The Obama/McConnell tax deal is going to cost the country more than the emergency stimulus package and various Wall Street and corporate bailouts. It also outs the hypocrisy of Republicans, who say reducing the national debt is Job No. 1.

The bailouts of Wall Street, General Motors and Chrysler combined are small potatoes compared to the cost of extending the Bush tax cuts, blogged Robert Reich, President Clinton’s former Labor Secretary.

sanders
Sanders
Reich calls the deal Obama struck with Republican leaders an “abomination” and something that makes a mockery of debt reduction. The president has lost faith of those who “don’t want the nation to become even more of a plutocracy,” Reich blogged today.

And speaking of plutocracy, the straight-shooting senator from Vermont, Bernie Sanders, gave a stirring speech Nov. 30 on the floor of the Senate in which he railed against the “war being waged by some of the wealthiest and most powerful people in the country against the working families of the United States of America, against the disappearing and shrinking middle class of our country.”

Sanders, an Independent, said the nation’s billionaires, the nation’s top one-tenth of one percent earns twelve cents of every dollar earned in America, are “on the warpath. They want more, more, more. Their greed has no end, and apparently there is very little concern for our country or for the people of this country if it gets in the way of the accumulation of more and more wealth and more and more power.”

Sanders told the Senate that when he was school kid he used to read textbooks about banana republics in Latin America, where a handful of people owned and controlled most of the wealth of those countries.

Guess what country is becoming the world’s biggest banana republic?