I’m totally supportive of the President making sure everyone does their part. What I would like to see is evidence that my cynicism is unjustified–that “sharing the pain” is code words for targeting middle- to upper-middle-class tax payers. Here is how things stand now.
Ordinary Taxpayers 100%
Banks 0%
Congress 0%
State Legislatures 0%
Bernanke 0%
Fed Governors 0%
Fannie Mae Bondholders 0%
Freddie Mac Bondholders 0%
FDIC executives 0%
SEC 0%
via Mish’s Global Economic Trend Analysis: Open Letter To Congress On Sharing The Pain.
So this helps clarify what needs to happen (is “Fed Governors” a misprint for “State Governors”?).
Don’t think it’s a misprint. The members of the Fed board are called governors (parallel to trustees or directors.) And arguably, the state governors have had pain to endure — they’re responsible for balanced budgets, including mandated services and those demanded by their constituents, in the face of falling revenues. I don’t think it’s been an easy time for them, although it’s not their pockets the money’s coming from.