The agreement passed last night is a breakthrough in beginning to restore tax fairness and achieves some key goals of working families. It does not cut Social Security, Medicare or Medicaid benefits. It raises more than $700 billion over 10 years, including interest savings, by ending the Bush income tax cuts for families making more than $450,000 a year. And in recognition of the continuing jobs crisis, it extends unemployment benefits for a year. A strong message from voters and a relentless echo from grassroots activists over the last six weeks helped get us this far.
But lawmakers should have listened even better. The deal extends the Bush tax cuts for families earning between $250,000 and $450,000 a year and makes permanent Bush estate tax cuts exempting estates valued up to $5 million from any tax. These concessions amount to over $200 billion in additional tax cuts for the 2 percent.
We begin 2013 awaiting the House of Representatives vote on tax legislation passed by the Senate early this morning. So we’re technically off the fiscal cliff but not really about to hit the ground – yet. Below are some initial perceptions of what the legislation means, beginning with the conservative American Spectator.
» Read more about: Tax Deal: Over the Cliff or Tied to the Tracks? »
The careful Frying Pan News reader will note we make no claims that the following mots justes were 2012’s stupidest quotes. How could we, in a year exploding with extreme gaffery? How, in fact, could anyone even keep a reasonable tally? Enjoy – and Happy New Year!
1. “I would say to them, ‘Set me free.’ ” (Congresswoman Yvette Clarke, claiming Brooklyn’s African Americans were Dutch slaves in 1898.)
2. “The evidence is inarguable that Australia is becoming too expensive and too uncompetitive to do export-oriented business. Africans want to work, and its workers are willing to work for less than $2 per day. Such statistics make me worry for this country’s future.” (Gina Rinehart, the world’s richest woman, addressing the Sydney Mining Club.)
3. “We need a president accustomed to signing the front, not the back,
» Read more about: It's the Stupidity, Stupid: The Year in Quotes »
The New York Times should be embarrassed. On December 24 it gave a Christmas present to the corporate-backed lobby group Fix the Debt with its front-page Business section puff piece about the organization, which is pushing to balance the federal budget by slashing social programs while cutting taxes for the rich.
The 1149-word piece, “One Woman’s War on Debt Gains Steam,” by reporter Annie Lowrey, is a fawning profile of the group’s public face, Maya MacGuineas. The article makes it appear that the Fix the Debt group was hatched last year at a dinner party at Senator Mark Warner’s house, when in fact it is simply the latest incarnation of Pete Peterson, the billionaire Wall Street financier who over many years has invested tens of millions of his money in his long-term crusade to reduce the federal debt on the backs of the poor and middle class, including the Committee for a Responsible Federal Budget,
» Read more about: Capitol Shill: N.Y. Times Swallows Fake Expert's Act »
The Wall Street Journal (in a pay-walled feature) reported online last night that Walmart will begin to monitor conditions at warehouses operated by subcontractors.
The policy change represents a concession to employees at those facilities, who have claimed they are subjected to harsh and unsafe working conditions, along with unfair labor and wage practices. Locally, warehouses in the Inland Empire have been the target of strikes and other protests by workers.
WSJ reporter Shelly Banjo wrote:
“[T]he Bentonville, Ark., giant is developing an auditing system, similar to the one it uses to monitor overseas factories in places such as China and Bangladesh, to help ensure that the domestic parts of its supply chain are complying with safety and labor rules . . . State labor officials and activists called Walmart’s plan to monitor warehouses insufficient, saying that a fire at a Bangladesh garment factory that killed 112 workers last month underscored the shortcomings of such auditing systems.”
Although the warehouse workers are not currently represented by unions,
» Read more about: Walmart to Police Its Subcontracted Warehouses »
Federal Mediation and Conciliation Service Director George H. Cohen today announced the extension of contract talks between the East and Gulf Coast longshore union and shipping-industry management. The agreement, which apparently has resolved the thorny issue of container royalties, averts an International Longshoremen’s Association strike that had been scheduled to take place Sunday.
Cohen’s statement read:
“I am extremely pleased to announce that the parties have reached the agreements set forth below as a result of a mediation session conducted by myself and my colleague Scot Beckenbaugh, Deputy Director for Mediation Services, on Thursday, December 27, 2012:
“The container royalty payment issue has been agreed upon in principle by the parties, subject to achieving an overall collective bargaining agreement. The parties have further agreed to an additional extension of 30 days (i.e., until midnight, January 28, 2013) during which time the parties shall negotiate all remaining outstanding Master Agreement issues,
» Read more about: Breaking News: Port Pact Talks Extended »
This election year yielded a bumper crop of books about economics and politics. Here, in alphabetical order, is a sampling.
1. The 100 Greatest Americans of the 20th Century: A Social Justice Hall of Fame, Peter Dreier (Nation Books). Meticulously researched profiles of our country’s progressive movers and shakers.
2. Beyond Outrage: What Has Gone Wrong With Our Economy and Our Democracy, and How to Fix It, Robert B. Reich (Vintage). Bill Clinton’s Labor Secretary explains why our economy is broken – but not beyond repair.
3. Drift: The Unmooring of American Military Power, Rachel Maddow (Crown). Everyone’s favorite MSNBC commentator looks at how America has become an army in search of a war.
4. The Great Divergence: America’s Growing Inequality Crisis and What We Can Do About It,
Question: What’s the difference between the European Barbarians like the Goths and Vandals (you know, the folks who looted and pillaged Europe and finished off the Western Roman Empire) and the Tea Party Politicians?
Answer: The Tea Partiers bathe more often.
Like their Iron Age counterparts, who tore up every vestige of Roman civilization they could find, seemingly just for the pleasure of doing it, their Tea Party descendants seem to take a perverse delight in obliterating all traces of the Middle Class America so carefully and painfully built since the New Deal.
And if this sounds a little puzzling, consider for a minute just who and what the Tea Party is.
Although it claims to be a “grassroots movement”, the Tea Party is basically a creature of FreedomWorks, a powerful right-wing organization headed until recently by former Texas congressman Dick Armey.
FreedomWorks itself was formed in 2004 by a merger of Citizens for a Sound Economy (CSE) and Empower America.
» Read more about: The Tea Party's Search and Destroy Operation »
While most eyes are focused on January 1 and that storied piece of geography known as the fiscal cliff, another crisis looms next week: A longshore workers strike that could shut down docks along the Eastern seaboard and Gulf of Mexico. The International Longshoremen’s Association hasn’t waged a full-fledged strike since 1977, but is now threatening to do so if a new collective bargaining agreement is not in place by December 30. The union’s contract with the U.S. Maritime Alliance expired September 30.
Writes the New York Times‘ Steven Greenhouse:
“The strike threat has so alarmed corporate America that more than 100 business groups wrote to President Obama last week to urge him to intervene to push the two sides to settle — and, if need be, to invoke his emergency powers under the 1947 Taft-Hartley Act to bar a strike.”
According to a statement released December 24 by the Federal Mediation and Conciliation Service,