Archive for ‘Economics’

March 15, 2013

What’s truly wrong with the Ryan Budget

Paul RyanBy , The Washington Post

The tax plan embedded in the House Republican budget would cut taxes by $5.7 trillion over the next decade, with the benefits flowing disproportionately to very wealthy households, according to a new analysis by the nonpartisan Tax Policy Center.

Taxpayers earning more than $1 million a year would benefit the most from the GOP tax plan, the analysis shows, reaping an average $400,000 tax break that would send their after-tax income soaring by nearly 20 percent.

Meanwhile, taxpayers earning between $40,000 and $50,000 a year —

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February 15, 2013

Economists Shoot-down Boehner’s Minimum Wage Claim

raise minimum wageBoth times in fairly recent years federal minimum wage was increased with the cooperation of Republican leadership. In 1996, the Republican-controlled House under Newt Gingrich, the minimum wage was raised from $4.25 to $5.15 over a 2 year period. The next wage increase took place a decade later, in 2006-2007, when Democrats won back control of the House. They found support for the increase in then President, George W. Bush. This instance raised the minimum rate to its current level of $7.25 per hour.

February 14, 2013

Dems’ Sequester Replacement Meets with Predictable Response

Republican Health Care SolutionsSenate Democrats will soon release a bill to counter massive cuts from the looming sequestration. In short the bill will institute a minimum tax rate for millionaires and eliminate some tax subsidies, specifically those subsidizing crop insurance for large farms, a program the CBO says will cost upwards of $90 billion over the next decade.

Predictably, the Senate’s much criticized minority leader Mitch McConnell, has come out against the proposed bill saying,

February 12, 2013

Weak Demand to Blame for Unemployment, Not Taxes or Regulations

unemployment line_depressionThe core of the ideological economics debate the country has beared witness to over the last few years centers on essentially 2 elements;

1) Taxes and regulations are slowing the recovery and restraining growth and hiring

and…

2)  Demand is the primary mover of job creation, especially during an economic recovery

February 1, 2013

TAXES! How does the U.S. measure up?

Tax returnsTaxes are always a political hot potato but over the last few years they have been the searing topic of choice as the Bush Tax Cuts’ expiration was debated by many a political pundit, each and every one of them apparent “experts”. Screams and wails about how much individual or “job creator” taxes will rise or fall should one or the other candidate wins. Constant complaints emanate from the Republican Party and the likes of Grover Norquist that taxes are too high, how any increase will destroy the economy and only lower taxes will save us all despite the large temporary cuts which have been in effect for more than a decade.

January 17, 2013

Daily Scoop: GW’s Interior Secretary’s New Bathroom Cost WHAT?

KempthorneAs we watch the congressional Republicans demand sacrificial spending cuts for not hobbling the U.S. economy over raising the debt ceiling, the cost taxpayers paid for George Bush’s Interior Secretary’s personal bathroom has come to light.Dirk  Kempthorne, former Idaho governor, served as the Bush Administration’s Secretary of the Interior from 2006 to 2008. It took six years but the bill for his personal restroom renovations has finally been released and it cost taxpayers a whopping $222,000, more than many houses cost.

January 8, 2013

Daily Scoop: AIG Considers Suing US Government over Bailouts

AIG Suing TaxpayersA jaw-dropping twist in the story of the Great Recession has emerged from the very seed that spawned the economic collapse itself. A month after paying off its taxpayer provided, government loans AIG is now considering a lawsuit against the very government that saved it from oblivion. One must ask what wires crossed in the brains of the company leadership to think this would be an acceptable route to take.

Feel free to read more in the article below and be sure to read Elizabeth Warren’s response to the lawsuit talk immediately following.

December 19, 2012

Daily Scoop: Why the Bush tax cuts were enacted

Washington Post Factchecker:

GW Bush_cropWe’ve noted this history before, but many people have forgotten it. Given that the dispute over whether to extend all of the Bush tax cuts has now led the nation to the edge of the “fiscal cliff,” let’s take a trip back in time to recall why the Bush tax cuts were enacted in the first place. (The Fact Checker covered passage of the Bush tax cuts as an economic policy reporter for The Washington Post.)

Oddly, a key reason the tax cut became reality was because of a fear the United States soon would have zero debt.

October 19, 2012

Where Obama Invests His Money

During the 2nd presidential debate Mitt Romeny threw a glancing, barely above the belt gut shot at the President attempting to link Obama’s investments to China and the Caymans. It was a to blunt the Obama campaign’s foreign investment attacks against the former governor who has significant sums invested in the Cayman Islands, China and other countries. The attacks were meant to call into question Romney’s loyalties to America. His sidelong blow against the President on this topic proves fairly weak when assessed in full.

October 15, 2012

Obama’s Debate To Do List

Given the President’s disappointing performance during the first presidential debate and Mitt Romney’s approval bounce, it is quite clear that Obama needs to regain his focus. He needs to locate the master debater we witnessed in the 2008 campaign. But what is also clear is the President has to both challenge Romney on the multitude of his false claims and call him out over the Republican candidate’s continual flip-flopping.

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