Taxpayers didn't bail out banks - Ahwatukee Foothills News: Letters To The Editor

Taxpayers didn't bail out banks

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Posted: Sunday, May 1, 2011 1:00 pm | Updated: 4:54 pm, Fri May 20, 2011.

Taxpayers didn't bail out the banks. Unscrupulous and/or economically ignorant politicians did. The banks should have been allowed to fail. By law only depositors are a protected class. Why do you think we have the FDIC?

Implying that tax breaks for businesses are akin to a bank bailout displays a gross misunderstanding of the basics of business and economics. Any tax on a business is simply a cost of doing business. As such, these costs are simply passed on to the consumer. So this amounts to just another hidden tax on the ordinary citizen.

Politicians like this form of tax because they think that ordinary citizens are ignorant and don't know that they are paying these taxes. What we really ought to have is no income taxes on businesses. Then prices could be set lower. But politicians would rather force businesses to minimize operating costs by moving direct labor overseas.

But go ahead and raise taxes and reap the rewards of more unemployment. From the leftist point of view, there's even a good side to that. Presently we have twice as many employees working for the government as we have working in manufacturing. Maybe you can make it three times? But I wonder who'll pay the taxes then?

And, sure, why not raise taxes to blow more money on an educational system that still ranks abysmally low in spite of the U.S. already being right up there in the top three of education spending? When are we going to start getting performance for our expenditures?

Now I know leftists tend to be of the Hollywood frame of mind. Fiction is reality and the Pollyanna Principle reigns supreme. But, to this day, the French have never fully recovered from the revolution where anyone with half a brain was killed.

Later, in World War II, while the Germans were swarming across France, the French were sitting on their hands, making no effort to defend themselves. Winston Churchill, concerned that the Germans might use the French warships against Great Britain, suggested that the French turn over the ships to Brit commanders. The French refused. Churchill then ordered the French warships to be sunk. In 20 minutes, no more French Navy.

But I do have to admit that a revolution of the "little guys" is a likely event. I don't think it will occur until after the great depression that Obama is pushing us into. And I view the "little guys" as ordinary Americans that are fed up with runaway government spending - those people that leftists sneer at, not the "little" government union thugs.

Like all revolutions, it will not be pretty. However, unlike most other revolutions, it will be Darwinesque: Survival of the fittest. It'll be fun to observe.

Jim Thompson

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