Posts tagged ‘Billionaires’

Federal Budget A Bad Deal Benefiting Only Millionaires And Billionaires


Federal Budget A Bad Deal Benefiting Only Millionaires And Billionaires

 

A bipartisan budget deal to avert another government shutdown comes before the Senate this week. The vast majority of House members from both parties approved the two-year budget agreement last week in a 332-to-94 vote. It is being hailed as a breakthrough compromise for Democrats and Republicans. The bill eases across-the-board spending cuts, replacing them with new airline fees and cuts to federal pensions. In a concession by Democrats, it does not extend unemployment benefits for 1.3 million people, which are set to expire this month. To discuss the deal, we are joined by David Cay Johnston, an investigative reporter who won a Pulitzer Prize while at The New York Times. He is currently a columnist for Tax Analysts and Al Jazeera, as well as a contributing editor at Newsweek.

TRANSCRIPT

This is a rush transcript. Copy may not be in its final form.

AMY GOODMAN: A bipartisan budget deal to avert another government shutdown comes before the Senate this week. The House approved the two-year budget agreement last week in a 332-to-94 vote. The bill eases across-the-board spending cuts, replacing them with new airline fees and cuts to federal pensions. In a concession by Democrats, it does not extend unemployment benefits for 1.3 million people, which is set to expire this month. Republican Congressmember Paul Ryan and Democratic Senator Patty Murray called the deal a win for both sides.

REP. PAUL RYAN: I think this agreement is a clear improvement on the status quo. This agreement makes sure that we don’t have a government shutdown scenario in January. It makes sure that we don’t have another government shutdown scenario in October. It makes sure that we don’t lurch from crisis to crisis.

SEN. PATTY MURRAY: Our deal puts jobs and economic growth first by rolling back sequestration’s harmful cuts to education and medical research and infrastructure investments and defense jobs for the next two years.

AMY GOODMAN: That was Republican Congressmember Paul Ryan and Democratic Senator Patty Murray.

The budget deal is being hailed as a breakthrough compromise for Democrats and Republicans, but not everyone supports it. Democratic Congressmember Mark Pocan of Wisconsin said in a statement, quote, “At the end of the day, the bill abandons 1.3 million Americans who desperately need unemployment insurance, and does nothing to promote economic growth or job creation. Furthermore, the legislation is paid for on the backs of the middle class and military families, while not touching the wealthiest amongst us and allowing corporations to continue to benefit from tax loopholes,” he said.

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Ayn Rand First Interview 1959 (Full)


E VOTING: The Future of Democracy?



E VOTING: The Future of Democracy? (via NewsLook)

It's election time in the US and we devote this week's show to to discover if the future of democracy is digital. And in Test 24 we check out the new console that promises to "change the way you play". The Wii U hits the shelves in the US and Europe in the coming weeks.

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America’s Deceptive 2012 Fiscal Cliff (Part 2)



America’s Deceptive 2012 Fiscal Cliff (Part 2) (via Market Shadows)

  Source: pintura.aut.org via Bonegrrl on Pinterest   Michael Hudson: America’s Deceptive 2012 Fiscal Cliff, Part II – The Financial War Against the Economy at Large Courtesy of Michael Hudson Originally published at Naked Capitalism (part 1 is here) By Michael Hudson, a research professor…

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Republicans rake leader for stalling on US storm aid



Republicans rake leader for stalling on US storm aid (via AFP)

US President Barack Obama urged Congress Wednesday to approve emergency relief for victims of superstorm Sandy, as Republicans savaged their House leader for playing politics with disaster aid. The Senate has already passed a $60.4 billion aid package put forward by the White House to help northeast…

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The Fiscal Financial Cliff Was Created To Protect Millionaires And Billionaires This Was A Win Win For The 1%


The Fiscal Financial Cliff Was Created To Protect Millionaires And Billionaires This Was A Win Win For The 1%.

Do Tax Cuts Hurt Growth?


It’s been clear for a long time that lower tax rates don’t have much long term effect on economic growth. For example, can you determine which years have low or high tax rates from the following graph?

But recent analysis by Ethan Kaplan of the University of Maryland actually shows that lower tax rates lead to lower economic growth! Here is Kaplan’s scatter-plot of real growth rates versus top marginal tax rates. The correlation is clearly positive – meaning higher tax rates correspond to higher growth and lower tax rates correspond to lower growth.