Reagan’s OMB Director Slams GOP

OMB Director for President Reagan, David StockmanDavid Stockman, former OMB Director for President Reagan, slams the current GOP presidential line-up on business and economics. Stockman is very conservative and could be called a libertarian.

But he is realistic and has worked on Wall St. He knows how LBO firms like Bain Capital really work, and clearly states they are not set up to create jobs or develop new businesses. They are meant solely to increase shareholder and company profits at the expense of both the business being bought and the employees of that business. He also scoffs at Gingrich’s claim regarding Freddie Mac. He says no company gives a historian or an adviser millions of dollars in fees without expecting something valuable in return, such as inside influence.

Watch the entire segment here.

It’s well past time to clean up financial businesses and all of the banks as Simon Johnson, former IMF chief, former Deleware Sen. Ted Kaufman, and Ohio Sharrod Brown have all argued.

Listen carefully to David Stockman.

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David Frum Blows it

David FrumDavid Frum, today on the Daily Beast website, wrote a counter argument to Andrew Sullivan’s Newsweek article on president Obama.

Frum starts out his argument with this lead paragraph:

Andrew Sullivan had good sport last week shooting fish in a barrel, rebutting the most unfair, the most intemperate, and the most flat-out crazy of the criticisms of President Obama.

As someone who has read Frum Forum for well over a year, I’ve learned to respect much of Frum’s editorial posts even though I may not have agreed with every policy prescription he held. I appreciated his telling Republicans that they blew a their chance to modify the health care bill (aka ACA), which initially was a product of the Heritage Foundation in response to Clinton’s health care bill, that cost him his job at the American Enterprise Institute (AEI).

I initially went to Frum Forum out of curiosity to read what he had to say, and became a fan not just of his posts but of the many regular commenters who posted to his site. They are remarkable people, from a variety of backgrounds with an amazing wealth of data and information on virtually every sphere of business endeavor available in this country. Having followed Frum to The Daily Beast, I now find myself in the position of arguing against him even more frequently because of his obvious cheerleading for Romney.

Here is my response.

Mr. Frum, this article is one of the worst you’ve ever written.

It lacks your usual depth of thought and insight into the American economy. I understand that you want Romney to win not only the primaries but also the election. He is your idea of the best hope for the GOP. Nevertheless, we both know that this article was not just fluff but totally ignores the near historic nature of the financial crisis and resulting decline in employment along with the massive debt overhang (the amount of debt held by the public – i.e., families, businesses, and state budgets) caused by Bush era cheap credit and federal policies that encouraged credit spending. Remember Bush saying after 9/11, go shopping, America? Or how about his advocacy of increased home buying: everyone should own their home. Or that outsourcing was good not just for the economy but for American workers. Or Greenspan arguing to keep rates down so people would keep buying homes and borrowing while advocating to keep financial regulations light.

I won’t put all the blame on Bush 2 for the economic mess that occurred on the day Lehman’s fell in Sept of 2008. But I won’t let him off the hook either. He could have done his job better, and he could have told Cheney to shut up and stop advocating for tax reductions that benefited mainly the wealthy as their right; and instead of allowing Cheney to develop an energy policy behind closed doors with only CEOs of big oil companies, he could have told Cheney to open the doors for a public hearing and to develop a plan with the next 50 years in mind; and he could have chosen to tell Congress that Medicare Part D had to be paid for; and he could have said the wars had to be paid for instead of using an accounting gimmick to put those enormous costs “off budget,” as if they didn’t exist.

Remember Obama’s first state of the union speech where he said the cost of the wars would be put back on the books so we’d all know what the total deficit was, and what the total cost of the wars were? I remember because I hated Bush’s accounting gimmick; it fostered better than a two trillion dollar lie to the American public.

But because Obama did the right thing in showing how deeply in debt the country was, he now gets blamed for all the debt that “magically” appeared shortly after he took office.

But let’s step away from Bush’s mess, and focus on what Obama has done. Let’s start with his drive to secure income security for the multi-millions thrown out of their jobs. It wasn’t bad enough that structural unemployment had been growing in this country since Reagan’s Admin. – which Reagan acknowledged and attempted to solve (GHW Bush cancelled Reagan’s search for a solution), but the financial crisis exacerbated the unemployment crisis.

As with every recession for the last 30 years or so, businesses found ways to do more with fewer employees via technological advances. So even while GDP has returned to pre-recession levels, employment has not kept pace which is why polls show the economy is still in such a funk. Unless the country figures out how to create more new businesses which do require employees, unemployment will not return, on a long term basis, to the low levels the public expects. Moreover, the employees of those new businesses will need higher technology skills than in previous eras. Thus, the need for increased spending on education and retraining, a la Germany which demands workers to be constantly retrained through a public-private partnership.

As for your disparagement of the Stimulus package, I beg you to remember that Obama and the Dems sought Republican support for the bill and, thus, incorporated the Republican advanced tax cuts as a way to encourage GOP support. Of course, after the tax cuts became part of the bill, the GOP as one declined to support it. In the initial plan, as I recall, Obama wanted 1/3 for states to cover state shortfalls, 1/3 for infrastructure rebuilds and expansion, and 1/3 for research and development. It was not Obama’s original decision – or choice – to include the tax cuts. It was a GOP demand as the price to get their support. Then, they welched on the deal on the final vote.

Since then Obama has tried to get Congress to approve infrastructure investments – which the country badly needs to meet 21st Century business needs – but the Republicans in Congress have blocked every one of his initiatives.

Speaking of blocking, you mentioned Obama’s inability to fully staff the Fed. Well, mayhap you remember how long the three nominees to the Fed had to wait to be confirmed, only to have one of them denied completely for some irrationally conceived reason? All three candidates would have been excellent choices, especially for the economic era in which we now live, but just one GOP senator blocked not only a vote but refused to allow discussion. So, let’s not fall into misguided, superfluous talking points about how Obama has not worked hard enough with Republicans on confirmations or otherwise. The public record is far too clear: the GOP blocked everything and everyone to make Obama appear a failure to the voting public.

Great heavens, the far left is fit to be tied because they see Obama as having bent over backwards to accommodate Republicans at every turn. Obama is a consensus builder by nature and experience: he wants both sides to sit down and hammer out an agreement such as we do in business and in our families.

I suspect he never thought the GOP would be so defiant, seeking so much for his absolute failure, to attempt to block everything he tried to do, including nearly all of his nominations as well as any policies which might help the economy to recover. But that is exactly what happened.

As details leak out about GOP thoughts and plans shortly after Obama’s election, it becomes more and more clear that GOP leaders in Congress thought they could easily defeat Obama because of his post-partisan ideology. In other words, he believed both sides could work together for the sake of the nation, to create a consensus of what needed to be done to pull our economy back from the brink, but GOP leaders saw that aspect of his beliefs as their opening to defeat him. That, in my opinion, is a pretty sleazy way for the GOP to behave, given how desperate the country was and still is.

It’s obvious to anyone who is not caught up in ideology or media dialogue that Obama is not a socialist or commie or right wing tool or any of the other degrading characterizations implied to him. The left has always been disappointed by Dem presidents, including FDR. The right, however, has gone further than anyone could ever imagine, particularly given the nature of this economic crisis…and with the advent of talk radio, Fox News, etc. have gone well beyond the realm of reason and rationality, as you once stated.

I initially came to Frum Forum as yours was a voice of reason and rationality in what I saw was the intellectual wilderness of the GOP. I appreciated your honesty, even though I sometimes disagreed with you. I also admired your thinking about the future, ten or twenty years down the line. But when you put out lines like why doesn’t Obama immediately raise gas prices by increasing taxes on gas, I have to wonder about your thinking.

Obviously, increasing gas taxes will help regarding global climate change, but do you really think the current GOP in Congress will accede to such a notion? No. They will use that idea as one more talking point to say how out of touch Obama is and how he hates business, even though anyone who seriously looks at his record and what he’s said knows he’s very pro-business and understands the necessity of rebuilding our domestic business environment while at the same time protecting consumers and other businesses from egregious business practices on the part of some outliers.

So, please, Mr. Frum, do me and all of the other educated, less ideological readers of this site a favor by becoming less a PR flak for Romney and returning to your original goal, after leaving AEI, of restoring reason, intelligence, and rationality to the GOP. We know you can be better.

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It’s The Economy

The Growth Map, Economic Opportunity in the BRICS and Beyond, by Jim O'NeillThis evening Charlie Rose discussed the economy worldwide and in the US with Jim O’Neill, Chairman of Goldman Sachs Asset Management on his new book “The Growth Map: Economic Opportunity in the BRICs and Beyond.

It was a fascinating conversation on what is occurring – and may continue to occur – around the world that will affect our economy and our lives.

Unlike the stereotype that has developed about Goldman’s, Jim O’Neill breaks the mold by discussing not only the global challenges ahead over the next year and how countries are dealing with those challenges but also how the US is setting itself up for much better growth in the near future if, as he says, the Tea Party does not derail the growth potential now being created. He’s not a stereotypical “greedy” trader, but an analyst of global economies and their societies.

For example, he predictes, that unless derailed by some political action, that the US could see unemployment falling much faster than currently predicted because of 1) reduced use and more energy efficiency; 2) increased exports of energy sources, such as oil and gas; 3) rising employment costs in China leading US manufacturers to move back to the States; 4) lower housing costs making them more affordable; and 5) increased productivity in the US. All these things, he says will cause the US economy to gain strength, provided we’re not dragged down by the unresolved problems in the Eurozone, and cause the unemployment rate to decline much faster and further than currently expected.

However, he cautions that all of these positive outlooks could change if the GOP, and particularly the Tea Party faction, moves to harm the economy such as they did with the debt ceiling.

His conversation with Charlie Rose was fascinating and enlightening. Certainly worth the time spent watching to gauge how world economies and societies are doing as well as the US economy.

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Two New Books to Add….

If you’re interested in current events, politics, and the global economy, there are two books that are must reads. Take a peek.

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Support Anti-SOPA Protests

Protect a free and open internet. STOP SOPA AND PIPA.

As Mozilla, the producers of Firefox, write:

The Internet blacklist legislation—known as PROTECT IP Act (PIPA) in the Senate and Stop Online Piracy Act (SOPA) in the House—invites Internet security risks, threatens online speech, and hampers innovation on the Web. Urge your members of Congress to reject this Internet blacklist campaign in both its forms!

Read more at Mozilla’s home today…and join the movement!

Watch this informative video: PROTECT IP / SOPA Breaks the Internet

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Former Colleague Questions Romney’s Authenticity

Mitt Romney

There has been a lot of noise and digital ink spent in the media about Mitt Romney and Bain Capital, a failing firm he and his partners bought with the help of a FDIC loan (that has never been repaid). When Romney bought Bain, his type of firm was labeled as a leveraged buyout (LBO) firm. It carried the same connotation as KKR when it bought RJR Nabisco of Barbarians at the Gate: The Fall of RJR Nabisco, fame in 1988.

But something more needs to be discussed about Romney: what are his values and beliefs? What kind of person is he beneath that well-groomed exterior? I have no doubt that he is a good father and wonderful husband, but is that enough? Does he respect people and business partners? Is he honest?

I lived through Richard Nixon’s presidency. I saw first-hand Nixon’s megalomania, lies and deceit, his lack of respect for other people, and lack of honor. I do not want another President of his psychological caliber ever occupying the White House again. As a nation, we deserve better.

I’m not saying that Romney ranks up there with Nixon in paranoia, but Romney’s many dismissals of the concerns of middle and working class Americans shows his obvious disregard and disrespect for anyone not of his elite status. Moreover, it appears he cannot be trusted to have any honor as well.

William H. Cohan, a business reporter and former Wall St. employee, wrote of his experience in dealing with Bain Capital while Romney ran the firm. The tone and meat of the op-ed provide yet another look at Romney that the media has ignored but is well worth noting before voting day.

The real Bain way may be nothing more than a clever tactic to eliminate competition from a heated auction in order to buy a business at an attractive price. After all, Bain Capital is seeking the highest returns for its investors. But Bain’s behavior also reveals something about the values it brings to bear in a process that requires honor and character to work properly. If a firm’s word is not worth the paper it is printed on, then its reputation for bad behavior will impair its ability to function in an honorable and productive way.

I don’t know if Bain Capital still uses the bait-and-switch technique when it competes in auctions these days (I’m told that it doesn’t). But that was the way the firm’s partners competed when Romney ran the place. This win-at-any-cost approach makes me wonder how a President Romney would negotiate with Congress, or with China, or with anyone else — and what a promise, pledge or endorsement from him would actually mean.

Would a President Romney, along with a Republican Congress, cut taxes for the wealthy even more than he has pledged to do? Would he not try to balance the federal budget, even though he has said he would? Would he protect defense spending, as he has indicated he would?

I have no idea how Romney might behave in office. I do believe, however, that when he was running Bain Capital, his word was not his bond.

William D. Cohan, a columnist for Bloomberg View, is the author of “Money and Power: How Goldman Sachs Came to Rule the World” and “House of Cards: A Tale of Hubris and Wretched Excess on Wall Street.” He has worked at Lazard Freres, Merrill Lynch and J.P. Morgan Chase.

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I Agree On This: End of War

Iraq War soliders in battle I graduated from high school in 1964, just as the Vietnam War took off. Most of my young male classmates were drafted into that war that hawks in both parties said was absolutely necessary to prevent Communism from spreading throughout South-east Asia. Known as the Domino Theory, it was widely believed that if Vietnam fell to Communism so would go all other So. East Asian nations, then eventually So. and Central America and eventually Africa.

So great was the fear of Communism in So. East Asia, that Eisenhower’s Administration came to believe that if Communism was not stopped at the borders of the USSR, China, and No. Korea, it immediately would spread to engulf the entire So. East Asia region including India and possibly Japan. However, conspiracy theorists such as those who created and joined the John Birch Society believed Eisenhower was too soft on Communism. They accused him of being a co-conspirator or “fellow traveler” or soft on communism because he refused to declare war again so soon after the end of WWII.

One of the greatest believers in the domino theory was Henry Cabot Lodge, a Republican who served as an adviser to Eisenhower and later to JFK on So. East Asia. Lodge came from a long-standing, prominent and highly politically influential New England family. His knowledge and standing on So. East Asia gave him a well respected gravitas. So, when he declared that Communism must be stopped or the entire So. East Asia region would fall to Communism, presidents and Congress listened.

The end result of the fear that all of So. East Asia would fall to the Communists was the Vietnam War. Nixon was elected on a platform of ending the war. As my own husband said when he returned from Vietnam, “we’re fighting a war to preserve the French rubber plantations.”

So much had the tide of war turned within the nation that during the 1968 election season, Nixon based his platform on ending the war. Overwhelming numbers of students and Vietnam vets turned out to cast their votes for Nixon, causing him to win the election. But Nixon was no appeaser. Instead of ending the war, his first term in office saw him expand the war into Laos and Cambodia. Loud protests erupted all across the nation…but it wasn’t until the sons of Congress members began being drafted that Congress turned from pro-war to pro-peace. It seems it was okay to send the sons of other people’s families to war but when their own sons became cannon fodder, sensibilities changed. Finally, Nixon realized that the only way to win a second term was to bring the war to a close.

But there were still a significant number of hawks within the Democratic Party who believed that the US had not only failed to win the war but had lost it. For them, nothing less than the complete annihilation of Communism was sufficient; they would gladly have used “the bomb” on North Vietnam rather have the US somehow seen as having lost that war. Those hawks joined the Republican party to later become known as neo-conservatives.

The neo-cons we know today, by and large, have never served a day in the armed forces but are willing to send the children of others to fight and die. They see enemies around every bend. They thoroughly believe that the US must have the greatest military force on earth because the destiny of the US is to be the greatest super-power, if not the greatest empire, on the face of the earth.

Even though GW Bush’s foreign policy gave the lie to the neo-cons ideology, they still hold considerable sway in Congress, in the media, and, most importantly, within the Republican Party. Respected conservative publications such as Buckley’s National Review are now completely controlled by neo-cons as is the American Enterprise Institute (AEI). And, of course, the John Birch Society is no better, believing the supposed evils of communism – and its evil companion socialism – are just around every policy corner.

As a result, we have the Patriot Act and its equally odious new companion, the National Defense Authorization Act (NDAA), adopted by the Senate in a count of 98 to 1 – more than enough votes to override a veto by President Obama.

As a centrist-left leaning voter, I do not believe in the constant, always needing a enemy, and ready to Even the dead ask, Let there be peace...declare war stance our nation has taken since Reagan’s Administration. I do not believe the US should be the world’s police force or build an American Empire or deplete our nation’s blood and treasure to fight wars that fail to serve our national interests. I believe that our nation would be much better served, just as the overwhelming number of our young GIs who have served in the war zones believe, by rebuilding and renewing our own nation and using diplomacy, rather than war, to negotiate our national and international interests.

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Where Does Romney Stand On Medicare?

Mitt Romney Let’s talk about Mitt Romney’s Medicare Policy which, to be honest, is a mid-way policy plan between Medicare and the Ryan privatization plan.

What is the best, most cost effective policy available?

Unlike this other top tier GOP candidates, Romney has not fully embraced Wisconsin GOP Representative Paul Ryan’s plan to privatize Medicare. That’s the good news.

The bad news is that he advocates allowing people to choose private insurance over Medicare. Well, guess what Mr. Romney, people can already sign up for private insurance over Medicare. It’s called Medicare Advantage.

According to Medicare and the Kaiser Family Foundation, Medicare Advantage, which is a private insurance market in opposition to traditional Medicare, increases the cost of health care well beyond the costs of traditional Medicare. In other words, Medicare Advantage, which is a private insurance policy, is more expensive to the federal government than traditional Medicare. You can guess why.

For decades, the GOP has been trying, through one policy or another, to eliminate Medicare. Yet, in each case, the alternatives have been far more expensive to the government and to individuals than traditional Medicare.

According to HealthAffairs Blog:

Contrary to claims made by John Goodman and Thomas Saving in an earlier Health Affairs Blog post, non-partisan data from the Congressional Budget Office (CBO) and the Center for Medicare and Medicaid Services (CMS) demonstrate definitively that private insurance is increasingly less efficient than Medicare. The data show that Congress should examine and address the role that private insurance is playing in driving up overall health care costs.
Medicare Has Controlled Costs Better Than Private Insurance

• According to CMS, for common benefits, Medicare spending rose by an average of 4.3 percent each year between 1997 and 2009, while private insurance premiums grew at a rate of 6.5 percent per year. (See Table 13)

• According to a calculation by the National Academy for Social Insurance, if spending on Medicare rose at the same rate as private insurance premiums during that period, Medicare would have cost an additional $114 billion (or 31.7 percent).

• The CBO explicitly stated that its data on relative cost growth should not be used to make the argument that Goodman and Saving make, writing that the relatively low growth rate of all health care expenditures other than Medicare and Medicaid “should not be interpreted as meaning that Medicare or Medicaid is less able to control spending than private insurers.” Goodman and Saving mistakenly suggest that the growth rate of private insurance is the same as the growth rate of all health care expenditures other than Medicare and Medicaid; however, as CBO points out, the growth rate of all health care expenditures other than Medicare and Medicaid includes not just spending by private insurers, but also government programs and out-of-pocket costs paid by the uninsured.

• The CBO has predicted that the rising cost of private insurance will continue to outstrip Medicare for the next 30 years. The private insurance equivalent of Medicare would cost almost 40 percent more in 2022 for a typical 65-year old.

Medicare Has Lower Administrative Costs Than Private Plans.

• According to the Kaiser Family Foundation, administrative costs in Medicare are only about 2 percent of operating expenditures. Defenders of the insurance industry estimate administrative costs as 17 percent of revenue.

• Insurance industry-funded studies exclude private plans’ marketing costs and profits from their calculation of administrative costs. Even so, Medicare’s overhead is dramatically lower.
• Medicare administrative cost figures include the collection of Medicare taxes, fraud and abuse controls, and building costs. So-called “competition” in the private health care market has driven costs up.

• In most local markets, providers have monopoly power. Consequently, private insurers lack the bargaining power to contain prices.

• In most areas, two or three dominant insurers dominate the regional market, limit competition and make it extremely difficult if not impossible for new insurers to enter the marketplace and stimulate price competition.

• Medicare Advantage, which enrolls seniors in private health plans, has failed to deliver care more efficiently than traditional fee-for-service Medicare. Both the CBO and the Medicare Payment Advisory Commission (MedPAC), the commission which advises congress on Medicare’s finances, have calculated that Medicare Advantage plans covering the same care as traditional Medicare cost 12 percent more.

• Karen Ignagni, who heads America’s Health Insurance Plans (AHIP), the insurance industry’s trade association, has admitted that private plans cannot bargain down provider costs and has asked Washington to intervene.
Medicare Is Publicly Accountable, Private Plans Are Not
When it comes to how much it costs private plans to deliver care, or individual insurer innovations that deliver value, the publicly available data are scarce. Goodman and Saving present only one study on the ways that insurers try to control costs, and this was published by AHIP. Because Medicare is publicly accountable, it allows us to study what works so that we can improve the health care system.

• The authors cite a number of innovations that could lower the cost of care, but all of them have been introduced by doctors and clinics, not insurers. Because insurance companies treat their claims data as trade secrets, we do not know if they have adopted such innovations.

• Even government-funded Medicare Advantage plans don’t release payment and coverage data.
A closer look at the data shows that, contrary to Goodman and Saving’s claims, Medicare delivers health care more efficiently than private insurers. Medicare’s public accountability and bargaining power give it the ability to drive system change and control skyrocketing health care costs, while profit-driven private insurers have offered no solution.

For anyone who labels him or herself as a fiscal conservative, costs inevitably have to be the main criteria. Not partisan dogma or wishful thinking or ideology. It’s a straight up numbers game: what is the most cost effective program, for government, families and seniors, to manage the actual costs of health care.

Obviously, Medicare beats the bunch when ideology is put aside…and the new ideas incorporated into ACA regarding Medicare are likely to reduce health care delivery costs even further while not increasing the costs to senior citizens and families which is what the GOP endorsed Ryan privatization plan absolutely would do.

So, is the Romney plan better for the American public? No. While he doesn’t go so far as to endorse entirely the Ryan privatization plan, he definitely leans in that direction. But are his ideas and that of Representative Ryan the best ideas for all American seniors and their families? The numbers say a resounding No!

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Where Does Romney Stand on Taxes?

Mitt RomneyNow that Mitt Romney is almost certainly to win the GOP nomination for the President, it’s time to examine his policies so we, as a nation, can decide if his ideas are better for us.

First, let’s discuss his tax policy.

Along with all of the GOP front runners, Romney’s tax policy relies on supply side economics – yes, trickle down economics which even Reagan’s two top economics policy advisers have said is the wrong policy for this economic environment. We do not have a labor shortage which is what supply side economic policy intends to address: High employment causes labor shortages that causes increased labor wages which increases inflation. In other words, it is intended to combat labor shortages, thereby making it less attractive though tax policy to hire additional workers or maintain those already employed at existing wages. Supply side economics, unlike common belief, was not first introduced by Ronald Reagan. It was introduced in Great Britain during the 1800s…where it failed miserably and was disregarded as a failed policy until Reagan’s advisers resurrected it in the 1980s.

Moreover, it was not Reagan’s supply side economics, which his main economics advisers have said failed, it was Federal Reserve Chairman’s Paul Volker’s interest rate changes that crushed inflation. However, we are not dealing with crushing inflation. Inflation has been steady at 2% or less, often dropping into deflation: a drop in prices as noted by current wage and housing prices. One cannot take current commodity prices – milk, bread and gas – into these figures on inflation because they are too subject to short term events such as weather, riots, etc.

So, history tells us that supply side, trickle down economics – an economics policy that shifts greater economic gains upwards towards the most wealthy – does not work to the greater economic good of a country. Yet, this failed policy is exactly what each and every GOP presidential candidate intends. Moreover, each one of them goes much further than GW Bush in advocating decreased taxes on the highest income earners. While Romney’s tax plan offers the least redistribution upwards of the other top tier candidates, it none the less reduces the tax burden on the top income earners while increasing the tax burden on lower income earners. Top income earners will see a tax decrease amounting to as much as $286,000 annually while lower incomes earners will see their taxes rise by over $4,000.

Romney tax plan

“As the Congressional Budget Office noted in a recent report, the top 1 percent of families saw a 278 percent increase in their real after-tax income from 1979 to 2007, while the middle 60 percent had an increase of less than 40 percent.”

Yet, Romney’s tax plan makes those conditions even worse. What his tax does is to make permanent the existing Bush tax cuts and then decrease the top tier tax brackets liability even further. To make up for this supply side push towards giving the already extremely wealthy minority a further income tax break, he intends to tax lower income brackets at higher or, in some cases, existing rates. Consequently, if you’re in a middle or lower income bracket, you’ll likely see your taxes increase while those in very high income brackets will see their taxes decrease.

We must all remember that the original intent of tax policy was that it was intended as a moral, even Puritan, document: those that have most owe more to society – the commons which is all of us and our nation – as a consequence of their good fortune.

Romney’s tax plan utterly fails to adhere to that original intent.

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Bacon, Beans & Limousines

The radio broadcast in this video is out of date, but the message is still valid.

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