Romney, Classist Bigot

The Article: Romney’s Class Bigotry by John Stoehr in The Washington Spectator.

The Text: On Wednesday, USA Today published an op-ed with the byline “Mitt Romney” that accused President Barack Obama of presiding over a “stagnant economy that fosters government dependency.”

It was a clear attempt to cover his ass after Mother Jones posted the now-infamous video showing the Republican presidential nominee saying—during a $50,000-per-plate fundraiser right after clinching the primaries—that 47 percent of voters will never support him because they are “victims…who believe the government has a responsibility to care for them, who believe that they are entitled to health care, to food, to housing, to you-name-it.”

Romney’s op-ed focused on the fact that unemployment remains stuck at around 8 percent and that 47 million Americans now depend on food stamps. But his original remarks were not directed at government programs. They were directed at people. As Talking Points Memo editor Josh Marshall rightly observed: “This isn’t about the role of government. And it’s certainly not a comment about electoral politics. It’s an attack on people with deformed personal character. Who make up, according to Romney, half the population.”

Continue Reading

Privatizing Space: It Gives You Wings!

I wonder whom Armstrong would have wanted to advertise for had big government shackles not been such a damning impediment.

The New American Math

The Article: 5 Obscene Reasons Why Richest Americans grow Richer As Middle-Class Declines by Les Leopold in Alternet.

The Text: If you want to see what’s wrong with America take a good look at the nauseating list of the 400 richest Americans – the Forbes 400 [3]. While the economy struggled to create jobs, it was another banner year for the super-rich. They increased their collective wealth by a whopping $200 billion, which is more than enough to provide every student in the country with free higher education.

Meanwhile, the median middle-class family – the one smack in the middle of the income distribution — saw its net worth (assets minus liabilities) drop from $102,844 in 2005 to $66,740 in 2010 according to the U.S. Census Bureau [4]. So while the richest 400 Americans increased their wealth by 54 percent since 2005, the median middle-class family saw its wealth decline by 35 percent. Welcome to the new American math.

It’s not easy to wrap our arms around so much financial fat. The numbers involved are truly mind-boggling. Here’s more new math:

The richest 400 Americans have as much combined wealth as 25.5 million middle-income Americans. 400 = 25.5 million!

Continue Reading

The Progression Of Corporate Whining

…that’s about the only ‘progressive’ thing that’s happened in this economy in decades.

Where Do Tax Cuts Lead? Not To Growth

The Article: Tax Cuts Don’t Lead to Economic Growth, a New 65-Year Study Finds by Derek Thompson in The Atlantic.

The Text: Here’s a brief economic history of the last quarter-century in taxes and growth.

In 1990, President George H. W. Bush raised taxes, and GDP growth increased over the next five years. In 1993, President Bill Clinton raised the top marginal tax rate, and GDP growth increased over the next five years. In 2001 and 2003, President Bush cut taxes, and we faced a disappointing expansion followed by a Great Recession.

Does this story prove that raising taxes helps GDP? No. Does it prove that cutting taxes hurts GDP? No.

Continue Reading