Political Nutz

Observations on the pathetic state of American politics

Category Archives: Economy

Republican Reality Denial

The GOP mindset has reached a new high –or is it a low– in ignoring or being ignorant of facts.  Eighty-seven percent of Republican true-believers still think the federal budget deficit is growing.  That, in spite of the FACT that the deficit has been cut in half since 2009, the fastest decline in more than fifty years.

deficit_graph

More details at: The National Memo.

Massive Lies from Michigan GOP

I just can’t fathom how Republican politicians can say things that they know are demonstrably lies.  The Michigan GOP seems to have a special knack for ignoring reality. The Michigan governor’s office just keeps spewing out speeches and press releases touting the state’s near miraculous “comeback.”  Problem is, there is no comeback, not even a nudge in the right direction.

  • The GOP’s war on labor has resulted in an unemployment rate stuck at 9% while the national average is down to 7.3%, in spite of the rebound in the automobile industry.
  • Nearly one in five municipalities or public school districts is in danger of bankruptcy up from around 7% under Dem. Jennifer Granholm.
  • Big corporation supporters of the MI GOP keep talking about the improved fiscal management of the state, especially the newly balanced state budget.  LIE.  Michigan has never had an unbalanced budget; the state constitution forbids deficit spending.
  • The “improved business environment” is costing Michigan tax payers north of $38,000 for each new job created via massive corporate tax breaks.

The TRUTH is that in spite of Republican fabrications, Michigan is stagnating with a declining tax base, thanks to anti working class policies.

The Real Corporate Tax Rate = 12.6%

Just another reminder that is spite of all the GOP proclamations about excessive corporate taxes, U.S. companies paid federal taxes at an average rate of just 12.6% in 2010, less than half the nominal rate of 35%.  In 2009 the average was 13.9% and in 2008 15%.   I guess the Republicon plan is to cut the rate to 15% then let companies pay at half that rate.  That would leave lots of cash for additional CEO bonuses and contributions to politicians.  A truly virtuous business cycle.

BTW, average individual tax rates were 11.81% in 2010, 11.06% in 2009 and 12.24% in 2008.  It looks like the Supreme Court and Mitt Romney are right: corporations are people.

The GOP Agenda; a Refresher

It’s difficult to keep track of all the things the Republicon Party is against these days.  The Party of No has such an extensive list of things it finds objectionable.  So I’ve made a short list just so I don’t forget.

The GOP is AGAINST:

… abortion rights
… same sex marriage
… universal health care
… clean energy
… unions
… teachers
… public education
… immigration reform
… planning for climate change
… efforts to lower unemployment
… repairing/upgrading America’s infrastructure
… low interest rate student loans
… filling open positions on federal courts
… protecting the environment
… birth control and family planning
… minimum wage
… unemployment benefits
… food programs for poor children

The GOP is FOR:

… tax cuts for the rich
… tax cuts for the rich
… tax cuts for the rich
… no taxes on corporations
… burning more carcinogenic dirty coal
… waging war anywhere in the Mideast
… more guns for everyone
… taxpayer/lobbyist funded junkets for members of Congress
… taxpayer subsidized great health insurance for members of Congress

oh… and Tax cuts for the rich….

Rand Paul… Just Weird

Mostly I can just ignore Rand Paul….  He says so many bizarre things.  But yesterday talking with Glenn Beck no less he stated “What is it that is the leading cause of poverty in our country?’ It’s having kids without marriage.”

Another right-winger just making stuff up.

Suppose this assertion is true.  What does it have to do with the same-sex marriage issue?  In fact, it sounds like a good reason to support same-sex marriage… so kids have married parents….

Oh, and then there was Mr. Paul’s suggestion that same-sex marriage might lead to bestiality.  Well, if it does maybe we’ll get more rational people in Congress.

What’s Wrong with This Picture

Corporate profits for U.S. companies are at all-time high while corporate taxes are at a 60-year low.  With all the whining about uncertainty, regulation, unions, and health-care costs U.S. companies (and their executives) are awash in cash.  All that while wages have been effectively flat for twenty-five years.  And yet there are voices calling for the abolition of all corporate taxes.  What’s next, a return of slave labor, maybe?

 

NY Times Identifies “Real Spending Problem”: Tax Deductions

Washington DC has been obsessed with run-away government spending. The GOP has focused particularly on Medicare, Medicaid, Social Security,  and education conveniently ignoring $1.1 trillion per year in tax breaks for the rich.  Today’s Times’ editorial points out a few of these wholly indefensible deductions that benefit exclusively already wealthy Americans at the expense of the lower and middle classes.

Detroit Worker Bonuses Approach Records

That’s the headline for a Bloomberg.com article today.  Detroit autoworkers are going to share $750 million in bonus payouts.  I know that’s not much if you’re a CEO of a U.S. bank or some other Wall Street big wig.  But for working folks its real money for real work. Keep in mind, if the Republicans and Mitt Romney had had their way, these companies would be out of business and the employees would be receiving unemployment checks instead of pay checks.

Deficit Shrinking Fast; Let’s Lay Off the Congress

Whadyaknow!  Even without the draconian measures suggested by the Old White Guys’ Party the federal deficit is decreasing faster than at any time since the post WWII demobilization.  Maybe the best thing Congress can do to manage the deficit is to just go away.  In fact, if we laid off those 500-plus laggards and their staffs for a year or two we’d save another bucket of money.  A recent study found that there are at least 2,000 Congressional staffers making over $100,000 a year. That’s another couple hundred million bucks right there not including all the benefits.

Unemployment Declines in 37 States

Unemployment decreased in 37 states while another 6 states showed no change according to the latest Bureau of Labor Statistics report.  I wonder if the Republicans will continue to insist that the BLS is cooking the books to help President Obama’s reelection prospects.  Oh!  That’s right; he already won.