Hillary, My Hero!

Friday, February 15, 2008

Yesterday Hillary Clinton gave a speech in Warren, Ohio, entitled "Solutions for the American Economy." Here are some quotes and my thoughts:

"We'll take on the oil companies and harness their record profits to create millions of clean energy jobs — high-wage jobs you can raise a family on. I'll end their special tax breaks and give them a choice: invest some of your profits in alternative energy, or we'll do it for you. People have been paying through the roof at the pump, and it's time the companies paid their fair share."

Here we go with that "fair share" business again. Look at my previous posts and you can see how ridiculous it is to assert that oil companies aren't paying their fair share. But, perhaps you disagree and feel that the oil companies should be paying more. Don't worry, she wasn't finished.

"We'll take on the credit card companies so that you and your families aren't drowning in debt."

Apparently when you go out and run up a huge credit card bill on flat screen TVs, vacations, Xboxs, clothes, etc., miss a few payments and your interest rate goes up, it is the job of the Federal government to step in and give you a hand? Think I'm wrong, the federal government is already putting plans in place to step in and 'help' people that bought houses they couldn't afford or signed a ridiculously bad mortgage.

"We'll take on the insurance companies and tell them they can no longer discriminate against the sickest people who need care the most. They spend more than $50 billion a year trying to figure out how not to cover people. Well, I'm going to save them a fortune and a whole lot of time, because here's the new policy: No more discrimination period. So even if you have a pre-existing condition, you can get the health insurance you need — no questions asked."

This is really rich. If you think health insurance is expensive now, just wait until they are forced to cover everyone, for everything. This is, effectively, a death sentence for the insurance companies. THERE IS NO WAY THEY CAN OPERATE UNDER THESE CIRCUMSTANCES AND REMAIN IN BUSINESS. Don't worry, she has a plan – mandatory, taxpayer funded, government provided health care.

"We'll take on Wall Street and tell them: you're going to finally pay your fair share in taxes. Because it's outrageous that a teacher making $50,000 pays a higher tax rate than some Wall Street investment managers making $50 million."

I would LOVE to sit in the audience and ask her to explain this because as a CPA in my 8th year of preparing income taxes, I have no idea what the hell she is talking about. Just for starters, I can assure you that an investment manager making that much money is probably getting at least $250,000 in salary, which blows up her assessment on it's own. Even making the assumption that the investment manager is getting all of that income at capital gain rates (which really isn't possible if he is getting paid for his work as an investment manager), then the comparison still isn't accurate because the teacher would have the same capital gains rate. What is outrageous is that a person running for President of the United States could make a statement that is so hideously, outrageously, INTENTIONALLY, completely wrong.

"We'll take on the student loan companies and tell them no more ripping off our sons and daughters."

I have no idea what the hell she is talking about. Do any of you?