My dear Lynn Foster de Rothschid,
My dearest Lynn thank you so much for your lovely letter on Huffington Post. My heart skipped as you savagely attacked that "Elitist" Barack Obama for wanting to remove the Bush tax cuts to the struggling uber-rich like yourself and give those elitist middle class workers a tax cut.
Regrettably, the road kill of Obama's reckless rhetoric and policies is not the rich taxpayer, but the entire American economy. The pain will be felt mostly by those who lose their jobs in the economic downturn and are the owners of 401ks and other savings who suffer at the stock market continues to decline. Barack Obama has not been held accountable for the obvious consequences of his tax and trade philosophy and policies. If elected, it will be all Americans who will suffer.
(Ms Rothschild destroys her own arguement after the break)
I'm so sorry that following your endorsement of McCain, Obama supporters have not treated you with love on the internet.
PS. Most readers have probably not read this far into the piece, but if you have, I have one more comment.....Since speaking out about this election, I have seen the Obama response is to attack me personally, particularly on the Internet.
I wonder... perhaps they simply don't understand how you personally have used the Bush tax cuts to help create jobs and improve the economy. Tell them and perhaps their hearts will join mine in singing your praises. You write:
Fine, but just to let you know, eighteen months ago my husband wrote in the Financial Times that capitalism was in retreat because of the greed on Wall Street. We have subsequently invested only in tax-free government securities. So, my opinion is not driven by my economic interests. I am driven by what I said in the New York Times in June, "I love my country more than my party" ......and it is ok with me if you hate me. xoxoxo
I see. So the massive amounts of money you personally saved with the Bush tax cuts have gone into tax-free government securities. How has that impacted the economy overall?
Jobs created 0
New small buisness created 0
Capital Improvements 0
Consumer spending increased 0
GDP increase 0
Money "Trickled down" 0
Increased Tax revenues 0 (in fact negative since you bonds are now tax free)
Healthcare provided 0
Schools built 0
Roads/bridges improved 0
In fact the only effect you have had on the overall economy due to the Bush tax cut is to increase the national debt. Ironically it is debt that you now own! Fantastic.
If the Bush tax cuts are removed just look at the 0 people you will have to lay off. Look at the 0 buisness that you wont start. How I cry for the 0 children whom you once insured who wont be able to see a doctor.
My dearest Lynn, I cannot image any Obama supporter "hating" you. In one throwaway line you have managed to destroy your entire arguement against Obama's tax plan and expose the lie that is trickledown economics more dramatically than I ever could.
When the rich get a new tax cut they don't all go out and hire a bunch of employees. Many of them like yourself hoard it in bonds. They put it into gold or oversea's stockmarkets. Even when they put it our stock market, unless they are buying IPO's, the companies never see that money. It just gets passed from one stock owner to another.
In contrast when you give the middle class a tax cut they spend it. That increases demand, which requires increased production, which spurs the creation of new jobs and new economic opportunities for everyone.
PS. Don't worry Lynn. I could never hate you. For that one line I love you more than you know. xoxoxo
Updated slightly thanks to jhecht.