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Vilifying The Rich

When Barack Obama was tossed the keys to the White House back in January of 2009 by his predecessor President George Bush, Jr. the Dow Jones was trading just a tad above eight thousand, falling precipitously from its high of fourteen thousand on its way down to sixty six hundred in the early following March. If the Dow was an accurate indication of the economy then Mr. Obama had a pretty good mess on his hands.

But from that point forward, with a few noticeable exceptions, the Dow has done nothing but gone up ever since. Right now, the Dow trades a little shy of thirteen thousand. Not quite the high of fourteen thousand back in October of 2007, but still a far cry from the doldrums in the first few months of Mr. Obama’s presidency.

People whose wealth depends on a healthy stock market have done well under Mr. Obama’s tenure. He’s helped to stabilize and repair the economy. And while the job market still sucks for everybody looking for work, people whose sole job is the creation of wealth are having a field day.

Unfortunately, the people who fit into this category are sometimes referred to as the one percent, the very pinnacle of the wealth pyramid that controls something like ninety percent of the country’s wealth while the other ninety nine percent slug it out for what’s left over.

As a group, the people at the top are doing extremely well. Some may not be worth as many millions or billions of dollars they were when Mr. Obama took over. But the majority of people at the top have seen their wealth grow with Mr. Obama. And yet, as Election Day looms, many of the people at the top want to give Mr. Obama his walking papers and pin their hopes for their future growth on the presumptive conservative nominee Mitt Romney.

The people at the top make a good majority of their income on their capital investments. The current tax rate on such income is fifteen percent, about half the rate poor slobs have to pay for actually doing work to earn a living. It’s why somebody like Mr. Romney, who primarily makes his money off of his investments, would pay less than fourteen percent on his income while the average joe will pay a twenty eight percent federal income tax rate.

While it might come as a surprise that Mr. Romney would like to cut taxes for his well to do peers even further, Mr. Obama says that the upper echelon should pay their fare share of taxes. Mr. Obama pushes the Buffet Rule as a way to bring some fairness back into our tax code. Mr. Romney defends the break on the wealthy saying that they are the job creators, they shouldn’t be penalized for being successful (implying that the rest of us should be penalized for not being as successful), and the arguments put forth by Mr. Obama are divisive and amounts to nothing more than class envy and class warfare.

Mr. Obama has been painted as someone who is hostile to corporate America, even though corporate America has been doing very well and corporate America is responding in kind. As a collective, corporate America is donating more of its political funding into the Mr. Romney campaign than it is donating to the reelection campaign of Mr. Obama.

It has been speculated that the one percent are offended at the denigration, the vilification, and the scorn that they feel Mr. Obama puts squarely on their shoulders. Even though they are doing financially well and are benefitting greatly, they are tired of the characterization that they are trying to avoid paying their fare share into the national treasury. The defamation is just too much for the well to do to handle. And rather than do well and suffer the indignity of being called out for the appearance that they are resisting paying the same rate as everyone else, they’d rather hitch their wagon to the Romney horse.

One wonders if these people ever think about the defamation that many people in the black community suffer at the hands of many conservatives who promote the idea that in general black people are a burden on the nation. What was going through their minds when they heard conservative contenders say things like they don’t want to give black people the tax money from hard working Americans? Did they give any thought to how black people feel when one of their candidates says that he would be more than happy to tell black people to earn a paycheck instead of being given a welfare check?

And what’s worse is that the denigration of the black community doesn’t come with the benefit of being well off. The vast majority of the black people don’t have income from an investments portfolio that allows us to make millions of dollars in a year’s time but pay half the tax rate of the rest nation. Black people don’t have it good only to complain about being belittled.

The vilification of black people comes complete with a belief that black people are social sponges that only take without giving anything in return. The widely held belief is that the only jobs that black people make are for police officers and other jobs that require investment in law enforcement and the legal system. It helps explains why so many people will hear about an unarmed black teenager being killed by a neighborhood vigilante and, without knowing anything about the case, will deem the murder justified because the black kid was probably just a thug.

Rich people feel that they are vilified because they live well and pay lower taxes than everybody else who earns a living above the poverty level. Excuse my language but boo-fucking-hoo. It really must be a burden to be subjected to such ridicule as they visit their accountant firm to discuss their investments and the best strategy they can use to avoid paying one penny extra in taxes than they have to.

Thursday, May 24, 2012 - Posted by | Life, Thoughts

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