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Blow jobs or no jobs. In 1998, just six years ago, Republicans didn't want us to notice that Clinton was actively presiding over the largest job expansion in American history, so they dug up Monica Lewinsky. Now that they have the political power to do what they want, the disconnect between their stated intentions and their results is becoming increasingly obvious (WSJ):

Big companies long lobbied for a tax cut on their overseas profit as a way to spur U.S. job growth. But now that it has been granted, much of the windfall won't go toward hiring but for such uses as strengthening balance sheets, buying back shares and making acquisitions.

The one-year break, included in a sweeping tax bill that cleared the Senate and went to the president this week, will allow hundreds of billions of dollars in overseas profit to be brought home by dozens of U.S. companies at a steeply reduced tax rate. By some estimates, U.S. companies have parked as much as $500 billion in profit abroad to avoid taxes back home.

"We wanted a tax cut so we can create jobs. Now that you've given it to us, fuck the jobs. We'll send the jobs overseas, but bring the money home — as long as it stays out of the hands of the workers and the US Treasury."

What is the Bush presidency really about? It's the $500 billion, stupid.

{ 9:42 AM }

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