Tag Archives: The Economy

March 16, 2011 · 6:51 pm

Survey shows upbeat outlook from US millionaires | The Raw Story

Of course, the are upbeat…

They own the Government!

This just shows, as Scott Fitzgerald said, “Let me tell you about the very rich.  The rich are different from you and me”…

Totally different perspective….

From RawStory.com:

More than four in 10 American millionaires say they now need $7.5 million to feel wealthy, according to a survey that uncovered surprising levels of optimism about economic prospects.

Conducted by Fidelity Investments, the world’s largest mutual fund firm, the poll analyzed the investing attitudes and behaviors of more than 1,000 millionaire households in the United States.

The 58 percent of millionaires who said they did feel wealthy said they began to feel so with $1.75 million in investable assets, up from $1.5 million in 2008.

Surprisingly, given the current economic climate, the poll revealed that the longer-term outlook was at its most positive since Fidelity began conducting the survey in 2006.

via Survey shows upbeat outlook from US millionaires | The Raw Story.

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March 16, 2011 · 8:11 am

Boehner, Where Is, “Where Are the Jobs?”? | Mother Jones

More coverage on the changing poll numbers…

The GOP campaigned on jobs, jobs, jobs and hasn’t done a thing about creating jobs since they took over the House.  Instead, they are pursuing radical budget cuts and tax cuts for Corporations and the Rich that will kill jobs and the recovery.

And going after policies and institutions that either a) dare to question them and hold them accountable or b) don’t fit their 19th Century notions of the role of women and minorities.

But the public is getting wise to the Republicans-again.

Let’s hope the Electorate retains the information better this time….

From David Corn at MotherJones:

Before the 2010 congressional elections, Rep. John Boehner (R-Ohio) and his fellow GOPers developed and implemented a simple campaign strategy: say “where are the jobs?” over and over and over. Even though the nonpartisan Congressional Budget Office had declared thst President Barack Obama’s stimulus package had created or saved about 3 million jobs and a recovery (albeit weak) was under way, the Republicans blamed Obama for screwing up the economy (not Wall Street or the Bush-Cheney administration). In politics, an attack doesn’t have to be fair or accurate to work—and this one did.

Since then, have you heard Boehner screaming about jobs? No. He and his comrades have focused on one thing: cutting government spending, which will undoubtedly lead to job loss in the short run (if not the long run). Wait—that’s not fair. They’ve also focused on abortion (with legislation that would make it harder for a woman who was raped to obtain federal assistance for an abortion), Planned Parenthood (with legislation that would defund the outfit), NPR (ditto), and American Muslims (with today’s hearings on radicalization among Muslim Americans). There’s not been much talk of jobs.

Consequently, this new poll from Bloomberg is hardly a surprise:

Americans say President Barack Obama lacks an effective strategy for improving the U.S. economy. They have much less confidence in the Republican vision for success.

By a margin of 51 percent to 40 percent, a Bloomberg National Poll shows Americans say Obama lacks the right formula for long-term growth, a goal he presented in his State of the Union address with the phrase “win the future.”

The Democratic president still does better than Republicans: When asked who has a better vision for the years ahead, 45 percent of poll respondents chose Obama and 33 percent picked the Republicans.

Four months ago, the GOPers shellacked the Democrats. They became the new kids on the block and claimed they were eager to refurnish their image with the American public. Yet once in power, they have reverted to their old ways—culture war and spending cuts.

via Boehner, Where Is, “Where Are the Jobs?”? | Mother Jones.

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March 15, 2011 · 7:39 pm

Daily Kos: Voters trending towards Obama, away from GOP on deficit, economy

More from DailyKos on today’s poll numbers…

Please click the link for their detailed analysis…

DemFromCT took a detailed look at the latest ABC/Washington Post numbers earlier today, but I think these numbers bear repeating:

Chart based on ABC/Washington Post polling data (Source)

Chart

So since their post-election honeymoon, the GOP has had something of a nightmare, dropping a net of 13 points on who voters trust to deal with economy and an amazing 17 points on the federal budget deficit.

Although it’s somewhat surprising to see their numbers fall so quickly, it was bound to happen: not only have Republicans failed to do a single thing to improve the jobs situation, they are way out-of-step with the public on fiscal issues.

If Republicans keep this up, Democrats might be able to seriously talk about retaking the House.

via Daily Kos: Voters trending towards Obama, away from GOP on deficit, economy.

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March 15, 2011 · 7:03 pm

Lawmaker’s Wife Joins Recall Effort Against Him

More Family Values Republicans…

Wisconsin state Sen. Randy Hopper’s (R) wife has signed a recall petition against him, according to New York magazine.

She also tells the Fond du Lac Reporter Hopper doesn’t even live in the district as state law requires of lawmakers. Instead, he lives with his 25-year old mistress.

via Lawmaker’s Wife Joins Recall Effort Against Him.

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March 15, 2011 · 6:54 pm

Poll: Budget Impasse Cements Public’s Disapproval of Washington – The Washington Post

Interesting Poll results out today from the Washington Post/ABC News.

In summary, everyone thinks government is broken, many more people trust President Obama to handle the economy than the GOP and people have lost faith in the Republicans on the economy.

Serious Buyers Remorse on the GOP Congress….

The early battles in Washington this year have cemented the public’s disapproval of the political system and the country’s leadership, with confidence in congressional Republicans sagging and majorities disapproving of how President Obama is handling top domestic issues, according to a new Washington Post-ABC News poll.

In a sweeping indicator of dissatisfaction with Washington, just 26 percent of Americans say they are optimistic about “our system of government and how well it works,” a low point in polls dating to 1974. This gloomy assessment is shared by Democrats and Republicans, even as they agree on little else.

AND

When it comes to dealing with issue No. 1, the economy, Obama has an advantage: 46 percent say they put more faith in the president, 34 percent say so about congressional Republicans. Obama has a similar 12-point lead on the question of who better understands the economic problems people face, and a nine-point edge on dealing with the deficit.

via Poll: Budget impasse cements public’s disapproval of Washington – The Washington Post.

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March 15, 2011 · 7:28 am

Michigan’s GOP Gov. Slashes Corporate Tax Rate by 86 Percent, Hikes Taxes for Working Poor | AlterNet

Again, I ask:  “Why are people putting up with this?”

These new radical Republican Governors are cutting the Corporate Tax rates while screaming about budget shortfalls.  That’s irresponsible.

Then they are cutting services for women, the poor, minorities, public employees and students.   That is immoral.

I think we are going to see more people in the streets- like in Wisconsin- before this is over.  Of course, the GOP will probably just call out the National Guard to clear them out…

And to my fellow North Carolinians:  Our new GOP Legislature is trying to figure out how to get some of these policies past our Democratic Gov….

From AlterNet:

As we’ve been documenting, several conservative governors have proposed placing the brunt of deficit reduction onto the backs of their state’s public employees, students, and middle-class taxpayers, while simultaneously trying to enact corporate tax cuts and giveaways. Govs. Rick Scott (R-FL), Tom Corbett (R-PA), and Jan Brewer (R-AZ) have all gone down this road.

Following suit, Gov. Rick Snyder (R-MI) has proposed ending his state’s Earned Income Tax Credit, cutting a $600 per child tax credit, and reducing credits for seniors, while also cutting funding for school districts by eight to ten percent. At the same time, as the Michigan League for Human Services found, the state’s business taxes would be reduced by nearly $2 billion, or 86 percent, under Snyder’s plan:

Business taxes would be cut by 86 percent from an estimated $2.1 billion in FY 2011 to $292.7 million in FY 2013, the first full year of the proposed tax changes…Taxes on individuals from the state income tax would rise by $1.7 billion or nearly 31 percent, from an estimated $5.75 billion in FY 2011 to $7.5 billion in FY 2013, the first full year of the tax changes.

As the Institute on Taxation and Economic Policy found, the practical upshot of Snyder’s tax increases is to place even more of a burden on Michigan’s poorest residents, who will see a bigger hike than those at the upper end of the income scale:

via Michigan’s GOP Gov. Slashes Corporate Tax Rate by 86 Percent, Hikes Taxes for Working Poor | AlterNet.

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March 14, 2011 · 9:19 pm

Daily Kos: How the Democrats Brought Back the GOP

I’ve said many times lately, the biggest threat to the Democratic Party is the Democratic Party.

They don’t seem to know how to fight, how to get out a message or how to stand on principle.

So they look like they don’t have any fight, any message or any principles.

And they just don’t seem to get it….

Here is a great article from Mark Sumner at DailyKos on how, after being destroyed in the 2008 elections, the GOP came back to take control of the House in 2010.

And it may only get worse…

What happened in 2010? Poll after poll showed that Americans still held Republicans more to blame for the failure of the economy, still liked them less than the Democrats. The public agreed with Democratic ideas, favored progressive positions on issues across the board. Only that same public voted for Republicans.

Why? Because at least the Republicans seemed to know what they stood for. They weren’t afraid to put out their message and not treat it like a poor relative they were embarrassed to know. They didn’t volunteer to compromise their convictions before negotiations even started.

Compromise is not evil. America is built on the idea of compromise. But compromise is not a principle, it’s just a tactic. One that can be used wisely, or poorly. Democrats seemed willing to compromise on everything, which made it hard to believe that Democrats really believed in anything. Politically, that’s about as attractive as a possum that’s been run over by a semi.

More:   Daily Kos: And have not love.

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March 14, 2011 · 7:34 pm

Top 10 most shocking spending cuts Republicans voted for | The Raw Story

People really need to be paying attention…

Instead of taxing Millionaires and Corporations at an appropriate level, the GOP wants to decimate important Government programs.

Here is another list- on top of some of the other cuts I’ve already listed…

From Rawstory.com:

House Republicans recently passed over $60 billion in spending cuts from current levels for fiscal 2011, pitched as necessary to reduce the massive budget deficit.

From disaster relief funding to aid fr abused women, the GOP went after the government’s 2011 budget with a zeal it normally reserves for tax cuts. Though the Democratic-led Senate rejected the proposal, here are some of the most shocking programs Republicans voted to slash.

1) The National Weather Service

The bill stripped $126 million from the Natural Weather Service, the agency within the National Oceanic and Atmospheric Administration tasked with preparing us for natural disasters such as tsunamis, hurricanes, blizzards, floods and fires.

It’s the same agency that issued a tsunami warning Friday for people on the West Coast after an 8.9 magnitude earthquake devastated Japan. The measure cut a total of $454.3 million from NOAA operations, research and facilities.

2) Emergency Oil Reserves

The GOP budget plan slashed $120.2 million from the Strategic Petroleum Reserve, a critical source of emergency oil supplies in case flow is interrupted.

 

In the wake of the earthquake in Japan, President Barack Obama said the US is “prepared to tap” into the Strategic Petroleum Reserve “should the situation demand it.”

3) Assistance For Firefighters

$510 million was axed from the Federal Emergency Management Agency’s grants for firefighters, part of a broader $1.5 billion cut to various FEMA programs.

4) Communication Among Emergency Responders

The Law Enforcement Wireless Communications office took a $70 million cut — it’s responsible for facilitating “secure, reliable and interoperable” communications to help with “counterterrorism, counterintelligence, law enforcement and emergency response.”

According to the New York Times, an improved capacity for public safety officers across different jurisdictions to effectively communicate with each other would have dramatically helped first responders on 9/11 and Hurricane Katrina.

5) Oversight Of Financial Markets

The Commodity Futures Trading Commission, tasked with overseeing derivative swaps and financial instruments, saw a $56.8 billion cut in the GOP plan. The financial crisis of 2008-09 is believed to have been caused by a lack of effective oversight. (President Obama wants to increase CFTC’s funding.)

6) Prosecution Of Financial Crimes

In the wake of Bernie Madoff, and after big banks apparently got away with suckering people into predatory loans, Republicans voted to cut $2.1 million from the Treasury Department’s Financial Crimes Enforcement Network.

7) Helping Women Escape Domestic Abuse

MORE:   Top 10 most shocking spending cuts Republicans voted for | The Raw Story.

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March 12, 2011 · 9:25 am

Michael Moore: The Smug Wealthy Have Gone Too Far — And We’re Finally Fighting Back | Economy | AlterNet

Michael Moore can be a little over-the-top for me sometimes, but this time he’s pretty much on target….

From Michael Moore via AlterNet:

Contrary to what those in power would like you to believe so that you’ll give up your pension, cut your wages, and settle for the life your great-grandparents had, America is not broke. Not by a long shot. The country is awash in wealth and cash. It’s just that it’s not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich.

Today just 400 Americans have more wealth than half of all Americans combined.

Let me say that again. 400 obscenely rich people, most of whom benefited in some way from the multi-trillion dollar taxpayer “bailout” of 2008, now have more loot, stock and property than the assets of 155 million Americans combined. If you can’t bring yourself to call that a financial coup d’état, then you are simply not being honest about what you know in your heart to be true.

And I can see why. For us to admit that we have let a small group of men abscond with and hoard the bulk of the wealth that runs our economy, would mean that we’d have to accept the humiliating acknowledgment that we have indeed surrendered our precious Democracy to the moneyed elite. Wall Street, the banks and the Fortune 500 now run this Republic — and, until this past month, the rest of us have felt completely helpless, unable to find a way to do anything about it.

More:   Michael Moore: The Smug Wealthy Have Gone Too Far — And We’re Finally Fighting Back | Economy | AlterNet.

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March 11, 2011 · 5:41 pm

Sanders introduces millionaire surtax to slash deficit | The Raw Story

Okay…81% of Americans favor this, but it doesn’t have a chance in hell of passing in Congress…

So much for representative democracy for anyone except the Rich and the Oil Companies….

WASHINGTON – As Democrats and Republicans battle over how much spending should be cut to bridge the budget shortfall, one senator is focusing on the other side of the equation: revenues.

Sen. Bernie Sanders (I-VT) on Thursday afternoon introduced a bill (pdf) that would establish a surtax on millionaires and strip tax deductions for oil companies — a proposal he claims would cut the deficit by about $50 billion.

The Emergency Deficit Reduction Act would accomplish this by raising taxes by 5.4 percent on annual income over $1 million.

Congress has yet to pass a budget to fund the government for fiscal 2011, approving three continuing resolutions to avoid a shutdown. The latest expires March 18. The Senate rejected the Democratic and Republican proposals Wednesday.

A NBC/Wall Street Journal poll found late February that 81 percent of Americans believe a surtax on millionaires is an acceptable way to close the budget shortfall.

Yet in Congress, the quest is a lonely one. Though leaders of both parties admit the deficit is a pressing problem, none have advanced tax increases to trim the gap. And the outspoken Vermonter isn’t pulling any punches.

Republicans, Sanders fumed, want to balance the budget “solely on the backs of the middle class and some of the most vulnerable people in this country.” Democrats, he added, aren’t “serious” about deficits if they ignore revenues.

via Sanders introduces millionaire surtax to slash deficit | The Raw Story.

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