Relevant and even prescient commentary on news, politics and the economy.

‘Deficit Debate Driven by the Wealthy’

And another view on the upcoming election deals we need to worry about in addition to party agendas and deals. Doubling down on upward distribution of wealth remains the name of this game…it is hard enough to debate real budget issues without this party going on: Deficit debate driven by the wealthy, by Michael Hiltzik, […]

‘The One-Sided Deficit Debate’

Via Economist View comes James Kwak at Baseline Scenario on the early deal made on the the ‘fiscal cliff’: ‘The One-Sided Deficit Debate’ James Kwak is pessimistic about the deficit debate: What’s more, the “consensus” of the self-styled “centrists” is what now makes the Bush tax cuts of 2001 and 2003 seem positively reasonable. With […]

Tax cuts and deficit commissions

by Linda Beale Tax cuts and deficit commissionscrossposted with Ataxingmatter The game continues, as Republicans hold out for tax cuts for the wealthy (who are garnering increasing amounts of the total income) and various “deficit commissions” put out austerity plans that all call for cutting Social Security benefits and Medicare benefits. Alice Rivlin, who spoke […]

Social Security: Deficit, Debt and how CBO Scoring Screws the Catfood Comm

by Bruce Webb In response to my Pelosi Rule post of yesterday commenter Darms plays Devil’s Advocate in asking the following shrewd question. Bruce, Since the commision may be looking for a mechanism to delay redemption of those SS trust fund bonds and I’ve read that some of these bonds are routinely redeemed & renewed […]

Why the Pelosi Rule MAY not be a sell-out on Social Security

by Bruce Webb There is a huge disturbance in the Force, at least as sensed by the Jedi of FireDogLake, Democratic Underground, AMERICAblog, and OpenLeft, which is to say among the Obama-skeptics of the Left. The substance is this, in a last minute move prior to adjournment Nancy Pelosi pushed through the rule for handling […]

Professor Jamie Galbraith’s testimony to Deficit Commission

Hat tip reader 1Watt,Hermit Democratic Underground and New Deal 2.0. Testimony is public domain…here it is in entirety. Statement to the Commission on Deficit ReductionJames K. Galbraith, Lloyd M. Bentsen, jr., Chair in Government/BusinessRelations, Lyndon B. Johnson School of Public Affairs, The University of Texas at AustinJune 30, 2010 Mr. Chairmen, members of the commission, […]

Catfood Commission Update: Simpson on a Hot Tin Roof

by Bruce Webb Those of us who follow the Obama Deficit Commission and its seeming hyper-focus on cutting Social Security were heartened last week by what turned into a veritable de-pantsing of Commission co-Chairman Alan Simpson in the course of an 8 minute video interview outside the (closed) doors of the Commission by Social Security […]