Raul Grijalva

Liberals to Dems: Just Say ‘No’ to Cutting Social Security, Medicare, Medicaid

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300px-Keith_ellison-cropby Pamela Powers Hannley

In his recent talk in Tucson, John Nichols of The Nation warned against budget solutions proposed by the Fix the Debt Coalition, a group of 127 billionaires, "lesser millionaires," and corporate CEOs.

According to Nichols, this exclusive club of 1%ers is rolling out a $60 million advertising campaign to promote the new Simpson-Bowles Plan for debt reduction, according to Nichols. The original Simpson-Bowles Commission– dubbed the Cat Food Commission because of its cuts to senior citizen benefits– was infamously unpopular when it was proposed originally. The Simpson-Bowles redux may be even worse.  

How would the billionaires' club "fix the debt"? By reducing Social Security payments to the elderly and disabled, by raising the eligibility age for Medicare, by dramatically cutting Medicaid support for the poor, by eliminating the Affordable Care Act and changing Medicare to a voucher program for future recipients, by imposing austerity on 99%, and by [wait for it] lowering taxes on billionaires and corporations. 

This article (after the jump) from the Washington Post outlines exactly what Nichols warned Tucsonans about.

Progressive Caucus Releases ‘Back to Work’ Budget

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CPC-sidebysideby Pamela Powers Hannley

On Wednesday, the Congressional Progressive Caucus (CPC) released its "Back to Work" Budget. Think of it as the polar opposite of the Republicans' "Stab Americans in the Back" budget penned by Congressman Paul Ryan and released earlier in the week. Special thanks to Congressman Raul Grijalva, co-chair of the CPC. Each year, the CPC releases a common sense budget plan. When will Washington DC listen, when will the Lame Stream Media cover it? Go to this link to tell your Congressional representative to vote for the Back to Work Budget.

Here is the summary from the CPC…

7 million new jobs in one year

$4.4 trillion in deficit reduction

We’re in a jobs crisis that isn’t going away.  Millions of hard-working American families are falling behind, and the richest 1 percent is taking home a bigger chunk of our nation’s gains every year. Americans face a choice: we can either cut Medicare benefits to pay for more tax breaks for millionaires and billionaires, or we can close these tax loopholes to invest in jobs.  We choose investment.  The Back to Work Budget invests in America’s future because the best way to reduce our long-term deficit is to put America back to work.  In the first year alone, we create nearly 7 million American jobs and increase GDP by 5.7%. [Details and graphics after the jump.]

Sequestration at a Fundraising Gimmick? Whose Bad Idea Was That?

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Money02-bw-crop-sm72-300x217by Pamela Powers Hannley

First, it was Kirsten Sinema on Facebook.

Then, Ann Kirkpatrick on e-mail.

And now, Ron Barber on e-mail.

All three of these Congressional Democrats used the sequestration battle to put out their hands and ask voters for campaign contributions.

I understand that these three are probably not the only misguided Congressional representatives to try this lame fundraising tactic. And I realize that with our flawed election system based upon cash Congressional representatives have to start raising money as soon as they get into office. BUT, using a fiscal crises that will cost Arizona tens of thousands of jobs– when you personally have dong nothing to stop it– is ludicrious and insulting to the voters. 

The only Southern Arizona Congressman who didn't send me a sequestration fundraising appeal was Raul Grijalva. Ironically, he was the only Arizona Congressman who was in the thick of the sequestration battle along with Congressman Keith Ellison. They are co-chairs of the Congressional Progressive Caucus, which proposed the Budget for All and offered sane alternatives to sequestration. Video after the jump.

11 European countries pass Robin Hood Tax on financial transactions

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Robin-h-05-sm72by Pamela Powers Hannley

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.