Joe Biden explains how taking what one person has earned and giving it to someone who did not earn it is “just being fair.”
In part two of my exclusive interview, I asked the Vice President whether we can afford these tax cuts, given the country’s massive federal deficits. Biden’s view is that we can’t afford not to do them: “We can’t afford to leave the middle class behind,” he says. “These things matter to people who are struggling and they matter to people who have lost their jobs as well.”
There’s also the issue of whether these tax cuts, in conjunction with the health care reform bill signed last week, represent a redistribution of wealth in America, as many claim.
“It’s a simple proposition to us: Everyone is entitled to adequate medical health care,” Biden says. “If you call that a ‘redistribution of income’ — well, so be it. I don’t call it that. I call it just being fair — giving the middle class taxpayers an even break that the wealthy have been getting.”
The top quintile of Americans earned 55.7% of pretax income and paid 69.3% of federal taxes in 2006, according to the most recent CBO data. But the Vice President isn’t buying the idea that the wealthiest are already paying their fair share, noting the top 1% of earners get 22% of all income made in the U.S.
“Taxes have been lowered for the wealthy considerably over the years,” he says. “It’s about time we get a little tax equity here.”
He’s right, is about time we get a little tax equity. This certainly isn’t the way to go about it.
Listen to him at the end talking about how the wealthy “get” so much of the income. As if they just reach their hands into the money pie and take all the money. Ridiculous.
Video via Breitbart
Story via memeorandum
SPN Headlines Exclusive: Joe Biden’s 3rd Grade Essay:
“My Fu*k#ng Summer Vacation”
http://stupidassnews.wordpress.com/2010/03/28/joe-bidens-3rd-grade-essay-my-fukng-summer-vacation/
Smile, God loves you!
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According to the Biden idiot and the rest of them
every little thing they do will ‘create jobs’,
and ‘save the planet’. How did Americans get to
be such suckers ? Can anyone spell ‘demagogue’ ?
I still think Mencken was right – “Americans constitute
the most timorous, sniveling, poltroonish, ignominious
mob of serfs and goose-steppers ever gathered under one
flag in Christendom …” Not to mention Pusillanimous !!!
How many of these socalled Americans would vote for
Mussolini ?
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How much of what Joey the Clown makes gets redistributed?
I’ll bet it isn’t all that much.
Clown and hypocrite: what a combo!
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JOE BIDEN HAS FOOT AND MOUTH DISEASE HIS FOOT IS ALWAYS IN HIS MOUTH HE ONLY OPENS HIS MOUT TO CHANGE FEET.
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OK, he’s basically admitting that the policies of the Obama administration are socialist policies. Does that make Joe Biden a raaaaacist?
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Only Republicans, Conservatives, Tea Partiers, (some) Libertarians, white people, Christians and Jews can be racist.
The rest are “down with the struggle.”
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Whether you agree or disagree with his specific statements, the core of this issue is that the balance of wealth in this country is completely out of hand.
“As if they just reach their hand into the money pie and take all the money.”
That’s EXACTLY what’s happening. If that’s not what’s happening, explain to me how we’re at record levels of unemployment at the same time that corporations are posting record profits and CEO-to-worker pay ratios are at record levels.
Over the past 2-3 generations, a new class of indentured servants has been created, more or less enslaved by debt, to basically go to work for whatever they can make and hopefully carve out a decent living. Since the wealthy are effectively dictating what this class is working for, that’s EXACTLY what they’re doing: reaching into the money pie and taking all of the money.
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Oh Chris, you really need to take a few economics courses.
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[...] of this old idea are like I was at 19 and sincerely believe their ideas will work best. Like VP Joe Biden in this video. Sincere and wrong is still wrong. If I tell someone, promise someone, that I will take more wealth [...]
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Thanks for the link. great site. keep up the good work.
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The diminishing power of labor might leave the redistribution up to the power of the government until we find another way or just neglect the desperate.
The power of labor to attract wealth is not gone, but is diminishing rapidly as a conduit for the flow of money in the economy. Many people hope that the past volume of employment will be regained in just a matter of time; I don’t. There are many fewer jobs now because of cheap overseas labor and because manufacturing has been made very “productive” via the application of machines and the economies of huge scale. In the future the machine and scaling aspects will become the predominate factor in reducing the overall labor requirements.
Soon computer based artificial intelligence will replace more tasks that require recognition, rational decision making and action at a consistent level of quality. You know self driving trucks following one guy driving a lead truck, or even no guy driving is just one of many examples to clarify the prediction.
This will be presented as new jobs for the remaining guys driving and major productivity improvements for the country. Of course the change also represents guys not driving smaller trucks. The change doesn’t reduce the price of the goods. The price is set by the demand and the reduced cost is simply taken as margin for a company that is not in business to redistribute earnings.
A sustainable economic system or common model, should have balances for the flow of money as well as accumulation. Labor is/was the main mechanism that redistributed wealth in an economic model that is mostly about accumulation and competition. Taken almost to the limit, how might redistribution best happen in the absence of labor? When a man is hired, the current econ model invokes a set of social accounting practices that cover retirement, healthcare, family support and state interests. As the laborer becomes more desperate our “market driven model” is naturally suppressing even those practices.
Who should get the wealth that the machinery is providing?
Perhaps the entity that bought and used the robot should take the value in terms of profit margin.
Perhaps the person that is being replaced should get the value in terms of less labor time and more leisure.
There is probably ( hopefully ) an option we haven’t thought of yet.
I don’t have a solution in mind, neither does anyone else; society has never really experienced a epoch where demand could be fulfilled without labor. Its what we’ve all been working for! But it is important to keep the clarity of the problem, for which we do not have a solution, in mind as discussions swirl around regarding the application of old solutions ( we need to create more jobs they say, should they be public or private ). The real target for those that want to lead is to find a new economic common sense that balances the flow and the accumulation of money. A new set of accounting principles if you wish, that account for the diminished power of labor to attract money. Only then can the model be sustainable. Only then can we begin to chart a course to get there.
John Domogalla.
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