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Ken

As the law stands now...

Submitted by Ken Watts on Wed, 12/15/2010 - 12:01

As the law stands now, [hedge-fund manager's] income is considered "carried interest," and is accordingly taxed at the capital gains rate of 15 percent.
According to former labor secretary Robert Reich, in 2009 "the 25 most successful hedge-fund managers earned a billion dollars each."...Closing this outrageous loophole would bring in close to $20 billion in revenue—money desperately needed at a time when teachers and nurses and firemen are being laid off all around the country.

Arianna Huffington

Medicare, Social Security, and Some Taxes

Submitted by Ken Watts on Wed, 12/15/2010 - 10:51

A READER POINTED OUT the Times puzzle on fixing the deficit to me, a week or two ago, and since then I've been exploring the choices before us.

It's rather discouraging that the problem seems so simple to fix, even while addressing the recession at the same time, and that the politicians seem intent on keeping the system broken anyway.

Here are the next nine recommendations, in a plan which would not only eliminate the deficit and create a surplus, but which would strengthen our economy and the middle class at the same time:

We hear endless talk in Washington...

Submitted by Ken Watts on Tue, 12/14/2010 - 15:20

We hear endless talk in Washington about belt tightening and deficit reduction, but hardly a word about whether the $161 billion being spent in 2010 alone to fight wars of choice in Afghanistan and Iraq might be better spent helping embattled Americans here at home.

Arianna Huffington

Some More Examples

Submitted by Ken Watts on Tue, 12/14/2010 - 14:49

I'VE BEEN WORKING MY WAY through the various cuts which have been suggested in order to deal with the deficit, but with a broader agenda.

It seems that it would be wise to make choices that not only eliminate the deficit, but also strengthen our country as well.

In line with that, I've suggested that we find cuts which will invest in the nation as a whole, decrease our over-investment in the military, and provide economic fuel to the levels of our economy where the work is actually done.

Below are the next ten areas in my list:

America's rich did take a hit...

Submitted by Ken Watts on Mon, 12/13/2010 - 15:53

America's rich did take a hit in the Crash of 2008. According to Forbes magazine, the nation's four hundred wealthiest people lost about $300 billion that year. That still left those four hundred enough to live on, though—a total of $1.27 trillion (more than the estimated cost of achieving universal health care for the entire nation for the next decade.)

Robert Reich

Compromising with Stonewallers

Submitted by Ken Watts on Mon, 12/13/2010 - 14:22

THE SENATE IS VOTING today on the President's compromise with Republicans.

(This post isn't an attack on Obama.)

The fact that this is happening is just a single example of a disturbing long-term trend.

(When you get to the end, you'll see.)

Obama complained, when progressives criticized his unilateral cave-in, that this was just health-care all over again.

A wonderful health-care reform was passed—something Democrats had been trying to do for years, he said—and still liberals were complaining because it "didn't include a public option".

He's right. It is just like health-care reform.

But, unfortunately, not in the way he intended.

The raw material of news...

Submitted by Ken Watts on Fri, 12/10/2010 - 15:56

The raw material of news must pass through successive filters, leaving only the cleansed residue fit to print. They fix the premises of discourse and interpretation, and the definition of what is newsworthy in the first place, and they explain the basis and operations of what amount to propaganda campaigns.

Edward S. Herman, Noam Chomsky

Chomsky on the Internet

Submitted by Ken Watts on Fri, 12/10/2010 - 15:33

TODAY'S POST IS A talk by Noam Chomsky on the internet, and other related thoughts.

It's particularly apt, in multiple ways, to our current state of affairs, blogs in general, and the daily mull.

I'd like to hear what you think about this. Please click on comments below, and join the discussion...

Some Specific Examples

Submitted by Ken Watts on Thu, 12/09/2010 - 19:05

SO LET'S RETURN TO THE Times budget puzzle this series began with.

In the previous post, I outlined three strategies for dealing with the deficit and the recession simultaneously:

  1. Stop investing in big wealth, and start investing in the nation as a whole.
  2. Stop over-investing in military might.
  3. Make sure there's enough cash flow at the bottom of the economy to keep it moving.

Just to be clear: this is not an anti-rich person approach.