Wall Street Is All Of Us
It’s hard to keep up with the socialist gibberish emanating daily from presidential wannabes Bernie Sanders and Elizabeth Warren.
But my favorite member of Congress - Rep. Dan Crenshaw of Texas - highlighted one truly atrocious idea:
On Dec. 20, the nut from Vermont vowed that “We’re going to cancel every penny of student debt, and we’re going to pay for it with a modest tax on Wall Street.
“Wall Street doesn’t like that, “ he added, “but to hell with Wall Street.”
There is so much wrong with this, it’s hard to know where to start.
How about here: “To hell with Wall Street.”
You could almost see the mindless antifa-types shaking their little fists in the air as this old codger took it to the man.
But as Crenshaw correctly points out Wall Street isn’t an evil monolith, it’s every one of us with an IRA, a 401k or a pension. It’s every person with a money market account or a small sum of money tucked away in the stock market. It’s every trade union in the country.
In this relentless attempt to divide Americans into have and have-nots and pitting us against them, these far-left wing nuts lump prudent folks protecting their finances in with fat cats and plutocrats.
I’ve got news for Sanders and Warren, there are a heck of a lot more ordinary investors than there are billionaires.
Those of us who didn’t want to spend our golden years relying on whatever’s left of social security will be hit with new taxes every time we make a withdrawal from our private retirement funds.
Warren talks about a “small transaction fee” every time a stock is bought or sold. Does she really think that the only people paying this will be millionaires? Those “small fees” will take a bite out of IRAs and 401ks when retirees begin to use them.
It’s not just when a withdrawal is made, either, but every time a mutual fund buys or sells a stock, bond, etc. that the modest tax kicks in. Those fees will jack up fund expenses and will be passed on to the individual, institutional and corporate investors.
Big corporations, along with local small businesses looking to maintain bottom lines, will have to raise prices to offset the increased costs of doing business. That means every consumer of goods and services will pay more.
Truly a tax on everyone.
Apparently pandering to millennials with college debt is more important than worrying about the financial safety nets of their parents and grandparents and the ripple effects on the entire economy.
Oh, and those teachers the socialists are always sucking up to? Surely educators are smart enough to realize their own pensions are invested on Wall Street. Do they really want to underwrite a cockamamie scheme to “forgive” the debts of people who signed contracts, borrowed money and promised to pay it back?
Remember, when Sanders says “to hell with Wall Street,” he’s really saying to hell with you and me.
