January 26, 2012
NOTE: For all those “learned” people out there who are always parroting the political right simply because it is coming from the right, ask your self this question: If too-high corporate taxes is stymieing job creation, then how can corporations afford to spend more on lobbying than they pay in taxes?!?
Ordinarily the Old Man doesn’t watch the John Stewart Show on the Comedy Channel. That is, unless I’m looking for some laughs. But he recently had Congressional candidate Elizabeth Warren on as a guest, and when she is talking I like to listen. And Warren didn’t let me down.
Her subject was about investing in the middle class, something our government did for 50-plus years up until the early 1980’s. As Warren absolutely correctly points out, our government is now investing in the upper class. Although she was on for about 15 minutes, and everything she had to say was worth listening too, she pretty much summed it up about half way through the first part.
What’s happened is that Washington now works for those who can hire an army of lobbyists and an army of lawyers.
You know, if you’re in the drug business, and you are selling prescriptions to seniors, and you don’t want to have to negotiate over the prices, Washington works beautifully for you.
If you want subsidies to drill for oil, Washington is working for you.
If you run a hedge fund and want to pay the lowest possible taxes, Washington is working for you.
In fact, there was recently a study, just in the last couple of weeks, there was a study in which it comes out that thirty of the largest companies in the United States are now spending more on lobbying than they pay in federal taxes.
Think about that. I mean that is the investment, and that’s what they see as the future.
Warren didn’t just make this stuff up. The study she references can be found here (PDF).
Friend, let me tell you something: When corporations are spending more to lobby our elected officials than they’re paying in taxes, the entire system is upside down and completely out of control.
Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky