James Livingston: Never act like you know what will happen next. You don’t, and nobody else does either. In fact, nobody knows what just happened.
Robert Reich: Anyone who characterizes the deal between the President, Democratic, and Republican leaders as a victory for the American people over partisanship understands neither economics nor politics.
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.
Shamus Cooke: Because both parties simply threw money at the banks and hedge funds instead of punishing them, a condition of “moral hazard” was created, meaning, that banks would assume another bailout would come their way if they destroyed the economy again — too big too fail, remember?
Craig Williams: The best cure for California’s budget problems might be a big statewide tax reform campaign based on the commercial property tax legislation proposed by the progressive organization Cal Tax Reform (CTR) and sponsored by Assembly member Tom Aminao.
David Love: The land of the free is home to only 5 percent of the world’s population, but 25 percent of the world’s prisoners. And we spend more than all nations combined on “defense”. We are addicted to shooting em up or locking em up. But we can’t provide healthcare to all.
Walter Brasch: “There are four million words in the IRS Code,” said Marshbaum. “Lower-class and middle-class Americans get a few thousand of those words. The rest of the code is a roadmap to help the wealthy and their corporations avoid paying taxes.”
Michael Sigman: Obama’s praise of Reagan leaves a bitter taste in the mouths of those who thought Reagan’s geniality was largely an act that masked eight years of making the rich richer and the poor poorer, including wasting untold billions on a crony-rewarding military spending binge.
Robert Reich: Republicans offered Democrats two more weeks before the doomsday shut-down. Democrats countered with four. Republicans held their ground. Democrats agreed to two. This is what passes for compromise in our nation’s capital.
H. Scott Prosterman: Perhaps the greatest myth, and one of the greatest spin jobs in history, is the notion that Reagan’s foreign policy brought the collapse of the Soviet Union . Communism was a flawed political-economic theory whose weaknesses caused it to collapse upon itself.
Robert Reich: The President has to reframe the debate around the necessity of average families having enough to spend to get the economy moving again. He needs to remind America this is not 1995 but 2011 — and we’re still in a jobs crisis brought on by the bursting of a giant debt bubble and the implosion of total demand.
Joseph Palmero: If you like the way things are in the United States today — with Gilded Age levels of inequality, weak labor unions, low-wage service jobs for most of the workforce, and a public sector that’s dying on the vine — then you can thank Ronald Reagan.