Archive for category Economy
Actually Speaker of the House Paul Ryan said, “Welcome to the dawn of a new unified Republican government.” But ever since former Speaker John Boehner famously declared that there is no difference between the Tea Party and the Republican Party, I have always used the term Tea-GOP.
What is to be done? Well, trying to work with Trump isn’t an option.
Rep. Ruben Gallego (D-AZ):
Given everything we know about Donald Trump — and everything we don’t know — I was alarmed by the words of senior leaders from both the progressive and centrist wings of the party regarding their openness to working with Donald Trump on infrastructure.
Under ordinary circumstances, we would welcome a plan to invest in infrastructure — even if that plan came from the other side of the aisle. Especially if it came from the other side of the aisle!
But Donald Trump is not an ordinary politician. He is a con artist. He has refused to give the American people reason to believe that he is not in this to enrich himself. In fact, he has bucked tradition by maintaining his family’s interest in a private corporation.
And, unfortunately, his infrastructure plan is really a privatization scheme, rife with graft and corruption, whose real purpose is to enrich the Trump family and his supporters. He is not reaching out. He is reaching his hand into America’s pockets, just as he has his whole career. And we must not let him do it.
Democrats, progressives, and independents have to fight Trump using every means available.
Trump is tremendously unpopular, and he will rapidly lose support. Did Trump voters know that they were voting for more tax cuts for the rich and corporations and Medicare phase-out? No, they were lied to. Oh, and Trump’s first “job creation” idea is a federal government hiring freeze.
Anyone who yelled “Drain the swamp!” at a Trump rally cannot be encouraged to learn that Trump has already established the most corrupt administration in our lifetimes, and he still has two months to go to Inauguration Day.
In the quite reasonable assumption that Trump, imitating former President George W. Bush, racks up vacation days while outsourcing policy to Speaker Ryan and an assortment of extremists appointed to key posts like the National Security Advisor and Attorney General, he is on track to inherit Bush’s title as Worst President Ever.
According to some economic indicators, economic stagnation may have already tipped over into recession. If our new Tea-GOP government is able to enact tax cuts for the rich and benefit cuts for everybody else, this recession could be worse than the last one.
The presidential debates should be an opportunity to focus on the most important issues of the day. Unfortunately, the producers of the second debate failed miserably at this goal, because of their selection of which questions to ask.
Prior to the debate, the producers agreed to consider the top thirty questions voted on by the public at Open Debates. The question with the third largest number of votes, posed by Ellen Pleasant from North Carolina in the video below, was “Do you support expanding, and not cutting, Social Security’s modest benefits?”
That straightforward question was voted third, out of more than 12,000 questions on which to vote. Over 45,000 Americans voted for Ellen’s question. With poll after poll showing that retirement insecurity is a top financial concern of most Americans and with the reality that Social Security is likely to be even more important in the future, the voting is no surprise.
But the moderators did not ask it – or any of the other questions in the top thirty…
Why not ask such an obvious question? David Dayen explains: Debate Moderators Under the Spell of Deficit-Obsessed Billionaire Pete Peterson.
Who is Peter G. Peterson? He is a former Nixon cabinet official and private equity billionaire who has been demanding cuts to programs he’s too rich to rely upon since the early 1980s. Peterson was the inspiration behind President Obama’s failed Catfood Commission and many phony “grassroots” groups calling for austerity budgets, and ending Social Security, Medicare, and Medicaid.
If you watch cable TV, you have seen the scary Peter G. Peterson ads warning us of impending economic collapse unless the Washington politicians come up with more tax cuts for the rich and benefits cuts for the 99 Percent.
Everybody in America totally rejects Peterson’s austerity plans. Everybody, that is, except the 1 Percenters and their bipartisan representatives in the nation’s capital. Even if Peterson remains unsuccessful in his quest to destroy our social safety net, his relentless propaganda helps stifle the debate about EXPANDING Social Security and other programs – which is what we ought to do.
A government of the people, by the people, and for the people is the opposite of what Peterson and his political allies such as Hillary Clinton want to achieve.
Did anyone notice in the last debate when Hillary pledged she would “not add a penny to the Debt?” That was Peter G. Peterson talking.
This second debate took place on September 26th, and will most likely be the last one, as governor Herbert would rather keep his governmental matters close to the vest and probably only showed up to the first one at the last minute because he didn’t want to be called, “Unavailable Jones” at that event.
Weinholtz came out swinging like a real democrat should with the problems the GOP has left us in this state and the rest of the country as well, but he has already proven he can work with the other side on the issues.
I hope all those people who showed up to wait in line for hours to register and vote for Bernie Sanders will see that this is the year to get democrats in office again in Utah. The governor’s office has never been in Republican hands for this long in Utah before, (32 years). It’s time for a change with REAL values instead of the stagnant cronyism we see today.
Short post-debate question and answer session:
The first debate was not televised, so I took this from a citizens cell phone recording.
NOTE: You can stop the unwanted soundtrack by going near the bottom of the page, and pausing the video, or going to the comments section.
Wealth and Income Share of the Top 1%, 1913-2012
At one of the many high-dollar fundraisers Hillary Clinton held during the month of August, a personal-check donation of $100,000 would get an attendee a photo with Hillary, according to a recent New York Times article. Rubbing shoulders with the likes of Paul McCartney at a waterfront Hampton’s estate fund-raiser, Hillary “joined in a sing-a-long finale to ‘Hey Jude’.”
…Since the late-1970s, the top one percent of families have been steadily accumulating a larger share of the nation’s wealth (total assets people own net of their debts), recessions notwithstanding. In 2012 (the most recent available data), the top one percent of families (1.6 million families, each with at least $4 million in assets in 2012) held about 42 percent of all the wealth. Although still below the 1928 peak of 51 percent, the growth has been spectacular, almost doubling in close to 40 years.
“We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can’t have both.”
— Louis Brandeis
I took the liberty of modifying the only known recording of this important event by cropping a citizens cell phone recording and amplifying the sound. This one-on-one debate nearly didn’t happen. Herbert only agreed to debate Weinholtz once on September 26th, but changed his mind at the last minute. I guess you could call this a flash debate.
I wanted people to see what a great leader Weinholtz would be for Utah. He really did a great job!
Original debate video can be found at Mike Weinholtz’s webpage.
If you are looking for a reason to fear a Donald Trump administration, then take a look at his economic plan (emphasis added).
WASHINGTON: At a private meeting of conservatives in Cleveland this summer, Donald Trump’s senior economic adviser, Stephen Moore, said the candidate planned to pay for his costly proposals by eliminating the departments of Commerce, Energy and Education; lifting all restrictions on mining, drilling and fracking; ending Temporary Assistance for Needy Families programs, and offering rust-belt factory workers new jobs on oil rigs and steel mills.
Of course, federal restrictions are not stopping the development of fossil fuels at all. The only check on the industry is the current slump in prices.
On the contrary, our public lands (that we own!) are wide open to corporate oil & gas exploration, coal mining, you name it. What is needed is a leasing ban for public lands – but Hillary Clinton refuses to propose such a ban, and she has long since abandoned an earlier promise to phase out coal.
If coal, oil and natural gas didn’t get subsidized, renewable energy would be recognized as being incomparably cheaper than fossil fuels. Why are the major-party presidential candidates not proposing to create jobs with nationwide programs for solar and wind energy? Remember candidate Obama’s 2008 promise of a “green economy” before he became the fracker-in-chief?
The only candidate with an economic program that will help us instead of the corporations is Jill Stein, who proposes “a human-centered economy that puts people, planet and peace over profit.”
A gathering Monday in Washington, D.C., featured a bipartisan group of former government officials agreeing on the benefits of slashing the nation’s safety net.
This week marks the 20th anniversary of “welfare reform,” the 1996 law passed by Congress and administered by President Bill Clinton that strictly limited the amount of federal cash assistance that the poorest Americans can receive — transforming the Aid for Families with Dependent Children program into the more restrictive Temporary Aid for Needy Families.
One of the main impacts of the law was to help double the number of American households living in extreme poverty in America – defined as living on less than $2 a day.
The Capitol Hill event, hosted by the right-leaning American Enterprise Institute and the Progressive Policy Institute, which has been referred to as President Bill Clinton’s “idea mill,” celebrated the 20th anniversary of the law. Its architects said they had no regrets about its passage.
Former Michigan Republican governor John Engler, who pioneered state-level welfare cutbacks and who today serves as the head of the corporate lobbying group the Business Roundtable, recounted how Bill Clinton’s support helped make national welfare reform possible.
“It was pretty stunning in 1992 to have a Democratic candidate for president, albeit a 12-year veteran in the governor’s office talking about ending ‘welfare as we know it,’” he said. “That was a pretty decisive moment.” …
…At the conclusion of the event, the speakers and audience were treated to a reception featuring alcoholic drinks, cheesecake squares, specialty meats, and gourmet cheese.
The U.S. poverty rate has been increasing since 2000. The 2015 Census Bureau statistics have not been released yet, but in 2014 46.7 million Americans (14.8 percent) were in poverty. Only 4.1 million receive assistance from TANF.
As Joan Rivers used to say, “Can we talk?” Because the corporate media coverage of the presidential race is barely mentioning the issues that affect you and me.
Lately all over cable TV they are vociferously debating whether Donald Trump is paying enough respect to the family of a U.S. Army captain who died heroically 12 years ago during Bush’s illegal invasion of Iraq (that Hillary voted for as a senator), after the father of said fallen warrior aimed a gratuitous insult at the notoriously thin-skinned Trump in a partisan DNC speech.
Most likely, this is a picture of the 2016 presidential campaign for the next 100 days. Hillary using surrogates to get Trump to say something that dominates the news cycle, or trying to get Trump to lose his temper during a debate. Anything Trump says is automatically news. Hillary has not held a press conference since last year.
What could the candidates talk about? Well, here is one suggestion. There is another recession coming, sooner rather than later. How will Hillary and Trump deal with the consequences?
Instead of ending the world of banks that are “too big to fail” and preventing banks from operating in ways that could again sink the economy, we have guaranteed them that the taxpayers are ready and waiting when they make another catastrophic mistake.
The Dodd-Frank regulations are not completely written yet, and probably won’t be in effect when the Wall Street billionaires crash our financial sector again. Is the American middle class about to take another big hit? Can somebody offer a plan to help us? We haven’t even recovered from the last time.
Hillary is going to have to offer much more than her current “OMG Trump!” campaign.
This particular one died on a live “Young Turks” stream at the Republican Convention. It was my favorite part of the whole week.
I always respect it when pundits with right wing views debate with somebody who might ask them questions they feel uncomfortable with, rather then staying on safe ground at Fox “news”. Ed Butowski’s website lists him as an “internationally recognized expert in the wealth management and as a financial advisor”, although he doesn’t have a Wikipedia page. He is a regular on Fox “news”, so that is something I suppose. (snark)
Cenk sits down with Butowski, and tells him to pick a subject, which turns out to be Bernie Sanders’s views on the economy. I’m pretty sure he thought he would be able to throw Cenk off, but I’d say the opposite happened.
It’s a fun interview to watch and civil, unlike anything you see on Fox. Enjoy!
‘America Is NOT Broke’: Michael Moore Speaks in Madison, WI — March 5, 2011
“Contrary to what those in power would like you to believe so that you’ll give up your pension, cut your wages, and settle for the life your great-grandparents had, America is not broke. Not by a long shot. The country is awash in wealth and cash. It’s just that it’s not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich.”
— Michael Moore
According to economists Peter Lindert and Jeffrey Williamson, the Gini coefficient in this country is now the highest it has ever been. “We went from one of the most egalitarian places in the world to one of the least,” Williamson told the Washington Post. “What happened?”
In his chronicle of the young United States in the 1830s, Alexis de Tocqueville famously said that “nothing struck me more forcibly than the general equality of condition among the people.”
The Gini coefficient is a measure of inequality in which 0 is perfect equality and 100 would mean perfect inequality, or one person owning all the wealth. A recent study by the financial services corporation Allianz found that the U.S. had the most extreme wealth inequality in the world, with a score of 80.56 – the highest concentration of overall wealth in the hands of the proportionately fewest people.
The 2016 election is different. Donald Trump is running as a Tea-GOP populist, and he has a lot of support from large numbers of Americans that elite politicians do their best to ignore in favor of the rich.
Via The Guardian:
Over the past 35 years the working class has been devalued, the result of an economic version of the Hunger Games. It has pitted everyone against each other, regardless of where they started…
…In Ohatchee, Alabama, Larry, taking a day off work to take his son fishing, is gracious but frustrated: “I have worked in foundries all my life, since I was 15. Hard work, and I don’t got a lot of money to show for it.”
The frustration isn’t just misplaced nostalgia – the economic statistics show the same thing.
Over the past 35 years, except for the very wealthy, incomes have stagnated, with more people looking for fewer jobs. Jobs for those who work with their hands, manufacturing employment, has been the hardest hit, falling from 18m in the late 1980s to 12m now.
The economic devaluation has been made more painful by the fraying of the social safety net, and more visceral by the vast increase at the top.
Earlier this month MSNBC’s Joe Scarborough (who I often disagree with) offered this simple explanation for Trump’s groundswell of support:
“The problem with the Republican Party over the past 30 years is they haven’t — and I’ll say, we haven’t — developed a message that appeals to the working class Americans economically in a way that Donald Trump’s does,” the former Republican lawmaker explained. “We talk about cutting capital gains taxes that the 10,000 people that in the crowd cheering for Donald Trump, they are never going to get a capital gains cut because it doesn’t apply.”
“We talk about getting rid of the death tax,” he continued. “The death tax is not going to impact the 10,000 people in the crowd for Donald Trump. We talk about how great free trade deals are. Those free trade deals never trickle down to those 10,000 people in Donald Trump’s rallies.”
“You sound like Bernie Sanders,” NBC’s Chuck Todd pointed out.
“But herein lies the problem with the Republican Party,” Scarborough complained. “It never trickles down! Those people in Trump’s crowds, those are all the ones that lost the jobs when they get moved to Mexico and elsewhere. The Republican donor class are the ones that got rich off of it because their capital moved overseas and they made higher profits.”
There it is. Bernie Sanders is leading a “political revolution” from the left. Trump is leading another revolution in the Tea-GOP.
Via Media Matters.
In an open letter to the Yelp CEO last week, a 25-year-old woman who identified herself as Talia Jane explained that she could not afford groceries and rent on her minimum wage pay at Yelp’s Eat24 food delivery network in San Francisco. Most of her co-workers were living with their parents, and one guy was apparently homeless. The whole thing is worth reading.
I haven’t bought groceries since I started this job. Not because I’m lazy, but because I got this ten pound bag of rice before I moved here and my meals at home (including the one I’m having as I write this) consist, by and large, of that. Because I can’t afford to buy groceries. Bread is a luxury to me, even though you’ve got a whole fridge full of it on the 8th floor. But we’re not allowed to take any of that home because it’s for at-work eating. Of which I do a lot. Because 80 percent of my income goes to paying my rent. Isn’t that ironic? Your employee for your food delivery app that you spent $300 million to buy can’t afford to buy food. That’s gotta be a little ironic, right?
…I got paid yesterday ($733.24, bi-weekly) but I have to save as much of that as possible to pay my rent ($1245) for my apartment that’s 30 miles away from work because it was the cheapest place I could find that had access to the train, which costs me $5.65 one way to get to work. That’s $11.30 a day, by the way. I make $8.15 an hour after taxes. I also have to pay my gas and electric bill. Last month it was $120. According to the infograph on PG&E’s website, that cost was because I used my heater. I’ve since stopped using my heater. Have you ever slept fully clothed under several blankets just so you don’t get a cold and have to miss work? Have you ever drank a liter of water before going to bed so you could fall asleep without waking up a few hours later with stomach pains because the last time you ate was at work? I woke up today with stomach pains. I made myself a bowl of rice.
Look, I’ll make you a deal. You don’t have to pay my phone bill. I’ll just disconnect my phone. And I’ll disconnect my home internet, too, even though it’s the only way I can do work for my freelance gig that I haven’t been able to do since I moved here because I’m constantly too stressed to focus on anything but going to sleep as soon as I’m not at work…
Let’s make sure I have the facts in order, here. When this young woman took a new job she was under the impression that she wouldn’t have to get a second job to cover basic expenses like food, rent, and utilities. We now live in a low-wage economy where entry-level employees are expected to work overtime and weekends without proper compensation. And by the way, Talia Jane’s letter concludes with an update that says she was fired the same day she wrote to the CEO.
Instead of expressing sympathy, most people commenting on the letter criticized Talia Jane for whining and feeling “entitled.” Faux News Channel just piled on, basically claiming that employees have no right to expect any kind of living wage – especially not in San Francisco. Faux News host Sandra Smith is a wealthy former hedge-funder. Stefanie Williams is just clueless.
The MM story got picked up by Raw Story, and here is a choice comment:
Wow … a 29 year old who still lives at home with her parents and works as a bartender lecturing a 25 year old college graduate who is living on her own about entitlements and bootstraps and personal responsibility…
Two hours after the letter was posted online, she was fired. The company said her termination was not related to the letter, however Ms Jane claimed that she was told by Yelp’s HR department that her letter violated company terms of conduct.
Bashing millennials and shaming those who claim to be struggling financially has grown in popularity, seemingly in response to public attention on income inequality.
I have a shiny degree with my name on it, lots of knowledge about things I’m passionate about, and a whole lot of debt.
…When some people see things like Talia Jane’s piece about Yelp, they basically orgasm with self-righteousness. It gives them an excuse to hate on millennials and talk about what hard workers they are and how lazy everyone else is.