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Posts tagged with 'Josh Holland'

Weekly Audit: Hostage-Taking Over the Debt Ceiling

Posted Apr 26, 2011 @ 11:29 am by
Filed under: Economy     Bookmark and Share

Creative Commons, Flickr, cszarBy Lindsay Beyerstein, Media Consortium blogger

The latest contrived showdown between Congressional Republicans and the White House is over what concessions the GOP will demand in order to increase the federal debt ceiling.

George Zornick of The Nation explains how the shakedown works:

Congress now needs to approve any borrowing past the $14.3 trillion debt ceiling, which the United States will reach “no later” than May 16, according to Treasury Secretary Timothy Geithner. If Congress doesn’t raise the debt ceiling, the government would have to stop spending—including stopping interest payments on those Treasury bonds, meaning that the United States would effectively default on its debt.

The debt ceiling has to be raised and everyone knows it. Surely the Republicans knew it when they voted for tax cuts for the rich with borrowed money. If the debt ceiling is not raised, the United States will default on some of its obligations. Just like what happens after you miss a credit card payment, the country’s creditors will demand higher interest in order to lend to us in the future.

Playing chicken with the debt ceiling is a recipe for increasing the national debt. Paul Waldman argues in The American Prospect that the Republicans hate government so much that they are willing to declare war on the economy in a quixotic bid to smash the state:

The reason we’re now seeing an unprecedented amount of attention paid to a vote that ordinarily passes with little notice is that the Republican Party’s agenda is being set by a group of ideological radicals who seem quite willing to cripple the American economy if that’s what it takes to strike a blow against the government they hate so much.

Peak Crazy

At AlterNet, Joshua Holland explains why failure to raise the debt ceiling would be an economic catastrophe that could jeopardize the economic recovery. “Peak Crazy,” he calls it.

However, Holland notes that a showdown over the debt ceiling does not risk an immediate government shutdown, like the one we faced over the budget battle. Borrowing isn’t the only way that government agencies are funded. The government could still spend the $150 billion or so it takes in every month in tax revenue, for example.

Yet, Senate Minority Leader Mitch McConnell (R-Kentucky) has announced that 47 GOP senators oppose raising the debt ceiling unless “credible attempts” are made to cut federal spending. Meanwhile the Tea Party is launching an all-out lobbying effort to urge House Republicans not to raise the debt ceiling without major spending cuts.

The Tea Party’s wish list includes some total pipe dreams like a balanced budget amendment to the constitution, and a law to require a two-thirds majority for all future tax increases. Former senator and current U.S. presidential hopeful Rick Santorum cheerfully announced that he would let the United States default on its debt if health care reform is not repealed. Rep. Michele Bachmann (R-Minn) helpfully suggests paying the interest on Treasury Bills using money that would otherwise go to Social Security.

Shoot the hostage

Cenk Uygur of the Young Turks argues that Democrats are panicking needlessly and, once again, offering needless preemptive concessions to the Republican fringe in the form of a proposed “hard cap” on government spending, which would cap new government spending, and subtract any overruns from social welfare programs like Medicare and Social Security.

The truth, Uygur notes, is that Wall Street has already told the Republicans in no uncertain terms that the debt ceiling will be raised. The economic consequences of doing anything else would be unthinkable. The Tea Party can yell and scream, but the adults have already made the decision. Knowing this, Democrats should not be trying to placate the Republicans so as to induce them to do something they will ultimately end up doing.

Digby on Social Security

Democrats are wavering in their decades-long commitment to defend Social Security, Heather Digby Parton (a.k.a., “Digby”) writes in In These Times:

In a quixotic attempt to fix the problems in the current economy without confronting the plutocrats, the Democrats are using the illogical argument that since Social Security is projected to have a shortfall in 35 years, we must cut benefits now. And they seek to prove to “the market” that the government is fiscally responsible by showing it’s willing to inflict pain on its citizens—in the future.

Even if we do nothing, Social Security can pay out full benefits for the next 35 years. There is no crisis. A small increase on the payroll cap on Social Security could shore up the program for generations to come. Republicans oppose Social Security because they are ideologically opposed to social welfare programs, not because Social Security is broken.

This post features links to the best independent, progressive reporting about the economy by members of The Media Consortium. It is free to reprint. Visit the Audit for a complete list of articles on economic issues, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, health care and immigration issues, check out The Mulch, The Pulse and The Diaspora. This is a project of The Media Consortium, a network of leading independent media outlets.

Weekly Pulse: DCCC Ad Shows Grandpa Stripping for Extra Cash to Pay for Medicare

Posted Apr 20, 2011 @ 10:52 am by
Filed under: Health Care     Bookmark and Share

By Lindsay Beyerstein, Media Consortium blogger

YouTube Preview Image

How will the next generation of seniors pay for health care if Republicans privatize Medicare? The Democratic Congressional Campaign Committee (DCCC) suggests some options in a darkly funny ad featuring a grandfatherly gentleman mowing lawns and stripping for extra cash. The ad will run in 24 GOP-controlled swing districts, Suzy Khimm reports for Mother Jones.

The ad is a riposte to Paul Ryan’s budget, which would eliminate Medicare and replace it with a system of “premium support”–annual lump sum cash payments to insurers. These payments would be pegged to the growth of the Gross Domestic Product (GDP) +1%, even though health care costs are growing much faster than the economy at large. That means that real benefits will shrink over time. Seniors will be forced to come up with extra money to buy insurance, assuming they can find an insurer who’s willing to sell it to them.

Josh Holland of AlterNet predicts that the GOP is committing political suicide with the its anti-Medicare budget. The more ordinary voters learn about Ryan’s budget, the less they like it:

A poll conducted last week found that, “when voters learn almost anything about [the Ryan plan], they turn sharply and intensely against it.” And why wouldn’t they? According to an analysis by the non-partisan Center for Budget and Policy Priorities (CBPP), the Republicans’ “roadmap” would “end most of government other than Social Security, health care, and defense by 2050,” while providing the “largest tax cuts in history” for the wealthy.

Holland interviews an economist who estimates that the Medicaid cuts in the Ryan budget alone would cost 2.1 million jobs.

Under the bus

The Democratic spin about the deal to avert a budget shutdown was that Democratic leaders held fast against Republican demands to defund Planned Parenthood. However, as Katha Pollitt explains in The Nation, the Democrats capitulated on other reproductive rights issues in order to save Planned Parenthood.

For example, under the budget deal, Washington, D.C. will no longer be allowed to use local taxes to pay for abortions. Democrats also agreed to $17 million in cuts to the Title X Family Planning Program, Planned Parenthood’s largest source of federal funding.

American women aren’t alone under the bus. Jane Roberts notes at RH Reality Check that the budget deal slashed $15 million from the U.N. Population Fund, and millions more from USAID’s budget for reproductive health and family planning. At least Democrats successfully rebuffed GOP demands to eliminate funding for the United Nations Population Agency.

Roberts observes:

And this is at a time when the whole world is coalescing behind the education, health and human rights of the world’s women and girls. What irony!

Blood for oil

Nearing the one-year anniversary of the explosion aboard the Deepwater Horizon oil rig that killed 11 workers, Daniel J. Weiss writes for Grist:

The toll of fossil fuels on human health and the environment is well documented. But our dependence on fossil fuels exacts a very high price on the people who extract or process these fuels. Every year, some men and women who toil in our nation’s coal mines, natural gas fields, and oil rigs and refineries lose their lives or suffer from major injuries to provide the fossil fuels that drive our economy.

Oil rigs are just one of many dangerous places to work in the fossil fuel industry, Weiss notes. Last year, an explosion at the Upper Big Branch mine in West Virginia killed 29 workers. Nearly 4,000 U.S. miners have been killed on the job since 1968.

Natural gas has a cleaner image than coal, but natural gas pipelines are also plagued by high rates of death and injury–892 natural gas workers have been killed on the job and 6,258 have been injured since 1970.

Cheers!

Ashley Hunter of Campus Progress brings you an exciting roundup of the news you need about college and alcohol, just in time for Spring Break. In an attempt to discourage rowdy off-campus partying, the College of the Holy Cross is encouraging its students to drink on campus by keeping the campus pub open later and allowing students under 21 inside as long as they wear different colored wrist bands to show they are too young to be served alcohol.

This post features links to the best independent, progressive reporting about health care by members of The Media Consortium. It is free to reprint. Visit the Pulse for a complete list of articles on health care reform, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, health care and immigration issues, check out The Audit, The Mulch, and The Diaspora. This is a project of The Media Consortium, a network of leading independent media outlets.

Weekly Audit: Government Shutdown Averted, But At What Cost?

Posted Apr 12, 2011 @ 10:44 am by
Filed under: Economy     Bookmark and Share

Creative Commons, Flickr, PhotoOptikBy Lindsay Beyerstein, Media Consortium blogger

Congressional leaders and President Barack Obama reached an eleventh hour budget deal on Friday night, to fund the government for the rest of the 2011 fiscal year and avert a government shutdown for the time being.

The deal would cut about $38 billion, Amy Goodman reports for Democracy Now!, including $13 billion in cuts to the Department of Health, Labor, and Human Services.

John Nichols describes the nuts and bolts of the stopgap plan in The Nation:

The arrangement worked out Friday night averted the threatened shutdown with a two-step process. First, the House and Senate passed a one-week spending bill that addressed the immediate threat. That should give Congress and the White House time to finalize a fiscal 2011 spending deal—on which they have agreed in principle—before an April 15 deadline.

The Republicans will not be allowed to zero out Planned Parenthood. Instead they were allowed a separate, largely symbolic vote, which passed the House, but which is expected to die in the Senate.

Planned Parenthood and ACORN

Nick Baumann of Mother Jones argues that the deal is a case study in the priorities of the Democratic Party. At the last minute, congressional Democrats rallied to save Planned Parenthood. The venerable family planning organization was under fire because of an undercover video sting by Lila Rose, a onetime protegee of conservative propagandist James O’Keefe, who himself pulled a similar stunt against the anti-poverty, pro-voter registration group ACORN in 2009.

O’Keefe’s videos created a media firestorm and Congress rushed to de-fund ACORN with little protest from Democrats. Subsequent independent investigations revealed that the tapes had been deceptively edited. Vindication came too late for ACORN, which was forced to close its doors.

Baumann argues that Democrats spared Planned Parenthood and sacrificed ACORN because ACORN didn’t have friends in the right places:

Abortion rights affect everyone. But to put it bluntly, big Dem donors care a lot more about abortion rights than they do about community organizers in inner cities.

Specious “victory”

In the days leading up to the deal, the media created the expectation that the budget was a game that one party would “win.” Paul Waldman of The American Prospect argues that in his eagerness to declare “victory” in the budget showdown, President Obama is undermining his own political agenda.

It would have been nice if when announcing the budget deal, President Obama had set aside the politician’s natural inclination to declare victory and his own preference for casting himself as the adult who settles things between the squabbling children. He could have said something like this: “The deal we just made is preferable to a government shutdown, which would have been truly disastrous. But nobody should mistake it for anything but the tragedy it is. As a result of the cuts Republicans have forced, people who rely on government services will suffer, and the economy will lose jobs. The Republicans held the government hostage, and we had no choice but to pay the ransom.”

By rushing to champion the spending cuts, Obama may be saving face, but he’s also setting a precedent that will make the next round of cuts even easier. The truth is that Democrats conceded under duress, they didn’t volunteer to cut spending because they thought it would help the country.

Indeed, Democrats agreed to far more cuts than the Republicans initially asked for. Cenk Uygur of the Young Turks argues that the Tea Party and the ostensibly more mainstream Republicans set up a very effective good cop/bad cop negotiating strategy in which the Democrats would offer cuts and the mainstream Republicans would say, “I’d like to help you, really I would, but you know my partner isn’t going to like that.”

Corporate taxes

Joshua Holland of AlterNet explains how corporate American has successfully lobbied to shift an ever-increasing share of its tax burden onto the backs of individual citizens:

Well, consider this: in the 1940s, corporations paid 43 percent of all the federal income taxes collected in this country. In the 1950s, they picked up the tab for 39 percent. But by the time the 1990s rolled around, corporations were paying just 18.9 percent of federal income taxes, and they forked over the same figure in the first decade of this century. We – working people – paid the difference.

Something to think about as we prepare to file our income tax returns.

This post features links to the best independent, progressive reporting about the economy by members of The Media Consortium. It is free to reprint. Visit the Audit for a complete list of articles on economic issues, or follow us on Twitter. And for the best progressive reporting on critical economy, environment, health care and immigration issues, check out The Mulch, The Pulse and The Diaspora. This is a project of The Media Consortium, a network of leading independent media outlets.

Weekly Audit: Republicans Poised to Declare War on Welfare State

Posted Dec 21, 2010 @ 12:16 pm by
Filed under: Economy     Bookmark and Share

by Lindsay Beyerstein, Media Consortium blogger

Flickr, Thomas Hawk, Creative CommonsSenate Republicans scuttled a bipartisan $1.2 trillion dollar spending omnibus bill last week. Now, Majority Leader Harry Reid (D-NV) is scrambling to pass a temporary funding bill to keep the federal government’s lights on.

The GOP abruptly pulled the plug on the omnibus, a massive piece of legislation that Republicans and Democrats had collaborated on for months. Why? Because the Republicans want to start over in the next session of Congress when they will control the House and pick up seats in the Senate. They intend to rewrite the spending bill with much less Democratic input. In other words, bipartisanship proves once again to be a racket.

War on the welfare state

At Truthout, economist Dean Baker offers some predictions on what Republicans have in mind for the 112th Congress. The Bush tax cut extensions that passed with great fanfare are supposed to be 2-year extensions. However, Baker asks why we should expect that the GOP will allow the tax cuts to expire? (more…)