Skip to main content

Please help us to keep you informed, inspired and effective!

Detroit - Drop Dead

'Jack Lew to Detroit: Drop Dead.  The city of Detroit “must work with creditors” said Treasury Secretary Jack Lew this morning to George Stephanopoulos.  Of course.  And when it was $800 billion in taxpayer money to bail out bankers? Fine.  When it’s $2 billion to save an American city? Who cares.  But there’s $1.5 billion in tax money going to Egypt every year — but there’s not even low level talk about a federal bailout to save Detroit.

'It was Jack Lew who more than likely advised President Obama what a great idea it was to extend the Bush tax cuts in 2010 and then make them permanent on January 1, 2013 — adding $3.9 trillion to the debt.  Had the President simply done nothing and let the tax cuts expire there would be $3.9 trillion in tax money that in part could be used to save Detroit.

'Included in that deal: Making the estate tax permanent.  And nothing in the deal to fix the sequester.  Apparently President Obama and Lew are OK with handing huge take breaks for Warren Buffett and Donald Trump and the top %1 while sending $1.5 billion in tax money to Egypt.  But the idea of bailing out Detroit? No way.'

If you like this article, please sign up for Snapshot, Portside's daily summary.

(One summary e-mail a day, you can change anytime, and Portside is always free.)