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Posts Tagged ‘Wealth’

Mitt’s Really Bad Week: The Moment of Truth

January 19, 2012 2 comments

REUTERS/Brian Snyder


All presidential candidates are tested to the breaking point. Bill Clinton endured adultery accusations just days before the New Hampshire primary. Barack Obama, seemingly cruising after an Iowa victory four years ago, found himself losing to Hillary Clinton the very next week in New Hampshire. Both recovered.

Mitt Romney has had a nightmare of a week heading into Saturday’s South Carolina primary. At Monday’s debate, in addition to the little stuff, like confusing the big game he was hunting in Montana, he also gave one of the world’s longest and meandering and confused responses ever about the release of his tax returns. Maybe in April. If that’s the tradition. He was going to release them eventually sometime. It was quite the exhibit of red-faced tap-dancing. Meantime, Newt Gingrich played the conservative and vocal audience in the debate hall like a Stradivarius.

Then Romney hinted his tax return just might reveal he paid a fairly low 15% tax rate and then basically declared that his $350,000 in annual speaking fees was chump change. Which, of course, it is, compared to his estimated $25 million annual income from investments, but still enough to put him in the top 1% of American wage earners.

He then wakes up Thursday morning to find out he may actually have lost the Iowa caucus to Rick Santorum- trailing in the final but incomplete vote count officially released today. Not sure it’ll help Santorum- but it takes the luster off the Romney camp’s brag about being the first non-incumbent Republican presidential candidate in history to win both Iowa and New Hampshire. He is no longer undefeated.

Meantime, recent polling finds a large erosion in Romney’s South Carolina and national leads. As I write, Rich Perry is getting out of the race and apparently headed toward a Gingrich endorsement.

The only bright spot for Romney is anticipating the possible damage that might be done tonight when ABC News releases an interview conducted with Newt’s ex-wife Marianne on Nightline. Careful what you wish for. A “lame-stream” media interview with a surging conservative candidate’s ex-wife 48 hours before the voting- seems to me to be the perfect storm for a voter backlash against the establishment media- and a potential boon for Newt Gingrich if he plays it right.

Mitt Romney is still formidable. He still has a lot of money and the best and deepest campaign organization. He still has a large lead in the Florida primary set for Tuesday, January 31st. History has shown that politicians in a seeming free fall can correct and conquer.

I’m not in the business of advising presidential candidates on tactics, but Jon Stewart offered Mitt some advice on the Daily Show last night that might be his ultimate answer to surviving this critical juncture in the campaign. That advice: stop pretending not to be rich. Embrace your wealth. Embrace your success story. Lose the pretenses about being middle class and once having worried about getting a “pink slip.” Nobody believes that stuff.

Americans strive to be rich no matter what their circumstance or background. They can respect that. What they pick up on fast is phoniness and a lack of authenticity. He ought to release his tax returns, tell people he did everything lawfully available to him to save on his tax bill, and proclaim himself rich and proud of it. “You know what?” the New Romney might say, “I earned everything I have. Maybe it’s time America had a President who knows how to create a little bit of wealth.”

Why, it’s so crazy, it just might work.

Not Class Warfare- It’s Class Cluelessness

December 22, 2011 Leave a comment

(Cartoon by RJ Matson, St. Louis Post-Dispatch)


Even the lawmakers who say they “get it” don’t really “get it.” For them it’s an abstraction. They think they know what those poor middle-class people care about.

They are advised by their aides and consultants that the failure to extend something like the payroll tax cut would hurt the finances of the regular people. But they don’t really know because, by any standard- our lawmakers are very wealthy people who live in a world far different than most of their constituents.

Here are the figures. There are 535 members of Congress; 100 Senators and 435 members of the House. Between them, there are 261 millionaires. Last year, the Center for Responsive Politics found that the median wealth of a House member was $765,000. The median wealth of a U.S. Senator was $2.38 million. And during the worst of the Great Recession, lawmaker’s median wealth increased 16% between 2008 and 2009.

For a $50,000 a year income, repealing the payroll tax cut costs that worker $160 monthly or $40 a week.

So what‘s $40 to somebody worth a million or ten million or a hundred million? Not even couch change. It’s nothing.

– Half a tank of gas for an SUV? They wouldn’t know. They don’t drive cars, they have drivers.

– A little extra money to buy prescription drugs? They wouldn’t know. Congress has the best health care coverage in America. They’ve never had to use an HMO and they certainly don’t have to worry about paying out of pocket for medications.

-Eight roasted chickens at Costco? They wouldn’t know. Forty bucks barely covers the tip for a couple of steak dinners and several cocktails at Morton’s.

-Nine gallons of milk/ Ten 20-ounce loaves of bread? Actually, they do know these figures because they get briefed on them by aides so they won’t get embarrassed if some wise-ass reporter asks them.

– Half the price of a one-way ticket on Amtrak’s Northeast Regional for the holiday visit to grandma’s in New Jersey? They wouldn’t know. They take the Acela. 1st Class.

– A really cheap pair of shoes? They wouldn’t know. A pair of Ferragamo men’s shoes goes for about $600. The low end of Manolo Blahnik’s for women go for about $700.

Don’t get me wrong. I wouldn’t mind being rich myself. But when they fight for us regular people, it’s usually because doing so helps ensure they remain on the pathway to power and wealth. After all, it’s the little people who elect them. I’m not saying they don’t care. It’s just that when they consider the tough times most people are going through, they have to imagine that world. They certainly don’t inhabit it.

Some would accuse me of waging class warfare. I would respond that it’s not war when one side has all the weapons. But it is class cluelessness.