Monday 25th of November 2024

beware pigs wearing lipstick .....

beware pigs wearing lipstick .....

‘In the words of the great economist and engineer Seymour Melman, we live in a “permanent war economy.” Since the end of World War II, the federal government has spent more than half its tax dollars on past, current and future military operations. It is the largest single sustaining activity of the government. Melman pointed out 25 years ago that, at the time, the Pentagon was paying for 37,000 industrial firms, which oversaw over 100,000 subcontractors. Then and now, Pentagon contracts come with 1) guaranteed profits (because the products are typically sold before they are produced); 2) institutionalized cost-escalation (cost overruns are business-as-usual); and 3) products that are neither goods nor services the citizenry produces and consumes. Balance sheet calculations are not relevant to weapons manufacturers and military corporations. The Pentagon is not playing by the economic rules of producing goods, selling them for a profit, then using the profit for further investment and production. The managers at the Pentagon know their financial capital – American’s taxes – is a cash cow waiting to be milked.

Or should we say bilked? American’s hand over their hard-earned dollars to the deciders in Washington who protect the permanent war economy. The military industrial complex has tentacle that spread throughout the Congressional districts in the country. Military installations, private contractors and weapons manufacturers employ people to build cluster bombs, unnecessary war planes, naval destroyers, the next generation of nuclear weapons, “kill vehicles” for space missiles, and more efficient spy satellites. Congress continues to appropriate funds to create weapons systems that range from being obsolete, to those having no hope of ever functioning, to those promising to kill more efficiently, to those promising to allow the U.S. to be the “Masters of Space” through military domination by space-based weapons.’

Conversion For Survival

legal leeches

From the NYT
Managers Use Hedge Funds as Big I.R.A.’s

By JENNY ANDERSON
Published: April 17, 2007

Many Americans squirrel away as much as they can into retirement investment accounts like 401(k)s and I.R.A.’s that allow them to compound their earnings tax free. The accounts also reduce what they owe when tax day rolls around. For the average person, however, the government strictly limits the contributions to about $20,000 a year.

And then there are people who work at hedge funds.

A lot of the hedge fund managers earning the astronomical paychecks making headlines these days are able to postpone paying taxes on much of that income for 10 years or more.

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Gus: Obviously the law in the US has some loopholes that allow excess... Go tell this one to the poor struggling bastards who work their guts out but sink deeper into poverty...

I do not know if the laws in Australia allow such things but I'm confident there are people out there who would try their luck at sucking the system like leeches...