The Cost of Staying Stupid

As promised, here are some of the figures Rachel Maddow talked about on Friday, which are relevant to the ongoing Rabid Right Class War as well as to the ongoing congressional budget farce which--on Monday at least--looked as though it was going to lead to a government shutdown.  As well as to their arrogantly cruel and self-destructive long-term proposal which includes destroying Medicare.

First, corporate profits last year, with high unemployment and stagnant or dropping incomes for most Americans :
General Electric: $14.2 billion
Google: $18.9 billion
Exxon: $149 billion

At the same time, corporate CEO pay increased 27%, led by the chairman of Viacom, who pulled in $84.5 million.

In the last 3 months of  2010, American corporate profits grew at a rate not seen since the 1950s.  At that rate, total profits for a year would be $1.68 trillion.

Meanwhile:

Exxon-Mobil made $19 billion in profits in 2009.  They paid no federal taxes, and they got  a $156 million IRS rebate.

Bank of America made $4.4  billion in 2010.  They paid no taxes.  They got a $1.9 billion tax refund.  

General Electric (Rachel Maddow's ultimate employer) $26 billion over the last five years in profits  no taxes, $4.1 billion refund from the IRS. And nothing due to Uncle Sam in 2010.

These figures come from Senator Bernie Sanders of Vermont.  His website adds these as well:

Chevron: $10 billion profits in 2009, no taxes, a $19 million refund from the IRS.

Citigroup: more than $4 billion in profits in 2010, no taxes.

Valero Energy, $68 billion in sales in 2010, no taxes, $157 million tax refund from IRS plus $134 million tax break from the oil and gas manufacturing tax deduction.

ConocoPhillips, $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

If GOPers were truly serious about balancing the federal budget, they would end the Bush tax cuts on the supremely rich.  That would cut the deficit in half over the next decade.

They would end absurd and obscene tax giveaways to oil and gas corporations. And then they would get some revenue from the corporations making huge amounts of money, the biggest of which are polluting the planet and destroying the health and future of America's children, while taking from the U.S. Treasury enough to fund needed programs and pay entire state budgets.

Instead they want to cut programs they don't like for other reasons but that uniquely serve the American people (and don't cost that much either) as well as rob the poor and destroy what secure old age exists.  They talk in homespun terms about balancing the federal budget like balancing the family budget, but when families have the opportunity to increase their incomes, they generally don't refuse--no, I don't want income I'm already due by simple fairness, I'd rather starve my children and keep them stupid.  They are the vile and deluded in the employ of the supremely vile.