• Tips gratefully accepted here. Thanks!:

  • Recent Comments

    William on MLK Day
    jmac on MLK Day
    William on MLK Day
    William on MLK Day
    Ivory Bill Woodpecke… on MLK Day
    Ivory Bill Woodpecke… on MLK Day
    William on Another “Morning After…
    Seagrl on Another “Morning After…
    Seagrl on Another “Morning After…
    Ga6thDem on Another “Morning After…
    William on Another “Morning After…
    Ga6thDem on Another “Morning After…
    Ga6thDem on Another “Morning After…
    William on Another “Morning After…
    Alessandro Machi on Another “Morning After…
  • Categories


  • Tags

    abortion Add new tag Afghanistan Al Franken Anglachel Atrios bankers Barack Obama Bernie Sanders big pharma Bill Clinton cocktails Conflucians Say Dailykos Democratic Party Democrats Digby DNC Donald Trump Donna Brazile Economy Elizabeth Warren feminism Florida Fox News General Glenn Beck Glenn Greenwald Goldman Sachs health care Health Care Reform Hillary Clinton Howard Dean John Edwards John McCain Jon Corzine Karl Rove Matt Taibbi Media medicare Michelle Obama Michigan misogyny Mitt Romney Morning Edition Morning News Links Nancy Pelosi New Jersey news NO WE WON'T Obama Obamacare OccupyWallStreet occupy wall street Open thread Paul Krugman Politics Presidential Election 2008 PUMA racism Republicans research Sarah Palin sexism Single Payer snark Social Security Supreme Court Terry Gross Texas Tim Geithner unemployment Wall Street WikiLeaks women
  • Archives

  • History

    January 2022
    S M T W T F S
     1
    2345678
    9101112131415
    16171819202122
    23242526272829
    3031  
  • RSS Paul Krugman: Conscience of a Liberal

  • The Confluence

    The Confluence

  • RSS Suburban Guerrilla

  • RSS Ian Welsh

    • China’s Economic Plans Amount To Preparation For Cold War
      From the Wall Street Journal: China's economic plan these days reads like a massive security plan. Food security. Energy security. Raw materials security. Supply chain security. Data and tech security. Behind the security obsession is a fundamentally changed relationship w/US https://t.co/1gvtF2DwLG via @WSJ — Lingling Wei 魏玲灵 (@Lingling_Wei) January 13 […]
  • Top Posts

Wednesday: We didn’t just fall off the turnip truck

Yesterday, The Onion put out another one of those “soon-to-be-classic” headlines: Nation Ready to be Lied to About Economy Again.  I find myself identifying with this guy who was quoted in the article:

“I don’t need to be constantly reminded that the lack of regulations on Wall Street compounded with failing institutions like AIG basically plunged the world economy into a global recession,” said 32-year-old office manager Alexis Harrington. “What I want is for someone to tell me with a straight face that the GDP is through the roof so that I can feel better and instantly forget what all these terms even mean.”

“For the first time in my life I know who the secretary of the treasury is,” Harrington continued. “And I don’t like it.”

Yes, indeedy, I know more about money than I ever wanted to and if I had any inkling that I would have to wade through this muck in my hipwaders I would have been swilling grain spiked beer every night with the rest of the business majors back in my college days.

Never fear!  According to Dana Milbank, our PBO is on the case.  Everything is all cool and groovy.  We don’t need to worry:

Yesterday’s news was good — almost supernaturally so.

The economy? Recovering.

The markets? Rallying.

Swine flu? Abating.

Drought? Ending.

The chairman of the Joint Chiefs of Staff declared his confidence that Pakistan’s nuclear weapons are well secured. The chairman of the Senate Finance Committee declared his confidence that a massive health-care overhaul will be accomplished this year. Warren Buffett declared his confidence that the economy is “out of the quicksand.” And the Supreme Court was confident enough about the state of the nation to turn its attention to Janet Jackson’s breasts.

Call it good policy, as Democrats do, or beginner’s luck, as the last remaining Republicans do, but you can practically hear the nation collectively exhaling.

Well, I know I feel better except for:

  • The ex has been laid off making me the only working parent
  • The BFF and I are waiting to see if the research industry still has any interest in employing American scientists.  His company is merging and plans to lay off thousands; mine has a new CEO who has decided to slash research by 50%.  We should know this summer whether we still have jobs.
  • My brother was so afraid of being laid off he joined the army full time and moved 1500 miles away.
  • Another relative has been told by the major health insurer that she works for that it is dropping spouses from their own health insurance policies.  It will now cost an extra $500/month to cover him.  No, she isn’t getting a raise to cover it.
  • My favorite aunt, whose deceased husband used to work for a GM subsidiary, is waiting to see if her retirement benefits are going to be slashed.  She’s not exactly wealthy in the first place and this could really do her in.
  • Another aunt’s family furniture business has had to layoff long time, loyal employees because no one is buying sofas.  The business is really hurting.

So far, the only person *not* suffering is my mom, the Armageddon specialist, who is sitting on a big-old wad of cash and two pensions my dad left her. We are all planning to move in with her.

What does the Obama administration take us for?  Are we supposed to look around at all this misery and lowered standard of living and blame ourselves for what is happening?  All these people brought this on themselves?  They are responsible for losing jobs and insurance and pensions?  These are just the people *I* know personally in my own family.  Multiply this over and over again.  Believing in sweet little lies is not an option anymore.

There is one bright spot in this scenario, however.  It is a cautionary tale involving Jon Corzine.  Let’s put aside the fact that he sold us out at the convention, for which we have video evidence that I will happily play over and over again for any Hillary primary voter in NJ.  No, there are other reasons to fry Corzine’s ass.  He is the Obama prototype.  He vowed to do something about our insane and regressive property tax system when he took office.  And it’s not like there weren’t plenty of options.  Pennsylvania, which is right next door, isn’t forcing seniors out of their homes by yearly tax increases.  They have a combination of taxes that pay for stuff.  But no, Corzine didn’t want to hike income taxes on big business or on the uber wealthy in Bergen county.  He didn’t have the courage to impose an occupation tax.  And the only sales tax he implemented was one on iTunes purchases.  Theoretically, my taxes decreased by something like 20% since he took office.  But my property taxes, the only ones that count, go up anyway.  I am back to the same mortgage payments I had before I refinanced several years ago.  Go figure.

And all of this happened while he had a Democratic majority in the statehouse.  What was stopping all of them from getting together and making some tough decisions that rebalanced the tax burden from the poor to the rich?  Meanwhile, the economy is falling apart and there are a ton of finance people employed on Wall Street who commute to work from their homes in NJ.  They are losing their jobs.  Then there are the multitude of research people who for some reason the former CEO of Goldman Sachs governor continues to overlook.  NJ is home to major pharmaceutical and biotech research and Corzine has the gall to send out a campaign fundraising appeal letter to us happily announcing that Jack Welch has praised him for a job well done in NJ.  Our schools are underfunded, the pension system is a mess, our taxes too high and we’re supposed to feel good that cut-throat, uber salesman, social darwinist extraordinaire Jack Welch is high-fiving the governor.

Well, it’s all coming back to bite Corzine in the ass.  The NYTimes reports today that he is trailing one of his Republican challengers, former US Attorney Chris Christie.  In a latest Quinnipiac poll, Corzine is polling even with the *other* Republican in the race who is a typical GOP nutcase.  Think about that for a sec: New Jerseyans would *almost* prefer a flat taxing, pro-lifer to Corzine right now.  Never fear, Corzine’s team is planning to mess around with the Republican primary so the weakest primary candidate gets nominated.  Well, it’s not like his team has no experience with manipulating primary results.  Have you seen this video?  It’s our governor giving a big middle finger to every Hillary primary voter in NJ last year.  I mean, she only won this state by 10 points and didn’t manage to get even one single delegate.  Yes, I intend to keep bringing it up until everyone gets it.  No, I won’t get over it. I am mad as Hell that Corzine cavalierly disenfranchised me and millions of other New Jersey voters.  We didn’t give him permission to do that.

So, let this be a lesson to sunny, optimistic Barack Obama.  He has every opportunity in the world now to fix the economy for the working class, which would include all of us who do NOT work on Wall Street.  He’s got solid majorities in the House and Senate.  If he chooses to take a hands off approach on bills that would lower the principle on primary mortgages for example, or protect pensions or help Americans afford healthcare, he’s in for a rude awakening in 4 years when the rest of the country, like NJ, decides they’re sick of the happy talk from politicians with connections to the banking industry.

We might be slow but we’re not stupid.


Please DIGG & Share!

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to FurlAdd to Newsvine