Oh, and about that wall. Here’s a financing plan that’s a win-win.
Brought to you by Nicholas Kristof
Top Charts of 2018, Economic Policy Institute – Twelve charts that show how policy could reduce inequality—but instead is making it worse. December 20, 2018.
- The upward march of inequality is firmly reestablishing itself
- Depending on the state, the average top 1-percenter makes between 12.7 and 44.4 times more each year than the average bottom 99-percenter
- The Fed can look to the late 1990s for guidance on how to raise wages
- Attacks on unions have hurt their ability to hold inequality in check
- An attack on public-sector unions is an attack on women, teachers, and African Americans
A Krugman Lesson on Tax Policy
A Comment on Trump’s Twisted Tariff Logic
Trump claims Chinese tariffs have brought in millions. Wrong. A tariff on imports is a Tax. The Tax is paid by companies importing Chinese products. These taxes are at least partially passed to consumers of the products. If it looks like a duck, swims a duck, and quacks like a duck it probably is a duck.
More from Robert Reich:
The most important thing we must do to save our democracy is get big money out of politics. It’s a prerequisite to accomplishing everything else.
Today, big money continues to corrupt American politics – creating a vicious cycle that funnels more wealth and power to those at the top and eroding our democracy.
In the 2018 midterm elections, wealthy donors and Super-PACs poured millions into the campaigns of the same lawmakers who voted to pass the 2017 tax cuts, which gave them huge windfalls.
Consider conservative donors Sheldon and Miriam Adelson, whose casino business received an estimated $700 million windfall, thanks to Trump and Republicans’ tax cuts. The couple then used some of this extra cash to plow more than $113 million dollars into the 2018 election, breaking the record for political contributions by a single household.
That’s not a bad return on investment – for them.
All told, almost 40 percent of total contributions in the 2018 midterms came from people who donated $10,000 or more. Yet these mega-donors comprise a tiny 0.01 percent of the U.S. population.
Robert Reich wrote this for the November 30, 1998 issue of the New Yorker magazine. He posted it to his blog today. It could not be more time appropriate.
It used to be that people who owned a lot of things could protect themselves and their things by erecting sturdy houses and, if necessary, putting a lock on the door. Today, it seems, that’s not enough. It’s estimated that three million American households live within gated communities – twenty thousand of them, often equipped with private security guards and electronic surveillance systems. Some years ago, the town of Rosemont, Illinois, erected a beige wrought-iron fence. Rosemont is a suburb of Chicago, with a population of four thousand, and it has one of the largest auxiliary police forces in the United States.
You want to know how wrong the Trump tax cut is? Read this, written by someone with the economic chops to know.
NYTimes.com: The Trump Tax Cut: Even Worse Than You’ve Heard
A global heat wave. Extreme rainstorms. Severe droughts. Rapidly intensifying Gulf Coast storms. The deadliest wildfire in California history. And a presidential administration that’s trying to make the problem worse. David Leanhardt, NYT’s Op-Ed Columnist
“NBC devoted the full hour of December 30 “Meet the Press” to climate change, featuring an interview with Michael Bloomberg vowing to elevate its role in the White House race.”
“We’re not going to debate climate change, the existence of it. The Earth is getting hotter. And human activity is a major cause, period. We’re not going to give time to climate deniers. The science is settled, even if political opinion is not.”
— Chuck Todd at the open of today’s show
“Bloomberg said he’ll work to ensure that 2020 Democratic presidential candidates offer strong proposals on climate.”
“I don’t know whether I’m going to run or not, but I will be out there demanding that anybody that’s running has a plan. And I want to hear the plan, and I want everybody to look at it and say whether it’s doable.”— Bloomberg on “Meet the Press”
After his first bizarre year, his apologists told us he was growing into the job and that in his second year he’d be more restrained and respectful of democratic institutions.
Wrong. He’s been worse
Republican members of Congress must join with Democrats to get this task done as quickly as possible. Nothing is more urgent. It must be, in effect, America’s New Year’s resolution