Debt Relief

If corporations are people, where's debt relief for the people?

Considered by many as a serial flip-flopper on political topics, Mitt Romney now earns the greater distinction of the “Proverbial Capitalist.” In 2011, the former Massachusetts Governor made a slip that may hurt his run for the White House and it also questions: Why hasn’t debt relief arrived for the working class?

While at the Iowa State Fair, Romney quoted, “corporations are people.” He tried to make the argument that money goes to people through companies. But, it was no laughing matter. Not for working class Americans, the unemployed or people stuck with high federal income taxes. And, if corporations are in fact “people”, the equal rationale is that people are “corporations.” Obviously, no factory can manufacture a product without a factory worker and no farm can harvest a crop without a farm worker.

Thus, it’s unequivocal that people are the essential lifeblood of corporations. People are also the primary component of the corporate profit mechanism. Yet, there is a wide-scale income disparity between people – the 99% and corporations – the 1%.

Illustrating the economical disconnect, in 2011 there were 412 U.S. billionaires with a net worth clearly extrapolated from the coffers of corporations and the exploits of American workers. Incredibly, from the total number of billionaires, precisely six Walton family members (founders of Walmart) represent a net worth equal to the bottom 30 percent of all Americans.

In contrast, according to the U.S. Census Bureau, in 2010 the nation’s poverty rate rose to 15.1% (46.2 million). Of the developed countries, only Israel, Mexico, and Chile have higher poverty rates.

Additionally, as U.S. taxpayers are revitalizing from a recession, they are are also paying a greater share of federal income taxes than many corporations.

Between 2008 and 2010, thirty U.S. corporations, including General Electric, Verizon, and Wells Fargo, paid less than nothing in aggregate federal income taxes. And, some wonder why the great divide between the 1% and the 99% continues to widen.

Romney also made the following unconscionable response to a question on what should be done about housing and foreclosures: “Don’t try and stop the foreclosure process. Let it run its course and hit the bottom. Allow investors to buy homes, put renters in them, fix the homes up. Let it turn around and come back up.”

However, Romney’s surrealistic response was apathetic to millions of homeowners that are in peril of losing their homes, not out of choice, but because of Wall Street (“corporations”). Corporate greed catapulted the mortgage lending crisis. which consequently caused millions of workers to be without jobs.

Insensitive to the ongoing housing crisis, Romney seems oblivious that America’s working class has never received any federal debt relief, loans, or bailout money. However, in December 2008 the Federal Reserve gave corporations a combined $1.2 trillion in bailout money, courtesy of U.S. taxpayers.

Bloomberg Markets magazine now reports that the bailed out banks also took tens of billions of dollars in emergency loans and used the Fed’s below-market rates to reap an estimated $13 billion of income.

Since the aspiring President claims corporations are people, why not ask corporations, “Where’s the people’s share of the profits?” Moreover, you might as well ask the Federal Reserve, “When is consumer debt relief finally coming?

(Youtube video)

Yet, despite amassing colossal profits, corporations aren’t paying it forward. Instead, in 2012 another onslaught of foreclosures by the largest mortgage corporations, including Bank of America, GMAC, and JPMorgan Chase is expected to displace more homeowners into the streets.

Sadly, this year the saga of the soon-to-be homeless taxpayer continues. Financial hardships will also cause millions to contemplate bankruptcy. But, it’s just another happy new year for numerous corporations, which get to enjoy paying little or no federal income taxes.

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29 Comments

  1. Jeff Kline says:

    Personally, when it comes to debt relief I find it difficult to really get behind any multimillionaire politician like Mitt Romney. The promises they give on their campaign to reduce taxes and get more money into the hands of taxpayers are almost always never acted upon (at least, not to an extent that is remotely substantial). Mitt Romney’s idea that “corporations are people” is not a new one, being heavily rooted in a capitalistic economic system, but it is one that is rather frightening to think about with much depth (as you have in this article).

    The relationship of this way of thinking with the Occupy Wall Street movements around the country goes to show the great divide between the richest individuals in the country (like bankers and corporate CEOs), the politicians (who honestly have the tendency to just be the pawns of these rich individuals, or rich themselves), and the working class. The concept of “debt relief” feels so distant when considering these supposed world leaders, because most of them don’t even have an idea what it means to be poor; or what it means to really be in debt. The working class is always overlooked, and I am happy that you are standing up for these people especially when it comes to getting them debt relief that they deserve.

  2. James says:

    Mitt Romney really is amazing. He strived hard to prove himself worthy of the status he has, a multimillionaire. I can only wish it for myself but who knows, it might come true.

  3. Debts are giving a lot of unwanted issues and depressions to the people and every one wish to live a debt free life. Your articles provide some good tips to avoid debts and live a tension free life. Good write up.

  4. Jing says:

    This is a great blog. I have learned a lot from it since everybody wants to have debt free:) Especially as a Chinese I don’t want to have a life with debts.

  5. Kate Prince says:

    When a person has debts , its pretty difficult for him to pay it back unless he’s loaded.
    Corporations such as Mitt Romney’s help people to overcome their debts and lead an easier life.
    Its a good thing that many campaigns and movements are done to create awareness among the needy.

  6. lili says:

    I think in every country there is discrepancy between the rich and the poor.The key to solving the problem is that the leaders in the country should pay more attention to the working people.After all ,it’s the working people that consist of the majority of the society.And if the majority of people are not content with the society,the society should have some changes.

  7. Vijaya says:

    Maybe they can save the earnings and at a later stage, use the funds for development of society, giving back to people. Debt relief- the working class and the common man need to worry for this and not depend on any promises made by speakers or politicians.

  8. marak says:

    wow, it is very useful artcile. they are misconception which have been familiar today thank you

  9. Harry says:

    Money comes from those who pay tax and also deserve those who are unemployed, disabled, retired and in need. Financial hardships will also cause problem of salaries to government employees, rich and wealthy politicians never care for anyone but save themselves from tax.

  10. Bill says:

    Great blog and great information. This blog is very helpful for lot of people. I love the insight that used by the author.

  11. muchamad priyono says:

    It’s a good posting and great information.
    This is a good place to come for debt relief tips. We all can use debt relief because banks use many means to really get people in debt. I am very happy I found this blog so I can learn how to stand up and fight and get debt relief.

  12. Katherine Meyritz says:

    A very well written and informative article reflecting one of the key issues of our times. It is always difficult to accept wealthy individuals trying to address debt and poverty issues, as we have to question their motives and level of understanding. However, any positive steps towards real debt relief should be welcomed.

  13. Manroks23 says:

    Such a detailed information about the crisis faced by most of the homeowners, and it’s certainly not looking good in terms of taxes, moreover a new year begun and so far it’s still not a good sign for many homeowners. People need fast debt relief!

  14. Andria Benton says:

    I find it amazing that so many people find Mitt Romney to be an appealing candidate for this years elections. Maybe it’s just because I am a long term Democrat, but even George Bush seemed to be more real with the public then Mitt Romney (or any of the GOP candidates for that matter…). I would be really surprised if Romney was elected for President that the economic environment would really change all that much in a good way. I’d imagine he would sit nicely on his couches full of money while he ups federal income taxes on the working and middle-class citizens. It’s absolutely terrible, and even worse is the simple fact that this is really the way all politicians these days operate. Act nice…then increase federal income taxes while everyone is financially suffering already. When the rich are allowed to have power, that is when everyone else in society is ignored. This is one of the biggest problems with the United States’ government. Maybe I’ll just be one of those people who leaves for Canada if a guy like Mitt Romney is elected as President. Seriously, even if only to evade the increased federal income taxes that we all can expect to come our way pretty soon! I hope more people talk about on these issues.

  15. George says:

    People want Mitt Romney for President? The joke must be on the rest of the United States then. Just looking at this financially (with my bigoted liberal mind out of the way), the idea that corporations are people is just sick when we look at how many people are just getting by. A guy like Mitt Romney is not going to provide debt relief to the USA, considering he makes more then a million dollars each year. I really don’t think our country should be run by the corporate elite, who have stuffed pockets before even getting on a ballot. They don’t know what it is like to be poor and to work day in and day out, and still hardly get by. It seems to me that the rest of Mitt Romney’s quote should be “Corporations are People, and People are Slaves” or something like that. Honestly, I don’t expect debt relief to really come anytime in the near future. It is really a sad thing. It’s about time to up and move to Canada for me.

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  27. Tony Lee says:

    Just like a cold, “Don’t try and stop the foreclosure process. Let it run its course and hit the bottom.” Thats what it reminds me of because you have to let it go till there is no more left. Thats how I remember it. This blog post was very helpful! and I am sure others could agree to that statement!

  28. Yes I have to agree also. Letting it run its course I’ve been there before and I know a few people that have gone through this process.

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