The American Enterprise Institute, a conservative-leaning think tank, has some data out indicating that cutting government spending may be off-setting private sector growth. That's notable, especially when coming from an organization with the motto "Freedom. Opportunity. Enterprise."Even the Wall Street Journal, owned by GOP propagandist Rupert Murdoch, admits that the end of the stimulus is hurting growth (the GOP party line has been that the stimulus actually "caused" unemployment, which is absurd, but the GOP tends to pander to its uneducated base, and they've found that the truth doesn't tend to work for them at the ballot box). Read the rest of this post...
Public sector GDP -- a measure of the goods and services produced by the government -- has shrunk for eight consecutive quarters, according to AEI. At the same time, private sector growth has increased for 12 quarters in a row, indicating that America’s slow overall GDP growth may mostly be a result of a drop in government spending.
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Thursday, August 02, 2012
Conservative study shows government austerity may be hurting economy
This is not a surprise, but it is interesting that the study is coming out of conservative-land. From HuffPo:
Climate change the cause of recent extreme weather, scientists tell congress
And of course, the far-right nuts running the Republican party just had to weigh in.
In one of the liveliest exchanges, Bernie Sanders of Vermont continued his effort to take down Inhofe for his statements that climate change is a hoax and a conspiracy.And we all know who the Republicans really mean when they say "Hollywood." That would be the folks Mitt Romney admires for their innate ability at "business." And their horns. Read the rest of this post...
Sanders asked the scientists on the panel for their opinions on some of Inhofe's more notorious assertions – that climate change is a hoax, that the planet is actually in a state of cooling, and that such environmental concerns were a conspiracy by the UN, Al Gore, and Hollywood.
The scientists did not support Inhofe's claims.
GOP congressman says birth control is just like September 11
So, just to keep things straight, asking Mitt Romney to release his taxes is just like McCarthyism. And asking insurance companies to cover contraceptives is just like September 11. (Except thousands of people died on September 11, and no one ever died from birth control, unless you consider 100m sperm people and if so, then you've got other problems.)
What's important about this story is keeping in mind this is a member of Congress. He's from the state, Pennsylvania, where one of the 9/11 planes crashed. And he has the audacity to talk like this.
We've permitted Republicans to move the bar of decency, slowly but surely, again and again. They always get away with it, and by doing so, slowly move the culture further and further to the crazy.
GOP congressman Mike Kelly is very much what's wrong with the Republican party today. But he's also, sadly, a good sign of what's wrong with our country too. Read the rest of this post...
What's important about this story is keeping in mind this is a member of Congress. He's from the state, Pennsylvania, where one of the 9/11 planes crashed. And he has the audacity to talk like this.
We've permitted Republicans to move the bar of decency, slowly but surely, again and again. They always get away with it, and by doing so, slowly move the culture further and further to the crazy.
GOP congressman Mike Kelly is very much what's wrong with the Republican party today. But he's also, sadly, a good sign of what's wrong with our country too. Read the rest of this post...
Romney spokesman compares releasing his taxes to McCarthyism
Harry Reid says he talked to a source who says Mitt Romney didn't pay taxes for an entire decade. The response from Romney's campaign is classic:
Second, McCarthy, seriously? We're asking to see Romney's back taxes. Something his father had no problem doing. Something he had no problem providing them McCain campaign when he wanted to be VP. But now that he wants to be President, suddenly he refuses and, to top it off, asking Romney to release his taxes is now McCarthyism.
What's next Mitt, asking you to release your taxes is just like September 11? Or will you get Rudy "A noun, a verb, 9/11" to say that one. Read the rest of this post...
“I’m telling you authoritatively speaking on the behalf of the Governor that those charges are untrue, they are baseless, and there is nothing to back them up,” said Romney adviser Eric Fehrnstrom on Fox News Thursday. Invoking Army lawyer Joseph Welch’s famous exchange with Sen. Joseph McCarthy (R-Wis.), Fehrnstrom asked, “Have you no sense of decency, sir?”Um, first problem, there's also "nothing to back up" the claims that the charges are untrue. So if we use the Romney standard that "nothing to back it up makes its untrue" then the claim from Romney that this is untrue is untrue.
Second, McCarthy, seriously? We're asking to see Romney's back taxes. Something his father had no problem doing. Something he had no problem providing them McCain campaign when he wanted to be VP. But now that he wants to be President, suddenly he refuses and, to top it off, asking Romney to release his taxes is now McCarthyism.
What's next Mitt, asking you to release your taxes is just like September 11? Or will you get Rudy "A noun, a verb, 9/11" to say that one. Read the rest of this post...
Principal reductions on underwater homes may soon be taxed
David Dayen has a story at Salon that is genuinely must-read.
He's flagging the fact that for the last three years, there has been a federal law which excludes principal reductions from homeowners from taxation. Any amount of debt that is written off by banks during a mortgage modification has not been counted as taxable income.
That law will expire at the end of 2012, making it likely that homeowners who receive principal reductions, sell their homes at short sale, or received compensation as part of the national mortgage settlement, or Servicemember Civil Relief Act settlements, will have to pay federal taxes on the money. Given that these are almost entirely people who are in foreclosure due to a lack of money, this could be devastating.
Imagine struggling near foreclosure in an underwater home - you bought it for $300,000 but now it's only worth $200,000. You get your bank to make a deal to keep you in your home, cutting the principal on your mortgage by $100,000. Great! Only if this law expires and the mortgage modification happens after its expiration, you'll now be sent a federal tax bill that could be $20-30,000 or more, depending on your income. It'd be crushing.
If this tax policy isn't dealt with and comes into existence next year, it would be as functionally stupid as any which exists in America today.
What's terrifying is that extending this law would be a tax cut at a time when Washington is captured by deficit fever. Per Dayen, "the Congressional Budget Office estimates that excluding principal reductions from taxation for two more years will save recipients $2.7 billion."
$2.7 billion isn't a ton of money, but it isn't nothing either. Since we're facing a fiscal cliff, plus the expiration of the Bush tax cuts, plus the debt ceiling, it's clear that Congress will be looking for ways to save money, particularly from powerless constituencies. And given the lack of action by Congress to aid homeowners, it's hard to imagine a less powerful constituency than homeowners at risk of foreclosure.
Nonetheless, there are multiple pieces of legislation moving through the House and Senate aimed to extend the protection for homeowners.
Keep in mind that the initial law was set to expire after three years because it was assumed the housing crisis we were in would be over by then. Obviously that assumption was wildly optimistic. We need a fix that will survive on a long enough term to actually right the housing market. Dayen again:
It's easy to imagine dealing with this issue becoming a yearly task for Congress, as no one wants to do anything that can be seen as contributing to the debt long term. As a result, homeowners at risk of foreclosure may remain in an even more precarious position for a long time to come. This is the real sort of uncertainty which hurts people and the economy (as opposed to the fictional uncertainty which fuels invisible bond vigilantes).
This issue has largely flown under the radar to this point in time. Hopefully Dayen's reporting, as well as work being done by activist groups like ACCE, will put pressure on Congress to act quickly. The longer this goes unresolved, the more likely it will be lost in the coming hysteria around expiration of the Bush tax cuts, sequestration, and the debt ceiling. Read the rest of this post...
He's flagging the fact that for the last three years, there has been a federal law which excludes principal reductions from homeowners from taxation. Any amount of debt that is written off by banks during a mortgage modification has not been counted as taxable income.
That law will expire at the end of 2012, making it likely that homeowners who receive principal reductions, sell their homes at short sale, or received compensation as part of the national mortgage settlement, or Servicemember Civil Relief Act settlements, will have to pay federal taxes on the money. Given that these are almost entirely people who are in foreclosure due to a lack of money, this could be devastating.
Imagine struggling near foreclosure in an underwater home - you bought it for $300,000 but now it's only worth $200,000. You get your bank to make a deal to keep you in your home, cutting the principal on your mortgage by $100,000. Great! Only if this law expires and the mortgage modification happens after its expiration, you'll now be sent a federal tax bill that could be $20-30,000 or more, depending on your income. It'd be crushing.
If this tax policy isn't dealt with and comes into existence next year, it would be as functionally stupid as any which exists in America today.
What's terrifying is that extending this law would be a tax cut at a time when Washington is captured by deficit fever. Per Dayen, "the Congressional Budget Office estimates that excluding principal reductions from taxation for two more years will save recipients $2.7 billion."
$2.7 billion isn't a ton of money, but it isn't nothing either. Since we're facing a fiscal cliff, plus the expiration of the Bush tax cuts, plus the debt ceiling, it's clear that Congress will be looking for ways to save money, particularly from powerless constituencies. And given the lack of action by Congress to aid homeowners, it's hard to imagine a less powerful constituency than homeowners at risk of foreclosure.
Nonetheless, there are multiple pieces of legislation moving through the House and Senate aimed to extend the protection for homeowners.
Keep in mind that the initial law was set to expire after three years because it was assumed the housing crisis we were in would be over by then. Obviously that assumption was wildly optimistic. We need a fix that will survive on a long enough term to actually right the housing market. Dayen again:
At stake is the future of the housing market itself. Though analysts keep touting a bottoming out of prices and home sales, the numbers suggest that there’s still a long way to go, and the biggest stumbling block remains negative equity. “For us to get to a housing recovery, we really do need significant principal reduction,” said Rheingold. “As we’re seeing the first signs of doing any principal reduction or short sales, if this tax relief is allowed to expire, it would really do tremendous damage.”Senator Debbie Stabenow and Rep. Jim McDermott have both introduced bills to fix this. Stabenow's is just a one year extension, though McDermott's is quite comprehensive.
It's easy to imagine dealing with this issue becoming a yearly task for Congress, as no one wants to do anything that can be seen as contributing to the debt long term. As a result, homeowners at risk of foreclosure may remain in an even more precarious position for a long time to come. This is the real sort of uncertainty which hurts people and the economy (as opposed to the fictional uncertainty which fuels invisible bond vigilantes).
This issue has largely flown under the radar to this point in time. Hopefully Dayen's reporting, as well as work being done by activist groups like ACCE, will put pressure on Congress to act quickly. The longer this goes unresolved, the more likely it will be lost in the coming hysteria around expiration of the Bush tax cuts, sequestration, and the debt ceiling. Read the rest of this post...
Gov. Romney ignoring a dying man's plea for medical marijuana
Governor Romney dealing with the public in 2007. It's not just that he disagrees with the wheelchair-bound man who spoke with him.
Once he realized the situation the man was in and what he was asking, Romney turned his back as fast as he could. This is the emotional equivalent of sprinting away.
The second half of this short clip (h/t Upworthy.com) is incredibly discomforting. Try watching it twice.
Puts me in mind of this, from Joan Walsh (our report is here; my paragraphing):
Just to be sure, I want to see those medical records, sir. Long form please.
GP
To follow or send links: @Gaius_Publius Read the rest of this post...
Once he realized the situation the man was in and what he was asking, Romney turned his back as fast as he could. This is the emotional equivalent of sprinting away.
The second half of this short clip (h/t Upworthy.com) is incredibly discomforting. Try watching it twice.
Puts me in mind of this, from Joan Walsh (our report is here; my paragraphing):
But could it be more than entitlement and an odd personal style?Many of the very wealthy are inhuman, or at least inhumane. But I'm not sure that Walsh isn't onto something.
I’ve found myself wondering over the course of the campaign whether Romney has some kind of personality disorder, so dissociated does he occasionally seem from the well-worn routines of normal human interaction.
Maybe we should be asking to see his medical records and not just his tax returns. I don’t mean to be flippant about that or insensitive to any kind of problem he may struggle with. But his struggles are our struggles; he’s running to be our president.
There is something very odd about Mitt Romney.
Just to be sure, I want to see those medical records, sir. Long form please.
GP
To follow or send links: @Gaius_Publius Read the rest of this post...
God is in the nuggets
Note from John: Before we get to the post, I'd like to welcome Chris Andoe to the blog. He'll be writing here and on AMERICAblog Gay. I first met Chris back in 2000 when friends and I were running the boycott of Dr. Laura Schlessinger's new TV show (we eventually won). I saw Chris at a protest in Chicago and he asked if we had anyone organizing St. Louis. I said no, so Chris volunteered, and did a bang up job. I'm happy to welcome him to the blog.
And fyi, would love to have more women bloggers on the blog, but it's been tough finding them - am checking out two right now, but if you know of anyone - for the main or gay sites - please send them my way: john at americablog dot com. Thanks!
Here's Chris' first post about the heterosexual pride event hosted at Chick-fil-A's around the country yesterday. You might recall that the popular fast food joint recently admitted it's undying enmity to all things gay.
___________
God is in the nuggets
The God of Gluttony smiled upon all those waddling through long lines at Chick-fil-a Wednesday to celebrate their pride in being heterosexual, bigoted and obese.
Sitting in their idling cars with the AC running, they waited their turn to take communion in the form of a typical American factory-farmed chicken breast laced with all the natural goodness of antibiotics, Benadryl, and arsenic (sorry, "organic" arsenic), then rolled in white flour, powdered sugar, butter, salt and deep fried.
In a culture that readily accepts highly-processed substances as "food," it was only a matter of time before we found people going to the same trough to meet their other needs, from spirituality to political expression.
In a matter of days, we've seen the meteoric rise of a brand new symbol of moral righteousness: the greasy fast food bag. Long thought of as mere garbage, this former agent of death is now the exulted symbol of a desperate people's moral compass (life imitates art). Politicians like Sarah Palin and Lindsey Graham proudly pose with it (oblivious to how gay their photo opps actually came off). I imagine Republicans will soon be signing pledges of loyalty to their chicken god.
The scenes were repulsive. Supposedly civilized people turning to the drive-through window for a super-sized order of malnutrition, warped spirituality, and bigoted political discourse. (Obesity and arteriosclerosis all being part of God's plan, praise the Lord.)
Though not a God you or I might be familiar with. Rather, a cheap fast-faith God who shares their prejudices, along with free refills of hate and intolerance. Read the rest of this post...
And fyi, would love to have more women bloggers on the blog, but it's been tough finding them - am checking out two right now, but if you know of anyone - for the main or gay sites - please send them my way: john at americablog dot com. Thanks!
Here's Chris' first post about the heterosexual pride event hosted at Chick-fil-A's around the country yesterday. You might recall that the popular fast food joint recently admitted it's undying enmity to all things gay.
___________
God is in the nuggets
The God of Gluttony smiled upon all those waddling through long lines at Chick-fil-a Wednesday to celebrate their pride in being heterosexual, bigoted and obese.
Sitting in their idling cars with the AC running, they waited their turn to take communion in the form of a typical American factory-farmed chicken breast laced with all the natural goodness of antibiotics, Benadryl, and arsenic (sorry, "organic" arsenic), then rolled in white flour, powdered sugar, butter, salt and deep fried.
In a culture that readily accepts highly-processed substances as "food," it was only a matter of time before we found people going to the same trough to meet their other needs, from spirituality to political expression.
In a matter of days, we've seen the meteoric rise of a brand new symbol of moral righteousness: the greasy fast food bag. Long thought of as mere garbage, this former agent of death is now the exulted symbol of a desperate people's moral compass (life imitates art). Politicians like Sarah Palin and Lindsey Graham proudly pose with it (oblivious to how gay their photo opps actually came off). I imagine Republicans will soon be signing pledges of loyalty to their chicken god.
The scenes were repulsive. Supposedly civilized people turning to the drive-through window for a super-sized order of malnutrition, warped spirituality, and bigoted political discourse. (Obesity and arteriosclerosis all being part of God's plan, praise the Lord.)
Though not a God you or I might be familiar with. Rather, a cheap fast-faith God who shares their prejudices, along with free refills of hate and intolerance. Read the rest of this post...
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