Posts Categorized: Economy

Income Inequality in the US Keeps Getting Worse

If you don’t care about income inequality, and you think the richest 20 percent of Americans should control 85 percent of our nation’s wealth, well, if you believe that, then these are good times for you. If however you see this huge cavern between the wealthiest incomes and the rest of us, you should be… Read more »

Is America the Next Rome?

The American political system is broken. The US Congress is incapable of passing any meaningful legislation to solve the nation’s most pressing problems. Therefore, the United States of America’s best days are behind her and she is dying a slow death. I said this back in 2000 and 2004 when George W. Bush was elected… Read more »

Vice President Biden Announces Six Year Plan to Build National High-Speed Rail Network

Philadelphia, PA – Vice President Joe Biden today announced a comprehensive plan that will help the nation reach President Obama’s goal of giving 80 percent of Americans access to high-speed rail within 25 years, as outlined in his State of the Union address. The proposal will place high-speed rail on equal footing with other surface… Read more »

Krugman: The Competition Myth

According to New York Times columnist Paul Krugman, the Great Recession was a teachable moment for Americans to learn that unregulated markets are unstable. That’s not the only thing Krugman would like Americans to learn from the latest recession, but it’s a key point that he feels was missed. Another one is that corporations don’t… Read more »

Tax Cut Bill Contains $55 Billion in Industry Subsidies and Giveaways

The Washington Post’s Dan Eggen has a story today about the $858 billion tax-cut compromise hashed out between President Obama and his Republican colleagues last week. It’s wending its way through Congress right now. Eggen reports that buried inside the legislation is more than $55 billion worth of “giveaways and tax reductions from some of… Read more »

Obama Lost His Temper Today

President Obama got mad today. He’s mad at his critics on the left who are angry over the extension of Bush tax cuts for millionaires and billionaires. During a press conference today he shouted about how this is a diverse country and that not everyone agrees with him. I like to compare George W. Bush… Read more »

Deconstructing The Bush Tax Cut Debate

The debate over extending the Bush tax cuts is being misrepresented. Republicans claim that extending the tax cuts on the wealthy will have a stimulative impact on the economy, but the fact remains that this isn’t apparently true.

Minimum Wage Lower Than it was in 1968

Adjusting for inflation, the minimum wage today is lower than it was in 1968. “If you’re one of the several million Americans earning minimum wage, here’s a sobering fact: Your grandpa had more spending power earning minimum wage four decades ago,” writes Life Inc’s Senior Business Reporter Allison Linn. “Adjusted for inflation,” Linn reports, “the… Read more »

Bush Tax Cuts Did Not Spur Growth – Not At All

If you listen politicians, pundits and talking heads, you’d think the greatest thing we can do to jump-start the economy is to cut taxes. But if you actually take a minute and look at the data, you’ll see that is simply not the case. New York Times Economix Blogger David Leonhardt broke down the growth… Read more »

The Recession is Over but the Jobs are Just Gone – Poof

Here’s a graph by the New York Times of past recessions and employment recovery. If the recession is over, it sure doesn’t feel like it to people who don’t work on Wall Street. This is an example of how the Democrats screwed themselves over by not effectively governing and allowing Republicans to gut their efforts… Read more »

Next Senate Could be Loaded With Conservative Ideologues

If the polls are right – you have every reason to believe that they aren’t – but if they’re right, as many as 12 never-before-seen ultra-conservative Republicans will be in the Senate next year. Ron Brownstein wrote today that if it happens, this will be the biggest class of extremely conservative freshmen Senators we’ve seen… Read more »

Everyone Does Better When There’s a Democratic President

Historically, whenever the Democrats are running the government, the economy does better and everyone gets richer. When the Republicans are in charge, the rich do slightly worse off than if Democrats were in charge, but they do way better than everyone else who suffers in squalor until Republicans are voted out of office. Here’s a… Read more »

Publishers Clearing House Sweepstakes Odds of Winning 1 in 1.75 billion

Here’s an e-mail I received today from Attorney General of Washington Rob McKenna regarding the Publishers Clearing House sweepstakes. The odds of winning the $10 million prize are 1 in 1.75 billion regardless of whether or not you buy a bunch of magazine subscriptions. Now Publishers Clearing House has to make that obvious in their… Read more »

Al Qaeda is to Islam What the KKK is to Christianity

Rightbloggers, Fox News and conservative politicians are purposely conflating Al Qaeda with Islam. While it’s true that Al Qaeda members claim to be living the lives of righteous Muslims – the fact is that they are terrorists. Members of the Ku Klux Klan make similar claims about Protestant Christianity, but they are terrorists too. Many… Read more »

Matthew Yglesias Explains the Rise of Xenophobia

Racism and xenophobia are always lurking under the surface in American life and politics. And when times get tough, more and more people will cling to the ugliness that is bigotry, and politicians will try to caress the anxiety that slithers along this dark underbelly of America. Matthew Yglesias explains why xenophobia is coming to… Read more »