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"Pay their fair share of taxes" Biden asks of corporations showing 2017 predecessor tax cuts did not increase investment and added $100 billion yearly to the US Deficit
03/08/2024
By paying their fair share of taxes Biden says in State of Union speech to US Congress 2024 one can increase investment in education, affordable childcare and better living for seniors in their homes, and still cut the deficit by hundreds of billions of dollars. What is fair share? Certainly not zero percent that 55 of the largest corporations paid on $40 billion in profits in 2020, and corporate minimum tax was introduced at levels of 15% for which most ordinary Americans are not eligible for. And certainly not 8.2% that Biden said was being paid by 1000 billionaires in the US. Not a single penny more is being asked of hard working Americans earning less than $400,000 a year. Biden said he wanted to see the corporate minimum tax at 21% not 15%, and the top corporate tax rate set at 28% not the 21% that it was reduced to in 2017 from 35%. In short his predecessor turned to help companies and billionaires profit from the popular distress of the shipping of jobs overseas and the 2009 financial crisis caused by Bank executives without investing the nation's capital resources in manufacturing at home in scale to match and exceed China's. And at the same time neglecting to do anything about the concerns of the people for ease of living- affordable access to childcare, preschool education, education, health care to match Europe/China/India in quality and cost, and aging transportation infrastructure of airports, subways, roads and bridges. The savings when this is done properly go to cut the deficit by over 4 trillion dollars and keep America as the leader of all G-20 economies.
Linked Articles
Biden Draws Sharp Contrast With Trump in State of the Union
WSJ 03/07/2024
Biden Pushes More Corporate-Tax Hikes to Draw Contrast With TrumpWSJ 03/07/2024
The collapse of American education and the slowest growth in America's history 2000-2020 as Biden tries to reverse this in 2024
05/19/2023
Krugman looks at the extraordinary effort put in by Robert Gordon of Northwestern University to look at the growth of America since 1850 over periods 1850-1870, 1870-1910, 1910-1950, 1950-2000 and 2000-2020 showing that the last 20 years have the lowest growth in American history. Gordon looks at the near collapse of American education, scores on NAEP of two thirds of 8th graders failing reading comprehension reflect this sad state of affairs that president Biden is trying to reverse in 2024. Other research shows a drop in potential GDP of 2 percentage points when education is failing as it has been for 2 decades. Other researchers have shown what is openly evident today that technology such as social media do more harm, that other internet use technology has not done much for education only established monopolies as with Google and Apple.
Linked Articles
Paul Krugman Reviews ‘The Rise and Fall of American Growth’ by Robert J. Gordon
New York Times 01/25/2016
'Secular Stagnation' May Be for RealWall Street Journal 08/27/2014
The situation of chronic or endemic coronavirus in places with high vaccination rates - Portugal and New York City
10/25/2021
Chronic or endemic coronavirus in New York with 76% fully vaccinated and Portugal with 85% fully vaccinated is a situation in some places. This still means 15-25% of people that are unvaccinated are at risk and with vaccine protection waning without a booster shot the risk of a fourth or a third of the population still at risk. The lifting of preventive steps such as social distancing, masking and other actions plus the shift to indoor, reopening of schools and colleges, could still lead to a surge.
Linked Articles
Endemic Covid-19 Has Arrived in Portugal. This Is What It Looks Like.
WSJ 10/24/2021
New York City Inches Toward Covid-19 Becoming EndemicWSJ 10/25/2021
What Tesla after the pandemic's first wave has in common with VW in 2015 at the time of the diesel emissions crisis
09/10/2020
CEO pay packages shooting into space just before and just after the first wave of the pandemic.
Linked Articles
Elon Musk’s Payday Could Cost Tesla Shareholders Dearly
WSJ 09/10/2020
Volkswagen’s Ex-CEO Is Ordered to Stand Trial Over Emissions ScandalWSJ 09/09/2020
Twitter's short form of 140 characters, the iphone, and the tech platforms building on the declining cultural and other literacy in America, Europe, other countries
05/28/2020
Twitter founder Jack Dorsey's regrets on what he sees as the lack of any depth in the short form that works well on mobile phones. The first smartphones came in 2007 and 2008 iphone and android versions, Twitter started in 2006, both growing at the same time, the story of a tech boom that is paralleled by declining cultural and other literacy in America. It also parallels the decline in sense of what is in the national interest among communities in America and Europe and in other countries, leaving them with fewer defences against the coronavirus pandemic by 2020.
Linked Articles
Opinion | A Presidential Smear
WSJ 05/26/2020
A Founder of Twitter Goes LongNYTimes.com 11/09/2013
Why initiating Brexit by invoking the Lisbon Treaty's Article 50 could go into 2017, or even past 2020 into new general elections- (1) the pro stay vote in Ireland and Scotland
08/16/2016
Theresa May, Britain's prime minister, is deeply committed to the idea of the union of England with Scotland and Ireland. Invoking Article 50 of Lisbon Treaty, a step necessary for Brexit, would also lead to Scotland's ruling Scottish National Party to initiate plans for a second referendum for Scottish independence, as Scotland votd to remain in the European Union. The issue of Ireland and Northern Ireland's vote to remain in the EU would also lead to serious repercussions. In short it will be hard to separate the leave vote in England from the stay vote in Scotland and Ireland, as it will be difficult for most British people to imagine a England without a British identity. If the referendum had asked the second question "Do you still vote leave if this means the end of Britain or the United Kingdom?" the vote could have turned out differently for nationalist voters.
Linked Articles
Wait and see: Theresa May is in no hurry on Brexit | Europe | DW.COM | 15.08.2016
DW.COM 08/15/2016
No return to border controls in Northern Ireland, UK PM May says | News | DW.COM | 25.07.2016DW.COM 07/25/2016
"Deaths of Despair", the causes and effects in a larger context, and the drop in America's ranking in the Social Progress Index to 19th in 2016
07/01/2016
How the middle aged white Americans 45-54 are faring in the current environment with fewer opportunities and greater vulnerabilities in health, education incomes, savings, quality of life, mortality, upward mobility, for this group. Tragically this means their children and the next generation is also affected in the way fewer opportunities are available in the future. The situation is unique to America with weaker social protection than Europe, and to Britain because of years of austerity. There are no quick fixes with easy slogans, and requires first a national awareness, national consensus, and may require the better part of a generation to solve and restore the hope and promise of Jefferson in making the "inalienable rights of life, liberty, and the pursuit of happiness" available to all.
Linked Articles
Rising Death Rates for Middle-Aged White Americans Are Forcing a Policy Rethink
WSJ 06/30/2016
The U.S. Now Ranks 19th in ‘Social Progress,’ With Finland and Canada Topping the ListWSJ 06/30/2016
The making of foreign policy in the Obama presidency- Barack Obama and Dennis McDonough
01/13/2016
Linked Articles
Washington Post 01/13/2016
Denis McDonough, the president’s chief of snooze - The Washington PostWashington Post 01/13/2016
The 39% drop in Russia's auto sales in 2015 with the economic crisis- withdrawal of GM and other manufacturers
02/10/2015
Linked Articles
GM to Close Russian Assembly Plant
Wall Street Journal 03/19/2015
Russian Car Sales Skid Lower Amid Economic GloomWall Street Journal 02/10/2015
China and corruption under the Xi Jinping administration
12/02/2014
Transparency International gives China 36 points , a decline of 4 points in 2014. Since 2013 China has dropped 20 place in the Corruption Perceptions Index, only Turkey had a steeper drop in points in 2014. Transparency, independent judiciary, free speech, whistleblower protection, and accountable government are factors that determine ranking in the index.
Linked Articles
Wall Street Journal 12/09/2014
China Slips in Corruption Perceptions ReportNew York Times 12/02/2014
GE (General Electric) low tax rate of 4.2% in 2013, 10.3% in 2014, and the move to a normal tax rate in 2015
03/05/2014
An aggressive policy of tax reduction using GE Capital at GE leads to an astonishingly low tax rate. Shareholders see the uncertainty from GE Capital's volatile earnings and tax strategies with great skepticism. GE shares dropped to $6 during the 2008 global financial crisis because of GE Capital losses, and GE needed government rescue funds. The day CEO Immelt announced the decision to exit the banking business GE shares went up by 11%. GE's tax rate without the banking business will go up to about 20%.
Linked Articles
Price of Selling GE Capital? Tax Breaks
Wall Street Journal 04/14/2015
How corporate America is losing the debate on taxesWashington Post 03/05/2014
Predominance of rail over pipelines in transport of crude from Canada and the Bakken region till 2016
02/02/2014
Pressure to build pipelines comes from congestion and safety issues for the rail system in the U.S. In the short term rail still remains the main method of transport.
Linked Articles
In Dakota Oil Patch, Trains Trump Pipelines
Wall Street Journal 03/04/2014
Even Without Keystone Pipeline, Oil Has FlowedWall Street Journal 02/02/2014
U.S. Fed chairman Bernanke's activist interest rate policies to tackle high unemployment and central bankers from MIT
12/12/2012
A pragmatic activist focus in economic thinking shaped at the MIT economics department in Cambridge, Masachusetts. The ECB's Mario Draghi, Bank of England's Mervyn King, and Bernanke shaped their thinking at MIT. Draghi and Bernanke had the same PhD. advisor- Stanley Fischer. Factors calling for a pragmatic approach include the lack of political agreement on th deficit, the housing and foreclosure crisis effects, higher inequality and unemployment effects on the middle class, the effects of the globalized economy on working class manufacturing jobs, people dropping out of the labor foce, and lower inflation, which called for a larger focus on unemployment. Bernanke emphasized the "enormous waste in human potential and productive resources of the economy" throughout 2009-2012. Draghi emphasized the abnormal nature of excessive borrowing interest rates for Italy and Spain during the ECB's bond buying efforts in 2011-2012. Both efforts had a stabilizing effect on the economies of the U.S. and Europe during a period of political discord about future policy.
Linked Articles
Wall Street Journal 12/13/2012
MIT Forged Activist Views of Central Bank Role and Cinched Central Bankers' TiesWall Street Journal 12/12/2012
How deceitful and self serving use of immigration in the UK led to making a good economy worse, and with strict immigration policy in Greece made a bad economic situation better
05/22/2023
How a strict migration policy in Greece leads to a 90% drop in migration and brings Greece in line with the rest of the European Union including Italy and Germany on migrant policy. Merkel simply and clearly made a serious error in letting in migrants through Hungary and Austria because it led to anti migration sentiment throughout the EU, to Brexit, to the sidelining of parties that worked in the interests of workers and families throughout Europe for a decade in which distorted economic policy lost public support till the pandemic made things even worse.
Linked Articles
Has Brexit left Britain in a better state?
The Times 05/21/2023
With His Party Ahead in Elections, Greek Leader Claims ‘Political Earthquake’NYTimes.com 05/22/2023
How the transition from the Soviet Union in 1985-1989 was mismanaged by Gorbachev leading to a 40% drop in GDP, 2000% inflation, drop in life expectancy , worse than the US Great Depression in the 1930's
09/03/2022
It is not commonly known in the US how bad the collapse was in Russia after 1989. An understanding of this in the US and Europe not just of the Fall of the Berlin Wall and its effect on Eastern Europe and West Germany, is needed to get a complete understanding of what happened and the events leading up to the war in Ukraine and threats to US and the EU. It also helps in framing solutions for the future that include lessons learned.
Linked Articles
Mikhail Gorbachev, Germany's most beloved Russian, has died | DW | 31.08.2022
DW.COM 08/31/2022
Opinion | Wonking Out: The Nightmare After GorbachevNYTimes.com 09/03/2022
Vaccines that took 40 years to develop- vaccines for malaria and coronavirus
10/17/2021
In a world of short run startups it is important to remember that our lives truly depend on the work done by scientists over decades. The stories of the scientists who developed the vaccine for malaria and the vaccine for mRNA technologies embedded in Pfizer vaccine.
Linked Articles
The Vaccine That Took 40 Years to Make - The Journal. - WSJ Podcasts
WSJ 10/17/2021
Their coronavirus vaccine candidate has made them billionaires. This modest German Turkish couple doesn’t own a car.Washington Post 10/17/2021
Trump, Microsoft and the ban on TikTok
08/04/2020
Microsoft would have to make a large outlay for TikTok with uncertain prospects as TikTok is losing money. The closer it gets to the U.S. ban date of September 15 the steeper the drop in value of TikTok.
Linked Articles
Trump Says U.S. Should Get Slice of TikTok Sale Price
WSJ 08/03/2020
Microsoft May Test the Faith With TikTokWSJ 08/03/2020
Why initiating Brexit by invoking the Lisbon Treaty's Article 50 could go into 2017, or even past 2020 into new general elections- (2) the British economy and the Bank of England's stimulus effort to avoid a recession
08/16/2016
The stimulus action of the Bank of England in August 2016 was designed to avert a recession in Britain. The Bank of England estimates that even with the stimulus the Brexit move will lead to a 1% drop in economic growth every year for 3 years as compared to staying in the European Union. The British public is weary of the austerity programs for 7 years under finance minister Osborne. if higher growth under Brexit turns out to be an illusion as the Bank of England forecasts show, there would be reason for much reflection on the meaning of the vote- seeing it as a rejection of the Cameron-Osborne government in favor of a government more in tune with the interests of working class people under Theresa May.
Linked Articles
Wait and see: Theresa May is in no hurry on Brexit | Europe | DW.COM | 15.08.2016
DW.COM 08/15/2016
Bank of England unveils four-pronged stimulus package in bid to avoid Brexit recessionThe Telegraph 08/04/2016
Speaker Paul Ryan's House seat in Janesville, Wisconsin- improving economy in a U.S. midwestern factory town and the debate on trade, help for working class families
08/10/2016
The unemployment rate in Janesville, Wisconsin drops to 4.4% in May 2016, according to the Bureau of Labor Statistics. It was over 9% following the closing of the GM plant and the recession from the 2008 financial crisis. A working class town Janesville was hit hard by the closing of the GM plant in 2008. Amy Goldstein of the Washington Post describes the impact of losing about 5000 jobs at the GM plant, and the problems typical of most manufacturing dependent towns. Throughout the period since being first elected to Congress in 1998 Ryan has continued to be able to get elected on the basis of faith, family and public service, even though some of his policies may not have helped the poor and elderly or laid off workers. Ryan voted for rescuing the auto industry and worked hard to keep the GM plant, and listens to his constituents, and as the economy recovered by 2016 won easily in this old industrial midwestern town. His influence in national politics gives Janesville an opportunity to be heard, as it tackles problems common to many midwestern towns in the U.S.
Linked Articles
Could Paul Ryan’s ideas help his struggling home town? - The Washington Post
Washington Post 08/19/2012
Paul Ryan beats outsider 'mini-Donald Trump' challenger in Wisconsin primaryThe Guardian 08/10/2016
The EU's evolving relations with Turkey in 2016- Germany's Merkel and the Erdogan government reach an agreement on refugees in March 2016
03/07/2016
Merkel facing populist pressures and opposition from the CDU to accepting more refugees tries to get Turkey to stem the flow and send refugees back to Turkey. The Erdogan government with its own problems and seeking a closer relationship with the EU following the Russian bombing of the Turkmen in Syria and shooting down of a Russian plane approves the agreement.
Linked Articles
Stakes Are High for Germany’s Angela Merkel in Success of New Migrant Deal
Wall Street Journal 03/24/2016
Turkey Places Conditions on E.U. for Migrant HelpNew York Times 03/07/2016
2016 U.S. presidential candidate Jeb Bush's Tax Plan that spells out details, and takes a shot at 4% growth for restoring lost social and economic mobility in the U.S.
09/09/2015
The efforts to wrestle with the deficit in 2011-2012 led to a vigorous debate on changing the tax code, yet political leaders failed to take up new ideas or spell out the details. Jeb Bush, with advisors Martin Feldstein and Kevin Warsh, takes the unconventional approach of putting in the details, and taking up ideas such as the idea of limiting itemized deductions to 2% of adjusted gross income proposed by Feldstein in that debate. On the $2.1 trillion in income held overseas by U.S. companies Bush proposes 8.75% tax paid over 10 years. On business investment he proposes capital investment be allowed to be deducted in full immediately. It is based on the idea that business investment can drive a vigorous recovery, that workers bear 50% of the burden of higer taxes through sluggish wage growth. It levels the playing field for debt and equity capital, removing "carried interest" provision, as a lesson from the excessive leverage taken by financial institutions in the past.
Linked Articles
Wall Street Journal 09/10/2015
Jeb Bush Tax Plan Makes Forays Into PopulismNew York Times 09/09/2015
Looking back at Hong Kong and China today and yesterday- China in 1842 and in 1945, nationalism and commercial interests of foreign powers
01/09/2015
A wariness with foreign powers in China stems from the influences left behind from the British commercial interests and the Japanese invasion of China. Compared to that period, the period of collaboration on an equal footing and playing field is is a short and recent one that has taken place for just three decades 1985-2015. Fears that the accelerated development in China could slow down without a strong central government, combine with the awareness of the need for western technology and open communications in today's global economy to accelerate the development, create in the Chinese mind a problem that needs to be tackled carefully to continue progress. Awareness of the huge inequalities and corruption in the rush towards modernization, need to tackle extensive contamination of air and water, and need for social security and healthcare for an aging population create a new urgency for careful policy making to sustain progress.
Linked Articles
Wall Street Journal 01/12/2015
‘China 1945,’ by Richard BernsteinNew York Times 01/09/2015
Much needed boost from lower oil prices for eurozone countries Germany, France, Italy and Spain
10/09/2014
For countries like Germany in the eurozone with what Draghi calls "fiscal space" but did not use it, the drop in oil prices from $100 to $65 in 2014 offers relief at the right time to get back to growth in 2015.
Linked Articles
Falling Oil Prices Spur New Bets on Global Economic Growth
Wall Street Journal 12/08/2014
Merkel Hints at Economic Policy Shift in GermanyNew York Times 10/09/2014
U.S. households debt to income ratio drops from 130% in 2007 to 108% in 2014, still above historical ratio of 90%
02/18/2014
High student debt of over $1 trillion, banks restricting home loans to higher credit scores, continuing effort to reduce credit card debt, limit spending as U.S. consumer spending recovers very gradually.
Linked Articles
Americans’ Debt-Cutting Levels Off
Wall Street Journal 12/12/2014
An Ambiguous Omen, U.S. Household Debt Begins to Rise AgainNew York Times 02/18/2014
Policy contrast between socialist governments in Venezuela and Bolivia
04/12/2013
Bolivia's socialist government of Evo Morales has taken a different approach by reducing subsidies and increasing gasoline prices to about $2.00 a gallon in 2013. Salaries of governent workers was also increased by 20% in 2013, and additional 10% added to price of locally produced grain and corn, in policy actions. Morales cited as a reason the $150 million in smuggling to neighboring countries of the $660 million in gasoline imports, wasting a significant part of the $380 million annual state gasoline subsidy which could be used for infrastructure. In Venezuela both opposing candidates for president Maduro and Capriles supported the state subsidy for gasoline that is exceptional among developing countries, and at a time when Venezuela is short of foreign currency for other imports.
Linked Articles
Almost-Free Gas Comes at a High Cost
Wall Street Journal 04/12/2013
Turnabout in Bolivia as Economy Rises From InstabilityNew York Times 02/16/2014
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