Tag Archives: political economy

All Those Rich Fat Cats

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Easy come, easy go. Especially for those ill-sympathized-with rich fat cats. The rest of us….

All that money we saved on our Independence Day celebrations—every one of those 16 cents (and what did we get? Another day older)—is gone, and we’re deeper in debt.

We’re also going to pay a whole lot more for our Thanksgiving Day celebrations.

Nearly every component of the traditional American Thanksgiving dinner, from the disposable aluminum turkey roasting pan to the coffee and pie, will cost more this year, according to agricultural economists, farmers and grocery executives.

Meat and poultry are up over 10% since last year. Raw aluminum is up 80% over the last 16 months; guess how much that roasting pay, made of processed aluminum, is going to cost us.

It’s OK, though. ‘Least all those rich fat cats who made their 16 cents with their superiorly astute purchasing skills for their Independence Day celebrations gonna pay their fair share for the upcoming most expensive Thanksgiving Day celebration inflation can produce.

However, no worries; it’s all good. I have it on good authority that we just need to lower our expectations and quit whining.

Fantasy World

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President Joe Biden and his Progressive-Democratic Party syndicate now want to tax unrealized gains in order to raise money. WSJ‘s Editors are being generous when they call the move a mirage.

Unrealized capital gains are gains in the value of an asset that are thought to have accrued between the time of acquisition and the present time, but that haven’t been “realized,” the asset hasn’t actually been sold and a profit actually collected. That’s just one aspect of the concept of unrealized gain, though.

Another aspect is especially critical: who makes the assessment of value increase? For instance,

A tax court this year ruled that the late entertainer Michael Jackson’s “likeness and image” were worth about $157 million less than the IRS claimed.

That’s Government making the assessment of the present value of an asset before the asset has been sold and not the free market making an empirical assessment based on the actual sale price. This time, Government was caught out and reversed. But under the Progressive-Democrats’ latest tax scheme? Asset owners might not be so lucky.

Progressive-Democrats are living in fantasy land in terms of what average Americans want from our economy and for ourselves.

Now the Progressive-Democrats want the IRS to move into fantasy land with them. Unrealized gains are just that—they don’t exist, they’re purely fantasy.

Separately,

The IRS will have to hire many more auditors [to make such assessments]….

Of course it will. It’s part of the Progressive-Democrats’ Build Government Bigger plan.

Facebook Employees and Virtue-Signaling

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Here are a couple of examples, from a batch of leaked Facebook internal emails.

Chief Technology Officer Mike Schroepfer asked employees to “hang in there” as the company figured out its response. “We have been ‘hanging in there’ for years,” one person replied. “We must demand more action from our leaders. At this point, faith alone is not sufficient.” [Emphasis added]

And

“All due respect, but haven’t we had enough time to figure out how to manage discourse without enabling violence?” another staffer responded. “We’ve been fueling this fire for a long time and we shouldn’t be surprised it’s now out of control.”

And

“I’m tired of platitudes; I want action items,” another staffer wrote.

And

[Y]et another staffer wrote[,] “History will not judge us kindly.”

And yet, none of these Precious Ones, along with so many of their cronies, cared enough about these failures and their claimed inability to do anything about them to resign rather than continue to go along with them.

All of these Precious Ones, along with so many of their cronies, plainly care more about their paychecks than they do about their integrity or their morality.

As the New York Post put it in a related piece summarizing The Atlantic article,

Mark Zuckerberg’s obsession with growth has overridden ethical concerns and allowed hate speech and incitements to violence to spread unchecked….

That’s Facebook, from top to bottom, for all the…whining: management’s demand for growth above ethics and employees’ demand for paychecks above ethics.

Lies of Progressive-Democrats—More

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Senator Tom Carper (D, DE) is on the hot seat (pun intended) this time. Despite current rising inflation and resulting higher prices for everything energy-related (like transportation fuel, home and office heating and cooling, food), he’s demanding continued and increased Federal spending, in particular, the Progressive-Democrats’ spend-a-thon reconciliation bill—inflation be damned. Because climate.

Our planet is on fire….

On fire. If we’re on fire today, what was the state of our planet in past ages when it was so much warmer than it is today, and life was lush?

If we’re on fire today, what was the state of our planet in past ages when atmospheric CO2 was so much higher than it is today, and life was lush?

Does it matter to Carper that those prior ages don’t even correlate with each other? Apparently not—just spend the damn money.

Does it matter to Carper that today, 11,000+ years after the end of the last Ice Age, we’re still cooler than Earth’s geologic warming trend line? Apparently not—just spend the damn money.

Does it matter to Carper that the mid-Holocene period of 7,000 to 5,000 years ago and beginning some 4,000 years after that Ice Age ended—a period which some might conclude was pre-industrial—was warmer than it is today?

Never mind that Carper surely knows these data full well; his intern briefed him on these things when his intern did the research for Carper.

Just spend the damn money.

Pay No Attention to the Woman Behind the Curtain

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That’s the mantra of Progressive-Democrats, who are enthusiastically supportive of President Joe Biden’s (D) nominee for Comptroller of the Currency, Saule Omarova.

Ms Omarova wants to put an “‘end to banking’ as we know it”—again, her words—and transfer private banking functions to the Federal Reserve, where accounts would “fully replace” private bank deposits. The Fed would control “systemically important prices” for fuel, food, raw materials, metals, natural resources, home prices and wages.

And, she says

the Fed should be remade into what she calls “The People’s Ledger.”

And

She calls for “reimagining” the role of central banks “as the ultimate public platform for generating, modulating, and allocating financial resources in a modern economy.”

But ignore those calls for Soviet finance controls. She’s the lady the Progressive-Democrats want to inflict on us.

Shut up about that flapping curtain; vote her up.