Closing a tax loophole on just the 25 top hedge fund managers would pull in twice the revenue as freezing the wages of 2 million federal employees. Apparently the new math of "equality of sacrifice" means that 25 people equals 2 million.
All of the "America is broke", "just stop the spending" rhetoric sounds very appealing until you start looking at who is hurt by the cuts, and who benefits by not paying their fair share to finance government.
Yes, there is a connection between the hedge fund manager's magnificent 2010 haul and our 29 million unemployed. But it's not just John Paulson. It's the entire class of financial billionaires and their junior wannabes.
John Carney's New York Times op-ed piece is a tour de force, a paean to nonsensical thinking. He ignores the Fannie and Freddie of the real world. Instead, he goes after the Fannie and Freddie that exist only in his imagination.