He steals credit, describes the average as superlative, invents history and spins conspiracy theories
He steals credit, describes the average as superlative, invents history and spins conspiracy theories
Robert Reich – Trump’s Shareholder Bonanza:
The evidence is in: The biggest beneficiaries of the Trump-Republican tax plan are shareholders.
Yesterday, Bank of America Brian Moynihan said that “most of the benefits” from the tax cuts “will flow to the bottom-line through dividends and share buybacks over time.”
Exactly. Dividends and share buybacks boost share prices. And that’s all corporate America wants to do.
Moynihan noted that in 2017, Bank of America had $16.6 billion of net income available to shareholders and returned $16.8 billion through dividends and buyback. “So, yes, we will expect to return more capital to shareholders given the tax [cut].”
Even the expectation of a big corporate tax cut have caused shares to soar.
[But} Because the richest 1 percent of Americans owns 40 percent of all shares of stock, and the richest fifth owns 80 percent, this is great news for the wealthy.
It’s not great news for anyone else.
1. Calling Trump’s tweets “presidential “statements” or “press releases.” Wrong. Trump’s tweets are mostly rants off the top of his head – many of them wild, inconsistent, rude, crude, and bizarre.
2. Referring to Mar-A-Lago as “the Winter White House.” Rubbish. Unlike the White House and Camp David, the traditional presidential retreat, both of which are owned by taxpayers, Mar-a-Lago is a profit-making business owned by Trump.
3. Calling his lies “false claims” or “comments that have proved to be inaccurate.” Baloney. They’re lies, plain and simple.
4. Referring to Trump’s and his aide’s possible “cooperation” or “coordination” with Russia in the 2016 presidential campaign. Nothing about what we’ve seen and heard so far suggests politeness or innocence. “Collusion” is the proper word, suggesting complicity in a conspiracy. If true – if Trump or his aides did collude with the Russians to throw the election his way – they were engaged in treason, another important word that rarely appears in news reports.
5. Calling Trump’s and Paul Ryan’s next move “welfare reform.” Rubbish. They’re not going after “welfare.” Welfare – federal public assistance to the poor – was gutted in 1996. Trump and Ryan are aiming at Medicaid, Medicare, and Social Security.
6. Describing Trump’s comments as “racially charged.” “Racially charged” sounds like Trump doesn’t intend them to be racist but some people hear them that way. Rubbish. Stop using terms like “racially charged” to describe his statements. Face it. Trump is a racist, and his comments are racist.
Again Trump has shown his true colors. His latest racist tirade, no immigrants from s*hole countries, demonstrated that his approach is to exclude whole groups of people, especially people of color. He is a bigot and a racist – definitions below.
His comments also reveal the true motives of the republican party. The republican reaction is telling – Paul Ryan “it is unfortunate, not helpful.” Others denying that the words were spoken. The party is mostly a racial group, old wealthy white men, protecting their power. The emperor has no clothes. They are a racist party. It is time to throw the rascals out.
It is instructive to to examine the meanings of the words prejudice, bigotry and racism. Debby Irving a racial justice educator and writer provides the following definitions:
Are prejudice, bigotry, and racism the same thing?
No. And this is a HUGE source of misunderstanding.
Prejudice is when a person negatively pre-judges another person or group without getting to know the beliefs, thoughts, and feelings behind their words and actions. A person of any racial group can be prejudiced towards a person of any other racial group. There is no power dynamic involved.
Bigotry is stronger than prejudice, a more severe mindset and often accompanied by discriminatory behavior. It’s arrogant and mean-spirited, but requires neither systems nor power to engage in.
Racism is the system that allows the racial group that’s already in power to retain power. Since arriving on U.S. soil white people have used their power to create preferential access to survival resources (housing, education, jobs, food, health, legal protection, etc.) for white people while simultaneously impeding people of color’s access to these same resources.Though “reverse racism” is a term I sometimes hear, it has never existed in America. White people are the only racial group to have ever established and retained power in the United States.
Another beauty by Robert Reich:
Political conning is Trump’s genius. This genius – combined with his utter stupidity in every other dimension of his being – poses a clear and present danger to America and the world. …The 25th Amendment must be invoked before it’s too late.
This provides perspective for those who voted for Trump and those of us who did not.
Since the 2016 Presidential Election a narrative has emerged that Fake News, much of it produced by Russian sources and amplified on social networks, generated millions of views among segments of the electorate eager to hear stories about Hillary Clinton’s untrustworthiness, unlikeability, and possibly even criminality.
The Columbia Journalism Review recently published an in-depth analysis of the effect that Fake News had on the election outcome. The key takeaway is that while fake news played a role, the mainstream media, by focusing much more on controversy (e.g., Hillary emails, Trump taxes) than policy, played a much bigger role role.
In just six days, The New York Times ran as many cover stories about Hillary Clinton’s emails as they did about all policy issues combined in the 69 days leading up to the election.
A silent video from Robert Reich: The big picture of how we got into this mess (of trump) and how we get out of it.
This is an excellent lesson in political economy: how we have been transformed from a post World War II civil society to one that is not so civil.
Robert Reich lays it out:
Last week, Utah Senator Orrin Hatch stood on the White House lawn, opining that Donald Trump’s presidency could be “the greatest presidency that we’ve seen, not only in generations, but maybe ever.” I beg to differ.
America has had its share of crooks (Warren G. Harding, Richard Nixon), bigots (Andrew Jackson, James Buchanan), and incompetents (Andrew Johnson, George W. Bush). But never before Donald Trump have we had a president who combined all these nefarious qualities.
Over the past two weeks my favorite Keynsean has been very busy posting responses to the republican tax scam. Here are links to the posts followed by a lead-in paragraph:
Dec 7, 2017 The Republican War on Children
Let me ask you a question; take your time in answering it. Would you be willing to take health care away from a thousand children with the bad luck to have been born into low-income families so that you could give millions of extra dollars to just one wealthy heir?
Dec 8, 2016 Facts Have a Well-Known Liberal Bias
There are two central facts about 21st-century U.S. politics. First, we suffer from asymmetric polarization: the Republican Party has become an extremist institution with little respect for traditional norms of any kind. Second, mainstream media – still the source of most political information for the great majority of Americans – haven’t been able to come to grips with this reality. Even in the age of Trump, they try desperately to be “balanced”, which in practice means bending over backwards to say undeserved nice things about Republicans and take undeserved swipes at Democrats.
The latest job report was very good, except for one thing: wage growth is still much lower than it was before the financial crisis. And this reminds me of a controversy that raged around four or five years ago, during what now seems like a golden age – an era when it seemed as if facts and reasoned debate might actually matter for policy.
Dec 11, 2017 Steve Mnuchin Pulls a Paul Ryan
On Monday the Treasury Department released a one-page report claiming that tax cuts would pay for themselves. The document was a shameless attempt to fool the public — carefully worded to imply that economic experts at Treasury (they’re still in there somewhere, maybe locked in a closet) had actually done an analysis to that effect, without explicitly saying so. In fact, there was no economic analysis; Trump officials just made up numbers that would give them the result they wanted.
Dec 12, 2017 What Happens if the Tax Bill Is a Revenue Disaster?
Jonathan Chait raises a good point, which many of us were already thinking about: for all the debate about whether the tax bill will partially pay for itself, it’s actually more likely that it will end up worsening the deficit by far more than most estimates suggest. The reason is simple: the bill is junk, hastily drafted and full of exploitable loopholes. Once the tax lawyers and accountants get to work, they will probably find ways for their clients to avoid hundreds of billions in taxes that even the JCT estimates still assume will be paid.
Suppose this is indeed what happens. I’ve been trying to think through the next step: What effect will a ballooning deficit have on markets and the political climate?
So, it seems that Republicans are responding to the devastating defeat in Alabama – which is part of a sustained pattern of underperformance in special elections, demonstrating that bad polls reflect reality, not bad polling, by … doubling down on a massively unpopular tax plan, whose main focus is on cutting corporate taxes.
Dec 14, 2017 Republicans Despise the Working Class
You can always count on Republicans to do two things: try to cut taxes for the rich and try to weaken the safety net for the poor and the middle class. That was true under George W. Bush, who sharply cut tax rates on the top 1 percent and tried to privatize Social Security. It has been equally true under President Trump; G.O.P. legislative proposals show not a hint of the populism Trump espoused on the campaign trail.
For those who weren’t reading my blog before it was folded into the column page, “wonkish” posts were written with economists or highly economics-fluent readers in mind, not the broader public. I put up the “wonkish” as a warning to normal human beings. So here’s one of those on the topic of the day; if funny diagrams and economese aren’t your thing, feel free to skip.
Dec 18, 2017 Passing Through to Corruption
The question is, why are they doing this? For this bill isn’t just a policy crime; it also seems to be a political mistake. It will, however, be good, one way or another, for the bank accounts of quite a few Republican members of Congress. Is that why it will pass?
Dec 20, 2017 Republicans Despise the Working Class, Continued
The GOP tax plan is remarkably unpopular. According to the latest NBC poll, only 24% of the public thinks it’s a good idea; 63% believe that it’s mainly for the rich and corporations [editor: it is], while only 7% think it’s aimed at the middle class. Republicans think it will become more popular over time; that’s not what happened with previous tax cuts, and as Drew Altman of Kaiser Family Foundation notes, everyone – even Republicans – hates the idea of cutting major social programs to pay for tax cuts, which is exactly what the GOP plans to do.
Dec 21, 2017 Tax-Cut Santa Is Coming to Town
It’s that time of year again. Some of us will get nice gifts, while others will get lumps of coal.
But the rules have changed a bit this time, at least as far as the federal government is concerned. The St. Nick you knew is on vacation, possibly permanently. In his place we have Republican Tax-Cut Santa, who has different priorities.
“You all just got a lot richer,” Trump reportedly told guests at Mar-a-Lago. But Republicans will nonetheless keep insisting that the corporate tax cut that is the main item in the tax bill is really for the benefit of workers. They will be aided in this claim by some recent corporate announcements of bonuses or wage hikes that they attribute to the tax cut. …It’s nonsense, of course.