pundits from both sides of the political spectrum praised it.
There was some lost symbolism played out this last weekend. Apparently, the Republican National Committee sent a cake to the Democratic National Committee this last Friday ostensibly to help celebrate President Obama’s 51st birthday. The inscription on the cake read, “You didn’t bake this cake” or something to that effect. The DNC returned the cake uneaten, along with a copy of the independent Tax Center report on Mitt Romney’s tax plan.
The study, by the Brookings Institute/Tax Policy Center which is independent of either political parties, had concluded that Romney’s tax plan benefit only the very rich and that it pays for that benefit by increasing the tax burden on the rest of us.
What we have is a massive redistribution of wealth in our country; one that was started by the George W. Bush Administration and maintained by the Republican controlled House of Representatives since. Except it is different from what one normally thinks of such redistributions of wealth in which the money flows from the rich to the poor. No, ours flows from the bottom to the top. Simply put, the rich have gotten obscenely richer and the rest of the population has paid for it. Doesn’t make sense, you say?
Let me explain. Under the Bush Administration, the tax cuts seemed to be a benefit that went to everyone. However, the Bush Administration paid for the cost of government and two massive land wars by increasing our national debt. In addition, their amateurish stewardship of our economy precipitated an international collapse of never before seen proportions. Bailing out the financial sector, paying for government, and fighting two land wars cost money, which the federal government did not have. What they did have is the ability to borrow money which is what they did. Who pays back this money? All of us and not just in future taxes, but in the cost of fundamental goods and services.
So in effect, the current tax cuts to the wealthy were paid for by you and me.
Now comes the Romney tax plan. The above independent think tank has concluded that his plan is more of the same, much more. The rich will get uber rich and the rest of us will pay for the privilege of seeing the rich party and send their money offshore.
Don’t bother kidding yourself that one day you will be one of the one percent, that is not how an oligarchy works; just look at the Bourbons in prerevoluntionary France. So that is why I titled this piece, “Let Them Eat Cake.” How apropos.