Robert Reich: In truth, the most important variable explaining the rise and fall of tax revenues as percent of GDP has been the business cycle, not the effective tax rate.
Joseph Palermo: Whatever President Obama accomplished during his first two years in office, with most of the heavy lifting thrown on Nancy Pelosi’s shoulders, his decision to normalize the sweeping changes in American governance of the George W. Bush period will likely neutralize any lasting positive effects for Democrats.
Robert Reich: The perfect storm: An unprecedented concentration of income and wealth at the top; a record amount of secret money flooding our democracy; and a public becoming increasingly angry and cynical about a government that’s raising its taxes, reducing its services, and unable to get it back to work.
Adam Eran: So the origin of California’s tax reductions, and even its current budget deficit, is arguably oil price inflation. If we want a stable economy, and government without deficits, we need to stop kidding ourselves that spending is a the root our budget problems, and attend to our energy addiction.