Posted by AzBlueMeanie: There was media speculation earlier this year that Congressman Raúl Grijalva (D-AZ) was under consideration for Secretary of Interior in President Obama's second term cabinet. As usual, media speculation was wrong. President Obama nominated the CEO of REI, Sally Jewell, to replace departing Interior Secretary Ken Salazar. So with that word of caution, … Read more
Remember the Super Congress? It was a gimmick that Congressional Republicans came up with after the huge debt ceiling and budget battle in August 2011.
The Super Congress was supposed to balance the US budget during the fall of 2011, but they failed to do so. As a result, the country is now facing "sequestration"– a fancy name for automatic budget cuts and tax increases that were trigger by the Super Congress' failure and the regular Congress' failure to negotiate and agree on humane budget cuts coupled with revenue-generating and economy-growing measures.
Thanks to Congressional foot-dragging, sequestration is upon us. The biggest budget that is up for trimming is the military budget. Although hawks are wringing their hands over potential cuts, the US military budget is by far the largest in the world. In fact, in 2011, the US spent more on the military than the next 13 countries combined! Wonkblog has provided great charts and background information on military spending– perfect ammunition for anyone who in more invested in peace than war. Check out it out after the jump.
by Pamela Powers Hannley U.S. Rep. Ron Barber (D) will host a meeting to discuss the Government Accountability Office (GAO) report on Border Patrol Operations– today. Please RSVP at AZ02.RSVP@mail.house.gov. The meeting is 5:30 to 7 p.m. Tuesday, Jan. 29 at Pima Communitiy College East Campus, 8181 E. Irvington Rd. Here is a link to GAO … Read more
Eleven European countries, who collectively account for two-thirds of the EU's economy, have passed a new financial transaction tax.
Also known as the Robin Hood Tax in the US, a financial transaction tax charges a small percentage fee for every stock market deal. The new European law will charge a rate of 0.1% on any trade of shares or bonds and 0.01% on any financial derivative contract, according to an article in Think Progress. These tiny percentages would raise an estimated 57 billion euros per year if all 27 of the European countries adopted the law. (At an exchange rate of 1 EU = $1.33, that is an estimated $75.8 billion in US dollars per year of revenue generation.) In addition to raising funds, the financial transaction tax discourages speculative computerized trading. Also know as "rent seeking," computers are set up to buy stocks and sell them quickly– sometimes when the profit is just pennies. If you do enough of this automated micro-trading, you can make a bundle of money; but this speculative behavior adds volitility to the market and produces nothing except fot the gamblers who are in the game. The Ed Schultz Show has a great explanation here.
In all, 40 countries worldwide have adopted a financial transaction tax. The 11 countries who have passed the Robin Hood Tax recently include two European powerhouses– Germany and France– plus Spain, Portugal, Italy, Belgium, Austria, Slovakia, Slovenia, Greece, and Estonia. The financial problems facing Greece, Spain, and Italy have been in the news for years. This tax will help cash-strapped governments to become more stable.
Gosh, what other country is facing dire financial choices and needs an infusion of cash? Find out how the Robin Hood Tax would help the US economy after the jump.
Progressive Democrats of America (PDA) is hosting Progressive Central: The People's Inauguration on January 19 in Washington DC.
Progressive pundits and politicians from around the country– including our own Congressman Raul Grijalva– will be there. If you're like me and will be in Tucson tomorrow, check out the live streaming of Progressive Central on the PDA home page, beginning at 8 a.m. (Eastern Time). Bisbee's own Loneprotestor will be in DC– so look for video from her on this blog. I attended Progressive Central in Charlotte while attending the Democratic National Convention, and it was inspiring. More details from after the jump.