truthful and accurate? I'm not suggesting that anyone adore or idolize Rush; just suggesting that when facing an issue such as this, you consider the track record of those involved.
Back to the AIG issue. More on the "Dodd amendment" can be read at newsmax. Sen. Dodd is now claiming that his amendment was changed in committee, although no one is "able" to tell the Senator or the public who made the changes. Which leads us to ask Sen. Dodd and ALL of our other Congresspeople, "Did you vote for this stimulus bill without reading it? Why did you do such a thing?"
Second, the political response concerns me gretatly. This is the really insiduous, frightening part. Our Congresspeople now believe that they are justified to target specific citizens, determine that they have been paid too much, and pass legislation - that means, make it law! - that their compensation be taxed at a rate of 100%!!! According to those behind this proposed legislation, the reality that the compensation received by employees of AIG are contractual retention bonuses means nothing. A nearly exact quote by a Senator I heard last night discussing this is that contracts can, and should, be broken. This completely overturns any concept of the rule of law upon which America was founded and upon which America has thrived. This is tyranny!!!
Now you and I know full well that hardly anyone is going to feel sorry for multi-millionaire AIG executives to lose a few assetts, especially in the economic troubles we face. Almost everyone, if not everyone, interviewed by Big Media, will cheer their Congresspeople and BHO for this "bold" move to punish millionaire executives. They are, of course, the bad guys in our nation. So why go out on a limb and take an unpopular stand of appearing to support AIG executives?
Bear in mind that during the presidential campaign, the definition of "rich" was not millions; it was specified as income of $250,000. In fact, at various times and places in the campaign, the figure cited was even less. Still, that's quite a bit more money than most of us make, so why be troubled? Make the "wealthy" redistribute their "wealth."
I am troubled because not only individuals are targeted. Businesses are targeted, and even small businesses are going to have revenues exceeding $250,000. Higher tax rates mean higher prices of goods and services. This translates into a "tax hike" for everyone regardless of income level. It also probably means less hiring or more layoffs by business. But our government has learned to manipulate populist sentiment, target specific citizens and sectors, and pass legislation that imposes harsh tax rates. This is tyranny!!!
I am troubled because our government determines that contracts are meaningless if they stand in the way of political agenda. Think about, for instance, those 401(k)'s and traditional IRA's and Roth IRA's and any other legitimate tax sheltered plans that currently exist. Private citizens contract with their government to follow specified contractual obligations in order to receive favorable tax treatment. Did you catch the word "contract" in use here? Wait a minute, our government has declared that contracts can be voided if they interfere with political agenda. So when our federal government is later strapped for cash more than it is now, what is to prevent them from shrugging their shoulders and declaring, "What contract? That contract is meaningless to us because we need your money. So we will tax it at any rate we deem sufficient, even up to 100%!" Given the precedent now being set, what is to prevent this scenario from happening? This is tyranny!!!
If this does not get your attention, you are comatose. If you disbelieve the logical extensions I have made from the present issue, you are not paying attention to reality. This is happening right now. Never before have I witnessed our government - the people's government, remember? - specifically target American citizens and businesses to this extent in order to destroy them. Targeted: AIG executives; the coal industry (and by default, the electric utility industry); private aviation; the "wealthy" (as variably defined on any given day); banks; responsible and successful citizens and businesses; national security; veterans; our free market economy; and the American Constitution. I welcome any additions to this list.
This is tyranny!!!
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