Economy and Business
From now well into the fall, a big story will unfold across the United States. Big as in bad. It will be terrible for our children, our communities, even the future of our country. I’m talking about massive cuts in public services, particularly in the area of education.
A few months ago, cable giant Comcast announced it would buy NBC. Comcast has agreed to pay billions of dollars to acquire the venerable broadcaster–but the cost to the public will be far greater.
Let’s face it: Large corporations have our country, and us, in a death grip. Some of their bad behavior makes big headlines: the BP oil disaster, Goldman Sachs’ financial shenanigans, Enron’s book-cooking. However, equally dangerous corporate activity happens every day, far from public view.
Well, the good news is that the U.S. economy gained a net 431,000 jobs in May—albeit largely due to the hiring of 411,000 temporary Census workers.
For all the tea party’s complaints about the so-called liberal media, one of the movement’s central rallying cries–the looming threat posed by the country’s deficit–is one that always gets a warm media reception. In fact, turn on your TV or pick up your newspaper, and you’ll be hard pressed to find much of a difference between the media line and the tea party’s angle on the deficit.
Now that the dust has settled from this year’s tax-filing scramble, here are a few facts to keep in mind as Congress moves closer to debating the expiring Bush tax cuts. By the end of 2010, those cuts, which began to take effect in 2001, will have cost our nation $2.5 trillion dollars.
America’s first-ever billionaire, John D. Rockefeller, died in 1937. His heirs faced a 70 percent estate tax on the bulk of his estate. Tycoon Dan Duncan’s heirs are enjoying a zero percent estate tax. When he died, his son and three daughters became instant billionaires.
“What good is having the right to sit at a lunch counter if you can’t afford a hamburger?” Dr. Martin Luther King Jr. asked in 1968. Today, many of us who fought for lunch-counter rights have children and grandchildren who can’t afford a restaurant meal.