Bill Scher: The Disconnect

[marmar]

from OurFuture.org:



The Disconnect
Submitted by Bill Scher on December 5, 2007 - 4:27pm.


The disconnect between certain folks in Washington with the rest of the country is striking.

With most Americans unhappy with the state of the economy, (despite the best efforts of David Brooks), many in Washington are risking an unfair tax hike on millions of Americans to protect an unfair tax law benefiting hedge fund managers.

The latest Bloomberg/Los Angeles Times poll finds "pervasive" dissatisfaction with the economy:

The growing pessimism is being driven by higher energy costs, the weakening dollar and fallout from the subprime mortgage crisis. To stem foreclosures, most Americans want the government to require lenders to freeze interest rates on adjustable-rate loans in danger of default.

The gloom is pervasive, with poll respondents saying by a margin of 71 percent to 23 percent that they expect a recession within a year. That percentage has risen steadily over the course of 2007. Over half of those surveyed -- 56 percent -- say the economy is doing badly...

... "The housing market's only going to get worse," said Sherry Bossie, 46, an accountant from Dunbar, West Virginia, and a participant in the survey. "Put that together with escalating oil prices, and we're at great risk."

The negative sentiment also reflects broader dissatisfaction among Americans, almost two-thirds of whom say the nation is seriously off on the wrong track.

Reflecting the rising economic anxiety, almost four in ten Americans plan to spend less this holiday season on presents for friends and family, according to the poll. Only 15 percent plan to spend more.

Of course, hedge fund managers -- running wild with little public regulation -- helped fuel the housing bubble and mortgage crisis that is weakening the overall economy.

These high-rollers never deserved to have their work income taxed at a rate far lower than every middle-class worker in America. ......(more)

The complete piece is at: http://commonsense.ourfuture.org/disconnect?tx=3