Thursday, January 3, 2013

Bloggers reveal the pork and new spending in 'fiscal cliff' bill

Generational Dynamics: Forecasting America's Destiny
Like the Obamacare bill, the recent 154 page "fiscal cliff" bill was prepared by Democratic strategists in dark rooms and presented to the Senate for a vote before anyone even had a chance to read it. The law raises everyone's payroll tax, and brings in $600 billion in new taxes, but adds $4 trillion to the deficit in new spending. Now that a couple of days have passed, blogger Matt Stoller has studied the bill to find some of the pork. Probably the most startling example is $1.6 billion in tax free financing for the new massive headquarters building for Goldman Sachs. As we've pointed out many times, the Obama administration refuses to investigate and prosecute any of the bankers responsible for the financial crisis, despite evidence of massive fraud, because these bankers made huge campaign contributions to President Obama. Apparently giving big campaign contributions to Obama not only excuses you from criminal prosecution for any crimes, leaving you free to go on and commit more crimes, but it also gets you big subsidies from the government. Naked Capitalism

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