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    • Week-end Wrap – Political Economy – October 20, 2019
      by Tony Wikrent North Carolina Democratic Party Progressive Caucus Strategic Political Economy Economist Mariana Mazzucato has demonstrated that the real driver of innovation isn’t lone geniuses but state investment. [Wired, via The Big Picture 10-19-19] ….Mazzucato, an Italian-American economist who had spent decades researching the economics of innovation […]
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It’s catfood for you!

Giving us the first clear idea of their plans for managing the federal budget, the deficit fiscal commission’s Catfood Commission co-chairs, Erskine Bowles and former-Sen. Alan Simpson released a teaser report today with hints of the proposals they want accepted:

Panel Weighs Deep Cuts in Tax Breaks and Spending

The proposed simplification of the tax code would repeal or modify a number of popular tax breaks — including the deductibility of mortgage interest payments — so that income tax rates could be reduced across the board. Under the plan, individual income tax rates would decline to as low as 8 percent on the lowest income bracket (now 10 percent) and to 23 percent on the highest bracket (now 35 percent). The corporate tax rate, now 35 percent, would also be reduced, to as low as 26 percent.

As Susie Madrak says, “In other words, tax cuts for 2%, austerity for everyone else!Continue reading

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