Economy and Business
If you listen to the pundits and TV commentators, the federal budget problem has a simple solution: cuts, cuts, and more cuts. They cheer politicians for making “tough choices,” which usually entails taking money away from schools, stiffing public workers, and telling the poor and the elderly they need to make do with even less. Tough choices, indeed — but for whom?
The number of poor children had already grown by 2.1 million in 2009, over pre-recession levels, with continuing high joblessness among parents raising concerns that poverty will continue to worsen for some time. Since kids who spend more than half their childhood in poverty earn on average 39 percent less than median income as adults, we can expect lasting costs that will hurt the nation’s future economic growth.
And yet, a majority of House lawmakers want to narrow the deficit by making things worse for today’s kids.
Home ownership as we know it could be a thing of the past if a proposed Qualified Residential Mortgage Rule (QRM) takes effect. The proposed rule would be especially damaging to the homeowner aspirations of minority and working class citizens, as I recently explained in a letter to the heads of the six federal agencies charged with developing risk retention regulations under the Dodd-Frank Wall Street Reform Act. Here’s why.
The ILO voted by a whopping 396 to 16 margin to adopt a “historic set of international standards” known as the Convention on Domestic Workers.
Our country once had a more widely shared appreciation for both public services and the workers who provide them, including firefighters, teachers, and police officers. Today, however, state legislatures across the country are singing a very different tune. Instead of raising new revenue to protect those services and workers, states are slashing from their budgets the things that make our nation strong.
Cutting to get out of a deficit is like digging to get out of a ditch. It puts everything we value at risk. But it doesn’t have to be this way.
GOP presidential candidate Tim Pawlenty observed the 10th anniversary of the Bush tax cuts by proposing $2 trillion in additional tax cuts, primarily for millionaires and global corporations.
If you’re looking for evidence of the revolving door that spins between the federal government and Wall Street, look no further than Daniel Gallagher, President Barack Obama’s recently announced nominee for Securities and Exchange Commission commissioner.
Republican leaders in Congress have a one-point program for whatever ails the nation: cut taxes for millionaires and large corporations.