Biden Needs A Lesson In Economics

Sen. Joe Biden, the Democratic vice presidential candidate, said Tuesday that "the middle class is dying" and Sen. Barack Obama's economic plan will reverse that trend by lowering their taxes and raising those of people making $250,000 or more.

"Create jobs, keep people in their homes and increase regulatory oversight of the very people John (McCain) has refused to regulate," Biden said, summing up Obama's plan for repairing the ailing economy.

"We're letting taxes expire for the very wealthy and giving the middle class a fighting chance," he said.

Asked if that amounted to income redistribution, Biden replied, "I don't care what you call it. The middle class is dying."

"The American worker's been left out in the cold," he said.

Biden squarely blamed the economic mess on President Bush's economic policies backed by McCain, including the failure to properly regulate Wall Street, which he said resulted in fewer jobs, increased foreign debt and skyrocketing oil prices.

Biden, like McCain, called for stronger government regulation of Wall Street. "Bottom line is if you come to the federal government to borrow money, we get to look at your books," he said. "That's my money. It's the taxpayers' money."

Biden further blamed Bush and McCain for the "god-awful economic mess at home and abroad." Referring to assertions by McCain that the U.S. economy was fundamentally strong, Biden said the economy was "sound if you're very wealthy."

"It's a disaster if you're a hard-working middle-class family who goes from paycheck to paycheck and worries about paying your mortgage," he said.

Sorry Joe, but Bush wasn't responsible for the economic situation we're in right now, contrary to what you want to believe, or what you want everyone else to believe.  We're in this situation because investors and company managers got greedy, mortgage brokers oversold people homes, people bought homes way above what they could afford, and the dollar crash.

Not one of those things are Bush's fault.  In fact, during those "tax cuts for the wealthy" you describe, tax revenue went up.  How do you explain that away?

You're trying to tap into the bad sentiment in people's lives and blame Republicans for the mess, when clearly it isn't their fault.  Just like some try to blame 9/11 on Saddam, which is clearly not true.

However, I will agree that if a company comes to the US government for money, we should get to look at the books.

 

Travis

travis@rightwinglunatic.com