California Budget Deficit Not a Real Problem

December 19, 2010

Adam Eran: The bottom line here is that State spending disproportionately goes to lower-income people, while recent tax cuts have disproportionately favored the wealthiest taxpayers.

GOP to USA: Drop Dead

republican leaders

Tom Degan: The president, far from being the Progressive warrior his base was praying for when we elected him two years ago, appears hell bent on caving into their demands.

National Fiscal Hypocrisy Week

Medical_Workers

Robert Reich: The best outcome would be an agreement to extend the tax cuts for the bottom 99 percent, for two years. This would stimulate the economy in the short term when it most needs it, and reduce the long-term deficit.

New Study Cites DREAM Act Economic Benefits

college students

Andrea Nill: The report concludes, “In the No DREAMers Left Behind scenario, 2.1 million undocumented immigrants would become legalized and generate approximately $3.6 trillion” over a 40-year period.

Who Is the Spendthrift?

homeowners' lament

Steve Hochstadt: When the real estate boom turned out to be a house of cards, people’s debts came due much sooner than they had expected. Governments are much less to blame for the current foreclosure crisis than homebuyers, egged on by unscrupulous bankers.

Why No Amount of Fiscal or Monetary Stimulus Will Be Enough

recession

Robert Reich: The Fed’s decision Tuesday to keep short-term interest rates near zero is no surprise. What’s odd is its apparent decision not to boost the economy by buying hundreds of billions of bonds — despite its acknowledgment that ”the pace of recovery in output and employment has slowed in recent months,” and that prices are rising too slowly for comfort (i.e., we might be facing deflation).

Why Obama Is Proposing Corporate Tax Cuts and Why He’s Wrong

economy

Robert Reich: The economy needs two whopping corporate tax cuts right now as much as someone with a serious heart condition needs Botox.

Why We Really Shouldn’t Keep the Bush Tax Cut for the Wealthy

wealthy tax cuts

Robert Reich: Restoring top earners’ marginal tax rates to what they were during the Clinton administration (36 and 39 percent) won’t inhibit their spending. That’s because they already save a large portion of what they earn, and already spend what they want to spend.

Break Up the Banks

Stimulus

Robert Reich: As long as the big banks are allowed to remain big, their political leverage over Washington will remain big. And as long as their political leverage remains big, the taxpayer and economic tab for the next mess they create will be big. By all means, give regulators resolution authority and also impose the tightest regulations possible. But Congress and the White House shouldn’t stop there. Limits should be placed on how big big banks can become.

Study Shows Legalizing Undocumented Immigrants Would Produce $1.5 Trillion Benefit

UCLA professor Raúl Hinojosa-Ojeda

Andrea Nill: A new study by University of California at Los Angeles professor Raúl Hinojosa-Ojeda suggests that comprehensive immigration reform, which includes an earned path to legalization for undocumented immigrants, could generate at least $1.5 trillion in added U.S. gross domestic product over 10 years.

Friday Feedback: Healthcare History Lesson

Any crumb that could have been thrown: Medicare buy-in for 55-64, state’s right to establish single payer or reimportation of prescription drugs was swept off the table. (Notice I intentionally left the weak feckless public option off that list).

Don’t Succumb to Deficit Hysteria

red-ink

The only item worth looking at is the part of the report that predicts the government will have nearly a $1.6 trillion deficit in the fiscal year that ends this September 30 — but not because that number is alarmingly large. It strikes me as alarmingly small.

Is National Masochism Causing The Tight Presidential Race?

I don’t understand. As Juan Cole notes this morning, Republicans came to Washington in 2000 with a solid majority in both houses of Congress and on the Supreme Court, allowing them to steal the presidency. If you ever wanted to know what a pure Republican Party government unhindered by Democrats or anyone else might look [...]

The $3 Trillion War

The Cost of War

What’s the true cost of the war in Iraq? The total, long-term cost of everything from tanks and jet fuel and the interest on the money Washington is borrowing to the cost of caring for a double amputee for 40 years? It’s probably a lot higher than you think, but try about $3 trillion. That’s [...]

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