Saturday, December 15, 2012
Wednesday, December 12, 2012
The pre-funding mandate: bringing down the American Postal Workers Union
By Michael Monk Friday | firedoglake.com
August 19, 2011
At the heart of the matter is a 2006 Congressional mandate put on the US Postal Service contained in the “Postal Accountability and Enhancement Act of 2006” to pre-fund healthcare benefits of future retirees, a 75 year liability over a 10 year period. No other agency or corporation is required to do this. This provision costs the Postal Service $5.5 billion a year. When you add in an adjustment that was made in how workers’ compensation costs were calculated based on interest rate assumptions and long term predictions concerning health care and compensation of $2.5 billion (a non cash accounting adjustment), you come up with $8 billion in cost. Actual loss was $500 million and when added, comes to the $8.5 billion reported for 2010. While $500 million is a lot, it doesn’t compare with $8.5 billion and is down from the previous year loss of $1 billion. If you took out the onerous pre-funding mandate, the Postal Service actually shows a $700 million profit over the last four years instead of the $20 billion loss. The Postal Union has been trying to get Congress to authorize the transfer of the Postal Service’s money estimated to be between $50 billion and $75 billion overpaid in the Civil Service Retirement System transferred into the PSRHBF.
http://my.firedoglake.com/mmonk/2011/08/19/the-pre-funding-mandate-bringing-down-the-american-postal-workers-union/
August 19, 2011
At the heart of the matter is a 2006 Congressional mandate put on the US Postal Service contained in the “Postal Accountability and Enhancement Act of 2006” to pre-fund healthcare benefits of future retirees, a 75 year liability over a 10 year period. No other agency or corporation is required to do this. This provision costs the Postal Service $5.5 billion a year. When you add in an adjustment that was made in how workers’ compensation costs were calculated based on interest rate assumptions and long term predictions concerning health care and compensation of $2.5 billion (a non cash accounting adjustment), you come up with $8 billion in cost. Actual loss was $500 million and when added, comes to the $8.5 billion reported for 2010. While $500 million is a lot, it doesn’t compare with $8.5 billion and is down from the previous year loss of $1 billion. If you took out the onerous pre-funding mandate, the Postal Service actually shows a $700 million profit over the last four years instead of the $20 billion loss. The Postal Union has been trying to get Congress to authorize the transfer of the Postal Service’s money estimated to be between $50 billion and $75 billion overpaid in the Civil Service Retirement System transferred into the PSRHBF.
http://my.firedoglake.com/mmonk/2011/08/19/the-pre-funding-mandate-bringing-down-the-american-postal-workers-union/
‘Right to work’ laws increase poverty, decrease productivity
By Darrell Minor, Columbus State Community College
According to 2009 data, the GDP per capita for worker-friendly states collectively was $43,899, while the GDP per capita for the RTW states was $38,755 or 13.3 percent lower. It is worth emphasizing that GDP represents goods and services produced, and is not the same as per capita income. Thus, the initial analysis of this measure indicates that the worker-friendly states appear to be significantly “more productive” than the RTW states.
Poverty rates: Obviously a state with a high standard of living would be expected to have fewer residents living in poverty. Using U.S. Census income data, and applying it to the two groups of states, we find again that RTW states have a lower standard of living. Eleven of the 15 states with the highest poverty rates are RTW states, while nine of the 11 states with the lowest are worker-friendly. Furthermore, the percentage of the 2008 population living in poverty in RTW states was 14.4 percent, while the percentage in worker-friendly states was 12.4 percent. To put this difference in perspective, if the rate of poverty in RTW states was extended across the nation, an additional 3,670,000 American men, women, and children would be living in poverty today.
Health insurance: One would expect that a state with a high standard of living would have more of its citizens covered by basic health insurance, giving them access to preventive care and swift medical treatment. And, once again, the Census data show that the worker-friendly states have a higher standard of living. Fully 11 of the 13 states with the lowest uninsured rates are worker-friendly states, while 11 of the 15 states with the highest uninsured rates are RTW states. The median uninsured rate for worker-friendly states is 12.6 percent, while for RTW it is 15.7 percent. Again, to put this in perspective, if the rates of non-insured citizens in RTW states were spread across the country, then an additional 8,640,480 Americans would be uninsured and suffer a lack of access to affordable health care.
Life expectancy: While there may seem to be little reason for a correlation to exist between RTW laws and the life expectancy of citizens in those states, life expectancy data from the Harvard School of Public Health was included here because it is a very common measure of standard of living. And, as it turns out, the data reveal a surprising trend. Of the 13 states with the highest life expectancy rates, 10 are worker-friendly states. Conversely, of the 12 states with the lowest life-expectancy rates, only two are worker-friendly states. In worker-friendly states, citizens can expect to live 77.6 years (the median), while citizens in RTW states can expect to die at 76.7.
http://neatoday.org/2012/08/14/right-to-work-laws-increase-poverty-decrease-productivity/
According to 2009 data, the GDP per capita for worker-friendly states collectively was $43,899, while the GDP per capita for the RTW states was $38,755 or 13.3 percent lower. It is worth emphasizing that GDP represents goods and services produced, and is not the same as per capita income. Thus, the initial analysis of this measure indicates that the worker-friendly states appear to be significantly “more productive” than the RTW states.
Poverty rates: Obviously a state with a high standard of living would be expected to have fewer residents living in poverty. Using U.S. Census income data, and applying it to the two groups of states, we find again that RTW states have a lower standard of living. Eleven of the 15 states with the highest poverty rates are RTW states, while nine of the 11 states with the lowest are worker-friendly. Furthermore, the percentage of the 2008 population living in poverty in RTW states was 14.4 percent, while the percentage in worker-friendly states was 12.4 percent. To put this difference in perspective, if the rate of poverty in RTW states was extended across the nation, an additional 3,670,000 American men, women, and children would be living in poverty today.
Health insurance: One would expect that a state with a high standard of living would have more of its citizens covered by basic health insurance, giving them access to preventive care and swift medical treatment. And, once again, the Census data show that the worker-friendly states have a higher standard of living. Fully 11 of the 13 states with the lowest uninsured rates are worker-friendly states, while 11 of the 15 states with the highest uninsured rates are RTW states. The median uninsured rate for worker-friendly states is 12.6 percent, while for RTW it is 15.7 percent. Again, to put this in perspective, if the rates of non-insured citizens in RTW states were spread across the country, then an additional 8,640,480 Americans would be uninsured and suffer a lack of access to affordable health care.
Life expectancy: While there may seem to be little reason for a correlation to exist between RTW laws and the life expectancy of citizens in those states, life expectancy data from the Harvard School of Public Health was included here because it is a very common measure of standard of living. And, as it turns out, the data reveal a surprising trend. Of the 13 states with the highest life expectancy rates, 10 are worker-friendly states. Conversely, of the 12 states with the lowest life-expectancy rates, only two are worker-friendly states. In worker-friendly states, citizens can expect to live 77.6 years (the median), while citizens in RTW states can expect to die at 76.7.
http://neatoday.org/2012/08/14/right-to-work-laws-increase-poverty-decrease-productivity/
Monday, November 26, 2012
Warren Buffet: A minimum tax for the the wealthy
Millionaires and billionaires shouldn’t be able to lobby their way out of paying their share of America’s bills.
Warren Buffet | newyorktimes.com | 25 Nov 2012
"...we need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that.
"A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultrarich paying rates well below those incurred by people with income just a tiny fraction of ours. Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy.
The whole story:
Warren Buffet | newyorktimes.com | 25 Nov 2012
"...we need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that.
"A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultrarich paying rates well below those incurred by people with income just a tiny fraction of ours. Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy.
The whole story:
Wednesday, November 21, 2012
Thursday, November 15, 2012
Secessionists can self-secede by renouncing their citizenship
Gary Norton @ Daily Kos
14 November 2012
Federal law provides an easy process for people to renounce their citizenship. There are a few requirements, but they are easily met. All they have to do is appear in person before a U.S. consular or diplomatic officer in a foreign country (normally at a U.S. Embassy or Consulate) and sign an oath of renunciation.
Sure they will have to pay all the taxes they owe and a special tax penalty under the Heroes Earnings Assistance and Relief Tax Act of 2008. But that's a tiny price to pay for freedom from the United States and its evil Kenyan, Socialist, post hoc colonial, communist President and all those who voted for him.
The whole story:
14 November 2012
Federal law provides an easy process for people to renounce their citizenship. There are a few requirements, but they are easily met. All they have to do is appear in person before a U.S. consular or diplomatic officer in a foreign country (normally at a U.S. Embassy or Consulate) and sign an oath of renunciation.
Sure they will have to pay all the taxes they owe and a special tax penalty under the Heroes Earnings Assistance and Relief Tax Act of 2008. But that's a tiny price to pay for freedom from the United States and its evil Kenyan, Socialist, post hoc colonial, communist President and all those who voted for him.
The whole story:
Tuesday, November 13, 2012
Republican 'deficit hawk' hypocrites
U.S. Senator Bernie Sanders lays out a brief history of Republic hypocrisy concerning the deficit.
Saturday, November 10, 2012
Sunday, November 04, 2012
Former TARP special inspector Neil Barofsky on the need to tackle Banking Reform | Bill Moyers
Former TARP special inspector Neil Barofsky joins Bill to discuss the critical yet unmet need to rein in big banks.
Thursday, October 25, 2012
Bill Moyers: Neil Barofsky’s disappointment with Vikram Pandit and President Obama
October 23, 2012 | Former TARP Inspector General Neil Barofsky explains his disappointment with the former Citigroup CEO and the president for failed financial leadership.
Friday, October 05, 2012
Who Stole the American Dream?
The promise of a prosperous
middle-class life with decent work, rising living standards, and the
potential for a better future has long been the foundation of the
American dream. But as America continues to struggle to recover from the
Great Recession, it has become clear that the middle class is in
jeopardy – and many of the policies of the last 40 years are to blame.
More here:
More here:
Thursday, October 04, 2012
Carl Sagan in 1994
Wednesday, October 03, 2012
How the GOP became the party of the rich
The staggering economic inequality that has led Americans across the country to take to the streets in protest is no accident. It has been fueled to a large extent by the GOP's all-out war on behalf of the rich. Since Republicans rededicated themselves to slashing taxes for the wealthy in 1997, the average annual income of the 400 richest Americans has more than tripled, to $345 million – while their share of the tax burden has plunged by 40 percent
Tim Dickinson | rollingstone.com
9 Nov 2011
The nation is still recovering from a crushing recession that sent unemployment hovering above nine percent for two straight years. The president, mindful of soaring deficits, is pushing bold action to shore up the nation's balance sheet. Cloaking himself in the language of class warfare, he calls on a hostile Congress to end wasteful tax breaks for the rich. "We're going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share," he thunders to a crowd in Georgia. Such tax loopholes, he adds, "sometimes made it possible for millionaires to pay nothing, while a bus driver was paying 10 percent of his salary – and that's crazy."
Preacherlike, the president draws the crowd into a call-and-response. "Do you think the millionaire ought to pay more in taxes than the bus driver," he demands, "or less?"
The crowd, sounding every bit like the protesters from Occupy Wall Street, roars back: "MORE!"
The year was 1985. The president was Ronald Wilson Reagan.
Read more:
Tim Dickinson | rollingstone.com
9 Nov 2011
The nation is still recovering from a crushing recession that sent unemployment hovering above nine percent for two straight years. The president, mindful of soaring deficits, is pushing bold action to shore up the nation's balance sheet. Cloaking himself in the language of class warfare, he calls on a hostile Congress to end wasteful tax breaks for the rich. "We're going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share," he thunders to a crowd in Georgia. Such tax loopholes, he adds, "sometimes made it possible for millionaires to pay nothing, while a bus driver was paying 10 percent of his salary – and that's crazy."
Preacherlike, the president draws the crowd into a call-and-response. "Do you think the millionaire ought to pay more in taxes than the bus driver," he demands, "or less?"
The crowd, sounding every bit like the protesters from Occupy Wall Street, roars back: "MORE!"
The year was 1985. The president was Ronald Wilson Reagan.
Read more:
Monday, October 01, 2012
The Last Word - Sen. Webb rewrites Mitt Romney
Sarah Muller | msnbc.com
28 Sept 2012
We've heard from his own mouth that Mitt Romney thinks of "47 percent" of Americans as takers dependent on government.
Before introducing President Obama at a campaign rally in Virginia on Thursday, Virginia Senator Jim Webb, a former Marine who served in Vietnam, called out the Republican presidential candidate over those harsh comments and reminded him of what the so-called "47 percent" has done for the country, which includes members of the military:
28 Sept 2012
We've heard from his own mouth that Mitt Romney thinks of "47 percent" of Americans as takers dependent on government.
Before introducing President Obama at a campaign rally in Virginia on Thursday, Virginia Senator Jim Webb, a former Marine who served in Vietnam, called out the Republican presidential candidate over those harsh comments and reminded him of what the so-called "47 percent" has done for the country, which includes members of the military:
Sunday, September 30, 2012
Thursday, September 27, 2012
Bill Moyers: Elections for Sale
September 21, 2012
Bill
Moyers and Trevor Potter discuss how American elections are bought and
sold, who covers the cost, and how the rest of us pay the price.Wednesday, September 26, 2012
Wendy Davis for Texas Senate
Lone Star Project Director Matt Angle:
"The Senate District 10 race has boiled down to an interesting choice – It’s Wendy Davis and a coalition of Democrats, independents and fair-minded Republicans in SD10 versus Mark Shelton propped up by Rick Perry, Greg Abbott, the Tea Party and other harsh Austin-based partisans."
"The Senate District 10 race has boiled down to an interesting choice – It’s Wendy Davis and a coalition of Democrats, independents and fair-minded Republicans in SD10 versus Mark Shelton propped up by Rick Perry, Greg Abbott, the Tea Party and other harsh Austin-based partisans."
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