“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”.
Robert Reich: Obama’s First Stand
The president says a Republican proposal to extend the Bush tax cuts to everyone for two years is a “basis for conversation.” I hope this doesn’t mean another Obama cave-in.
Yes, the president needs to acknowledge the Republican sweep on Election Day. But he can do that by offering his own version of a compromise that’s both economically sensible and politically smart. Instead of limiting the extension to $250,000 of income (the bottom 98 percent of Americans), he should offer to extend it to all incomes under $500,000 (essentially the bottom 99 percent), for two years.
Dan Fromkin: Ten Flash Points In The Fiscal Commission Chairmen’s Proposal
The two deficit-hawk extremists President Obama put in charge of his fiscal commission released their personal suggestions for cutting the federal budget deficit on Wednesday. And while it’s quite possible that not a one of them will make it into the commission’s official recommendations, which require the approval of 14 of the 18 commissioners (not just two), the document will inevitably be welcomed as a “serious” contribution to the debate – at least by Republicans and conservative Democrats.
But taken as a whole, the plan authored by Erskine Bowles and Alan Simpson would have devastating effects on the government and its ability to help the most vulnerable in our society, and it would put the squeeze on the middle class, veterans, the elderly and the sick – all in the name of an abstract goal that ultimately only a bond-trader could love.
Here are the top 10 flash points:
Joe Conason: Meet the leader of the Obama witch hunt
If past is prologue, Oversight Chairman Darrell Issa will aim low and cheap — by probing stimulus road signs!
How Darrell Issa will conduct the vital business of the House Oversight Committee when he takes over as chairman isn’t clear yet. When the California Republican describes his plans in the mainstream media, he strives to sound reasonable, bipartisan and public-spirited; but when speaking with media outlets and personalities, such as Rush Limbaugh, he sounds like a hard-line right-winger aiming to revive the paranoid partisan style of the Gingrich era — which would be more in keeping with the reputation he has already established. He displayed the fugue state that preoccupies him when he denounced President Obama on CNN as “the most corrupt” occupant of the Oval Office in modern times – and then withdrew that accusation with an apology.
Now Issa has announced that he expects the Oversight committee and its subcommittees to hold nearly three times as many investigative hearings over the next two years as Henry Waxman, an active and successful chairman, ran during the final years of the Bush administration. He may consider the federal government (and the White House) to be bottomless pits of waste, fraud and abuse, but are there really three times as many troubling issues for Issa and his colleagues to study now as there were in the Bush years?
Dean Baker The Wall Street TARP Gang Wants to Take Away Your Social Security
Just over two years ago, the Wall Streeters were running around Congress and the media saying that if they don’t immediately get $700 billion the world will end. Since they own large chunks of both, they quickly got their money.
Even more important than the hundreds of billions of loans issued through the TARP was the trillions of dollars of loans and guarantees from the Fed and the FDIC. This money came with virtually no strings attached. . . .
The thing about Wall Streeters is that no matter how much money you give them, they always want more. Now they are using their political power and control over the media to attack Social Security.
This effort is being led by billionaire investment banker Peter Peterson. Mr. Peterson has personally profited to the tune of tens of millions of dollars from the “fund managers’ tax subsidy,” an obscure provision of the tax code that allows billionaires to pay a lower tax rate than schoolteachers and firefighters. However, Peterson believes in giving back. He has committed $1 billion to an effort that is intended to take away the Social Security benefits that people have worked and paid for.
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