Submitted by Jesse Russell on November 7, 2010 - 2:25pm
By Doug Cunningham
Roughly 151,000 new jobs were created in October – welcome news but not adequate to put 15 million jobless Americans back to work.
AFL-CIO President Rich Trumka says he hopes the new Congress is listening to the clarion call that job creation and fixing the economy is job one for the government.
More than forty percent of the jobless have been unemployed for more than six months. Hundreds of thousands will lose their unemployment benefits at the end of the month.
The AFL-CIO is calling on Congress not to cut the lifeline for jobless workers but instead to extend jobless benefits. The Economic Policy Institute says extending he benefits actually helps save other jobs – as many as 488,000 jobs.
An AFL-CIO post-election poll shows that people want to see immediate action to create jobs, including an investment in infrastructure – roads, bridges, schools and clean energy systems. The labor federation says the American people expect Congress to act to create jobs now. The question is, will the new Congress listen?
Rightradia thinks a civil war will occur in the GOP between the reactionary Tea Party congressmen and the Washington insiders. The GOP game plan seems to be girdlock rather than selling any sort of a GOP agenda. The House reconvenes this week and the Democrats would be smart to rescind the Bush tax cuts for the coupon clipping billionaires and millionaires that reap $100,000 a year in tax breaks under the Bush tax plan.
The Congressional Budget Office (CBO) has estimated that extending the Bush tax cuts of 2001-2003 beyond their 2010 expiration would increase deficits by $1.8 trillion dollars over the following decade. The CBO also completed a study in 2005 analyzing a hypothetical 10% income tax cut and concluded that under various scenarios there would be minimal offsets to the loss of revenue. In other words, deficits would increase by nearly the same amount as the tax cut in the first five years, with limited feedback revenue thereafter.
Rightardia's view is that tax cuts for the middle class are stimulative, but not for the top 2 percent of Americans who make most of their money by investing in stocks and bonds and pay only a 20 per cent capital gains tax. The Moody's table makes it clear that the Democratic approach to reviving the economy is more effective than the GOP 'tax cut' approach.
In addition, the top 20 per cent of Americans now control 50 per cent of the income.the country cannot afford to coddle the rich anymore. The biggest after effect of the Bush tax cuts was a record US deficit and unemployment. The Bush recession started in 2007.
source: http://www.washingtonpost.com/wp-dyn/content/article/2010/11/05/AR2010110507092.html?hpid=topnews
Subscribe to the Rightardia feed: feeds.feedburner.com/blogspot/IGiu
Roughly 151,000 new jobs were created in October – welcome news but not adequate to put 15 million jobless Americans back to work.
AFL-CIO President Rich Trumka says he hopes the new Congress is listening to the clarion call that job creation and fixing the economy is job one for the government.
More than forty percent of the jobless have been unemployed for more than six months. Hundreds of thousands will lose their unemployment benefits at the end of the month.
The AFL-CIO is calling on Congress not to cut the lifeline for jobless workers but instead to extend jobless benefits. The Economic Policy Institute says extending he benefits actually helps save other jobs – as many as 488,000 jobs.
An AFL-CIO post-election poll shows that people want to see immediate action to create jobs, including an investment in infrastructure – roads, bridges, schools and clean energy systems. The labor federation says the American people expect Congress to act to create jobs now. The question is, will the new Congress listen?
Rightradia thinks a civil war will occur in the GOP between the reactionary Tea Party congressmen and the Washington insiders. The GOP game plan seems to be girdlock rather than selling any sort of a GOP agenda. The House reconvenes this week and the Democrats would be smart to rescind the Bush tax cuts for the coupon clipping billionaires and millionaires that reap $100,000 a year in tax breaks under the Bush tax plan.
The Congressional Budget Office (CBO) has estimated that extending the Bush tax cuts of 2001-2003 beyond their 2010 expiration would increase deficits by $1.8 trillion dollars over the following decade. The CBO also completed a study in 2005 analyzing a hypothetical 10% income tax cut and concluded that under various scenarios there would be minimal offsets to the loss of revenue. In other words, deficits would increase by nearly the same amount as the tax cut in the first five years, with limited feedback revenue thereafter.
Rightardia's view is that tax cuts for the middle class are stimulative, but not for the top 2 percent of Americans who make most of their money by investing in stocks and bonds and pay only a 20 per cent capital gains tax. The Moody's table makes it clear that the Democratic approach to reviving the economy is more effective than the GOP 'tax cut' approach.
In addition, the top 20 per cent of Americans now control 50 per cent of the income.the country cannot afford to coddle the rich anymore. The biggest after effect of the Bush tax cuts was a record US deficit and unemployment. The Bush recession started in 2007.
source: http://www.washingtonpost.com/wp-dyn/content/article/2010/11/05/AR2010110507092.html?hpid=topnews
Subscribe to the Rightardia feed: feeds.feedburner.com/blogspot/IGiu
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