Category Archives: Political Conversation

Thank You Sir Charles – A Wake-Up Call To Democrats

Published / by Stephen

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I’m Just So Proud’ of Alabama for Electing Doug Jones

After news outlets called the race for Doug Jones, a jubilant Barkley told CNN that Tuesday was a great night for Alabama, which he said had “been stuck in a time warp for a long time.”

“First of all, Roy Moore was an embarrassment. If any other man had eight women accusing him of sexual harassment, talking about how he really enjoyed slavery, he thinks people who are homosexuals should go to jail, they wouldn’t have even been in this election. This is more of a referendum on the state of Alabama, and I’m just so proud of my state.

I’m so proud of my state. I love my state. We got some amazing people here, Yeah, we got a bunch of rednecks and a bunch of ignorant people, but we got some amazing people here and they rose up today.”

He also called the results a “wake-up call” to Democrats who have taken the support of black and poor voters for granted:

They’ve taken the black vote and the poor vote for granted for a long time. They’ve always had our votes, and they’ve abused our votes, and this is a wake-up call. We’re in a great position now, but this is a wake-up call for Democrats to do better for black people and poor white people.”

A Side Note: Charles Barkley considered himself a Republican until he became dismayed with George W. Bush’s administration, telling World Golf in 2006, “I was a Republican – until they lost their minds.”

Trump Tax Cut a 2007-Style Apocalypse

Published / by Stephen

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William D. Cohan’s chilling distillation of the financial time bomb buried in Trump’s tax plan—a boneheaded assault on the housing market that could precipitate a 2007-style apocalypse.

“Will this be the first tax cut in American history that actually results in a recession?”

Check out Cohan’s economic logic. Is the Republican Congress Insane?

Everyone Hates The Trump Tax Cut Plan

Published / by Stephen

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Paul Krugman explains why the republicans are pushing a tax plan that would be bad for the economy and most that participate in the economy. “we’re talking about government of the people, not by the people, but by wealthy donors, for wealthy donors. Everyone else hates this plan — and they should.”

Everybody Hates the Trump Tax Plan

Key Points: [The republican] claim is that cutting taxes on corporate profits would lead to an explosion in private investment and faster economic growth.

…so where does the money for that increase in capital expenditure come from? Nothing in the bill would make Americans consume less and save more. So the money would have to come from abroad — from selling stocks, bonds and other assets to foreigners, on a massive scale. … this inflow of foreign money would drive up the value of the dollar and lead to huge trade deficits, more than $6 trillion in deficits over the next decade.

… about that economic growth: Foreign investors would be earning profits and taking them home. So much — probably most — of any growth we would get from cutting corporate taxes would accrue to the benefit of foreigners, not Americans.

Most serious economic analyses agree with those C.E.O.s who disappointed Gary Cohn: Corporate tax cuts wouldn’t actually do much to raise investment. They would, however, explode the budget deficit.

So in an attempt to limit that deficit blowout, Senate Republicans are proposing significant tax increases on working families. In fact, according to Congress’s own Joint Committee on Taxation, taxes would rise on average for every group with incomes under $75,000 a year, and would surely rise for many families even in higher-income groups. The only significant winners would be those making more than $1 million a year. Populism!

… this doesn’t even take account of the health care sabotage that’s an integral part of the Senate plan. By repealing the mandate — the requirement that people purchase insurance — the plan would, as I said, cause 13 million to lose coverage

[in addition to all of this] tax-cut-induced deficits would, by law, trigger cuts in Medicare, and this would just be the start of a G.O.P. assault on programs like disability insurance that provide a crucial safety net for millions of working-class Americans.

All of which raises the question, why are Republicans even trying to do this? It’s bad policy and bad politics, and the politics will get worse as voters learn more about the facts. [the answer] donors are basically saying get it done or don’t ever call me again. [we are becoming] ”a government of the people, not by the people, but by wealthy donors, for wealthy donors. Everyone else hates this plan — and they should.”

 

 

 

The Political Conversation & Tax Cuts

Published / by Stephen

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In my post Stop Dealing Trump I assert that the objective of congressional republicans is to “funnel money to rich friends and to hell with the rest of the world.” This is personified in  E.J. Dionne’s piece titled Stop obsessing about tax cuts

To paraphrase Dionne, It is a victory for Republicans that the political conversation is all about taxes. This is entirely wrong, and it’s essential to challenge the whole premise of the debate.

Here are some exerts:

The United States does not need tax cuts now. Reducing government revenue at this moment will do far more harm than good. Conservatives are proving definitively that they don’t care in the least about deficits. And their claims that tax cuts will unleash some sort of economic miracle have been proved false again and again and again.

But there is an even bigger objection: The opportunity costs of this obsession are enormous because it keeps us from grappling with the problems we really do need to solve.

Ever since Trump’s election, discussion of the vast divides in our nation between prosperous regions and those battered by economic change have filled our newspapers, websites and airwaves. There is simply no way that shoveling out $2.6 trillion in business tax cuts over 10 years (and in a largely undifferentiated fashion) does anything to help places that are ailing.

On the contrary, this farrago of corporate goodies — along with the absurd repeal of the estate tax and various other benefits showered on the well-off — would only aggravate existing inequalities. And by depleting the government’s coffers, it would make it much harder to finance public initiatives in education, job training and other spheres to promote mobility for Americans who are lagging behind.

There is more good stuff. Read it!