Showing posts with label Middle Class. Show all posts
Showing posts with label Middle Class. Show all posts

Thursday, October 23, 2025

Obamacare's chickens have come home to roost!


David Dayen should have entitled this The Planned Failure of Obamacare Is Now Upon Us. 

The Health Insurance Cost Crisis Is Now Upon Us 

... We should be clear that this premium apocalypse is a function of returning Obamacare subsidies to where they were in the original version of the law. That was poorly designed to target the middle class with bearing the bloat in the health care system, and no work was done on basic health plans or other public options at the state level. (A federal public option was stripped from the legislation by the threat of that exemplary moderate, Connecticut Sen. Joe Lieberman, to withhold his support unless it was dropped.) Now, Democrats are effectively warning that a return to their original vision of Obamacare spells doom. (And what we’re really talking about is how much the government should send to private insurance companies, a horribly inefficient way of ensuring health for American citizens.) ... The ACA was seen as a “starter home” that could be built on, and Democrats built on it. It’s Republican neglect that is taking the wrecking ball to it, with all the political fallout on their backs. ...

Yes, Obamacare was the enemy of the middle class, making it "bear the bloat". Communists have always hated the middle class because the middle class stands in the way of the revolution. Obamacare was designed this way on purpose, by Democrats and Obama who were the communists we always said they were. Senator Max Baucus rightly called it what it was, income redistribution.

Premiums have steadily risen along with deductibles, to the point that everyone pays their premium, then pays out of pocket, no one ever reaches their deductible, and the plan never pays anything. Most people never reap any benefit under Obamacare. Now premiums will explode without the subsidies, making dropping it more attractive than ever.

And No, Republicans had no duty to "build" on Obamacare. It was rammed down their throats in the first place. No Republicans ever voted for this goddamn commie boondoggle. 

The best thing which could happen right now is for the millions imprisoned in this system to opt out of it and let Obamacare implode. That would force the Congress back into the corner it was in in 2009.

Not one more penny should be spent to prop up this system which benefits only the insurance companies. Can you say Luigi Mangione?

Obamacare should be repealed, and nothing done to replace it. It would be painful, but it is the only way.

In the aftermath, someone will start to sell real insurance again out of the ashes, and the current greedy bastards of the insurance industry will scramble to follow them as they lose business and market share. That, the capitalist option, is the only public option which makes any sense, but currently that is against the law.

Just repeal it. 

 




 

 

Wednesday, August 27, 2025

Speaking of The Worker, what's old and stupid is new again at The Department of Labor


 

A fatal notion of things, half false & half stupid, began to pervade educated & semi-educated minds: "the worker" becomes the real person, the real nation, the meaning & aim of history, politics, public care ... he is made the saint, the idol, of the age.
 
The fact that all men work, and moreover that others - the inventor, the engineer, and organizer - do more, and more important, work is forgotten.
 
No one any longer dares to bring forward the class or quality of his achievement as a gauge of its value. Only work measured in hours now counts as labour. And the "worker," with all this, is the poor unfortunate one, disinherited, starving, exploited. The words "care" and "distress" are applied to him alone.
 
No one has a thought left for the countryman's less fertile strips of land, his bad harvests, his losses by hail and frost, his anxiety over the sale of his produce; or for the wretched existence of poor craftsmen in strongly industrialized areas, the tragedies of small tradesmen, fishermen on the high seas, inventors, doctors, who have to struggle amid alarms and dangers for each bite of daily bread and go down in their thousands unheeded.
 
"The worker" alone receives sympathy. He alone is supported, cared for, insured. What is more, he is made the saint, the idol, of the age. The world revolves round him. He is the focus of the economic system and the nurseling of politics.
 
Everybody's existence hinges on him; the majority of the nation are there to serve him. The dull lump of a peasant, the lazy official, the swindling tradesman, are legitimate targets for mirth, not to mention judges, officers, and heads of businesses, who are the popular objects of ill-natured jest; but no one would dare to pour the same scorn on "the working man."
 
All the rest are idlers, egoists; he is the one exception. The whole middle class swings the censer before this phantom. No matter what one's own achievements in life may be, one must fall on one's knees before him. His being stands above all criticism.
 
 
-- Oswald Spengler
 
 

 

Tuesday, June 10, 2025

The White House's Stephen Miller attacks libertarians for opposing the reconciliation bill's immigration enforcement spending

 ... the White House deputy chief of staff — and chief architect of Trump’s immigration agenda — is taking a sledgehammer to what remains of the libertarian-conservative fusionism that was prominent in the party pre-Trump.

“The libertarians in the House and Senate trying to take down this bill — they’re not stupid. They just don’t care,” Miller said in an interview with conservative activist and commentator Charlie Kirk last week.

“Immigration has never mattered to them; it will never matter to them. Deportations have never mattered to them; it will never matter to them. You will never live a day in your life where a libertarian cares as much about immigration and sovereignty as they do about the Congressional Budget Office.” ...

Miller’s aversion to libertarians, though, seems to go deeper than opportunistic messaging for the bill. He posted in 2022 that the uprising of the ideology in the House GOP is “how we ended up with open borders globalist [Paul] Ryan.” He blamed libertarian candidates for siphoning votes away from failed Trump-endorsed candidates in 2022 — Herschel Walker in Georgia, Blake Masters in Arizona, and Don Bolduc in New Hampshire.

“Another example of how libertarians ruin everything,” Miller said in one post responding to a 2022 Georgia Senate poll. ...

More.

The CBS Poll referenced in the story indicates 55% like Trump's deportation goals but 56% dislike his approach.

Polling on the reconciliation bill indicates most think it will help the wealthy and hurt poor and middle class people, with a third admitting they have no idea what's in the bill. Well, neither did many in the US House who voted for the damn thing.

This points up the political danger of these Christmas Tree bills adorned with something for everyone. They're too complicated to understand and therefore capture little enthusiasm. But Stephen Miller fancifully thinks otherwise:

“By including the immigration language with the tax cuts with the welfare reform, it creates a coalition. Politics is all about coalitions,” Miller said in the interview with Kirk — also praising Trump in the interview as “able to create a winning formula for populist, nationalist, conservative government.”          

But not libertarian government.

 


 

 

Wednesday, June 4, 2025

Emmanuel Todd: The Trump "revolution" is a mixture of reason and nihilism headed toward decadence in a nation now missing the strengths of both ethnic cohesion and Protestant faith

 This is the full text of La révolution Trump by Emmanuel Todd in "From Russia With Love", translated by Arnaud Bertrand:

The Trump Revolution 

I would like to try to understand the immediate cause of the Trump Revolution. Every revolution has primarily endogenous causes; it is first and foremost the outcome of internal dynamics and contradictions within the society concerned. However, one striking thing in history is the frequency with which revolutions are triggered by military defeats. The Russian revolution of 1905 was preceded by a military defeat against Japan. The Russian revolution of 1917 was preceded by a defeat against Germany. The German revolution of 1918 was also preceded by a defeat. Even the French Revolution, which seems more endogenous, had been preceded in 1763 by France's defeat in the Seven Years' War, a major defeat since the Ancien Régime lost all its colonies. The collapse of the Soviet system was also triggered by a double defeat: in the arms race with the United States and by the retreat from Afghanistan. I believe we must start from this notion of a defeat that brings about a revolution to understand the Trump revolution. The experience currently underway in the United States, even if we don't know exactly what it will be, is a revolution. Is it a revolution in the strict sense? Is it a counter-revolution? It is in any case a phenomenon of extraordinary violence, a violence that turns on one hand against the allied-subjects, the Europeans, the Ukrainians, but which expresses itself on the other hand, internally, in American society, through a struggle against universities, against gender theory, against scientific culture, against the policy of including Blacks in the American middle classes, against free trade and against immigration. This revolutionary violence is, in my opinion, linked to defeat. Various people have reported to me conversations between members of the Trump team and what is striking is their awareness of defeat. People like J.D. Vance, the vice president, and many others, are people who have understood that America had lost this war. For the United States, it was fundamentally an economic defeat. The sanctions policy showed that the financial power of the West was not an all-power. The Americans had the revelation of the fragility of their military industry. People at the Pentagon know very well that one of the limits to their action is the limited capacity of the American military-industrial complex. This American awareness of defeat contrasts with the non-awareness of Europeans. Europeans did not organize the war. Because they did not organize the war, they cannot have full awareness of defeat. To have full awareness of defeat, they would need access to Pentagon thinking. But Europeans do not have access to it. Europeans therefore situate themselves mentally before the defeat while the current American administration situates itself mentally after the defeat.  

 

Defeat and Cultural Crisis 

My experience of the fall of communism taught me, as I have said, something important: the collapse of a system is mental as much as economic. What is collapsing in the current West, and first in the United States, is not only economic dominance, but also the belief system that animated it or was superimposed on it. The beliefs that accompanied Western triumphalism are collapsing. But as in any revolutionary process, we do not yet know which new belief is the most important, which is the belief that will emerge victorious from the process of decomposition.

 

The Reasonable in the Trump Administration 

I want to clarify that I had no principled hostility toward Trump at the start. During Trump's first election, in 2016, I was among those who admitted that America was sick, that its industrial and working heart was being destroyed, that ordinary Americans were suffering from the general policy of the Empire and that there were very good reasons for many voters to vote for Trump. In Trump's intuitions, there are very reasonable things. Trump's protectionism, the idea that America must be protected to rebuild its industry, results from a very reasonable intuition. I am myself a protectionist. I wrote books about it long ago. I also consider that the idea of immigration control is reasonable, even if the style adopted by the Trump administration in managing immigration is unbearably violent. Another reasonable element, which surprises many Westerners, is the Trump administration's insistence on saying that there are only two sexes in humanity, men and women. I do not see there a rapprochement with Vladimir Putin's Russia but a return to the ordinary conception of humanity that has existed since the appearance of Homo sapiens, a biological evidence on which, moreover, science and the Church agree. There is reasonableness in the Trump revolution.

 

Nihilism in the Trump Revolution 

I must now say why, despite the presence of these reasonable elements, I am pessimistic and why I think the Trump experience will fail. I will recall why I was optimistic for Russia from 2002 and why I am pessimistic for the United States in 2025. There is in the behavior of the Trump administration, a deficit of thought, an unpreparedness, a brutality, an impulsive, unreflective behavior, which evokes the central concept of The Defeat of the West, that of nihilism. I explain in The Defeat of the West, that religious emptiness, the zero stage of religion, leads to anguish rather than to a state of freedom and well-being. The zero state brings us back to the fundamental problem. What is it to be a man? What is the meaning of things? A classic response to these questions, in a phase of religious collapse, is nihilism. We pass from the anguish of emptiness to the deification of emptiness, a deification of emptiness that can lead to a will to destroy things, men, and ultimately reality. Transgender ideology is not in itself something serious on the moral level but it is fundamental on the intellectual level because saying that a man can become a woman or a woman a man reveals a will to destroy reality. This was, in association with cancel culture, with the preference for war, an element of the nihilism that predominated under the Biden administration. Trump rejects all that. However, what strikes me currently is the emergence of a nihilism that takes other forms: a will to destroy science and the university, black middle classes, or disordered violence in the application of American protectionist strategy. When, without thinking, Trump wants to establish customs duties between Canada and the United States, while the Great Lakes region constitutes a single industrial system, I see there a destructive impulse as much as protection. When I see Trump suddenly establishing protectionist tariffs against China while forgetting that the majority of American smartphones are manufactured in China, I tell myself that we cannot be content to consider this as stupidity. It is stupidity certainly, but it is perhaps also nihilism. Let us move to a higher moral level: the Trumpian fantasy of transforming Gaza, emptied of its population, into a tourist resort is typically a high-intensity nihilist project. The fundamental contradiction of American policy, however, I will look for it on the side of protectionism. The theory of protectionism tells us that protection can only work if a country possesses the qualified population that would allow it to profit from tariff protections. A protectionist policy will only be effective if you have engineers, scientists, qualified technicians. Which Americans do not have in sufficient numbers. Now I see the United States beginning to hunt down their Chinese students, and so many others, those very ones who allow them to compensate for their deficit in engineers and scientists. This is absurd. The theory of protectionism also tells us that protection can only launch or relaunch industry if the State intervenes to participate in the construction of new industries. Now we see the Trump administration attacking the State, this State that should nourish scientific research and technological progress. Worse: if we look for the motivation of the struggle against the federal state led by Elon Musk and others, we realize that it is not even economic. Those who are familiar with American history know the capital role of the federal State in the emancipation of Blacks. Hatred of the federal state, in the United States, most often derives from anti-Black resentment. When one fights against the American federal State, one fights against the central administrations that have emancipated and that protect Blacks. A high proportion of black middle classes has found jobs in the federal administration. The struggle against the federal State therefore does not integrate into a general conception of economic and national reconstruction. If I think of the multiple and contradictory acts of the Trump administration, the word that comes to mind is dislocation. A dislocation whose direction we do not know very well.

 

Absolute Nuclear Family + Zero Religion = Atomization 

I am very pessimistic for the United States. I will return, to conclude this exploratory conference, to my fundamental concepts as historian and anthropologist. I said at the beginning of this conference that the fundamental reason why I had believed, quite early, from 2002, in a return of Russia to stability, is because I was aware of the existence of a communitarian anthropological foundation in Russia. Unlike many, I do not need hypotheses about the state of religion in Russia to understand Russia's return to stability. I see a family, community culture, with its values of authority and equality, which moreover allows us to understand a little what the nation is in the Russian mind. There is indeed a relationship between the form of the family and the idea one has of the nation. To the community family corresponds a strong, compact idea of the nation or people. Such is Russia. In the case of the United States, as in that of England, we are in the inverse case. The model of the English and American family is nuclear, individualist, without even including a precise rule of inheritance. Freedom of will reigns. The Anglo-American absolute nuclear family is very little structuring for the nation. The absolute nuclear family certainly has an advantage of flexibility. Generations succeed each other by separating. The speed of adaptation of the United States or England, the plasticity of their social structures (which allowed the English industrial revolution and American takeoff) largely result from this absolute nuclear family structure. But beside or above this individualist family structure there was in England as in the United States the discipline of Protestant religion, with its potential for social cohesion. Religion, as a structuring factor, was capital for the Anglo-American world. It has disappeared. The zero state of religion, combined with very little structuring family values does not seem to me an anthropological and historical combination that could lead to stability. It is toward ever greater atomization that the Anglo-American world is heading. This atomization can only lead to an accentuation, without visible limit, of American decadence. I hope I am wrong, I hope I have forgotten an important positive factor. I unfortunately now find only one additional negative factor, which appeared to me when reading a book by Amy Chua, a university professor at Yale who was J.D. Vance's mentor. Political Tribes. Group Instinct and the Fate of Nations (2018) underlines, after many other texts, the unique character of the American nation: a civic nation, founded by the adherence of all successive immigrants to political values transcending ethnicity. Certainly. This was very early the official theory. But there was also in the United States a dominant white Protestant group, itself derived from a rather long and quite ethnic history at bottom. This American nation has become, since the pulverization of the Protestant group, really post-ethnic, a purely "civic" nation, in theory united by attachment to its constitution, to its values. Amy Chua's fear is that of a reversion of America to what she calls tribalism. A regressive pulverization. Each of the European nations is fundamentally, whatever its family structure, its religious tradition, its vision of itself, an ethnic nation, in the sense of a people attached to a land, with its language, its culture, a people anchored in history. Each has a stable foundation. Russians have that, Germans have that, the French have that, even if they are a bit bizarre at the moment on these concepts. America no longer has that. A civic nation? Beyond the idea, the reality of an American civic nation but deprived of morality by the zero state of religion leaves one dreaming. It even gives one chills. My personal fear is that we are, not at all at the end, but only at the beginning of a fall of the United States that will reveal to us things that we cannot even imagine. The threat is there: even more than in an American empire, whether triumphant, or weakened, or destroyed, going toward things that we cannot imagine.

This is a link to the original text (in French: emmanueltodd.substack.com/p/bons-baisers) which is actually much longer than this, as it touches on more topics than the "Trump revolution".

I disagree with the premise that the United States has been defeated and that the Trump "revolution" is the result, but I do not doubt that she is in danger of defeat. Todd's other observations are salutary.

Such defeats as we have experienced have resulted from a failure of the will, primarily of the will to pay the financial costs of maintaining American leadership in the world. This failure of the will traces to the 1960s liberal social revolution, but was made bipartisan and supercharged as conservatism by the libertarian success of the Reagan Revolution in defeating the necessary role played by high ordinary income tax rates in the United States to fund it.

The word "tax" has been a four-letter word to Republicans ever since. But it is a myth that the taxpayers know best what to do with their money. The rich have hollowed out the country's capital strength and call it the land of opportunity. We have little to show for it since 1986.

The Trump revolution, for all its will to power, which is its main attraction in a country devoid of will, also refuses to pay, which is why it is not a true revolution and will not endure. The tax cut revolution of 1986 is not repeatable. That Trump would raise taxes on the rich to pay for his big, beautiful bill tells you that he knows what must be done, but as with immigration, he is a paper tiger and is not up to it. Trump is not the man demanded by the times, however much millions hope otherwise. He remains but a transitional figure.

Ye cannot serve God and Mammon.


 

Saturday, November 2, 2024

Joe Biden's National Security Adviser Jake Sullivan is married to this woman, Maggie Goodlander, who is running for the US House in New Hampshire District 2, except she doesn't really live in it



Goodlander's home is currently out of district in Portsmouth and she is worth a lot of money, with median estimated assets of $24 million.

She's renting an apartment in the congressional district in Nashua in order to qualify to run and is being called a carpetbagger. She was born and raised in Nashua, however.

The Republican has median estimated assets of $6.3 million and isn't exactly a native of the district. She has resided in the district since sometime after 2016 when she ran for US Senate from Colorado as a Libertarian Party candidate.

She really lets Goodlander have it, though, for pretending to understand the problems of middle class people, and of using her wealth to take an apartment away from somebody poorer and more deserving during a period when housing is very unaffordable just so she can run for this seat.

She has a point.

Meanwhile Goodlander is a dyed in the wool progressive with deep connections to people like Merrick Garland and Stephen Breyer, and of course Jake.

Here.

Friday, November 1, 2024

Just 49.7% had a full-time job in October 2024 vs. 50.3% in Oct 2023 and 50.1% in Oct 2022

Just one percentage point of current civilian population is 2.69 million full time jobs.

The trend is worryingly down for the middle class, which needs full-time jobs in order to buy homes.

The percent working full time in Jun 2023 almost but not quite beat the high under Trump of 50.98% in the summer of 2019, but that was 16 months ago. 

The Jan 2024 low was lower than the Jan 2023 low, too.

NOT GOOD.

Better save your pennies.

 



Friday, October 11, 2024

Kamala Harris should make up her mind already, oddly tells Latino audience all of a sudden that she comes from the working class and will not forget it

 Her PhD dad and PhD mom both had . . . jobs lol.

Link

Did Kamala forget that she's been touting herself repeatedly as middle class? 



 

 

 

 

The Latino woman says she herself is middle class and struggling, but Kamala in response clearly states she won't forget that she comes from the working class.

Does Kamala think all Latinos are working class?

This guy's just preoccupied with the shiny object Kamala is wearing and misses the Freudian slip:




Hey! She grew up middle class!

She sat for the cover as Hurricane Milton was bearing down on Florida, because people who lose everything in a hurricane will need light, attractive reading in the aftermath.

 


Friday, July 26, 2024

Thursday, May 30, 2024

Nominal GDP for 1Q2024 was revised down $28.6 billion in the second estimate today: What's the big picture?

 Nominal GDP came in at a revised $28.255 trillion.

Sounds like a lot, right?

Here's the big picture.

From 1947 to 2000, nominal GDP grew at a compound annual rate of 7.26%.

From 2000 to 2024, nominal GDP grew at a compound annual rate of 4.42%, 39% lower.

The year 2000 marks the US opening to China, and the great wealth transfer out of the US from the middle class under globalism, creating new middle classes there and elsewhere.

We are poorer for it, but we have lots more billionaires now and you can read all about it on your Apple iPhone made by slave labor while you eat your 40% more expensive hamburger from McDonalds since 2019.

Sunday, April 21, 2024

Democrat media are not covering this story: If re-elected Joe Biden promises to let Trump 2017 tax cuts expire

 President Biden vowed Friday that former President Donald Trump’s 2017 tax cuts would lapse next year if he’s re-elected and “stay expired” — meaning higher taxes for middle class and low-income Americans — prompting a hasty walk-back by aides.

Biden, 81, lambasted Trump’s Tax Cuts and Jobs Act (TCJA), which permanently lowered corporate taxes from 35% to 21% and temporarily lowered personal income tax rates through 2025, as a giveaway to the rich in a speech to electrical union members in Washington.

More.

Saturday, April 6, 2024

Lyin' Joe Biden's IRS is auditing the middle class, not the rich as promised

 Discussed here:

 "As of last summer, 63% of new audits targeted taxpayers with income of less than $200,000," reports the Journal. "Only a small overall share reached the very highest earners, while 80% of audits covered filers earning less than $1 million." ... 

Treasury Secretary Janet Yellen was a bit sassier. "Contrary to the misinformation from opponents of this legislation, small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited," she wrote in a letter to Rettig. ...

The IRS had set a goal of hiring 3,700 new agents in the first year of boosted funding. Instead, in the first six months, they'd hired 34.

Awkwardly, "revenue agent staffing had actually decreased by 8%, or more than 650 employees, between the end of fiscal 2019 and March 2023," per a previous watchdog report. And it's not just hiring that's in trouble: The agency has completed just 33 percent of its fiscal year 2023 milestones outlined in its strategic operating plan, which is…tough given that the year is over.

Friday, March 8, 2024

You should read The Untold History of the Biden Family about Joe's so-called middle class dad

It's a doozy, in The New Yorker no less, here, August 15, 2022:

Relatively little has been known about the President’s father, whose story reveals a family’s fraught relationship with money, class, and alcohol.

Friday, November 10, 2023

The poor dears: Survey of millionaires says a third feel only middle class

 


Same as it ever was.

 

 

 

 

 

 

From the story:

Even among millionaires, only 8% would characterize themselves as wealthy these days.

Roughly 60% of investors with $1 million or more of investable assets said they are more likely upper middle class, according to a recent Ameriprise Financial survey of more than 3,000 adults.

To that point, 31% consider themselves decidedly middle class.

Thursday, August 11, 2022

Phony Democrat SALT Caucus is out there today boasting it is going to vote for the Manchin bill anyway, which doesn't undo the Trump tax increases on the wealthy they promised to get rid of


  a group of House Democrats say they will still vote for the party’s spending package without SALT reform . . . members of the SALT Caucus ... have vowed to oppose a bill without SALT relief

 

From their website:

SUOZZI,  GOTTHEIMER, YOUNG,  GARBARINO  ANNOUNCE  NEW  BIPARTISAN  SALT  CAUCUS  TO  FIGHT  FOR  TAX  RELIEF  FOR  MIDDLE  CLASS  FAMILIES

April 15, 2021  
Press Release 
32 Democrats and Republicans join

Today, April 15, 2021, Tom Suozzi (NY-3), U.S. Representatives Josh Gottheimer (NJ-5),  Young Kim (CA-39), and Andrew Garbarino (NY-2) announced the formation of the new bipartisan SALT Caucus to advocate for new tax relief from Congress. 

  

“Our effort to restore the SALT deduction is gaining momentum. Together, Democrats and Republicans alike, we will advocate for the restoration of the SALT deduction and highlight the middle class families who have been unfairly hurt by the cap,” said Rep. Tom Suozzi, SALT Caucus Co-Chair. “The cap on the SALT deduction has been a body blow to New York and middle-class families throughout the country. At the end of the day, we must fix this injustice.”

 

“We’re formally launching a new bipartisan group — the SALT Caucus — because, for all our Members, and for the tens of thousands of middle class families we represent, it is high time that Congress reinstates the State and Local Tax deduction, so we can get more dollars back in to the pockets of so many struggling families — especially as we recover from this pandemic,” said Rep. Josh Gottheimer, SALT Caucus Co-Chair. “This bipartisan group we’re founding today, with members from coast to coast and across the political spectrum, are all banding together to reinstate the State and Local Tax deduction, to find a way to get this done in Congress, and to actually get tax relief for the hard working middle class families we represent.”

 

“Hardworking Californians in the 39th District and across my home state have been burdened enough by high state and local taxes. It is estimated that in the 2022 tax year, California’s 39th District will pay on average more than $640 million due to the SALT cap,” said Rep. Young Kim, SALT Caucus Co-Chair. “I am proud to fight for lower taxes for my constituents as Co-Chair of the SALT Caucus and am looking forward to working together to ensure California workers and families can keep more of their hard-earned money.” 

 

“The SALT cap penalizes working class Long Islanders. From firefighters to police officers, to teachers, to nurses, and small business owners, I hear from people every day about what a crushing blow the SALT cap has delivered them. I’m proud to be a Co-Chair of the bipartisan SALT Caucus to fully restore the deduction once and for all,” said Rep. Andrew Garbarino, SALT Caucus Co-Chair.

 

“A critical component of our overall economic recovery must be the repeal of the state and local tax deduction cap that was imposed by the 2017 tax law,” said Rep. Mikie Sherrill, SALT Caucus Vice Chair. “There is a misconception that the SALT deduction doesn’t help middle class families. But in high cost of living areas like my district, SALT does in fact make a critical difference in helping make ends meet for our middle class residents like teachers and law enforcement officers, who depend on this deduction to afford the high cost of living in our area. To be clear, the 2017 tax bill specifically targeted states and communities like mine that have prioritized key investments in our public schools, living wages for workers, environmental protections, the list goes on. I’m proud to be launching this bipartisan caucus to ensure we deliver a win on this issue for families in New Jersey and across the country.”

 

“The cap on the state and local tax deduction hurts middle class California families,” said Rep. Katie Porter, SALT Caucus Vice Chair. “During the coronavirus pandemic, our state and local governments have led public health efforts on testing and vaccines—a potent reminder of the important work they do. Restoring the state and local tax deduction, which has been in our tax code since its inception, gives taxpayers and communities the ability to invest in their priorities and levels the playing field across states for federal taxation.”

 

“Counties are on the front lines of the COVID-19 pandemic, supporting nearly 1,000 hospitals, more than 1,900 public health authorities and other services essential to residents’ safety and well-being. The human and financial impacts of addressing this health and economic emergency are staggering,” said National Association of Counties Executive Director Matthew Chase. “We applaud the formation of this bipartisan caucus committed to repealing the state and local tax deduction cap, which would reinstate our local control of our tax systems and strengthen the ability of our counties and local communities to deliver essential public services, such as emergency response, public health and infrastructure.”

 

The SALT Caucus leadership consists of: 

 

Co-Chair Tom Suozzi (NY-3)

Co-Chair Josh Gottheimer (NJ-5)

Co-Chair Andrew Garbarino (NY-2)

Co-Chair Young Kim (CA-39)

Bill Pascrell, Jr. (NJ-9), SALT Caucus Vice Chair  

Katie Porter (CA-45), SALT Caucus Vice Chair

Mikie Sherrill (NJ-11), SALT Caucus Vice Chair

Jamie Raskin (MD-08), SALT Caucus Vice Chair

Chris Smith (NJ-04), SALT Caucus Vice Chair

Lauren Underwood (IL-14), SALT Caucus Vice Chair

 

The other founding members of the SALT Caucus include: Reps. Danny Davis, Nicole Malliotakis, Julia Brownley, Judy Chu, Lee Zeldin, Michelle Steel, Mike Levin, Jimmy Panetta, Jimmy Gomez, Brian Higgins, Jerry Nadler, Tom Malinowski, Jeff Van Drew, Alan Lowenthal, Anna Eshoo, Andy Kim, Ted Lieu, Brad Schneider, John Larson, Eleanor Holmes Norton, Mike Garcia, and Gregory Meeks.

 



Thursday, May 19, 2022

Bloomberg economic model forecasts 25% tariffs between democratic and autocratic countries would roll back globalization to 1990s levels and leave the world 3.5% poorer

Arguably that would be a good thing for American workers, but Bloomberg doesn't care about that.
 
For three decades, a defining feature of the world economy has been its ability to churn out ever more goods at ever lower prices. The entry of more than a billion workers from China and the former Soviet bloc into the global labor market, coupled with falling trade barriers and hyper-efficient logistics, produced an age of abundance for many.But the last four years have brought an escalating series of disruptions. Tariffs multiplied during the US-China trade war. The pandemic brought lockdowns. And now, sanctions and export controls are upending the supply of commodities and goods.All of this risks leaving advanced economies facing a problem they thought they’d vanquished long ago: that of scarcity. Emerging nations could see more acute threats to energy and food security, like the ones already causing turmoil in countries from Sri Lanka to Peru. And everyone will have to grapple with higher prices.

More.

The story never mentions how those newly introduced extra billion plus workers reduced economic outcomes for the already established middle classes around the world, especially in America where the full time job of the 1990s became a thing of the past.

If I'm repeating myself, I don't care.

 


 

 

Friday, March 11, 2022

LOL, according to this stupid definition by a university pinhead, there are only 23.8 million middle class workers

“If you are holding a position that is non-managerial, non-executive level, doesn’t have a lot of decision power, you would have been classified in our study as working class,” Addo says [here].

In February 2022 there were 128.2 million total private employees. 104.4 million of them were "production and nonsupervisory".
 
That's a ratio of workers to supervisors of about 4.4:1 in the private sector. In the federal government, the ratio's much worse, somewhere between 7-10:1. That's probably closer to the truth also for the entire government sector,  which is 22.2  million strong.
 
The supervisors are the elite minority, hello. 

The best proxy for middle class has always been homeownership: house, condo, whatever. It's one of the most basic things which has defined us and more importantly united us for generations. There was a time when everyone said, rich and poor alike, that they were middle class, it was that strong of an American ideal. 

Now we're stuck with a bunch of eggheads trying to divide us by overthrowing definitions.

Total households in 2020 numbered about 128.5 million in the United States. Roughly 84 million were owner occupied at the time, 42 million renter occupied, a ratio of 2:1.
 
The average size of a household in 2020 was about 2.53: (84 + 42) 2.53 = 319 million (a relatively small additional number of Americans lives in subsidized housing, military housing, and institutionalized housing).

A broad swath of Americans, 66%, lives in an owned home, with about a third distributed at the top and the bottom renting out of either convenience or necessity.
 
And most of them are by definition nonsupervisory employees.