Besides adding 3.3 million jobs and boosting growth by 4.5%, what else did the stimulus do?

Maybe John Boehner could tell us more since he's criticizing the stimulus so much. Washington Post:

President Obama's much-maligned economic stimulus package added as many as 3.3 million jobs to the economy during the second quarter of this year, and may have prevented the nation from lapsing back into recession, according to a report released Tuesday by the non-partisan Congressional Budget Office.

In its latest quarterly assessment of the act, the CBO said the stimulus lowered the unemployment rate by between 0.7 and 1.8 percentage points during the quarter ending in June and increased the number of people employed by between 1.4 million and 3.3 million. The higher figure would come close to making good on Obama's pledge that the act would save or create as many as 3.5 million jobs by the end of this year.

Read More......

Wednesday Morning Open Thread

Good morning.

Obama is still on the Vineyard. This morning, Biden is holding an event with small business from the DC area. According to the Daily Guidance:

The Vice President will emphasize the Administration’s tax cuts for 95 percent of working families, the importance of preserving tax cuts for the middle class, and the need for Congress to pass legislation to give small businesses additional tax relief and access to capital.

I have a feeling most Americans aren't aware of that 95% of them have received a tax cut.

So, John McCain defeated GOP right-wing butthead JD Hayworth by a 56% - 32% margin. The DNC's Hari Sevugan sent a statement via email last night that captures the essence of McCain:

“Today, the Republican party of Arizona nominated for Senate JD Hayworth in the shell of a politician that was once John McCain. The complete takeover of the Republican party by the Tea Party has included taking over the soul of a Senator who was once the face of comprehensive immigration reform and who now would just build the ‘danged fence;’ a man who once reveled in being a maverick and who now is a rubber stamp for the extreme rightwing; a man whose name was synonymous with campaign finance reform and who now barely registers a notice when the law that bears his name was gutted by the Supreme Court to favor corporate America. So, we congratulate JD Hayworth on his nomination tonight,” said DNC National Press Secretary Hari Sevugan.

Excellent. The Washington Post headline states, McCain crushes primary foe. But, McCain morphed into his primary foe. Also in AZ, Ben "Brock Landers" Quayle won his congressional primary.

Right now, with 84% of the vote in, incumbent Lisa Murkowski is behind in Alaska's GOP Senate primary by approximately 2,500 votes. Sarah Palin's endorsed candidate, Joe Miller, has the lead. Things don't look good for Murkowski, but the results won't be known for at least a week according to the Anchorage Daily News:

The Alaska Division of Elections said over 16,000 absentee ballots were requested and as of Monday night 7,600 had been returned. The first count of absentees will be next Tuesday and there will be two subsequent counts as the absentee votes trickle in on Sept. 3 and on Sept. 8.

We link to ADN.com a lot. The Murkowski's must really hate Palin.

So, lots of news for late August. What else? Read More......

UK austerity programs hit the poor the most

Surely nobody thought the rich bankers who caused the financial meltdown would foot the bill, did they? Besides, poor families with kids are already too busy making ends meet to find time to voice their opposition and it's not as though they have the spare cash to throw at political parties to plead their case. If the GOP wins in November we should expect to see a lot more out of them that will look much like this. Wall Street has been sending cash to the Republicans who are revving up their engines, preparing to throw more handouts and tax cuts to the wealthiest Americans.

So does anyone still like Nick Clegg? Somehow he makes Blair sound honest and sincere and that's no easy task. The Guardian:

In a direct challenge to Treasury claims that the package of spending cuts and tax increases announced in June was fair, the Institute for Fiscal Studies (IFS) said welfare cuts meant working families on the lowest incomes – particularly those with children – were the biggest losers.

The IFS said it had always been sceptical about Osborne's claim that the budget was "progressive" but added that this instant judgment had been reinforced by a study of proposed changes to housing benefit, disability allowances and tax credits due to come in between now and 2015.

Passing judgment that is likely to make uncomfortable reading for the Liberal Democrats, the IFS concluded: "Once all of the benefit cuts are considered, the tax and benefit changes announced in the emergency budget are clearly regressive as, on average, they hit the poorest households more than those in the upper middle of the income distribution in cash, let alone percentage, terms."

Read More......

US general pleads case for Banana Republic

Putting aside his typical Republican talking point for the moment, why is this behavior tolerated? Outside of the US, senior generals criticizing the president is Banana Republic territory. It's creepy and has no place in a functioning democracy. The last time I checked, General James Conway works for the president. Criticism is fine in the right context but this is not it. Maybe we've all become too accustomed to blowhard generals thinking they're above the system but the older I get the less I like hearing from them in public. If they can't accept one of the most basic functions of their job (accepting orders from the president) or they don't like it, resign. Is it posturing for a political career or a new job? Who knows but it turns my stomach to see this garbage and then watch it be tolerated. BBC:

A senior US general has warned President Barack Obama's deadline to begin pulling troops out of Afghanistan is encouraging the Taliban.

US General James Conway, head of the US Marine Corps, said the deadline was "giving our enemy sustenance".

Gen Conway warned that US forces in southern Afghanistan will likely have to stay in place for several years.

His comments are likely to fuel debate over US strategy in Afghanistan and Mr Obama's July 2011 withdrawal date.

Read More......

David Cay Johnston on the Bush tax cuts

Countdown had a nice Bush tax cuts segment, including an interview with David Cay Johnston (this guy). Johnston is always very clear and very specific. (I'm including the whole piece, including the lead-in bit from Meet the Press. The Johnston interview starts at 3:58.)



So from Johnston we learn:

The Bush tax cuts were financed with $2.4 trillion in borrowed money.

Interest alone on that: All income taxes paid in January & February of this year. (That's 1/6th, if you got through grade school math.)

Right now, Small Business needs domestic demand, not tax cuts, to be profitable.

Which prompts me to ask, does Big Business need domestic demand? Because the rich are doing everything they can to kill it, and when the subject is money, those folks aren't stupid. (That's not a facetious question, by the way; it's worth pursuing. Do the rich still need the U.S. consumer?)

About that "relentless questioning" by David Gregory, I have the same media curiosity I had before. Assuming Gregory's not off the reservation, it seems he's busting Boehner's chops because:

1. The fix is in to kill the Big Boy tax cuts, and this is his piece of it; or
   
2. The fix is in to extend the tax cuts, and he's burnishing populist cred in spite of that.

Either way, he's leaving an actual mark on GOP chops — not something you normally see on the Sunday talks.

GP Read More......

Late night Paris

An evening with friends in Paris usually consists of dinner or a bar, or on the weekend, dancing. I decided to grab a few videos of nights out with the friends, in order to share with you guys a typical Parisian night on the town.

One evening last week, I took a visiting American friend to Marcus' favorite new bar, Les Souffleurs, in the Marais. From what I can tell, Souffleurs comes from souffle, to blow. A souffleur is actually a prompter in the theater - someone off stage who gives the actors their lines, or "blows" the words to the actors. Souffleur has also been used as the name of a French submarine, because of the "blow spout." So it's hard to know the intent. Hell, it could even be a sexual pun.

I guess you'd call Les Souffleurs a "gay bar," except it's really just a very cool bar that just happens to have a pretty gay clientelle. Maybe calling it straight-friendly would be more appropriate. It's a skinny little hole in the wall with all sorts of charm and ambience. A nice, cute, relatively young - and friendly - crowd, and dancing in the very small basement cave until the hour is late. (And the mojitos are good, and not outrageously priced, for Paris.) Here's a quick video of Marcus sharing a story at the bar.



Saturday night we had arranged with Friday night's picnic crowd to meet at a bar where, before midnight, they dance Tango and waltzes. It was a total hoot. Then at midnight, they switch for a few minutes to a line dance that they call "the Madison." It sounded awfully familiar to me until an American friend mentioned "it's the Hustle!" I unfortunately did not get a video of the Frenchies doing the Hustle, as I had been grabbed onto the dance floor by my friend Clément, and was trying desperately to remember the dance steps I learned in 8th grade (a long time ago). I failed miserably.

After midnight, the music switched to "Rock" as the French call it. Which isn't really rock. It's oldies from the French and American 60s, 70s, and a wee bit from the 80s (too wee a bit). It was great fun. Basically a healthy mix of American and French 70s discos (and more). Here's the gang dancing to Claude François' "Magnolias for Ever." Which, best as I can gather, is a cheesy French disco song.

Read More......

CNBC: tax cuts *do* add to deficit

Of course they do but who wants to get in the way of a good rant by the Republicans? As you can read inside the link, even many top Republican economic advisers going back to the Reagan years admit tax cuts add to the deficit. CNBC:

I was very encouraged to read an article last Tuesday in the Wall Street Journal entitled “Voters Back Tough Steps to Reduce Budget Deficit.” What is discouraging is that some people, mostly Republican politicians, are trying to convince people that tax cuts do not contribute to the deficit. This is not only misinformation, it is dangerous misinformation.

The misinformers’ claim is that tax cuts pay for themselves and thus do not impact the deficit negatively. They claim that lower tax rates stimulate the economy and job growth so much that you wind up with more tax revenues at lower rates than you do at higher rates. While President Bush was telling the public that tax cuts pay for themselves, his 2003 Economic Report of the President, pages 57-58, told a very different story...

Yes, the GOP politicians are dangerous. Read More......

Primary results from FL. Still waiting on AZ.

First, if you want the most up-to-date info., go to Swing State Project. The crew over there are always on top of what's going on electorally, but they truly shine on election nights.

In Florida, Congressman Kendrick Meek is the Democratic nominee for Senate. He beat shady billionaire Jeff Greene tonight by a pretty convincing margin. Meek will now face Republican Marco Rubio and Independent (former GOPer) Charlie Crist.

Looks like Rick Scott, another shady billionaire, won the GOP nomination for Governor. AP just called it. He beat Attorney General Bill McCollum (of George "Rentboy" Rekers infamy.) Scott spent almost $40 million of his own money on this race. His name is synonymous with Medicare fraud. We'll be hearing a lot more about that over the next few months. His Democratic opponent, Alex Sink is ready for him. Earlier this year, her campaign said:

"If Scott proposes the same accountability measures for Florida government that he used at Columbia/HCA, we'll have to back up the paddy wagon to the front door of the Capitol," Sink spokeswoman Kyra Jennings said in a May 18, 2010, press release. "Florida simply can't trust someone who was forced to resign as the head of a company that pled guilty to massive amounts of systematic fraud, including 14 felonies, leading to a historic $1.7 billion fine."

And, the key thing is that Politifact reports this is true.

In FL-02, hard-core Blue Dog incumbent Allen Boyd is locked in a close race with State Senator Al Lawson, who is much more progressive. Boyd pulled it out, but it was pretty darn close.

And, in the 8th Congressional District, Alan Grayson will face Daniel Webster, described by Howie Klein as "the hapless imbecile who drummed up the Terri Schiavo controversy."

In Arizona, where polls closed at 7 PM local time, the results haven't been reported yet. The Arizona Republic reports turnout was light.

UDPATED @ 11:19 PM: McCain will likely be was just declared the winner of his primary against butthead JD Hayworth. I'll add more when the numbers come in from Arizona. We're interested in the results of the Democratic Senate primary and how the Ben "Brock Landers" Quayle kid did in his primary. (Watch Andy Cobb's video mocking Quayle here.) Read More......

Debt Commission co-chair Simpson: Social Security is 'like a milk cow with 310 million tits!'

I'm monitoring election results and will have a post up soon, but I had to post this. It's just too much. The Debt Commission, a.k.a. the Cat Food commission, appears intent on dismantling Social Security. And, it's co-chair, Alan Simpson, confirmed it. Via Ryan Grim:

Alan Simpson believes that Social Security is "like a milk cow with 310 million tits," according to an email he sent to the executive director of National Older Women's League Tuesday morning. Simpson co-chairs the deficit commission, which is considering various proposals to cut Social Security benefits.

Simpson's email, which OWL chief Ashley Carson released publicly, (PDF) was sent in response to an April blog post Carson wrote for the Huffington Post. Carson criticized Simpson for repeatedly describing his Social Security opponents as "Pink Panthers," arguing that the description had sexist connotations.

His email is peppered with exclamation points and condescension. At one point he urged Carson to read a certain graph, "which I hope you are able to discern if you are any good at reading graphs."

Simpson was appointed by President Obama. He should resign. But, he won't. Obama needs to fire him.

Here's the key paragraph in the email from Simpson:

Anyway, have a look at it and if you should choose, you might communicate with me. If you have some better suggestions about how to stabilize Social Security instead of just babbling into the vapors, let me know. And yes, I’ve made some plenty smart cracks about people on Social Security who milk it to the last degree. You know ‘em too. It’s the same with any system in America. We’ve reached a point now where it’s like a milk cow with 310 million tits! Call when you get honest work!

Honest work. Ha. Read More......

Gas prices hit eight-month low, and it's apparently a bad sign for the economy

Fascinating.

With the end of the summer driving season just around the corner, traders and investors on Monday drove gasoline prices to an eight-month low on U.S. commodities markets, providing the latest sign of pessimism about the economic recovery.

The surge in U.S. consumption that many refiners expected earlier this year has not materialized. Last week, the American Petroleum Institute reported that in July, U.S. gasoline deliveries (a measure of demand) were 9.3 million barrels a day, down slightly compared with July 2009. Except for 2008, it was the lowest July gasoline demand number since 2003.

A lack of consumer confidence and continuing high unemployment have kept people cautious about spending and traveling. "With unemployment high and July regular gasoline prices more than 20 cents a gallon above those a year ago, consumers likely have been shopping and vacationing less and trimmed their gasoline purchases accordingly," said John Felmy, the institute's chief economist.

Read More......

Daily Show on 'terror funder' & Fox co-owner Prince al-Waleed bin Talal

A stunning segment, not because the news is new, but because it's really well analyzed. Funny is just gravy on this very meaty dish (h/t Blue Texan).



Bottom line (for those of you who want to read the meaty bits):

1. Saudi Prince al-Waleed bin Talal ("the world's 22nd richest person") is the second-largest owner of Fox News.
   
2. Billionaire Prince al-Waleed also funds the Kingdom Foundation.
   
3. Fox says that the Kingdom Foundation "funds terror groups."
   
4. The Prince also funds Imam Rauf, the man behind the Park 51 Muslim community center.
   
   
5. Bonus: Fox & Friends announces points 2–4 without ever naming al-Waleed.

For Fox, this means Imam Rauf is financed by terror-funders. For Stewart, this means that Fox is either Stupid or Evil.

But for us, this is valuable information, including the part about connections to Bush II. Forget the "mosque"; the Saudi royal family's relationship to right-wing and GOP politics has needed a spotlight for years. Thank you, Daily Show, for shining it.

Just wait till the Saudis start flexing their Citizens United muscles. Mr. Roberts, you are truly a "revolutionary force".

GP

(By the way, I'm with Evil all the way, even though Evil can also be "inspiringly Stupid." Why?

Because about 1:55 into the segment (repeated at 5:08), Dan Senor says, "The Kingdom Foundation, so you know, is this Saudi organization headed up by the guy who tried to give Rudy Guilani $10 million after 9/11 that was sent back, he funds radical madrassas all over the world" — with a picture of Imam Rauf, not our billionaire Prince, behind the voice-over.

It's the Prince he's talking about. From Dan Senor especially, that's not Stupid, that's inspiringly Evil.) Read More......

Egg producers consolidate, putting us all at risk

Wash Post:

The largest egg recall in U.S. history comes at a point of great consolidation in the egg industry, when a shrinking number of companies produce most of the eggs found on grocery shelves and a defect in one operation can jeopardize a significant segment of the marketplace.

Just 192 large egg companies own about 95 percent of laying hens in this country, down from 2,500 in 1987, according to United Egg Producers, an industry group. Most of those producers are concentrated in five states: Iowa, Ohio, Indiana, Pennsylvania and California.

Read More......

GOP says they won't get anything done until the 2012 eletions

From ThinkProgress:

AUDIENCE MEMBER: Assuming it’s accurate that Republicans will get the House, how effective will that be in throwing a monkey wrench in the gears of everything Obama does?

[Rep. Jim] JORDAN [R-OH]: If we win, what will we get done? Mostly, I’ll be honest, most of what we can get done is have the big fight, have the big debate, and have the framework for the 2012 election.

Read More......

Boehner wants Obama to fire Geithner and Summers

Get in line John because so do quite a few Democrats though for different reasons. Democrats are fed up with Geithner and Summers (and Obama) continuing GOP economic policies or scaling back the stimulus to win over Republican support that never materialized. Maybe Boehner could tell us how the Obama economic team has differed from the Bush team because it's not obvious.

U.S. House Minority Leader John Boehner in a speech today called on President Barack Obama to fire Treasury Secretary Timothy Geithner and the other remaining members of the president’s economic team.

In a speech to the City Club of Cleveland, Boehner said Obama’s stimulus policies are failing to create jobs.

It would be interesting to hear Boehner expand more on his plan to privatize Social Security and turn health insurance back in the wrong direction. Read More......

Boehner attacks stimulus again

The White House should blow him out of the water. The data is irrefutable. The stimulus created millions of jobs. Not enough, to be sure. (And I do blame the White House for the fact that the stimulus wasn't enough - they were told it wasn't enough, but refused to even try for more.) But to say that the stimulus didn't work at all, is an outright lie. It shows the minority leader to be a liar, or a moron. Read More......