Category Archives: Deficit

In The Public Interest?

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In 1934, the Federal Communications Commission (FCC) was given the power to license wire and broadcast communications, demanding that licensees prove they operate “in the public interest.” Not long afterward, the FCC implemented The Fairness Doctrine, which required licensees to present issues of public importance and do so in a manner that was deemed “honest, equitable and balanced.”

Unfortunately, the Fairness Doctrine was eliminated in 1987, following years of attacks by the political right beginning with Richard Nixon and Spiro Agnew. Since then, our media has failed on almost every level…except for generating massive amounts of money.

It’s no coincidence that, following the end of the Fairness Doctrine, broadcast stations and networks have been swallowed up by large media conglomerates.  To maximize profits, the new owners diminished long-established news-gathering organizations, such as the once-proud CBS News which was home to legendary newsmen like Edward R. Murrow, Douglas Edwards, Walter Cronkite, Eric Severeid, and far too many others to mention.

At the same time, radio was hijacked by blathering, angry wingnuts such as Rush Limbaugh and Glenn Beck.  And the newspaper industry has been virtually replaced by on-line “news” sites that provide a few headlines with little depth or context.

The result of all this is that we no longer have in-depth reporting, especially with regard to politics.  TV networks are filled with “human interest” and are almost devoid of “public interest.”  The most popular cable news network is little more than a megaphone for Teapublican talking points.  Radio is filled with conservative lies.  And newspapers have redirected their efforts toward local news gathering.

(Ironically, Rolling Stone, Mother Jones and Vanity Fair, which were once special interest magazines, are now doing more in-depth investigative reporting on national and international issues than nearly all of the so-called “news” media combined.)

It is precisely this news void that has allowed the Republican Party, the Tea Party and its unscrupulous candidates, such as George W. Bush, Richard “The Dick” Cheney, Mitt Romney and Paul Ryan to become serial liars. And we’re all paying a price for it through tax cuts for billionaires and tax subsidies for large corporations, resulting in enormous deficits and endless wars of choice.

What can you do about it?

For one thing, you can ask your Congressional Representative and Senators to reinstate the Fairness Doctrine. You can demand your state universities teach students that journalism is more than mere reporting; it’s a never-ending search for the truth. You can call out candidates whenever you hear them lie. And you can support the few media left that actually practice real journalism.

Liein’ Ryan.

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First, I must credit my friend, Mike Cosentino, for the title.  To my knowledge, he was the first to coin the description of the Teapublican Vice-Presidential candidate.  And Ryan has certainly lived up to the title ever since.  Indeed, his penchant for ignoring the truth was on full display at the Republican National Convention.

For example, Paul Ryan says that his budget plan will “save Medicare.” But in reality, it will leave the next generation of seniors at the mercy of greedy health insurance companies. Ryan says that his budget will cut the deficit. What he doesn’t tell you is that his plan will increase an already bloated defense budget and give large tax cuts to the wealthy while cutting healthcare and food stamps for the poor.

Ryan has lied so much and so often, he couldn’t even tell the truth about his only marathon time.

Prior to the convention, Ryan condemned Congressman Todd Akin’s remarks on “legitmate” rape as offensive. Yet Ryan co-sponsored a bill with Akin that would ban all abortions except for pregnancies that resulted from “forcible” rape.  In other words, you would be denied an abortion unless you could show that you had been bruised and beaten sufficiently in an attempt to fight off the attacker.

Moreover, Akin and Ryan co-sponsored a “personhood” bill that would give fetuses all of the rights and protections of the First Amendment thereby outlawing all abortions, even in vitro fertilization. And lest you think Aikin and Ryan are alone in their extreme beliefs, the GOP adopted a platform that would ban all abortions. No exceptions.

Of all the liars in the Republican Party, Paul Ryan is one of the most prolific. By himself, he could easily provide enough material to fill a second volume of the Teapublican Book of Lies.

America’s Collective Amnesia.

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It seems many Americans have forgotten what happened in 2008.  They can’t remember who was at the wheel when our economy was driven into a ditch.  They can’t remember who led us into an unnecessary and unfunded war.  They’ve blanked out the memory of the second-largest stock market crash in history.  They can no longer picture the deer-in-the-headlights look of the Bush administration when the housing bubble burst.

As a result, many Americans seem to accept the latest assortment of conservative lies.

Despite the fact that President Obama rescued our economy from the abyss, many voters seem to accept Teapublican claims that his policies have failed.  Despite unprecedented obstruction by Teapublicans, voters seem inclined to reward them for their disgusting behavior.

Nevermind that it was decades of “conservative” policies that resulted in the loss of American jobs and growing disparity between the rich and the middle class.  Nevermind that Republicans squandered the surpluses of the Clinton administration in order to give tax breaks to the wealthy.  Nevermind that Romney intends to reinstate many Bush administration policies, voters are considering giving him a chance to repeat the same failures.

(Sure, trickle-down economics and free-market ideologies have repeatedly failed in the past, but maybe they’ll work this time.)

President Obama has not only guided our nation back to solid economic footing.  He has restored America’s reputation throughout the world.  He has earned another four year term.

Indeed, if voters sought the truth, this coming election wouldn’t even be close.  But Teapublican lies seem to have placed the outcome in doubt.  Teapublicans seem to have convinced voters that the path to prosperity isn’t the high road after all.  It’s back through the same ditch they drove us into more than four years ago.

GOP Platform Full Of Hate, Fear And Greed.

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Under the new GOP platform, every fetus will be protected or avenged, and women’s reproductive systems will be controlled by the people who know best…male politicians and churches.

Under the GOP, our borders will be secure.  Those foolhardy enough to cross will be shot or imprisoned.  And Latinos will never be without papers.

Under the GOP, the military will be made more powerful to protect “American interests.”  So our corporations will be free to extract resources and money from anywhere on the planet.

Under the GOP, billions of dollars for Social Security and Medicare will be liberated from the evil government’s control to earn profits for corporations.  The power to decide who lives and dies will be returned to those who know best – large insurance companies and PhRMA.

Under the GOP, the wealthy will pay fewer taxes.  Corporations will pay no taxes.  And the rest of us will have to work harder and longer to make up for it.

Under the GOP, there will be no Environmental Protection Agency and no Endangered Species Act.  Nothing to interfere with the profiteering of Big Oil.

Under the GOP, the “sanctity” of marriage will be protected from “sinners” such as gays and lesbians.

Under the GOP, people of color will have their right to vote protected.  But only if they have proper ID and are willing to stand in long lines.

Under the GOP, the deficit will be reduced at the expense of the poor.  There will be no Medicaid.  No public education.  No food stamps.  No unemployment insurance.  No welfare.  Charity is only for churches, and today’s evangelicals are only interested in your soul and your fetuses.

If elected to control the White House and Congress, the Guardians Of Privilege vow to “Restore America” – to the 18th century.  And if you think I’m exaggerating, you definitely haven’t been paying attention.

“The Betrayal of the American Dream.”

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That’s the title of a new book by Donald L. Bartlett and James B. Steele, which I highly recommend.  If you’d like to learn more, check out this story from NPR.  You’ll also find a link to a podcast of their interview on NPR’s Morning Edition.

These are not exact quotes, but here are a few tidbits I remember from their interview.  If you fired all federal employees, you’d only cut the annual deficit in half.  From a budget standpoint, the US is a military with health benefits.

I believe the book illustrates the true problems facing our nation.  As you’ll see, these problems go well beyond the usual stupifying rhetoric about tax rates and the size of government.

Of course, I also recommend my own book: The Teapublican Book of Lies available at Amazon and other on-line bookstores.

Maybe Democrats Should Let Teapublicans Drive Our Economy Off A Cliff.

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Don’t say it.  I already know what you’re thinking.  Republicans already did that in 2008.  But they’re not satisfied yet.  They want to cut taxes on corporations and the very wealthy.  At the same time, they want to increase our military budget.

To accomplish that without creating an even larger pool of red ink, they have proposed draconian cuts.

Medicare, Medicaid, Social Security, the United States Postal Service, the Department of Education, the Environmental Protection Agency, the Department of Commerce, and the Food and Drug Administration are all on their list of targets.

And, with the national debt approaching the spending ceiling, they want to let the US default on our obligations…a decision that many economists say will cause our credit rating to plummet and likely result in the end of the dollar as the world standard of currency.

Teapublicans continue to ignore the warnings of such actions, and they refuse to listen to reason.  If they take control of the White House and Congress, they threaten to follow through with their ideological (more appropriately, idiotic) plans.

I, for one, am tired of trying to reason with unreasonable people.

Maybe we should let them drive our economy and our nation off the cliff.  It will be painful.  But only when there is massive unemployment and long soup lines will the vast majority of voters finally realize what the GOP (Guardians Of Privilege) actually stand for.

What Mitt Believes In.

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It’s ironic that Mitt Romney’s campaign slogan is “Believe in America,” because he obviously doesn’t.

What does he believe in?

In a word, money.  His money.  It doesn’t matter if it’s in dollars, francs, pounds, euros, rmb…whatever.  Mitt believes in possessing it.  Lots of it.  And he doesn’t like giving any of it away for taxes.  That’s why he’s used an assortment of tax havens and accounting tricks to keep his tax rate below that of most working people.

Of course, Mitt doesn’t mind that others have to make up for the taxes he dodges.  Based on his tenure with Bain Capital, he doesn’t mind that their jobs are shipped overseas, either.  Or that their companies are dissolved leaving them without jobs, benefits or pensions.

In fact, he’s already said that he’ll cut other jobs if elected president.  He wants to eliminate or combine numerous federal agencies, including the Department of Education and the Department of Housing and Urban Development.  He also wants to give his wealthy cronies a big tax cut; nevermind that the money to pay for it will come out of the pockets of the poor and middle class.

According to a new Joint Economic Committee study, the Romney-Ryan Budget Plan will increase taxes on those making $50,000-$100,000 by $1,300 per year.  It will cost those making $100,000-$200,000 $2,600 per year.  On the other hand, if you make $500,000-$1 million, you will get a check for $35,000.  And if you make more than $1 million, you’ll get a check for $285,000!

Moreover, it has been estimated that Romney’s proposed policies would create 800,000 jobs…overseas.  His tax cuts for corporations would reduce corporate tax revenue by more than $1 trillion over the next decade.  And, of course, he plans to repeal “Romneycare…er…Obamacare” increasing profits for insurance companies and big PhRMA.

Is it any wonder that Forbes magazine calls the Romney-Ryan Budget “A mistake of historic proportions?”

The Felon-In-Chief?

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For some time, I have referred to Mitt Romney as the Panderer-In-Chief based on the corny speeches he has given on the campaign trail – “The trees just seem the right height here.”  Now I realize that his tendency to lie and pander to any audience is the least of his obvious faults.

Recent investigations into his 2010 tax return and Bain Capital have yielded an array of offshore accounts and questionable investments, such as an I.R.A. account of $102 million, even though Romney could only legally put $2,000 a year into the account for 15 years and, depending on the type of plan he used, another $30,000 per year.

That’s some rate of return!

There’s also the matter of his accounts in tax havens such as Bermuda, the Cayman Islands, Luxembourg and Switzerland. In talking with bankers and economists, I’ve confirmed that there are only two reasons to open accounts in those places: Secrecy and Tax Evasion.

It’s clear that Romney is one of many who are responsible for an estimated $100 billion in lost annual tax revenue by sending their money offshore, costing ordinary taxpayers an average of $484 a year.  In other words, you have to pay more taxes to make up for tax deadbeats like Romney.

Of course, as CEO and sole owner of Bain Capital, Romney practiced what his Republican rivals termed “Vulture Capitalism.”  He bought up cash rich companies, took the cash, and charged the companies large sums for “management consulting.”  Then when the cash ran out, he either fired the staff and outsourced the jobs overseas or dismantled what was left at salvage rates.

But that’s not the worst of it – at least for Romney.

The Boston Globe found that contrary to Romney’s statements, he was still involved in his company several years after he said he had resigned.  That doesn’t sound like a big deal, except that it means Romney likely committed one or more felonies.  You see, he filed a federal disclosure stating that he left Bain in 1999.  Yet the company’s SEC filing in 2002 listed Romney as “sole stockholder, chairman of the board, chief executive officer and president.”  This would make Mitt guilty of a federal felony for certifying on federal disclosure forms that he left active management of Bain Capital in February of 1999.

Oops!

If elected, Mitt could be our nation’s first presidential felon.  Moreover, if he lied on disclosure forms, he may have lied on his federal tax returns.  There are many other questions about Romney.  But his business dealings and finances are shrouded in secrecy.  Indeed, The Washington Post summarized the opinions of experts across the political spectrum by saying Romney’s disclosures were “the most opaque they have encountered.”

Now imagine the uproar if Teapublicans found that President Obama had offshore tax havens and shipped American jobs overseas.  The torch and pitchfork crowd would’ve already surrounded the White House.

Willing Ourselves To A Better Economy.

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As several economists have told me, we get the economy we want.  If we think the economy is good, we will buy what we want or need.  Our purchases will increase sales for retailers.  That will increase manufacturing, and the economy will thrive.  As a result, tax revenue grows and our deficits decrease.

On the other hand, if we think the economy is going to be bad, we will restrict spending and increase saving.  If enough people do this, our economy will be pushed into recession, jobs will be cut, tax revenues drop and our deficits and national debt will grow.

Most people know this, especially large corporations, the wealthy and politicians.  And they often manipulate these principles in order to cash in on easy money.  The losers of this sort of manipulation are almost always ordinary working people.

Everyone knows about the principle of buy low, sell high.  So if you’re among the wealthy and powerful, it doesn’t benefit you if the economy grows at a steady, sustainable rate.  In order to really cash in, you need to create periods of high growth, followed by recessions.  In the midst of a recession, you buy low.  Then at the peak of growth, you sell high.  That’s why a chart of our economic history looks like a ride through the Rocky Mountains.

The interest of the wealthy and powerful is obviously money.  But why would politicians be interested in such a strategy of manipulation?

In a word, Power.

If the opposition is in power, the GOP (Guardians Of Privilege) starts screaming about inflation, deficits, debt and other issues in order to frighten ordinary people.  If they scream loud enough and long enough, a large percentage of our population will hold onto their cash in preparation for the coming calamity and delay purchases.  As a result, the economy struggles.

That’s what’s been happening for the past 3+ years.

In order to make President Obama fail, Teapublicans have howled about “outrageous” deficits.  They talk about “saddling our grandchildren with oppressive, overwhelming debt.”  They’ve scared voters about illegal immigrants taking their jobs.  They’ve talked about an “out-of-control government” and “the end of freedom.” 

Unfortunately, the Tea Party, the religious right and others have scooped up this load of dung as if it were gold in the streets.

The only way to avoid being buried by the dung is to call it what it really is.  And to let everyone know that the people spreading the dung are the southern-most end of a north bound elephant.

The Teapublican Book of Lies.

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You know those things Teapublicans present as facts that just never quite make sense?  The ones that are repeated day after day on Fox News Channel and right wing radio?  The conservative ideas that have been tried and failed, but keep coming back?

I’ve taken 50 of those so-called “facts,” researched them, and presented my findings in a new book:  The Teapublican Book of Lies.  It’s a sort of handbook for debates with your conservative friends and family members.

Pardon the shameless self-promotion, but you can buy the book from Amazon.