The new trade deals Trans-Atlantic & Trans-Pacific “Partnerships” complete the corporate world takeover As I have emphasized since these “partnerships” were first announced, their purpose is to give corporations immunity from the laws in the countries in which they do business. The principle mechanism of this immunity is the granting of the right to corporations to sue governments and agencies of governments that have laws or regulations that impinge on corporate profits.
According to Pew Research, this year the Millennial generation (ages 18 to 34 in 2015) is projected to surpass the Baby Boom generation (ages 51 to 69) as the nation’s largest living generation — with 75.3 million Millennials vs. 74.9 million Boomers. The Gen X population (ages 35 to 50 in 2015) is also projected to outnumber the Boomers by 2028. Where will Social Security be for them when they retire?
For the past 40 years, our political leaders have not only allowed, but have deliberately effectuated economic polices that have crammed most of the profits generated by ordinary working people into the pockets of those at the very tippy-top of the income ladder — by conspiring against organized labor, giving preferential tax breaks to the very wealthy, and by allowing bad trade deals to offshore our best jobs.
As usual, Congress will soon start bickering again over the budget, with all Republicans wanting more tax cuts for the rich and large corporations, and a lot less government spending. Whereas most Democrats will want to close tax loopholes, raise workers' wages, strengthen Social Security and Medicare, and invest in infrastructure. But with a Republican Congress and a Democrat in the White House, the scenario will likely be another gargantuan political battle.
Elizabeth Warren and Rosa DeLauro recently co-authored an article posted at the Boston Globe (titled Who is writing the TPP?) which says, "Hillary Clinton has said that the United States should be advocating a level and fair playing field, not special favors for big business, in our trade deals. We agree with this blunt assessment."
Increased productivity no longer has an affect on raising wages, because all the gains go to the top — and the decline of labor unions plays a big part; as well as a tax code that Congress has skewed to mostly favor the very wealthy and large corporations.
Jared Bernstein, former economic adviser to Vice President Joe Biden, recently writes:
Unlike politically incorrect journalists in the mainstream media (including Fox News), one can't accurately report on bloody budget cuts — and then, just to appear non-partisan, say it's "Congress" who's proposing the cuts — not when it's the Republicans within Congress who are the ones proposing all these bloody budget cuts.
The Congressional Budget Office just released a new report, The Budget and Economic Outlook: 2015 to 2025 Report (January 26, 2015). In an article at the New York Times titled "Budget Forecast Sees End to Sharp Deficit Declines", they referenced the report, and then quotes Senator Michael B. Enzi (R-Wyoming), the new chairman of the Senate Budget Committee: “The past will catch up to us no matter how fast we run from it."
Representative Chris Van Hollen of Maryland, the ranking Democrat on the Budget Committee, proposed a plan to tax Wall Street financial transactions and raise taxes on the top 1 percent of earners ——> to pay for a “paycheck bonus credit” of $2,000 a year for couples earning less than $200,000.
We've heard it so many times before: Tax reform. When the Democrats say it, it usually means raising taxes (mostly on the rich). When the Republicans say it, it almost always means cutting taxes (mostly for the rich).
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