Where All The Money Went

 Congress, Economy, Polls  Comments Off
Oct 262011
 

Go over to Talking Points Memo and see the rest of the charts and report from the Congressional Budget Office.

CBO finds that, between 1979 and 2007, income grew by:

* 275 percent for the top 1 percent of households,
* 65 percent for the next 19 percent,
* Just under 40 percent for the next 60 percent, and
* 18 percent for the bottom 20 percent.

Makes you sick, huh?

From The New York Times:

With nearly all Americans remaining fearful that the economy is stagnating or deteriorating even further, two-thirds of the public said wealth should be distributed more evenly in the country. Seven in 10 Americans think the policies of Congressional Republicans favor the rich. Two-thirds object to tax cuts for corporations and a similar number prefer increasing income taxes on millionaires.

On Tuesday, the Congressional Budget Office released a new study concluding that income distribution had become much more uneven in the last three decades, a report that could figure prominently in the battle over how to revive the economy and rein in the federal debt.

The poll findings underscore a dissatisfaction and restlessness heading into the election season that has been highlighted through competing voices from the Occupy Wall Street and Tea Party movements, a broad anti-Washington sentiment and the cross-currents inside both parties about the best way forward.

Not only do 89 percent of Americans say they distrust government to do the right thing, 74 percent say the country is on the wrong track and 84 percent disapprove of Congress — warnings for Democrats and Republicans alike.

 Posted by at 12:08 am

GOP lawmakers urge Republicans to steer clear of ‘birtherism’ in 2012

 Birthers, Congress, Elections: 2012, Republicans, Right Wing Nutzoids  Comments Off
Oct 242011
 
LAS VEGAS — Two Republican members of Congress told GOP activists Friday that questioning President Obama’s citizenship was not the path to success in 2012.

“Birtherism” reared its head in the waning hours of the Western Republican Leadership Conference when a participant asked Sen. Mike Lee (R-Utah) and Rep. David Schweikert (R-Ariz.) why they weren’t pushing to impeach Obama for what he said were Obama’s falsified citizenship documents. …

“We need to win 2012,” Schweikert said, telling the questioner that although he could be right, it wasn’t worth alienating independents and conservative Democrats who might vote Republican, but who he said are turned off by the focus on Obama’s citizenship. “You may be the one where you tell a great story. But understand, you are giving up the 2102 election.”

Lee said Congress was the wrong place to turn to enforce citizenship requirements, because state governments run elections. He said he wasn’t sure there was any evidence that Obama had falsified documents or committed an impeachable offense.

“I think the birther thing is a loser. We’re going to impeach Obama, but we’re going to do it in the voting booth,” another audience member chimed in, to the applause of Lee and Schweikert.

The Hill

 Posted by at 12:43 am

CBO: Obama Jobs Bill Cuts Deficit

 Economy, Jobs, Legislation, Presidency, Video  Comments Off
Oct 102011
 

CBO: Obama jobs bill reduces budget deficit

The Congressional Budget Office on Friday confirmed that President Obama’s jobs bill would be fully paid for over ten years and also gave its seal of approval to Senate Democrats’ version that includes a surtax on millionaires.

The CBO said that the original Obama stimulus bill would involve $447 billion in tax cuts and new spending—the same estimate given by the administration. It said the bill would raise $450 billion over ten years. The result is a $3 billion decrease in deficits over ten years.

The Senate Democrats’ bill, which replaces Obama’s taxes on the upper middle class with a 5.6 percent surtax on those with annual incomes above $1 million, raises $453 billion over ten years and reduces deficits by $6 billion. The tax kicks in in 2013.

Senate Majority Leader Harry Reid’s office highlighted that the CBO affirmed 60 percent of the stimulus comes in the form of tax cuts rather than spending and that most of the tax relief is for workers.

CBO also said that the bill “could have a noticeable impact on economic growth and employment in the next few years.” CBO under its own rules is prevented from factoring in increased unemployment, and the possible increased tax revenue that could result into its cost estimate.

The Hill



 Posted by at 12:42 am
Page 3 of 26 1 2 3 4 5 … 25 26