The Center for American Progress (CAP) is publicly calling on Congress to abandon job-killing cuts and "grand bargains"— which aren't so "grand" for America's working families —and focus on what the country really needs: jobs.
Most voters agree that big corporations and the wealthy should start paying their fair share in taxes. But, of course, big corporations and the wealthy don’t want to do that. They want to pay less, and they are used to getting their way. So what do you do?
Prominent Democrats—including the president and House Minority Leader Nancy Pelosi—are openly suggesting that Medicare be means-tested and Social Security payments be reduced by applying a lower adjustment for inflation.
This is even before they’ve started budget negotiations with Republicans—who still refuse to raise taxes on the rich, close tax loopholes the rich depend on (such as hedge-fund and private-equity managers’ “carried interest”), increase capital gains taxes on the wealthy, cap their tax deductions or tax financial transactions.
Read the rest of Selling the Store: Why Democrats Shouldn’t Put Social Security and Medicare on the Table on Robert Reich's blog .
" Inequality and Budget Deficits: Why Is Only the Latter an Emergency ?" is a cross-post from Jared Bernstein's On the Economy blog.
I just read two sweeping reports on the state of income inequality in the U.S. (the second link focuses on state-level inequality) and other advanced economies. Perhaps it’s because I’ve been so ensconced in fiscal cliff discussions, but I was struck by how much more alarmed policymakers are by the budget deficit than by the inequality situation. There are reasons for that tilt—some good, some bad—but based on magnitudes of the problem, it’s far from clear that our current sole policy focus is warranted.
" Working America’s Second Annual #TurkeyTalk: The Seq-what?-ster Edition " is a cross-post from Working America's Main Street blog .
Picture this: You’re home for the holidays, about to dive into that rich, golden-brown pumpkin pie, when suddenly a conversation erupts with your mother-in-law about “deficit reduction” or “debt crisis.” " We spend too much," she says, indignant. " Why can’t the federal government pay its bills—I do." A “harrumph!” is implied by the look she’s giving you. What do you say?
This is an excerpt of " Wall Street Finds a 'Third Way' to Plunder Our Wealth ," by Richard (RJ) Eskow.
Gotta hand it to 'em: Those Wall Street guys are smart. They've already found two ways to plunder the nation's wealth for their own enrichment, and now they're working on a third.
The first way? Identify and finance a wave of Democratic politicians who would join with Republicans in deregulating Wall Street. The second? Employ the same so-called 'centrist' Democrats, along with their Republican cohorts, to bail them out after they crashed the economy. That bailout continues, and the assurance of protection from being prosecuted for their criminal misdeeds.
This is an excerpt of The Hill's, " Austerity Economics is Bad Policy and Politics ," by AFL-CIO President Richard Trumka.
Not only is austerity bad politics – even Mitt Romney and Paul Ryan had to distance themselves from it – but it’s disastrous economic policy. Austerity economics is responsible for the country’s growing inequality, rising deficits and unemployment. Austerity economics means the wealthy remain unscathed while the people who rely on programs like Medicare, Medicaid and Social Security – the elderly, the disabled, the poor and the young – will get less and pay more. And let’s not forget the impact this will have on future generations.
We're asking our blog readers to tell us how Social Security, Medicare and Medicaid impact their lives. We've been hearing from working families all over the country that Medicare, Medicaid and Social Security are essential lifelines that we just can’t cut.
The upcoming lame-duck fight is urgent —we need stories from every single one of you to make sure Congress knows that these aren't just programs, they're your lives.
A group of 350 prominent economists, including economic experts from the AFL-CIO, issued a joint statement warning that the type of austerity measures favored by Republicans and suggested by the bipartisan commission, led by Erskine Bowles and Alan Simpson, would further harm the economy and weaken the social safety net that millions of working families rely upon. They argue that the seemingly obsessive focus on the deficit obscures what the country really needs to focus on—creating jobs.
Maybe you’ve heard of it—the CEO campaign to “Fix the Debt." With a $60 million war chest and the blessing of more than 80 CEOs of America’s biggest corporations, “Fix the Debt” is passing itself off as a reasoned call for compromise to save the nation from economic disaster. But as this new infographic and a recent study show, the companies behind Fix the Debt stand to gain $134 billion from one of the tax breaks they are promoting. Not just any tax break, mind you, but a new tax incentive for corporations to send U.S. jobs overseas.
It’s been four years since low-wage workers got a raise. Sign the petition to tell Congress it’s time to raise the minimum wage.
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