The President’s Last Stand Is No Stand At All: Why the Tax Deal is an Abomination

Along with several other books about the Wall Street/Market Economy created economic crisis I am reading Robert Reich's  Aftershock: The Next Economy and America's Future

I highly recommend it to anyone seeking a greater understanding of why the global economy is in crash mode yet the rich seem to be making out like bandits.  Hint:  They are making out like bandits because they are con artists, scam artists, thieves and bandits.

From Robert Reich's Blog:  http://robertreich.org/post/2132901013

Tuesday, December 7, 2010
The deal the President struck with Republican leaders is an abomination.

It will cost $900 billion over the next two years — larger than the bailout of Wall Street, GM, and Chrysler put together, larger than the stimulus package, larger than anything that’s come out of Washington in years.

It makes a mockery of deficit reduction. Worse, the lion’s share of that $900 billion will go to the very rich. Families with incomes of over $1 million will reap an average of about $70,000, while middle-class families earning $50,000 a year will get an average of around $1,500. In addition, the deal just about eviscerates the estate tax — yanking the exemption up to $5 million per person and a maximum rate of 35 percent.

And for what?

Continue reading at:  http://robertreich.org/post/2132901013