Is this really America or a bad dream?

September 28, 2010 at 9:19 am | Posted in Economy, Pirates!, politics straight up | Leave a comment
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According to Stuart Varney and his conservative friends, it is immoral for those who have benefited most to pay higher taxes than those who are scraping by.

(WaPo) The income gap between the richest and poorest Americans grew last year to its widest amount on record as young adults and children in particular struggled to stay afloat in the recession.

The top-earning 20 percent of Americans – those making more than $100,000 each year – received 49.4 percent of all income generated in the U.S., compared with the 3.4 percent earned by those below the poverty line, according to newly released census figures. That ratio of 14.5-to-1 was an increase from 13.6 in 2008 and nearly double a low of 7.69 in 1968.

[snip]

Rea Hederman Jr., a senior policy analyst at The Heritage Foundation, a conservative think tank, agreed that census data show families of all income levels had tepid earnings in 2009, with poorer Americans taking a larger hit. “It’s certainly going to take a while for people to recover,” he said.

Is this really the kind of morality American stands for?

(CAP) The “Pledge to America” budget would mean $11.1 trillion in deficits over the next 10 years. By 2020, the federal budget deficit would be 6.3 percent of gross domestic product, the federal debt would exceed 93 percent of GDP, and interest payments on the debt would be more than $1 trillion a year. The budget deficit would be about $200 billion larger in 2020 under the “Pledge to America” plan than it would be under President Barack Obama’s budget, and over the next 10 years deficits would be $1.5 trillion higher than under the president’s budget.

The substantial increase in deficits under the “Pledge to America” budget are due to the significant tax cuts that come from extending all expiring tax provisions and the implementation of several new tax cuts.

Voting Republican in November will guarantee that your life — unless you are one of the super rich — continues to be worse every year.

UPDATE: Matthew Yglesias points us to a chart showing actual distribution of wealth, what people think the distribution of wealth is (“estimated”) and what people believe to be the ideal breakdown. Is it any wonder that economic policy in this country is so heavily weighted toward those who own the most?

Unless you are a native American, you are a descendant of an immigrant

September 17, 2010 at 4:25 pm | Posted in immigration | 5 Comments
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The solution to the problem of illegal immigration is not fences, it is immigration reform.

Republican Deficit Spending? Blame Democrats — that’s what a Teabagger would do!

September 17, 2010 at 12:32 pm | Posted in Economy | Leave a comment
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Two birds, one stone

September 15, 2010 at 6:33 pm | Posted in Economy, politics straight up, Reality Bites | Leave a comment
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In their take-down of more stupidity by Megan McArdle, Hunting of the Snark included this easy-to-understand comparison from a Center on Budget and Policy Priorities report titled What the 2010 Trustees’ Report Shows about Social Security:

The 75-year Social Security shortfall is about the same size as the cost, over that period, of extending the 2001 and 2003 tax cuts for the richest 2 percent of Americans (those with incomes above $250,000 a year). Members of Congress cannot simultaneously claim that the tax cuts for people at the top are affordable while the Social Security shortfall constitutes a dire fiscal threat.

In another report titled “Social Security and Poverty Among the Elderly,” CBPP reports:

Without Social Security benefits, 52.6 percent of elderly women would have had incomes below the poverty line in 1997. Social Security reduced the poverty rate for elderly women to 14.7 percent.

Staying home on election day is not an option, kids.

Thank a union member

September 6, 2010 at 10:37 am | Posted in Labor | Leave a comment
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Remember Joe Hill

September 6, 2010 at 10:16 am | Posted in Economy, Historical, Labor | Leave a comment
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Teabaggers: Love it when they bounce!

September 2, 2010 at 11:44 pm | Posted in Reality Bites | Leave a comment
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