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via: ZeroHedge
By: Tyler Durden
July 30, 2012
Back on April 30, when the US Treasury, together with the TBAC chaired by Matt Zames (who as everyone knows is being groomed to take over JPMorgan after Jamie gracefully steps down) sat down put together its latest debt funding needs projection, we openly mocked the numbers when we said “Now obviously we are all for the US needing less debt, however we wonder: did the US discover some magical source of tax revenue: last we checked the companies with $100+ billion in cash were paying virtually zero taxes, and US workers were making less and less courtesy of more and more jobs being converted into temp jobs with lower wages, and less withheld tax as a result.” Sure enough, minutes ago the Treasury just admitted what we and our readers knew all along: in its quarterly Treasury refunding appetizer, it…
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Apart from this being atrocious public policy (protecting restaurants from competition by a hot dog cart?) what is the lesson to other young entrepreneurs? That if you want to make it, you need to know the right people in city hall and pass the right laws so your business can thrive?
Obviously this town law is not Obama’s doing, but the climate of our country is pretty well summed up when the President says “You didn’t build that, somebody else made that happen.” Because the taxes brought in by the restaurants are greater than the hotdog cart, they win, he loses. It’s a pay to play system apparently, so we should not be surprised by Elizabeth Warren’s words “You built a factory out there, good for you, but I want to be clear, you moved your goods to market on the roads the rest of us paid for”.
You mowed…
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