Wednesday, March 02, 2011

Corporate Tax Revenues Near Historical Lows

Kevin Drum presents an astonishing image:

Let's be clear: the difference between 6% of GDP and 1% of GDP is now about $750B/yr. That's about half of our federal deficit. And that doesn't even include the Bush tax cuts.

People: your government, your society, your very livelihood is being stolen out from under you. By corporations and by the super-rich.

Why are the only revolts occurring in the Middle East?

What is so scary is that many Americans are apparently now too stupid to understand this. Literally. The high-school graduation rate in Texas is 61%. For high school.

America is being chewed up and swallowed by the rich and powerful unlike any country that has ever existed. And what is worse -- and incredibly, incredibly sad -- is that ordinary Americans like those in the Tea Party Movement are abetting this process.

I almost wish I was living 150 yrs in the future so I could begin to make a really objective historical study and accounting of this era. It is going to make for some very fascinating reading.

I have a 6-yr old nephew and a 3-yr old niece. My advice to them, if they ask, will definitely be: seek your fortunes elsewhere. For we are a rapidly sinking ship.

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