Saturday, December 04, 2010

Attention Teabag shoppers

By Distributorcap

Congratulations! Your insanity is only overshadowed by your stupidity -- you are sending foxes to the Congressional henhouse.

Today, the U.S. Senate voted on extending the Bush tax cuts for the middle class (or what is left of it) -- and not extending them for families earning over $250,000. It took 60 votes to break the filibuster (only in America does 60% equal a majority).

Guess what? With 41 Republicans (and some Democrats including Joe "the Douchebag" Lieberman), it did not pass.

So for those teabaggers out there who think these guys are on their side:

There are 100 senators, ALL of whom earn over or somewhat close to that $250,000 magical tax cutoff (the base salary is $174,000, and with the perks and other income they most come close). Income only tells half the story. What about net worth (the value of one's assets less liabilities and debt)?

  • 84 are worth over $500,000
  • 69 are worth over $1,000,000
  • 28 are worth over $5,000,000
  • 17 are worth over $10,000,000
  • 3 are worth over $200,000,000 (Kohl, Kerry, Warner)
The median net worth (the mid-point) is $2 million. The average net worth is estimated to be $13,500,000 (Kohl, Kerry and Warner skew this).

These are the people "representing America" who get to  vote decide on the fate of tax cuts for "average American." These "everyday Americans" sit in a body that requires a 60% supermajority to get anything done, including the economic security of a majority of Americans.

For comparison sake:

The median net worth of an American household is $120,000. That is about 95% lower than the Senate median. The average net worth of an American household is $550,000 (folks like Gates and Buffet skew this number), but that is also about 95% lower than the Senate average.

So the average Senator is worth 95x the average American.

Let's just assume for a minute the mean and median income of the Senate is the base of $174,000 (it isn't, but lets be conservative). The median HH income in the U.S. is just under $50,000, 72% lower than the Senate. The average HH income is around $72,000 (again thank Gates and Buffet), 60% lower than the Senate.

As another point of reference, only 34% of American HHs earn over $65,000, 17% have incomes over $120,000, and under 3% have an income over $200,000.

Two-thirds of Americans live in HHs with incomes under $65,000! Who needs the break?

The nation (including the teabaggers) sit idly by as people who are worth 95x more than the average American household decide whether that typical American family will be able to pay their mortgage or rent, clothe themselves, heat their houses, or feed their kids. With this 60 vote supermajority, the Republicans, who have been adamant about continuing the tax cuts for everyone, including the uber-rich, are holding the extension of tax breaks hostage to 97% of the population -- who need every cent -- over a barrel to pay back the 3% who don't.

Note to teabaggers: The median net worth of the Republicans in the Senate is $4.1 million. The median net worth of the Democrats is $3.2 million.

And guess what? A big CHUNK of those 97% voted for those $4.1 million-assholes like Kyl, McCain, Corker, Inhofe, Grassley, and the King Anus of them off, Mitch McConnell. You get what you pay for.

Some more facts about the folks the Senate has decided to take hostage to ensure the welfare of the 3%:

  • 83% of all U.S. stocks are in the hands of 1% of the people.
  • 61% of Americans "always or usually" live paycheck to paycheck, which was up from 49% in 2008 and 43% in 2007.
  • 66% of the income growth between 2001 and 2007 went to the top 1% of all Americans.
  • 36% of Americans say that they don't contribute anything to retirement savings.
  • 43% of Americans have less than $10,000 saved up for retirement­.
  • 24% of American workers say that they have postponed their planned retirement age in the past year.
  • Over 1.4 million Americans filed for personal bankruptcy in 2009, which represente­d a 32% increase over 2008.
  • Only the top 5% of U.S. HHs have earned enough additional income to match the rise in housing costs since 1975.
  • For the first time in American history, banks own a greater share of residentia­l housing net worth in the U.S. than all individual Americans put together.
  • In 1950, the ratio of the average executive'­s paycheck to the average worker's paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.
  • The GDP has risen by 67% since 1980, while the median HH income has risen by only 15%
And we wonder why there is a economic mess in this country. Look who is deciding policy, people who have ZERO stake or ZERO experience in the struggle of 300,000,000 people, including the teabaggers who have insanely enabled this to go on.

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  • Thanks. I love it when someone provides a nice concise set of facts. Very disturbing stuff.

    By Blogger john horse, at 2:54 PM  

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