The Great Stimulus Swindle

David Sirota describes what we pretty much knew was going to happen with the big Republican/Bushdog-Dem economy boosting(BWAHAHA)"rebates".

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The Stimulus Swindle

"..Before, it was just commoners complaining — regular homeowners, wage earners, troops coming home from Iraq, you know, the 99 percent of us who can't afford the thousand-dollar-a-plate political fundraisers.

But now Wall Street is panicking. In the last month, the financial industry's profit margins dropped thanks to mortgage defaults brought on by irresponsible lending. And when the corporate executives who underwrite campaigns start whining, politicians develop "stimulus" schemes using the blight of layoffs, foreclosures and wage cuts to justify tax cuts for those doing the laying off, foreclosing and wage cutting.

Specifically, most GOP presidential candidates are demanding corporate tax cuts as the "stimulus" to improve American competitiveness, ignoring a recent Treasury Department report noting that the United States already has among the lowest effective corporate tax rates in the developed world.
Republicans like John McCain, fresh off a Merrill Lynch fundraiser, say we need not expand unemployment benefits and food stamps to help workers and give the economy a reliable Keynesian boost. No, they say we must hand over more cash to the same financial industry that just gave its executives $39 billion worth of year-end bonuses.

Leading figures of both parties seem eager to help limit the debate over "stimulus" and make the final package a corporate goodie bag. According to the Washington Post, Democratic Sen. Max Baucus (Mont.) asked economists affiliated with The Hamilton Project — a Citigroup-backed think tank — to testify to Congress at its initial hearings on a stimulus package. Labor economists, by contrast, were not invited.."

Link.
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