If you are like me, you’re among the lower 93% still waiting for a break from the long recession/depression that we still haven’t recovered from. According to an analysis by Pew Research Center of newly released Census Bureau data, “During the first two years of the nation’s economic recovery, the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while the mean net worth of households in the lower 93% dropped by 4%.” Honestly this is no surprise, it’s been a long shaky ride for most of America. The struggling class is still held down by the upper 7%. Time to turn that around, don’t you think?
Even as the headlines warn time is growing short to avert the coming so-called fiscal cliff, an influential progressive Washington think tank is proposing $100 billion in defense cuts which could be accepted by Democrats and Republicans alike. The Center for American Progress on Friday released “$100 Billion in Politically Feasible Defense Cuts for a Budget Deal,” an issue brief outlining targeted reductions in defense spending to put the nation on what it calls a more sustainable fiscal path, while eliminating unnecessary and ineffective programs without harming U.S. national security or economic recovery. “This issue brief recommends $100 billion in responsible reductions over 10 years as an initial target, a modest ‘down-payment’ that would bring the defense budget back to … Continue reading →
President Obama unveiled his federal budget proposal today. The reactions have varied across partisan lines. Massachusetts Senator John Kerry issued the following statement on President Barack Obama’s federal budget proposal today: “This is a balanced blue print to grow our economy, make some tough deficit reduction choices, and end the tax breaks for the wealthiest that never created jobs and gave us deficits in the first place. This plan maintains critical investments in research and development, education, and clean energy that will create jobs and strengthen economic recovery. It doubles down on supporting the next generation of roads, railways, and bridges as well as the development of a National Infrastructure Bank based on my bi-partisan proposal with Senators Hutchison and … Continue reading →