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Politics : Formerly About Advanced Micro Devices

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To: Brumar89 who wrote (650621)	4/7/2012 12:10:12 AM
From: puborectalis	Read Replies (3) of 1577828

Reich: But when it comes to explaining what's really wrong with the economy, Romney is the perfect foil for Obama because Romney represents the richest of the rich -- a man who raked in more than $20 million last year, and paid a tax rate of just 13.9 percent (lower than much of the middle class). He made that money by buying up "under-performing" companies -- that is, companies that employed more people than they needed to, and carried less debt than was necessary to show big profits (interest on debt is deductible from company income). Romney's firm, Bain Capital, made him and his colleagues fortunes by firing workers and loading companies up with debt. And there's America's economic problem in a nutshell. Romney and his ilk are doing wonderfully well, but the rest of the nation is still in deep trouble. Yet the U.S. economy can't fully recover on the spending of millionaires. The president has already announced that this election is about America's surge toward ever-greater inequality. He's right. And this painful recovery shows it. It would be sadly ironic if Obama lost the election because the economy responded to widening inequality exactly as expected.

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