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Boehner's Spending Cuts Would Kill 1 Million Jobs

Boehner's Spending Cuts Would Kill 1 Million Jobs | TPMDC
At a press conference yesterday, House Speaker John Boehner (R-OH) told reporters that if some federal jobs were lost as a result of his proposed spending cuts, "so be it." How many jobs are we talking about? According to federal budget expert Scott Lilly at the Center for American Progress, Boehner's proposed spending cuts could kill almost 1 million jobs.

February 15, 2011

Worse than Egypt: Nine Pictures of the Extreme Income/Wealth Gap

Nine Pictures of the Extreme Income/Wealth Gap
Between 1979 and 2008, the top 5% of American families saw their real incomes increase 73%, according to Census data. Over the same period, the lowest-income fifth (20% of us) saw a decrease in real income of 4.1%. The rest were just stagnant or saw very little increase. This is why people are borrowing more and more, falling further and further behind. (From the Working Group on Extreme Inequality) Income VS Wealth There are a few people who make hundreds of millions of income in a single year. Some people make more than $1 billion in a year But that is in a single year. If you make vast sums every year, after a while it starts to add up. (And then there is the story of inherited wealth, passed down and growing for generation after generation...) Top 1% owns more than 90% of us combined. "In 2007, the latest year for which figures are available from the Federal Reserve Board, the richest 1% of U.S. households owned 33.8% of the nation’s private wealth. That’s more than the combined wealth of the bottom 90 percent." (Also from the Working Group on Extreme Inequality) 400 people have as much wealth as half of our population. The combined net worth of the Forbes 400 wealthiest Americans in 2007: $1.5 trillion. The combined net worth of the poorest 50% of American households: $1.6 trillion.... The top 1% also own 50.9% of all stocks, bonds, and mutual fund assets. The top 10% own 90.3%. In fact our country's concentration of wealth is worse than Egypt.

February 14, 2011

Krugman: Republicans Eat The Future

Eat The Future - NYTimes.com
On Friday, House Republicans unveiled their proposal for immediate cuts in federal spending. Uncharacteristically, they failed to accompany the release with a catchy slogan. So I’d like to propose one: Eat the Future. . . . The key point to understand is that while many voters say that they want lower spending, press the issue a bit further and it turns out that they only want to cut spending on other people. . . . The new House majority promised to deliver $100 billion in spending cuts — and its members face the prospect of Tea Party primary challenges if they fail to deliver big cuts. Yet the public opposes cuts in programs it likes — and it likes almost everything. What’s a politician to do? The answer, once you think about it, is obvious: sacrifice the future. Focus the cuts on programs whose benefits aren’t immediate; basically, eat America’s seed corn. There will be a huge price to pay, eventually — but for now, you can keep the base happy. If you didn’t understand that logic, you might be puzzled by many items in the House G.O.P. proposal. Why cut a billion dollars from a highly successful program that provides supplemental nutrition to pregnant mothers, infants, and young children? Why cut $648 million from nuclear nonproliferation activities? (One terrorist nuke, assembled from stray ex-Soviet fissile material, can ruin your whole day.) Why cut $578 million from the I.R.S. enforcement budget? (Letting tax cheats run wild doesn’t exactly serve the cause of deficit reduction.) . . .

The Republican 2011 Budget would cut job training, police, NPR, PBS, and High Speed Rail

How can you create jobs when all you do is cut and destroy? ThinkProgress -- Proposed GOP Spending Plan Terminates Important Investments In Infrastructure, Education, Job Creation
The GOP’s proposal includes a slew of cuts to important programs, agencies, and investments, and would be detrimental to job creation, education, and scientific research. But they also specifically zero out many programs, cutting their funding entirely, including: – High speed rail investments ($5 billion) – COPS Hiring (supporting local law enforcement) ($298 million) – High School Graduation Initiative ($50 million) – Weatherization assistance program ($210 million) – National Park Service climate change monitoring and response ($4.5 million) – Corporation for Public Broadcasting ($86 million) – Green Jobs Innovation Fund ($40 million) These are just a few choice selections. A more complete list of program terminations can be found below. And of course, the Republicans propose deep reductions to other programs that promote health, education, job training, and innovation, even while leaving them some sliver of funding.