Tuesday, May 16, 2006

Sugar coating a turd blossom

Now they just lie and insult you right to your face. Before they would simply lie to you, "when we talk about wiretaps we are talking about a court order, a warrant," "no domestic surveillance is going on," "we do not torture," and dare you to find the truth. Of course when the truth was reported in the papers then the reporters became one notch below (above?) "enemy combatant."

Yesterday, the hopefully soon to be indicted Karl ("turd blossom") Rove gave a speech, more like a sugar coating of poop demonstration at the American Enterprise Institute. At the demonstration Rove explained that "People like this president...they're just sour right now on the war." Translation: They would love to tailgate with the guy but don't want him in charge of the military or foreign policy. Rove went on to trickle down on the legs of people by saying, "The reality is, the tax cuts have helped make the U.S. economy the strongest in the world." The taxs cuts he's talking about just gave people making over $1,000,000 a year in income a $42,000 tax cut (the middle class got about $42) and this week W will sign into law "an extraordinary deal for high-income people" to convert taxable IRAs into tax-free IRAs. All they have to do is pay $1 in taxes to save $3.50 in taxes later. This will generate $6.4 billion in increased revenues in the short term but cost the government $53.3 billion through 2049. Of course it's all financed through borrowing and added to the government's interest expense. Remember, it's the little people without lobbyists who pay taxes.

Rove then proceeded to accuse the news media of being too fixated on polls. "I love this mania which has swept through American media today which substitutes polls for coverage of substance," he said. Oh, so Rove is against polls and polling, o.k. Got it. "There's, I'm sure, going to be a special Betty Ford addiction for those that are addicted to regular poll numbers, but you'll work your way through it," he said, referring to the former first lady's clinic for treating substance abuse. Confirmed. Rove is against polls and polling. The just as fast as Ken Lay went from "Kenny-boy" to "who?" Rove said that despite low approval ratings, "I'm sanguine...I know our own polls." So polls are bad and you need a stay at rehab to brake your fealty to polls but our polls say something different and I believe them.

Maybe it's the stress of an indictment hanging over your head. Let me check again, nope, not yet. Maybe it's the confidence that not matter what you say no one in the press will call you on it. Maybe "Bush's brain" had a lobotomy. Whatever it is it's another classic example of W and his gang lying to your face while smiling. That's all they have at this point. That and the fact that W is a real likable guy just not someone people want running the country.


Blogger Crankybro said...

The math comparing Roth vs regular deductible IRAs is pretty simple.
The Net Present Value stays the same as long as the your tax rate does. There is no difference. This does not change if you convert an IRA to a Roth. No matter when you convert.
You are just gambling on the tax rate at withdrawal vs. the rate when you initiate the Roth.
The comparison of government proceeds of $1 vs. $3.50 ignores that the $3.50 is future value is comparable to $1 in the present.

The true benefit to everyone of doing a Roth is that the maximum yearly contribution is the same as for an IRA, but it is post tax.
If I put $1000 in a Roth vs. your $1000 in a deductible IRA, 30 years from now, when we start withdrawing, I will keep all of the proceeds, you will pay taxes. I won't miss the $300 in taxes I paid on the Roth contribution 30 years before, and you won't remember the $300 you saved from your taxes and spent on diapers.
The rich will always have ways around taxes. The middle and upper middle class regular employees have no breaks, lose deductions and get subject to the AMT.
While I agree that the Bushies are scum - This is a not as big of an issue as you make it out to be.

3:24 PM  
Blogger Capt. Fogg said...

Like the guy? He's a cocky, swaggering, foulmouth bully with a nasty temper and a problem with anybody who is smarter than he is - which most people are.

4:13 PM  

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