cpa
Active Member
Yeah, well, the bottom line is staying in power. Whether Manchin pursuing personal wealth at the expense of the environment or Biden's administration trying to cajole various interests by treading water on this issue, it is about winning elections and re-elections.
The majority of people just don't give a damn about long term consequences. They are more concerned with the here and now. Two-fify gasoline and "cheap" coal and natural gas for electricity is comforting when many people have $1,500 saved up for the proverbial rainy day.
I've been in the tax dodge for forty years. It never ceases to amaze me how many of my clients as they are sliding into retirement age(empty nesters) have less than 100K in their 401(k) or IRAs. Yet these same people make easy six figures per year. Their after-tax investments produce maybe $1,000 of investment income. They have no DB plans to bail them out. But, they have a nice $600,000 home with 20 years left on their mortgage, a boat, ATV, or snowmobiles, a new car (with debt) every five years, and so on. Small wonder that people ignore the future when they are worrying about today.
Then we get into the structure of capitalism. Companies are loath to spend a lot of money on something that is innovative, better in many ways when the same-old, same-old works just fine thankyouverymuch.
We are painting ourselves further into the corner. The question remains whether we have crossed the Rubicon or not. (Apologies for mixing my metaphors.) This time it might to too late for the powers across the country, combined with risk taking capitalists to repair the damage.
The majority of people just don't give a damn about long term consequences. They are more concerned with the here and now. Two-fify gasoline and "cheap" coal and natural gas for electricity is comforting when many people have $1,500 saved up for the proverbial rainy day.
I've been in the tax dodge for forty years. It never ceases to amaze me how many of my clients as they are sliding into retirement age(empty nesters) have less than 100K in their 401(k) or IRAs. Yet these same people make easy six figures per year. Their after-tax investments produce maybe $1,000 of investment income. They have no DB plans to bail them out. But, they have a nice $600,000 home with 20 years left on their mortgage, a boat, ATV, or snowmobiles, a new car (with debt) every five years, and so on. Small wonder that people ignore the future when they are worrying about today.
Then we get into the structure of capitalism. Companies are loath to spend a lot of money on something that is innovative, better in many ways when the same-old, same-old works just fine thankyouverymuch.
We are painting ourselves further into the corner. The question remains whether we have crossed the Rubicon or not. (Apologies for mixing my metaphors.) This time it might to too late for the powers across the country, combined with risk taking capitalists to repair the damage.