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The Billionaire Boys Club Know What’s Best

Eli Broad and such stars of the billionaire boys club as Google Chairman Eric Schmidt and investor Nicolas Berggruen have a great idea on how to save California from sinking into an ocean of debt and failed public policy — soak the middle and upper middle classes.

What could be more ironic than the 1 percent knowing what’s best for the 99 percent, isn’t that how they got so rich in the first place?
According to the plan leaked to the LA Times over the weekend, Berggruen alone is willing to put up $20 million to sell us on a tax hike that will slash taxes on the low end and raise them sharply on household incomes above $95,000 as well as hammer small business and others with a stiff tax on legal, accounting and other  services.
You might think that instead of backing a ballot measure, Broad might decide to forego the $52 million in taxpayer money being spent for a parking garage for his art museum and might give up on his failed Grand Avenue project which has eaten hundreds of millions of dollars in public money. 
These billionaires might even back closing all the loopholes they have profited from for so long, reinstating high inheritance taxes, and giving up their use of foundations to protect themselves from taxation so they can use their wealth to buy power and influence.
Don’t hold your breath.
The unions have their own tax hike plan that achieves the same goal of taking money out of the pockets of middle class wage slaves while protecting the pensions and benefits of public employees that are the No. 1 reason government services are being slashed and pressuring for public works spending to create union jobs.
Personally, I’m not against paying more in taxes but like everybody else I want to know exactly where my money is going and to see that the benefits to the community as a whole are real.
That’s the same reason most people oppose tax increases — government at all levels has lost credibility and ceased to represent the interests and values of ordinary people. Government by special interests and influence peddlers is not doing the job of serving the public.
They will say anything to squeeze more money out of your: We have to raise your taxes to be able to get people back to work, to fund the schools so the next generation has the skills to compete in the global economy, so we have clean energy and sustainable communities. 
The slogans are hollow because the policies that are enacted don’t follow them. 
The leader of the state Senate, Sacramento Democrat Darrell Steinberg, takes the hard line position that there will no more cuts in spending.
“Over the last three years, we’ve done quite enough damage on the cut side, thank you,” he said. “In the short run, I do not see making more cuts.”

He made the comment just a couple of days after the state Legislative Analyst’s Office released a new economic outlook report that suggested that Steinberg and his pals have used smoke and mirrors and one-time cuts without even facing the structural deficit.

“There are
few easy options left for balancing California’s budget. Difficult program
reductions already have been passed, and significant one-time budget actions
may be more elusive than in prior years. Accordingly, the remaining work of
eliminating the state’s persistent, annual deficit will require more difficult
cuts in expenditures and/or increases in revenues,” the report said.
.

“It is
important to note that our forecast does not include funding to address some of
the state’s key long-term fiscal and policy problems. If, however, the
Legislature and the Governor were to eliminate the structural deficit this year
or over the course of the next few years, the focus of their efforts could
finally shift away from short-term budget problems and turn to the serious
long-term fiscal issues of the state’s accumulated budgetary obligations and unfunded
retirement liabilities.”

If the billionaires really want to help they could put their money into electing people with integrity and a commitment to public service into office at all levels, non-politicians who will actually sit down and doing the hard work of finding solutions that balance out competing interests.

The legislature has been gridlocked for more than 30 years. That’s not going to change until we all decide to vote out the professional pols no matter how much they smile and glad-hand us.

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7 Responses to The Billionaire Boys Club Know What’s Best

  1. Anonymous says:

    Don’t you worry people. This guy
    http://online.wsj.com/article/SB10001424053111904836104576556982258399652.html
    will save your state. Not!
    Rainy Day Fund–what a brilliant idea. !

  2. Anonymous says:

    “The legislature has been gridlocked for more than 30 years. That’s not going to change until we all decide to vote out the professional pols no matter how much they smile and glad-hand us.”
    Well folks, what say you? Shall wee give it
    a try? We all need to help each other help ourselves do this. Let’s do it!!!!

  3. Miss Spelling says:

    L.A.Times article: http://discussions.latimes.com/20/lanews/la-me-taxes-20111120/10
    Broad and his broad ideas to bilk tax payers!
    Let Broad and these other deep-pocketed, they-could-buy-us-and-sell-us public scammers donate the $13 billion to the state’s budget deficit and save us all a lot of anger, grief and having to listen to and watch their lying campaign ads on why we should vote against our own best interests to raise more tax money for them to waste.
    Broad can start by demolishing his butt-ugly, egotistical edifice to himself “art?” museum, sell it for scrap, and give the land he stole from a willing city council, so it can be resold at fair market value. That would be a good start.

  4. Anonymous says:

    The history of important change movements shows that the real change occurs when the mass media becomes so embarrassed by the actions of the elites, and the corrupt government officials who refuse to regulate and police the greed of the elites, that the media calls for change bringing sudden and dramatic shifts in regime and public opinion.
    Eli Broad will go down in Los Angeles as not some benefactor of good, but as a scum-sucking greedy autocratic manipulative prick. And when the Los Angeles Times stops defending his $52 million theft of public funds, we might actually start the revolution in the name of Eli Broad — the man who nearly killed LA by putting his name on everything like a dog pisses on every fire hydrant. (Maybe that could be an Occupy LA underground ART PROJECT. Paint the hydrants with a message: Memorial Eli Broad Hydrant.

  5. Wayne from Encino says:

    The Bastards are going to put a “services tax” on the ballot of 5% (with a SMALL decrease in the Sales tax, I hear.) What are “Services?” OH….NOTHING MUCH, LIKE ATTORNEY, CPA, DOCTOR, MECHANIC, PLUMBER, GARDINER, POOLMAN, DELIVERY SERVICES ALL would be assessed a 5% TAX!!!
    Let’s say a guy named Ron had paid his doctor, dentist, attorney, CPA, mechanic, and his gardiner a total of $20,000 in fees for all their services. Ron would pay 5% more, or $21,O00!!!! NOW THE KICKER—Sacramento would be given a passkey to PROBE THE BOOKS of all the small businesses ON THEIR COST OF SERVICES RENDERED in addition to THE COST OF GOODS SOLD!
    Every major law firm WILL MOVE OUT OF CALIFORNIA IMMEDIATELY who still are DUMB ENOUGH to keep offices in California.
    But the mom-and-pop/father-son BUSINESSES all over California will suffer grieviously by having to (TRY) to pass the new services tax on the customer OR EAT IT!
    I just thought you all needed some more “good news” for 2012…

  6. Anonymous says:

    11/21/11 6:36pm Miss Spelling’s assessment of hubris-crazed Broad is excellent.
    His “gift” of “ART” is grotesque rusting debris. Please keep the trash in Bel-Air.
    Broad’s ego-monument-museum is another con-job.
    We pay for his “donation” but he gets the benefits. Billionaire hypocrite.

  7. Billionairs Listen UP says:

    Stop electing same jokers !

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