Republicans love socialism…socialism for corporations, that is!

Republicans speak out against the evils of socialism for us, touting the beatitudes of capitalism and how great it is. But remember the $1 trillion bailout of Wall Street that the Republicans all swore that we had to pay for? That all these Wall Streeters and big banks and insurance companies were too big to fail and that we all had to deplete our life savings to pay for their recklessness in the financial markets. And then remember how all those fat cats on Wall Street all got big bonuses that year.

Well guess what? Another big bust is looming on the horizon again, according to a recent S&P study; however, this time the magnitude of the bailout will not be a measely $1 trillion but $5 trillion! And guess who will pick up the tab again? You guessed it: the middle class American taxpayer!

You see, the Republicans don’t believe in socialism for you and me: they want to do away with social security and medicare. But Republicans love corporate socialism (i.e., corporate welfare). British Petroleum gave the GOP in the last election $73 million dollars. Why? Because now the Republicans are trying to waive the $20 billion fine for the oil spill costs last year, and reduce it down to only $2.5 million!!! Are you catching on? It’s all about who’s paying these politicians. If you pay, you get big dividends in return.

And every year the oil companies get $4 billion in subsidies from our government. But these oil companies are the richest companies in the world, making billions of dollars every year, and they do not pay taxes! In fact, they get tax refunds and credits! Neat, huh?

So the GOP doesn’t stand for the Grand Old Party; rather, it stands for the Gas Oil Party.

Wake up and demand change…now.

About William Brighenti

William Brighenti is a Certified Public Accountant, Certified QuickBooks ProAdvisor, and Certified Business Valuation Analyst. Bill began his career in public accounting in 1979. Since then he has worked at various public accounting firms throughout Connecticut. Bill received a Master of Science in Professional Accounting degree from the University of Hartford, after attending the University of Connecticut and Central Connecticut State University for his Bachelor of Arts and Master of Arts degrees. He subsequently attended Purdue University for doctoral studies in Accounting and Quantitative Methods in Business. Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals throughout the country as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission. In addition to the blog, Accounting and Taxes Simplified, Bill writes a blog, "The Barefoot Accountant", for the Accounting Web, a Sift Media publication.
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2 Responses to Republicans love socialism…socialism for corporations, that is!

  1. Pat says:

    The GOP has done little except to prove that socialism is needed because of the failure of democracy through predatory capitalism. Their folly lies in the lack of substance of their beliefs in that ignoring wholesale poverty, or granting socialism to corporations, imaginary democracy cannot survive. The hypocrisy is too great. Predatory capitalism, or free trade, has done little except to disenfranchise employees, alienate voters, and create a poverty America has never known in its history, as opposed to the prosperity democracy and capitalism promises as its greatest strength.

    It isn’t rocket science; the GOP is a walking testimony of how oligarchy works. The lines are bright and lit for the public to choose which side of the line they are on, which team….the poor or the rich. Most people choose neither, and choose socialism for salvation. If the GOP can’t offer alternatives that work, why should Americans not reelect Obama?

    • Thank you for your comment, Pat. True: the Republicans are hypocrites, favoring gimmes and tax loopholes and subsidies for multinational corporations but opposing any relief for the American middle class. Over the past thirty years, the invisible hand of competition has become so invisible that it no longer exists. What we are now left with is a corporate totalitarian state, with virtually no competition in the marketplace.

      However, Barack Obama has not changed the way Washington works. Over the past three years, the big banks, Wall Street, the multinational corporations, and corporate America have continued to regulate and control the American economy, further inhibiting competition in the marketplace and real capitalism as envisioned by Adam Smith. Wall Street controls Barack Obama, too: it is no coincidence that on his first day in office, he appointed Timothy Geithner and Larry Summers as well as reappointed Ben Bernanke and Peter Orszag to his top economic team. Recall that Goldman Sachs (also known as Government Sachs) was Obama’s largest single donor in his election in 2008.

      It is a sad state of affairs when the American citizen has only the choice between a Wall Streeter with very conservative social views and a Wall Streeter with less conservative social views.

      The American middle class is screwed either way with whoever is elected President in 2012.

      The Barefoot Accountant

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