Katrina vanden Heuvel in The GOP: Gobbling up our blessings – seemed to simply be repeating the fact that Republicans are trying to have their cake and your cake too when it comes to extending the temporary Bush tax cuts for the wealthy while also claiming the deficit should be our major priority. While that bizarre contraction is par for the course for Republicans. It is old news. She adds a twist by noting that one of those nearly extinct Republican moderates thinks keeping those cuts is a poor way to stimulate the economy,
The top 1 percent of Americans captured a staggering 66 percent of all income gains over the past decade. America’s inequality is now at record extremes. And, as the independent Congressional Budget Office and John McCain’s economic adviser, Mark Zandi, agree, providing tax cuts for the rich is the least effective way to boost the economy. The beneficiaries tend to save the money, invest it in growing markets abroad, or worse, throw more into the financial casino now reopened on Wall Street, fueling the computerized hyper-speculation that has nothing to do with productive investment.
At the same, the human toll caused by the economic recession continues to rise. There were 2.9 million job openings in September, but the total number of unemployed workers was 14.8 million, with half of these workers jobless for 21 weeks or more. Long-term unemployment insurance is keeping millions of workers and their families out of poverty. It is, without question, one of the most effective ways of boosting the economy, as the unemployed spend that money to buy food, pay rent or make car payments, while looking for work.
Corporate profits are soaring. Wall St is raking in the cash as usual. The usual suspects are immune from economic down-turns. The occasional report of some stock broker losing their Porsche doesn’t count. Unemployment insurance is not a hand out to the undeserving it is a tiny fractional compensation for the fact that markets are not rational. While this economic downturn may be the worse since the great depression it is one among several we’ve had over the last fifty years. Since we’re not going to have perfect markets, which never have downturns, and when they do crash the ones who cause it do not suffer the consequences, the least a civilized modern democracy can do is provide some protection to those most vulnerable to the piss poor decisions of others.
While advising his Fox News viewers to talk about inflation at their Thanksgiving dinners, Glenn Beck falsely claimed that the government removed food and energy prices from its measure of inflation to hide rising prices, that a survey showed economists are “worried” about inflation, and that Social Security recipients are not receiving a cost-of-living adjustment because the government “changed the calculation.”
Lie, distort economic data, scare grandmothers and ruin Thanksgiving. It is just another day in Conservative LalaLand. The strangest aspect to Glenn’s inflation hoax is why the faux concern about Social Security. Beck, like many of the teatards, think Social Security is socialism. Why should he care whether it’s recipients get an adequate adjustment for inflation.
According to the narrative, it wasn’t until a more capitalist structure was imposed that things really started to work. From Borowski’s FreedomWorks post:
In 1661 and 1662, the Pilgrims and Wampanoag Indians did share two meals together. But it wasn’t until the “miracle of 1663” that they celebrated a bountiful feast like we do today. As Governor William Bradford wrote that year, “instead of famine now God gave them plenty.” This was the year that Bradford switched to a more capitalist system.
In short, Borowski writes, “private property saved the Pilgrims.”
As the New York Times reported last week, the story is part of Rush Limbaugh’s yearly Thanksgiving broadcast, and it’s part of the course load at Glenn Beck’s online university.
Sounds great. Pass the cranberry sauce and the supply-and-demand dogma and let’s do this thing.
Trouble is, the Times reports, the conservative Thanksgiving tale is not exactly true. At all. From the paper:
Historians say that the settlers in Plymouth, and their supporters in England, did indeed agree to hold their property in common — William Bradford, the governor, referred to it in his writings as the “common course.” But the plan was in the interest of realizing a profit sooner, and was only intended for the short term; historians say the Pilgrims were more like shareholders in an early corporation than subjects of socialism.
Whatever the political leanings of the Pilgrims in that system, a historian tells the Times, “the arrangement did not produce famine.”
There is a rumor conservatives play a drinking game when they watch “Survivor”. Whenever two or more of the contestants cooperate or help each other they shout SOCIALISM – than do a shot of prune juice.
Democrats and President Obama either really suck at being socialists, or those that accuse them of being modern Marxists are people of low character and poor judgment – GOP Urges Slashing Corporate Taxes as Profits Hit Record
Despite a decade of Bush tax cut windfalls for the wealthy pushing income inequality to levels not seen since 1929, Republicans are calling for another $700 billion, 10-year payday for the richest Americans. So it should come as no surprise that as corporate profits reached an all-time record in the third quarter, leading voices in the Republican Party want their tax bill slashed, too.
As the New York Times reported Tuesday, happy days are indeed here again for corporate America:
“American businesses earned profits at an annual rate of $1.659 trillion in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago, at least in nominal or noninflation-adjusted terms.”
Part of a longer article that goes into some much more detail. Among other things it points out that it may indeed be possible to cut corporate tax rates and collect more revenue if loop holes are closed. This is where President Obama could nail hold conservatives for a reasonable compromise if he doesn’t blink and go all bipartisan again. “General Electric not (only) avoided paying taxes altogether last year; it actually record(ed) a $1.1 billion tax benefit.”
Sarah Palin’s sins are piling up faster than beer cans in Fort Lauderdale during spring break. She reaches a new low in plagiarizing Jonah Goldberg – Why do these passages from Jonah Goldberg and Sarah Palin sound so similar?