Tag: Politics

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Follow us on Twitter @StarsHollowGzt

Paul Krugman: Expanding Social Security

For many years there has been one overwhelming rule for people who wanted to be considered serious inside the Beltway. It was this: You must declare your willingness to cut Social Security in the name of “entitlement reform.” It wasn’t really about the numbers, which never supported the notion that Social Security faced an acute crisis. It was instead a sort of declaration of identity, a way to show that you were an establishment guy, willing to impose pain (on other people, as usual) in the name of fiscal responsibility.

But a funny thing has happened in the past year or so. Suddenly, we’re hearing open discussion of the idea that Social Security should be expanded, not cut. Talk of Social Security expansion has even reached the Senate, with Tom Harkin introducing legislation that would increase benefits. A few days ago Senator Elizabeth Warren gave a stirring floor speech making the case for expanded benefits.

Where is this coming from? One answer is that the fiscal scolds driving the cut-Social-Security orthodoxy have, deservedly, lost a lot of credibility over the past few years. (Giving the ludicrous Paul Ryan an award for fiscal responsibility? And where’s my debt crisis?) Beyond that, America’s overall retirement system is in big trouble. There’s just one part of that system that’s working well: Social Security. And this suggests that we should make that program stronger, not weaker.

New York York Editorial Board: Democracy Returns to the Senate

For five years, Senate Republicans have refused to allow confirmation votes on dozens of perfectly qualified candidates nominated by President Obama for government positions. They tried to nullify entire federal agencies by denying them leaders. They abused Senate rules past the point of tolerance or responsibility. And so they were left enraged and threatening revenge on Thursday when a majority did the only logical thing and stripped away their power to block the president’s nominees.

In a 52-to-48 vote that substantially altered the balance of power in Washington, the Senate changed its most infuriating rule and effectively ended the filibuster on executive and judicial appointments. From now on, if any senator tries to filibuster a presidential nominee, that filibuster can be stopped with a simple majority, not the 60-vote requirement of the past. That means a return to the democratic process of giving nominees an up-or-down vote, allowing them to be either confirmed or rejected by a simple majority.

After months of Republican obstruction, the Senate Democrats voted to end the need for 60 votes to bring the name of a executive or judicial nominee to the floor for approval. The vote to end filibuster passes 52 to 48 with three Democrats voting against the change, Senator Carl Levin (MI), Joe Manchin (WV) and Mark Pryor (AR).

With the rare presence of all 100 senators seated and Sen. Pat Leahy (D-VT) presiding as the president pro tempore, the change began when Majority Leader Harry Reid (D-NV) called up the nomination of Patricia Millett to the D.C. Circuit Court of Appeals for another vote. Senate Minority Leader Mitch McConnell (R-Ky.) then called for a five hour recess for time to find a resolution to void the rules change. That motion failed 46 – 54.

Reid opened debate in the morning by saying that it has become “so, so very obvious” that the Senate is broken and in need of rules reform. He rolled through a series of statistics intended to demonstrate that the level of obstruction under President Barack Obama outpaced any historical precedent.

Half the nominees filibustered in the history of the United States were blocked by Republicans during the Obama administration; of 23 district court nominees filibustered in U.S. history, 20 were Obama’s nominees, and even judges that have broad bipartisan support have had to wait nearly 100 days longer, on average, than President George W. Bush’s nominees.

“It’s time to change before this institution becomes obsolete,” he said, citing scripture — “One must not break his word” — in accusing Minority Leader McConnell (R-Ky.) of breaking his promise to work in a more bipartisan fashion.

McConnell responded to Reid by changing the subject to the Affordable Care Act and accusing Democrats of trying to distract Americans from the law’s troubled rollout. Getting around to fidelity, McConnell noted that Reid had said in July that “we’re not touching judges,” yet he was now choosing to do so. Reid casually brushed off his suit coat and sat down.

The Senate has finally put a partial end to a stupid rule that was originally intended to extend debate not block it. Now that the Democrats have shown some spine, the next move is to end the 60 vote threshold altogether.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Follow us on Twitter @StarsHollowGzt

Gail Collins: The Public Needs a Nap

One of the many problems with the Senate filibuster rule is that it requires us to think about the Senate filibuster rule.  The American public has other things to do! The American public is extremely busy! The holidays are coming up, and the American public’s workload is somewhat larger than, say, that of the House of Representatives, which is planning to show up for four full days in the month of December.

So give the American public a break. [..]

And the bottom line is that it’s a good thing to give the minority party some muscle to stop bad or extremist nominees from getting lifetime judicial appointments. But we have crossed the line to crazy when the minority party can announce that the woman who argued 32 cases before the Supreme Court can’t be on the D.C. District Circuit Court of Appeals because it’s too expensive.

Change the rules.

Glen Ford: Obama and Holder Let Gangsters Pay Fine, Continue Business As Usual

Imagine if Charles “Lucky” Luciano and his “Commission” representing the five reigning New York Mafia families plus the Chicago mob had been immune from law enforcement meddling in their activities, from the establishment of the “Syndicate” in 1931 to the present day. By now, Luciano’s gangster heirs would be the unchallenged rulers of economic and political life in the United States and, by imperial extension, the entire capitalist world. [..]

The latest Obama administration “settlement” of JP Morgan’s ongoing criminal enterprise amounts to a $13 billion fine, a mere speed bump in the unbroken spree of lawlessness that “helped create a financial storm that devastated millions of Americans,” in the words of Associate Attorney General Tony West. Although it is “the largest penalty in history,” Dimon and his fellow banksters are also the richest criminals in history – the most powerful cartel of all time – who can easily afford the levy. The bursting of their housing securities bubble may have wrecked much of the global economy in 2008, but Dimon and his boys made out like pure bandits in the aftermath, consolidating their positions at the center of a dying system. JP Morgan emerged as the biggest U.S. bank in terms of assets, a gleaming tower standing amid the ruins it created. Such is the logic of late stage finance capitalism: catastrophe becomes “creative destruction,” which begets greater economic monopoly, resulting in unchallengeable political supremacy, which makes Dimon too big to jail, whether he’s actually a friend of Obama, or not.

Yes, I know. It deja vu all over again, as Yogi would say. Lucy will snatch the football away again and whatever cliche that fits. Only this time the Republicans have boxed themselves in with their arguments over their blocking of President Barack Obama’s last three judicial appointments to the vacancies on the DC Circuit Court of Appeals. This is Greg Sargent’s assessment after the last filibuster of nominee Robert Wilkins, who is currently a U.S. District Court judge in Washington.

Senator Harry Reid appears set to go nuclear – before Thanksgiving. [..]

Reid has concluded Senate Republicans have no plausible way of retreating from the position they’ve adopted in this latest Senate rules standoff, the aide says. Republicans have argued that in pushing nominations, Obama is “packing” the court, and have insisted that Obama is trying to tilt the court’s ideological balance in a Democratic direction – which is to say that the Republican objection isn’t to the nominees Obama has chosen, but to the fact that he’s trying to nominate anyone at all.

Reid believes that, having defined their position this way, Republicans have no plausible route out of the standoff other than total capitulation on the core principle they have articulated, which would be a “pretty dramatic reversal,” the aide continues.

“They’ve boxed themselves in – their position allows them no leeway,” the aide says, in characterizing Reid’s thinking. “This is not a trumped up argument about the qualification of a nominee. They are saying, `we don’t want any nominees.'”

The aide says Reid believes he now has 51 Dem Senators behind a rules change, if it comes down to it. The Huffington Post reports that some Dem Senators who have previously opposed changing the rules – such as Barbara Boxer and Dianne Feinstein – are now open to it. “I believe that we are there,” the aide tells me.

With Boxer, Feinstein and Pat Leahy (D-VT) aboard, even if Senators Max Baucus (D-MT) and Claire McCaskill (D-MO) are noncommittal and Sen. Carl Levin (D-MI) firmly opposed, Reid ]may well have the 51 votes to reform. Reid met Wednesday with the advocates of reform and an invitation went out from Reid for a meeting on Thursday to discuss the rules change.

In an interview with The Huffington Post on Wednesday, Sen. Jeff Merkley (D-Ore.), one of the loudest champions of narrowing the filibuster, insisted that this wouldn’t be yet another instance of the football being placed invitingly in front of Charlie Brown’s foot. After a showdown this January resulted in a toothless set of procedural changes and another standoff this summer resulted in a fleeting pact between the parties, Democrats are beyond frustrated, the Oregon Democrat said. [..]

Aides on the Hill are equally adamant that this isn’t some big bluff on Reid’s part. One top aide told The Huffington Post that even if Republicans simply allowed for up-and-down votes on the president’s three nominees to the U.S. Court of Appeals for the District of Columbia Circuit (the nexus of this current filibuster fight) it wouldn’t dramatically alter the party’s thinking.

Chris Hayes, host of MSNBC’s All In, discussed why Harry Reid should use the nuclear option with Senator Jeff Merkley Dahlia Lithwick and Alan Frumin.

Reid is expected to move on reform before Thanksgiving. It could come as early as Friday. I am not holding my breath.

Now here’s an interesting idea put forth by none other than President Barack Obama’s former chief economic adviser Larry Summers to get the large banks to invest the money in the economy, charge the banks for not spending. At a recent International Monetary Fund conference, Summers proposed that the Federal Reserve should charge banks a negative interest rate for stashing cash, much like the European Central Bank is considering, as a way to ward off another recession or sinking further into a full blown economic depression. Supposedly, this would force the banks to put the money to work in the economy. Some economic writers consider this an act of desperation but as Marl Gongloff at Huffington Post explains the times are already getting desperate

Slashing rates well below zero to make it painful not to spend money is the desperate approach to avoiding an economic depression recently endorsed by Larry Summers, President Obama’s former top economic advisor and one-time pick to run the Federal Reserve. With economic growth likely to be weak for the next infinity, the job market stubbornly awful and inflation disappearing, central bankers around the world have been toying with the idea for a while. Every day it gets closer to being a reality.  [..]

. . . St. Louis Federal Reserve President James Bullard told Bloomberg TV he thought the Fed should consider making U.S. banks pay money to park cash, too. He’s been saying this for more than a year, but the idea is slowly gaining more credence.

That is because, even though the Fed has had a ZIRP (zero interest rate policy) in place for nearly five years now, that has not been enough to get the economy up to full speed. [..]

But even that might not be enough: Some economists think interest rates should be much, much lower than zero: Maybe negative four percent, before adjusting for inflation. Summers recently warned that the U.S. and other big economies could be in a near-permanent state of malaise — like Japan since the 1990s — because interest rates are still too high even at zero. Many liberal economists, including Paul Krugman, think sharply negative interest rates could be the only way to deal with this.

There may be some loud noise emanating from the banks and Wall Street but since congress is stuck on the austerity train wreck, this could be a way for the Federal Reserve to kick start some stimulus. With Summers behind it, it just might be the last desperate solution.  

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Wednesday is Ladies’ Day

Follow us on Twitter @StarsHollowGzt

Katrina vanden Heuvel: Oklahoma is schooling the nation on early education

In the richest country in the world, the poorest among us are children. [..]

What gets lost in the hype about K-12 education reform, and the unhealthy obsession with things like standardized tests and charter schools, are a child’s crucial early years. Research from Stanford University (pdf) shows that the gap in language proficiency between low-income and high-income children starts as early as 18 months and compounds over time as poorer children enter kindergarten less prepared than their wealthier peers and find it hard to catch up.

To stand idle in the face of these facts is to allow millions of children to fall behind in school before they even start. We can do better – and Oklahoma can show us how.

Heidi Moore: Reality check: Obamacare is not to blame for Walmart’s sluggish sales

Corporations love using Obamacare as a scapegoat for poor performance, even though the numbers don’t support that at all

The thing is, this search for a financial scapegoat is a pattern, the kind of fantasist imagining best dreamed up while the corporate jet – of which Walmart has 19 – sits idle on the tarmac.

Walmart, once a Wall Street darling, has spent all year exuding excuses for its disappointing financial performance in the same way that an isotope of uranium emits radiation. In January, Walmart’s bete noire was the payroll tax. In June, it was government uncertainty. In the fall, it was cuts to food stamps. This week, it’s Obamacare.

Two things Walmart has reliably avoided mentioning: that rivals like Costco and Family Dollar have been doing pretty well all year, which undermines all the conspiracy theories, and that Walmart has been struggling with its own divisive labor issues. One of those labor issues – its infamously low pay – has led some Walmart stories to start a food drive, asking workers to donate food to their own colleagues.

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

Follow us on Twitter @StarsHollowGzt

New York Times Editorial Board: A New G.O.P. Excuse for Doing Nothing

With unrestrained glee, Republicans are using the calamitous debut of the Affordable Care Act as their latest justification for undermining all of health care reform. But they’re not stopping there. The Obama administration’s fumbling is apparently a good excuse for them to do nothing on immigration reform, on a budget agreement, and on any other initiative coming out of the White House. [..]

Their opportunistic theme is clear: If you can’t trust President Obama on this issue, how can you trust him on anything else? Unquestionably, the White House handed them this gift through two kinds of incompetence: the technical failure of the health-exchange website, and the political failure of the president in falsely promising that no one would lose an insurance policy they already had.

But just as these blunders are not the end of the health reform, they will also, in the end, not stop the long march to immigration reform, more jobs or desperately needed improvements to education, transportation and other fundamental functions.

Michael Klare: Are we witnessing the start of a global green revolution?

Mass environmental protests are gaining strength. If governments won’t take the lead on an imperiled planet, someone will

A week after the most powerful “super typhoon” ever recorded pummeled the Philippines, killing thousands in a single province, and three weeks after the northern Chinese city of Harbin suffered a devastating “airpocalypse“, suffocating the city with coal-plant pollution, government leaders beware!

Although individual events like these cannot be attributed with absolute certainty to increased fossil fuel use and climate change, they are the type of disasters that, scientists tell us, will become a pervasive part of life on a planet being transformed by the massive consumption of carbon-based fuels. If, as is now the case, governments across the planet back an extension of the carbon age and ever increasing reliance on “unconventional” fossil fuels like tar sands and shale gas, we should all expect trouble. In fact, we should expect mass upheavals leading to a green energy revolution.

Have you ever dreamed of quitting your day job to work on something you really believed in? That’s exactly what this week’s guests, Jill Stein and Margaret Flowers, did when they left their careers behind as medical doctors.

Both saw that holding political office largely depended on how much money you have, which in turn enabled injustices to be fashioned into law and public policy. Outraged and angry, they decided to stand up and take action.

“When people ask me ‘what kind of medicine are you practicing?’ I usually say, ‘I’m practicing political medicine because it’s the mother of all illnesses,'” Stein tells Bill. Flowers adds: “Once you start speaking truth to power and standing up for the right things, it’s very empowering.”

Stein and Flowers serve as the president and secretary of health, respectively, for the Green Shadow Cabinet, an organization offering alternative policies to the “dysfunctional government in Washington, DC.”

Increasingly over the last few months the sensible people of congress have gotten on board with the idea that Social Security should be expanded. With the failure of many 401k’s and inadequate pension funds, many seniors and future retirees are more reliant on Social Security for a substantial part of their retirement plans. Senators Tom Harkin (D-Iowa), Bernie Sanders (I-Vt.), and Sherrod Brown (D-Ohio) have proposed that instead of switching to a “chained” consumer price index that cuts retiree benefits, the nation should adopt CPI-E, which measures the actual cost of living for the elderly and would raise benefits to meet actual needs.

The latest to voice support for this idea is Massachusetts Senator Elizabeth Warren who took to the Senate floor to criticize the Washington Post‘s editorial that said  called expanding Social Security “wrongheaded” and suggested the nation should instead be more concerned about the higher percentage of children living in poverty. Sen. Warren called this the “uglier side” of the debate on Social Security.

While President Barack Obama and House Minority Leader Nancy Pelosi have expressed their support for cuts to Social Security as part of a budget agreement to trim the deficit, which Social Security does not contribute to, most Democrats wisely have said ruled that out in the current debate talks. We need to make sure that any cuts to the Social Security benefits of our most vulnerable citizens is taken off the table permanently.

During her confirmation hearing before the Senate Banking Committee to replace Ben Bernanke as chair of the Federal Reserve, Janet Yellen took congress to task its roll in the growth income inequality and the threat it is to the economy.

Yellen reminded lawmakers of their sheer terribleness during a Senate Banking Committee hearing on Thursday about her nomination to replace Bernanke as chair of the Federal Reserve when his term ends in January. Republican senators moaned and groaned, as usual, about the Fed’s extreme easy-money policies. Yellen reminded everybody that Congress has forced the Fed to act by constantly imposing harsh austerity measures on an economy still recovering from a financial crisis and deep recession. [..]

This belt-tightening has probably cost the economy nearly 2.5 million jobs, according to a recent study by the Center For American Progress, a liberal think tank — one huge reason this has been the slowest job-market recovery since World War II. Economists on the right and left agree austerity has hurt economic growth, employment and consumer spending, with executives from Walmart and Cisco among the most recent capitalists to complain about it.

The sluggish recovery is also making income inequality worse, Yellen pointed out, depriving poor and middle-class Americans of more and better job opportunities.

This is a very serious problem, it’s not a new problem, it’s a problem that really goes back to the 1980s, in which we have seen a huge rise in income inequality… For many, many years the middle and those below the middle [have been] actually losing absolutely. And frankly a disproportionate share of the gains, it’s not that we haven’t had pretty strong productivity growth for much of this time in the country, but a disproportionate share of those gains have gone to the top ten percent and even the top one percent. So this is an extremely difficult and to my mind very worrisome problem. [..]

Fiscal policy has been working at cross purposes to monetary policy. I certainly recognize the importance of the objective of putting the US debt, deficit and debt, on a sustainable path… But some of the near-term reductions in spending that we have seen have certainly detracted from the momentum of the economy and from demand, making it harder for the fed to get the economy moving, making our task more difficult.

In many states, the recovery is making the income gap worse

By Niraj Chokshi, The Washington Post

For years, the wealthiest 1 percent have amassed income more quickly than the rest. From 1979 through 2007, for example, the top 1 percent of households saw income grow by 275 percent, according to a nonpartisan Congressional Budget Office study. Compare that to the bottom fifth of households, which saw income gains of only 18 percent over that time. Recent Nobel Prize winner for economics Robert Shiller, who is known for creating a closely tracked home-price index, last month called income inequality “the most important problem that we are facing now today.” And just last week, President Obama’s nominee to lead the Federal Reserve, Janet Yellen, called income inequality “an extremely difficult and to my mind very worrisome problem.”

Though rare, the recovery was strong and reduced inequality in some states, such as North Dakota, where an oil boom has provided a sustained economic boost. There, the number of households in the lowest half of income brackets shrank, while more joined the highest income brackets, a trend that suggests broad upward mobility. But in most states-and nationally-the data show the income gap worsening. In Michigan, for example, more than 65,000 households fell out of the middle-income brackets. That loss was counterbalanced by the addition of some 38,000 households, but only at the lowest and highest income levels.

That was true in many states: The number of middle-income households shrank while the number of low- and upper-income households grew. In many states, more upper-income households were added than lower-income ones-a positive economic sign not entirely unexpected during a recovery from such a severe downturn-but the middle class still shrank.

One of the “fixes” to close the income gap, create more and better jobs, and solve the Social Security fund problem is to raise the minimum wage to a livable wage. As Robert Reich explained in his recent column, if Walmart, the largest employer in America, were to “boost its wages, other employers of low-wage workers would have to follow suit in order to attract the employees they need”. He used Ford magnate, Henry Ford as an example of how that worked and made Ford a fortune.

Walmart is so huge that a wage boost at Walmart would ripple through the entire economy, putting more money in the pockets of low-wage workers. This would help boost the entire economy – including Walmart’s own sales. (This is also an argument for a substantial hike in the minimum wage.)

Now, states like New York and New Jersey and cities like Sea Tac, Washington are recognizing the need for a higher minimum wage to attract workers and business as it helps to improve the economy. There is overwhelming broad public support, with 58% of self identifying Republicans in favor. It’s time for Congress to wake up, end the sequester and austerity measures and raise the minimum wage.