Tag Archives: debt

Twitter-troll-in-chief threatens to abandon Americans in Puerto Rico

This is worse than George W. Bush’s clueless neglect of New Orleans after Hurricane Katrina. This is purposeful, intentional abandonment of Americans out of pure spite for having criticized the “Dear Leader” and his relief efforts in Puerto Rico and the U.S. Virgin Islands. Who does this? Trump threatens to abandon Puerto Rico recovery effort:

President Trump served notice Thursday that he may pull back federal relief workers from Puerto Rico, effectively threatening to abandon the U.S. territory amid a staggering humanitarian crisis in the aftermath of Hurricane Maria.

Declaring the U.S. territory’s electrical grid and infrastructure to have been a “disaster before hurricanes,” Trump wrote Thursday that it will be up to Congress how much federal money to appropriate to the island for its recovery efforts and that recovery workers will not stay “forever.”

In a trio of tweets, Trump wrote” “We cannot keep FEMA, the Military & the First Responders, who have been amazing (under the most difficult circumstances) in P.R. forever!”

Screen Shot 2017-10-12 at 6.10.57 AM

Continue reading

Donald Trump is The Joker: default on the U.S. debt and ‘watch the world burn’

TheJoker

Donald Trump gave an extraordinary interview to CNBC last week. Donald Trump’s Idea to Cut National Debt: Creditors to Accept Less:

One day after assuring Americans he is not running for president “to make things unstable for the country,” the presumptive Republican nominee, Donald J. Trump, said in a television interview Thursday that he might seek to reduce the national debt by persuading creditors to accept something less than full payment.

Asked whether the United States needed to pay its debts in full, or whether he could negotiate a partial repayment, Mr. Trump told the cable network CNBC, “I would borrow, knowing that if the economy crashed, you could make a deal.”

He added, “And if the economy was good, it was good. So, therefore, you can’t lose.”

Such remarks by a major presidential candidate have no modern precedent.

Continue reading

Public Banking & the Nonpartisan League: Is It Time for a Financial Revolution?

In early 1900s, progressives from both political parties joined forces to create the Non-Partisan League. This led to creation of North Dakata's public bank. (Cartoon published in the Non-Partisan Leader in 1912.)

In early 1900s, progressives from both political parties joined forces to create the Nonpartisan League and fight for progressive reform. (Cartoon published in the Nonpartisan Leader in 1912.)

During this political season, we have heard a lot about too-big-to-fail banks, corporate greed, politicians on the take, bad trade deals, inequality and … starting a revolution to save the middle class.

Just over 100 years ago, at the dawn of the first American Progressive Era, the same conditions sparked a revolution which spread from North Dakota throughout the prairie states.

In the early 1900s, family farms were under attack. Railroad robber barons charged farmers exorbitant prices to ship their grain, and if the farmers fell behind on loan payments, Wall Street banks stepped in—not to save the farmers but to foreclose on them.

As one farm family after another lost its land, politicians, who were in the pocket of big money interests, accepted the lobbyists’ cash and stood idly by.

Discontent grew among the farmers. In 1915, failed flax farmer A.C. Townley and his friend Fred Wood sat down at Fred’s kitchen table and drew up a progressive agenda to help the people of North Dakota. This blueprint for reform included regulating railroads and controlling fees, organizing farming cooperatives, and creating a state bank, which would make investments for the common good, instead of foreclosing on family farms. This was the birth of the Nonpartisan League (NPL).

Continue reading

Pima County Voters Revolt Against Bond Debt & Higher Taxes (video)

Pima County CourthouseThe surprise upset in yesterday’s Pima County election was the total defeat of the 99-project, $816 million, 27-year Pima County Bond Issue package.

Tucson’s 1%, who bankrolled the Yes on Pima County Bonds campaign and who would have benefited from a win, lost big. They raised over $304,000 to convince citizens that the county could successfully borrow its way to prosperity and a better life, but in the end the vote wasn’t even close. “Invest in ourselves” was a brilliant, professional marketing campaign that engaged citizens and politicians in the selling the bond issue.

The most vocal opposition came from Taxpayers Against Pima County Bonds, a right-wing, grassroots effort with little funds but a lot of spunk. The “No” coalition called for no new taxes and pointed out the risk of long-term indebtedness. They also pointed out the crony capitalism and corporate welfare that was woven into each of the seven separate packages.

On the left edge of the political spectrum, Arizonans for a New Economy, also opposed the bond issue as unsustainable debt to Wall Street and too much corporate welfare. Public banking proponents believe that governments should self-fund projects– not borrow from Wall Street. Perhaps some of the local anti-Wall Street, pro-Bernie Sanders supporters also revolted against more debt to Wall Street.

Citizens who supported the bonds are wringing their hands on social media today. How can we possibly get the things we want without the without going into debt?

Continue reading