America For Purchase

House Minority Leader John Boehner met with J.P. Morgan CEO Jamie Dimon in late January 2010 to tell him congressional Republicans are fighting President Obama’s efforts to curb pay and create new regulations. Boehner was seeking donations from Wall Street to “make the case that they are the banks” best hope of preventing regulation on the very institutions who robbed Americans’ tax payers with greed and reckless investing which drove America into the Great Recession.

This Republican action goes hand-in-hand historically with the GOP supporting irresponsible too-big-to-fail banks.Republicans used reconciliation twice to reward Wall Street and the wealthiest 1% of Americans with massive tax cuts which ballooned America’s deficit which to over $2.3 TRILLION over a ten year period.

As reported by the Center on Budget and Policy Priorities, “prior to 2001, every major reconciliation package enacted into law reduced the federal deficit. Until then, reconciliation had been reserved for legislation that met this standard of fiscal discipline. But the standard was tossed aside in 2001 by Republicans. In both 2001 and 2003, the reconciliation process was used to pass costly tax cuts that were not paid for and that have substantially increased deficits and debt.”

In contrast in 1997, two Democrat sponsored reconciliation bills were signed into law (on the same day) which reduced the deficit by nearly $120 billion over five years and $500 billion over ten years.  These bills rewarded people; they did not support Republican owned Wall Street.

The result of almost a decade of Republican rule not only rewarded Wall Street but was a decade with No Income Gainsannual report on income, poverty and health insurance, median household income fell to $50,303 in 2008 from $52,163 in 2007. In 1998, median income was $51,295. All these numbers are adjusted for inflation.   In the four decades that the Census Bureau has been tracking household income, there has never before been a full decade in which median income failed to rise. for American workers. The typical American household made less money in 2008 than the typical household made a full decade ago.  According to the Census Bureau’s September 2009

Additionally, remember Republican leader Paul Ryan wants to eliminate Medicare altogether and replace it with vouchers seniors can use to buy health insurance with a new Republican sponsored plan (H.R. 4529) called a Roadmap for America’s Future.

Ryan’s Republican ‘plan’ would privatize Social Security by placing these funds in the Wall Street stock market, investing Americans’ money with ‘too-big-to-fail banks such as AIG and Citibank.  In the wake of the Wall Street meltdown that evaporated the retirement savings for countless thousands of Americans, the Republicans are calling for an encore.  Remember Republicans are fighting tooth-and-nail against regulating Wall Street.

Also, this Republican plan would again cut more taxes for the rich and increase taxes for America’s seniors and for the middle class and Medicare would be allowed to wither on the vine.  This is basically the exact same plan President Bush tried in 2005 but failed to pass.

President Obama, working on behalf of American families, initiated a plan to charge banks that have not paid back U.S. taxpayers for the bailout freely given to Wall Street by Republicans at the end of George W Bush’s term.  Republicans, of course, are siding with Wall Street in opposing Wall Street paying back taxpayers and opposing a fee on Wall Street banks. ,

The Boston Globe reported February 28, 2010 that Wall Street political donors are shifting to Republicans!

Americans would do well to remember fiscally liberal Republicans who spent America into record-setting debt, who historically have been the Party of spend, spend, spend; the Party who oversaw the continuing massive profits by Wall Street and big insurance companies while silently allowing American families income to significantly decline.

Democrat Bill Clinton left office with a budget surplus. George W. Bush and fiscally liberal Republicans had no intention of following through with Clinton’s budget plan and doubled taxpayers’ debt to $10.6 trillion. So, nearly 80 percent of the current debt-about which Republicans and teabaggers hypocritically now complain was acquired on the watch of a so-called conservative President and Republican controlled Congress.

The Republican Party of NO for American families is the Republican Party of Yes for Wall Street.

Tags Democrat Party Eric Cantor GOP John Boehner Michael Steele Mitch McConnell news politics Party of No Paul Ryan President Obama reconciliation Republican party teabaggers US Debt US deficits Wall Street profits

Filed under: Republicans