Yearly Archives: 2011


Director hopes new film will be ‘Brokeback Mountain’ for atheists

The story Director hopes new film will be ‘Brokeback Mountain’ for atheists says,

Director Matthew Chapman hopes that his new movie will do for atheists what Brokeback Mountain did for the gay community.

There is a video of an interview with the director and some clips from the movie.

The topic may be intriguing, but, unfortunately, it doesn’t look like a very interesting movie that I would want to see.

Well, if you look at the trailer it isn’t quite as uninteresting as the CNN interview would have you believe.


Arizona lawmaker points loaded gun at reporter’s chest

Form the story Arizona lawmaker points loaded gun at reporter’s chest, here are two paragraphs:

While the loaded pistol had no safety and the laser pointer was centered on the reporter’s chest, Klein explained that there was no need to worry.

“I just didn’t have my hand on the trigger,” she said.

The reporter disarmed her and shot her with her own pistol because he was afraid for his life.  Not really, just making up poetic justice.

Wouldn’t it be nice if you actually had to know something about guns in order to get a permit to carry one.

 


Obama Outrage

Here is an email I received from boldprogressives.org:

Progressive Change Campaign Committee


Steven,

BREAKING: Today, in a press conference, President Obama came right out and said it: He’s pushing for benefit cuts in important programs like Social Security, Medicare, and Medicaid.

You and 175,000 others boldly pledged that if Obama actually cuts Medicare/Medicaid benefits, you’ll take your money and volunteering elsewhere in 2012. 

Click here to stand up for Social Security by adding it to your pledge.

Then, help us reach our new goal of 200,000 people by sharing the pledge:

On Facebook: Click here.

On Twitter: PLEDGE: If @BarackObama cuts Social Security, Medicare, or Medicaid benefits, no money from me in 2012

For those of us who worked tirelessly to elect Obama in 2008, here are the 3 most depressing quotes from today’s press conference: 

1) “We’re going to have a sales job. This is not pleasant. It is hard to persuade people to do hard stuff that entails trimming benefits and increasing revenues.”

Significance: This is the first time Obama admitted he is pushing “benefit” cuts that would hurt our grandparents, kids, and the disabled — not just “savings” like negotiating lower drug prices. 

2) “I want to be crystal clear — nobody has talked about increasing taxes now.  Nobody has talked about increases — increasing taxes next year.”

Significance: Polling shows that by 4 to 1, Americans want taxes increased on the rich. The “millionaires tax” proposed by House progressives would raise $1 trillion — helping to take benefit cuts off the table. By his own admission, Obama is not even asking for this!

3) “With respect to Social Security, Social Security is not the source of our deficit problems….the reason to include that potentially in this package is if you’re going to take a bunch of tough votes, you might as well do it now, as opposed to trying to muster up the political will to get something done further down in the future.” 

Significance: Seriously??? Why is a Democratic president going out of his way to help Republicans cut Social Security??? That’s just wrong.

Please add Social Security to the list of programs you pledge to defend. Click here.

Then, please pass this email to others. Thanks for being a bold progressive.

— Adam Green, Stephanie Taylor, Michael Snook, Forrest Brown, and the PCCC team





Named The Nation’s “Most Valuable Online Activism of 2010″—thanks to you. Help us continue our effective, independent progressive activism. Chip in $3 here.

Paid for by the Progressive Change Campaign Committee PAC (www.BoldProgressives.org) and not authorized by any candidate or candidate’s committee. Contributions to the PCCC are not deductible as charitable contributions for federal income tax purposes.


Obama Dashes Hopes

Well, I just heard President Obama’s press conference on the negotiations about debt and deficit control.


I can forget my post Obama Plays The Republicans Like A Fiddle. That was pretty short lived. It was too much to expect that the President was any kind of a musician.

He summed up the press conference with abysmal closing remarks.  The point is not, as he claimed,  to solve our long term fiscal problems so that we can get back to the issue of jobs.  The point is to solve our long term fiscal problems in a way that will be supportive of economic growth – right now and in the future.

As many people in my business career liked to point out, long term solutions are of no value if you can’t make it through tomorrow.  There has to be a long term for long term plans to be of any value.

Obama talked about all the things he has tried to do to get job growth in this country.  He seems to have run out of ideas once he gets passed that point. He states that he has looked at the whole menu of steps that can be taken, but he seems to have missed the page about raising taxes on the wealthy as one of those steps.  He still doesn’t seem to understand that raising the taxes on high income earners is absolutely essential to getting job growth in this country. He does not see that any alternative plan takes more money out of the hands of the middle class and shifts it to the wealthy.

He missed countless opportunities in his press conference to make the point.  This is probably the very strongest point he can make, and yet he fails every time to make it.  Skewed income distribution is the largest problem this country is facing.  It is larger than health care costs.   It is larger than long term funding of Medicare.  It is certainly a larger issue than the fiscal health of Social Security 75 years from now.

If we don’t solve the issue of skewed income distribution in this country, there won’t be a country like the USA in this location in the world in 75 years.

 

P.S. I consider a totally flat distribution of income to be skewed, too.  It may be hard to define a “proper” income distribution, but that doesn’t mean we can’t recognize a bad distribution when we see one.

It’s like tuning in a radio station on your old dial radio, if anyone remembers one of those.  I don’t know exactly on the dial where I will get the best reception of a particular station.  I have an indication of a pretty likely spot to start my search. As I turn the dial in the vicinity of that starting point it becomes more and more obvious where the best point is.


Obama Plays The Republicans Like A Fiddle

Given all I have said against Obama’s great capitulation, I hold out one hope that I almost dare not speak.  Obama cannot say it, but who will care if i do?

Maybe Obama is playing the Republicans like a fiddle.

I took heart by reading the story tonight White House Debt Talks Make Little Progress on the ABC web site of all places.

I’ll give you a few quotes and try to explain why they might be hopeful signs.

Monday morning the president will hold a news conference on the matter, making his case to the American people about why tax rates for wealthier Americans and corporations need to be raised as part of a deficit reduction package of at least $4 trillion over the next decade.

Maybe he really does understand the Robert Reich “Aftershock …” hypothesis.  Maybe he is about to explain it to the nation just as I have been repeatedly touting it on this blog.

A Democratic aide familiar with the process said that Boehner “put on the table letting the Bush tax cuts for the wealthy expire and banking the revenue and then he bailed. The speaker couldn’t take the heat from the Republican caucus.”

Maybe the speaker really knows it , too, and he is quaking in his boots.  Did I see a tear in his eye?

A senior aide to the speaker said Boehner told the leaders that he still “believes a package based on the work of the Biden group is the most viable option at this time for moving forward.”

These are the talks that Eric Cantor walked out on.  According to Cantor, he and the Speaker are on the same page.  Looks like the Speaker is straying from the reservation.  Maybe he sees how he is about to be rolled and wants to go back to the previous offer.  Too late, sucker!!

Sources said that during the meeting Obama pointed out that Republicans appeared to be walking away from reducing the deficit and Boehner told him he can’t go for the big deal because there is not time to do it and no path to gain enough support to pass it through the House.

Maybe we’ve got one team playing “Good cop, bad cop” against another team who is using the same tactic.  I am not sure I have ever seen the game played where both sides are using this tactic.

“Democrats continue to put entitlement reform on the table, but Republicans are still refusing to take yes for an answer because of their ideological adherence on [tax] revenues,” the aide said.

Has Obama got the Republicans on the run?  Could it be that Obama is more Machiavellian than we ever dreamed.  Maybe putting the entitlements on the table was all a ploy.  It was so devious that he couldn’t even let his allies know?  He was the good cop on the Democrats side and Pelosi and Reid played bad cop?

One can only hope.  14th Amendment here we come.  Maybe Obama was just kidding when he said that path was off the table so that he could reel them in really good.


July 11, 2020 10:00 AM

It just occurred to me that using his 14th Amendment powers might not help the country as much as I had hoped.

See Obama, GOP back to where they started: The debt ceiling for this quote from the Secretary of the Treasury.

Now, on August 2nd, if Congress hasn’t acted, we’re left with the cash we have and the cash we’re going to take in. And every week, starting the week of August 2nd, we have to go out and finance roughly $100 billion in maturing obligations of the government.

If you were a bond investor, how would you feel about the risk of buying bonds that were created under a legal doctrine that was sure to be challenged all the way to the Supreme Court?


After adding the above postscript, I read the OpEd piece, Don’t wave Constitution in debt’s face in The Boston Globe.

It makes the same point as my postscript above.  It also gives some background to the 14th Amendment clause:

“(t)he validity of the public debt of the United States . . . shall not be questioned,’’

The author of the OpEd piece, Juliette Kayyem, suggests a different way to use the 14th Amendment language.


Layoffs Of Government Workers Causes Rise in Unemployment

Well the actual Boston Globe story was headlined Jarring slowdown in hiring raises concern.  The story opened with:

Hiring ground to a halt last month, and the nation’s unemployment rate rose to its highest level this year, adding to the deep uncertainty about the pace of the nation’s economic recovery.

I posted the following comment (slightly edited here):

This article could just as well have been headlined “Layoffs Of Government Workers Causes Rise in Unemployment”.

The article does not mention that 57,000 jobs were created in the private sector. The reader has to figure that out by adding the 18,000 net jobs created and the 39,000 jobs cut from state and local governments mentioned by Alan Clayton-Mathews. Readers of this story have to derive the 57,000 private jobs created that are mentioned explicitly by other news media. Clayton-Matthews mentions that the cuts of government workers also lowers the figures for private employment if you count contractors and the like.

If the government jobs had not been lost, we would have had a rise of 55,000 jobs or maybe more (taking into account Clayton-Matthews statement.).

Boehner wonders where the jobs are when he knows the policies he favors are responsible for the state and local government layoffs.

If the public is to decide which is the best economic policy to follow – stimulus or deficit cutting – the news media providing the public knowledge must be smart enough to know how to give us all the data.

Could someone report to me the first occurrence of a news story in the main stream media that tilts the story in the direction I have suggested?  Is it a coincidence that every major media outlet is playing this story in exactly the same way?


Obama’s debt talks alarm Democrats about Social Security

The article Obama’s debt talks alarm Democrats about Social Security is worth reading for some of the comments.

However, I need to talk about the article Commentary: Obama’s tax plan to pay off debt counts on ‘rich’ who aren’t, in order for you to see where I was coming from in my response to the article mentioned in the first paragraph above. The author of the commentary article had made the following assertion:

No matter what Democrats say, the richest 1 percent of Americans – that’s everybody making $380,000 or more – do not get a free ride under the current tax code. They earn 20 percent of all income in America but pay 38 percent of income taxes.

I’ll get to my comment on this second article in a moment.  However, by the time I saw a comment on the first article, I had refined my ideas about the second.  In response to a comment  about tax loopholes for the poor, that I found in the first article I wrote:

The issue being debated by Congress and the President is future cuts in cost of living allowance, not past cuts.  Don’t muddy the waters.

Putting purchasing power in the hands of the people who would spend it and boost the economy (earned income tax credit) is not the same as putting the money into the hands of the ultra wealthy who suck it right out of the economy and invest it overseas or lend it back to the government by purchasing treasury securities (whose interest payment to the wealthy is not taxable.)

The rich may earn 20% of the income and pay 38% of the taxes, but remember that almost every penny of what the middle class earns is counted as income, but the vast majority of what the rich earn is not even counted.

The rich have vast amounts of unrealized capital gains that are not counted as income.  Any realized capital gains in tax deferred accounts are also not counted as income.

How else do the rich earn so little income, but their wealth is skyrocketing?  The wealth of the people who are earning 80% of the income is falling. Remember the golden rule, “He who has the gold, makes the rules.”

Now here is what I wrote in response to the claim that the payers of 38% of the taxes earned only 20% of the income:

Why limit your tax calculation to income taxes.? The middle class pay much more of their taxes as payroll taxes than the income taxes. Convenient ommission, don’t you think?

They may make only 20 percent of the income, but remember the tax code leaves out a whole bunch of stuff from what is included as income.  If the rich are so burdened by the tax code, why has their share of wealth skyrocketed over the last 20 years while the middle class’s share has plummeted?  How does that wealth get hidden from the tax collector?

That is like the corporate reports that claim we made x amount of profit, excluding certain items.  In other words excluding certain items that say we made far less than x amount of profit.  The GAAP (generally accepted accounting principles) do not allow them to exclude certain items.

In the case of the wealthy, the books they want to show us and the IRS are the ones that say they are burdened by the tax code.  The books they keep for themselves show quite a different story.

I have always said, I’ll believe a corporate CEO is poor when I see him brown bagging for lunch.

By the way, unrealized capital gains are not counted as income until you sell the stock. If you sell the stock in a tax deferred account 401k and IRA are exmaples, then you don’t count it as income until you withdraw the money from the account even if the income is realized by the sale of the stock.