Anyone else notice an economic trend lately? Particularly if you’ve been paying attention to the business section or technology section of the New York Times.
The Major Banks in the US, such as JP Morgan and Chase and Wells Fargo, are predicting a 40 billion dollar profit for 2011. Woah?!?!
Additionally, according the S&P 500, bank stocks and dividends are bustling in comparison to their average low due to the economic blues in 2008 and ’09.
Look at the American Technology sector – you see the Intel Company reporting a 48 percent increase in their profit margin from 2010 and e-commerce has proven to be an economically viable partner in the battle of the big boy industries.
Even two years after the bailout, which I think to some degree has worked and has helped to stimulate the economy (though, I can’t say for sure because I wasn’t really interested in those details in 2008), banks are getting back on their feet. On a more negative side though, the CEO’s and big wigs are back to getting their larger then necessary bonuses.
I guess that adage of the “rich get rich and the poor get poor” will never change.
Needless to say, I find it interesting that we’re still debating over tax cuts and tax breaks – notably via the Republican party (I’m no political advocate, but do make note of trends and the Republican party is still harshly pressing for those tax breaks). In order to further stimulate our economy, cutting taxes just doesn’t make sense to me. Isn’t it the price that we pay for having the freedoms that we do? The benefits that we have?
Though I sometimes find myself inhertly wondering what those benefits are – then I look around and see that I’m in college pursuing a doctorate, I have three jobs, protection through the police and fire departments, a city council that is (supposedly) making my life both more fulfilling and engaging – and I realize that I’m okay if my taxes aren’t cut.In reality, how much does the taxes affect you? To what degree? Yes, tax things that aren’t healthy for you – cigarettes, alcohol, etc. – that makes sense.
I don’t know how this conversation turned from the our economic growth to the annoyance of people wanting to cut taxes. Why don’t we tax the rich more? What happened to that argument? Why are we still debating this? Why isn’t this on the docket?
Because of equality? That doesn’t make sense to me when we give tax breaks to married couples with children, or to people who made environmentally friendly changes to our houses or purchasing hybrids…how are these different in the long run? Increase the taxes for the rich seems like it would fall into the same category. Or maybe not the same category, but the same logic. Don’t give the tax breaks to people we evidently don’t need it, even though they COMPLAIN and FIGHT for it!
Ah well, my rant on one thing managed to turn into a rant on many other things. Food for thought. I’ll try to come up with something a little more transparent and salient for the next time.