I somehow found myself watching Fox News earlier (for the first time in awhile). Greta Van Susteren was interviewing Paul Ryan. Great (who Bill O’Reilly claims is a “liberal”), was throwing softballs for Paul Ryan to knock out of the park and not surprisingly didn’t challenge him on his claim that Barack Obama’s plan to raise the top marginal tax rate (meaning, those making $250,000 or more) would affect small businesses, because many of them file their earnings as income.
As the CCBP noted in 2010 when the debate on allowing the Bush tax cuts to expire on the wealthiest Americans was in full swing:
In reality, however, extending the tax cuts would do little for small business because only the top 3 percent of people with any business income, let alone income from a small business, would benefit. [1] Over the long term, an extension would likely harm the economy — and thus small business — by adding about $1 trillion to deficits and debt over the next decade and even larger amounts in subsequent decades. [2]
But facts are never a problem for people like Paul Ryan. His goal isn’t really to help economic recovery so much as keeping true to his small government ideology and keeping his pledge to Grover Norquist.
“You know there was a time in this country where we didn’t celebrate attacking people based on their success.”
This was Mitt Romney’s response to a question regarding making sure the wealthy pay their fair share of the social security tax (more on that below).
What time in this country is Mitt referring to? Is it when the top marginal tax rates were more than double what they are now and there didn’t exist such a huge divide between the rich and everyone else?
A few years ago, when I first learned that economic history shows that the economy has fared far better under Democratic Presidents, I was stumped. It went against everything I ‘knew’ about politics (in this case, that Democrats were tax-and-spend liberals who wanted to punish success and redistribute the rewards of said success and Republicans stood for responsibility and were far better at growing the economy).
Looking back now with a far better handle on economic policy, I see why this notion is so prevalent. Democrats are accused of very tangible activities: imposing higher taxes and regulations. It’s easy to see an increased tax rate or point to a regulation which, at face value, appears to serve no purpose other than to hamper business. What’s not tangible is an economy with increased demand due to a strong infrastructure and rules than ensure fair play that everyone abides by. The stronger economy is simply assumed to exist on their own and democratic policies receive little recognition. Sure, every business owner wants lower taxes. But low taxes are hardly an asset in a business environment where there is little/no profit to enjoy those low taxes on.
Obama “Lazy Comment” – Did Obama say Americans are lazy?
Recently, in a Q&A session with the head of Boeing Obama claimed that “we’ve” been lazy about attracting foreign investment. It’s clear from watching the actual interview that Obama is either referring to the government or business. The full quote is here:
“But, you know, we’ve been a little bit lazy, I think, over the last couple of decades. We’ve kind of taken for granted — well, people will want to come here — and we aren’t out there hungry, selling America and trying to attract new business into America.”
In this MSNBC segment, Lawrence O’Donnell compares Obama’s full statement to the ensuing hatchet jobs from Mitt Romney and Rick Perry.
What Obama is saying here is clearly in line with what Republicans generally claim: that American regulations and taxes make it difficult to do business here and this persuades investors to invest outside of the United States. That doesn’t stop Mitt Romney and Rick Perry (who are certainly proponents of this notion) from falsely claiming that Obama is claiming that Americans are lazy.
It’s no secret that political campaigning has long-since abandoned any notion of honest discourse and has certainly trampled on everything I ever learned in my Ethics of Journalism course back in my college years. But the level at which the GOP Presidential candidates trample this is simply beyond reproach.
The Republican presidential candidates have been trying to outdo each other in attacking Obama, and these attacks certainly fit the mold. Mitt Romney is likely trying to break through to a solid #1 spot instead of being constantly overtaken by a different “GOP flavor of the month.” Rick perry (who rose and fell from his status as the “flavor of the month” some time ago) is in desperate straits (especially after what appears to be a drunken speech and an embarrassing moment when he forgets the 3rd federal government agency he’d get rid of).
While outright rejecting the American Jobs Act, Republicans claim to have jobs bills of their own–bills which they complain are stuck in the Senate. So what are these jobs bills? They are a series of bills aimed at cutting regulations (mostly environmental). So let’s compare the plans.
Pat Buchanan recently appeared on the radio program The Political Cesspool to promote his new book. As a result, Color of Changehas sent an open letter asking MSNBC to fire Pat Buchanan. In his defense, Tea Party Nation founder Judson Phillips has written an open letter, which starts off with a bit of a disclaimer:
I am no fan of Pat Buchanan…Despite my opinions of Pat Buchanan, he is clearly a man of accomplishment who does very intelligently express the sentiments of parts of the conservative movement. It is no shock that the left is going after him….
So in short, Phillips disassociates himself with Pat Buchanan’s views while attacking “the left.” He continues: Continue reading →
Like I keep saying, the GOP’s main priority is helping Americans regain their jobs doing what they can prevent Obama from being reelected. The last thing they want is a healthier economy going into the 2012 elections, as they are banking on a bad economy to blame President Obama for (and a voting population to vote along those lines). Whether it’s switching to false crisis’ like the debt or manufactured “scandals” like Solyndra, helping Americans regain their jobs is the least of the GOP’s priorities.
Despite big leads in polls and search traffic for Occupy Wall Street, it is almost in a dead heat with the Tea Party for the volume of news coverage. Using Advanced Search in Google News we found that between October 7 and last week, Occupy Wall Street only barely bests the Tea Party when we examine the number of news pieces covering each movement: 29,000 to 22,000.
Robert Reich on the 7 biggest lies on taxes, the economy and more.
Below is an expansion of what Robert Reich so effectively stated and illustrated in an amazing 2 minutes.
1-Tax Cuts one the Rich Trickle Down to the rest of us 2-High taxes on the rich hurt the economy
This is one of the staples of the Republican parties. Their claim is that cutting taxes on the rich (and for that matter, corporations) will free up capital that will magically find its way back into the economy in the form of investment and hiring. Aside from being demonstrably false (see charts below), it also makes the false assumption that tax rates are what drive or divert hiring and other investments. In reality, more important market signals like demand are what drive these, regardless of tax rates. Cutting taxes on the rich and corporations has done nothing to boost GDP growth. Rather, the added streams of revenue have simply increased profits and increased wealth disparity here in the US.
The middle class we we know/knew it was created during a time of higher tax rates on the rich and has largely disappeared with lowered tax rates.
There exists a correlation between tax cuts on the rich and a growing wealth disparity.
Back to Work: Why We Need Smart Government for a Strong Economy
Former President Bill Clinton explains how our 30-year anti-government policies
have gotten us to the mess we are currently in, and provides a strategy for
economic recovery and a strong economic future.
Presimetrics
Ever wanted a completely data-driven view of political parties and their effects
on GDP growth,median incomes? Do tax rates really affect GDP or revenue growth?
Which party is better for the middle class in general? Here's a hint: These
metrics do not bode well at all for Republicans nor their small government
mantras.
23 Things They Don't Tell You About Capitalism
Ha –Joon Chang takes on 23 of the most prevalent “free market” notions to
task, chapter-by-chapter. Chang uses international and historical comparisons
as well as anecdotes to make his case. This is essentially 23 chapters of
free market myth-busting.
How Markets Fail: The Logic of Economic Calamities
Explains the instances where markets fail at properly evaluating costs against
potential risks and rewards. Also delves into economic history and includes
the works and views of Adam Smith, Friedrich Hayek, and Maynard Keynes.
Obamanomics
Written in 2008, Obamanomics lays the case for Obama’s economic plan. A great
read for those looking for anyone interested in what Obama’s economic platform
looked like from the point of view of mainstream economics.
Naked
Economics
If you've never spent a waking moment in an Economics class, or have simply
forgotten all of the easily forgettable facts and stats that seemed irrelevant
at the time, this is the book to start with. Learn how the market operates,
and how the government's role plays out in relation thereof. Learn what the
Fed does.
The
Conscience of a Liberal
Paul Krugman takes us through the creation and virtual demise of the middle
class and basically explains how we (Americans) have been duped by the Reagan-era/free
market mantras and false promise that the wealth would trickle down.
The
Predator State: How Conservatives Abandoned the Free Market and Why Liberals
Should Too
Long story short, James Galbraith explains why conservatives in political
office have abandoned the idea of unfettered free market policies they espousetheyve
failed in practice. Galbraith explains how these free market policies have
failed in practice and advances the argument that politicians should cease
paying lip service to a system they don't believe in.
The
Age of Turbulence
Alan Greenspan has become that man we all love to hate--the rhetorical punching
bag for the housing market crash. But this read is important in understanding
the case for deregulation and get an insider's view of the Fed's role in the
US economy over the last few decades.
The
Great Depression
Eric Rauchway takes you through a brief introduction of the Great Depression
and the New Deal. This 150 page book is no short read, as each page is loaded
with information.
The
Mind of the Market
Michael Shermer explains how our evolutionary development has shaped who we
are and why we do certain things. Using a variety of studies, he also explains
how our evolution
as a hunter-gatherer, tribal, and largely communal species sometimes leave
us making choices not geared towards a modern global economy.
American
Theocracy
A former Republican strategist, Kevin Phillips explains American addiction
to oil, dependence on finance, increasing influence of the fundamentalist
religious right, and the convenient alliance they formed.
Where
have all the Leaders Gone?
Lee Iacocca explains the loss in American leadership, delves into policits
and goes through the history of Detroit's once Big Three.
In
Fed We Trust
Few things are as obscure, confusing, and misunderstood (and therefore easily
subjected to vilification and countless conspiracy theories) as the Federal
Reserve. In Fed we Trust takes you through the history and origins of the
Fed (and the concept of a central bank in general). It makes a great gift
for that annoying Ron Paul robot in your circle of friends.
Movies
Sicko
Michael Moore's documentary exposes the reasons health insurance should no
longer be left to the private sector. The real rationing comes from the private
sector denying health care to recipient who actually need it.
