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Ryan plan will kill economic growth

The Ryan economic plan will kill economic growth. It will give money to the rich in the form of tax cuts and it will raise taxes on the average American. It will increase the Pentagon’s budget in spite of the fact that the Pentagon states that they don’t need any more money.

From EPI:

Republican presidential candidate Mitt Romney has selected House Budget Committee Chairman Paul Ryan (R-Wis.) as his running mate, further elevating tax and budget policy issues. Ryan is known for providing seemingly wonky budget plans over the last decade. Below, we highlight and summarize previous analyses of these plans. What stands out is that Ryan’s budget blueprints impose huge cuts to non-defense spending yet still fail to address long-run fiscal challenges in any serious way. Further, they clearly exacerbate many pressing economic challenges, like restoring full employment, rebuilding the middle class, and curbing health costs. Lastly, they are often simply incomplete or even dishonest, claiming to hold overall revenue levels constant while offering no tax increases to counterbalance very large tax cuts aimed at the highest-income households. Simply put, the Ryan budgets fail to correctly diagnose the most pressing economic problems facing the U.S. economy, and hence fail to propose real solutions. Here are themes everyone needs to know about the Romney-Ryan agenda for the federal budget, and a 10-point overview of Ryan’s budgets.

By |2012-08-24T20:08:49-04:00August 24th, 2012|Economy|Comments Off on Ryan plan will kill economic growth

Wednesday Morning – Grab Bag

I go to work and work all day and of a sudden there is a crisis in Korea. What the hell? Where did this come from? Is South Korea ready for a final showdown? How many Patriot Missiles do we have in South Korea? Is it enough? This is bad.

From Political Animal:

  • Crisis on the Korean Peninsula: “South Korea warned North Korea on Tuesday of ‘enormous retaliation’ if it took more aggressive steps after Pyongyang fired scores of artillery shells at a South Korean island in one of the heaviest attacks on its neighbor since the Korean War ended in 1953.”
  • For crying out loud: “For months, the secret talks unfolding between Taliban and Afghan leaders to end the war appeared to be showing promise, if only because of the appearance of a certain insurgent leader at one end of the table: Mullah Akhtar Muhammad Mansour, one of the most senior commanders in the Taliban movement. But now, it turns out, Mr. Mansour was apparently not Mr. Mansour at all.” [Editors note: This might not be the dumbest act of 2010 but I’m it is in the top 10!]
  • Maybe someone should do something: “Top Federal Reserve officials expect the unemployment rate to remain around nine percent at the end of next year and eight percent at the end of 2012, according to internal forecasts that drove the central bank to take new efforts to boost the economy three weeks ago.”
  • Also not encouraging: “Sales of previously owned homes slipped slightly in October as the housing market struggled in the face of high unemployment and tight credit.”
  • When dealing with congressional Republicans, if Dems “hope for the best, and plan for the worst,” they’ll be on the right track.
  • The dispute among Senate Republicans over ethanol subsidies continues to get even more interesting.
  • The fact that incoming House Budget Committee Chairman Paul Ryan (R-Wis.) is considered a leading Republican voice on economic policy is rather horrifying.
  • Harold Pollack reports on encouraging developments in combating AIDS.
  • The Daily Caller‘s transition from credible to dubious to ignominious to cover-your-eyes-ridiculous was completed today.
  • Daniel Luzer takes a closer look at some of the ethical issues surrounding Melanie Sloan’s departure from Citizens for Responsibility and Ethics in Washington (CREW).
  • Fox News refuses to air paid advertising featuring U.S. troops, apparently because they don’t like what the servicemen and women have to say about repealing “Don’t Ask, Don’t Tell.”

So, what’s on your mind today?

By |2010-11-24T07:01:18-04:00November 24th, 2010|Afghanistan, Domestic Issues, North Korea, Party Politics|Comments Off on Wednesday Morning – Grab Bag

What's going on – News Roundup

Wednesday Evening News Roundup
  • Former Federal Reserve Chairman Paul Volcker testified in front of the Senate Banking Committee today. He has several ideas to increase regulation. He wants Fannie Mae and Freddie Mac to cease being this hybrid of public and private institutions. Instead, they should be government agencies. Interesting.
  • A physician at Little Rock Arkansas was the victim of a car bomb. When I first heard the story I thought it was strange… until I heard that he was on the state medical board. The state medical boards of most states have an incredible amount of power and very little oversight. I would encourage authorities to look at disgruntled physicians or nurses. Very sad story.
  • Last week, in a very strange move, Pope Benedict XVI reversed the excommunication of four bishops. I’m not Catholic, but I’ve never heard of any pope reversing an excommunication. Of these four bishops, Richard Williamson is by far the most interesting. He’s been very public in stating that he does not believe that there is any credible evidence to support the Holocaust. (I guess the photos that Americans took after liberating concentration camps was not evidence enough. I guess the meticulous records that were kept at some concentration camps was not convincing to this guy.) The Vatican has demanded that Bishop Williamson recanted statements and apologize. To show you just how much of a big deal this is German Chancellor Angela Merkel called the pope to clarify his position all the Holocaust.

  • A lot more information just became available about the most wanted Nazi criminal, Aribert Ferdinand Heim. He was known as Dr. Death. He died in 1992 in Cairo but only recently has a lot of the information become available. This is a fascinating story.
  • There are many rumors that are surrounding the economic stimulus package. One of them seems to be that Obama and the Democrats will have to shrink the $900 billion plan. My question, of course, is why? Economists say that we need a stimulus package that is equal to approximately 4% of our gross domestic product. In my opinion, President Obama and the rest of the Democrats should not make any compromises without specific promises from specific Republican senators pledging support of the bill. Also, we must stop listening to House Republicans. I have not heard one thoughtful new proposal from any House Republican. Did I miss one?
  • Two British judges ruled against releasing information on the treatment of a British detainee who was held at Guantánamo Bay. They stated that the United States said it would withhold intelligence information from Britain if the information was released. “We did not consider that a democracy governed by the rule of law would expect a court in another democracy to suppress a summary of the evidence… relevant to the allegations of torture and cruel, inhumane, or degrading treatment, politically embarrassing though it might be,” said the judges in a written statement. The Bush administration will continue to be a national embarrassment for years to come.
  • The blog Crooks and Liars asks an obvious question. Why don’t any of the major networks have several economists discussing the economic stimulus package? Why is the story always the same — a Republican and a Democratic “consultant” yelling at each other?  It is because this is not about information. It is about entertainment.
  • Newly elected representative Larry Kissell missed an important vote after pledging that he would not miss any votes. Congressman Kissell flew back to North Carolina to be at the funeral of staff Sergeant Justin Bauer. Hat tip to the congressman. I like this guy. He’s a former teacher.
  • Representative Hilda Solis, President Obama’s nominee for Secretary of Labor, is officially in limbo. Republicans are holding up her nomination. What is her sin? She supports workers rights.  Obama needs to stand strong.  I think that Solis is a good pick for this position and I think that she has all of her taxes paid!!
By |2009-02-04T21:32:56-04:00February 4th, 2009|Bush Administration, Congress, Economy, Obama administration|Comments Off on What's going on – News Roundup
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