FROM THINGPROGRESS.ORG - Redistributing To The Rich
Seizing on comments Sen. Barack Obama (D-IL) made to "Joe the Plumber," Sen. John McCain (R-AZ) campaign has argued that Obama's economic policies would redistribute the wealth of hard working Americans and provide "just another government giveaway to others." "The redistribution of wealth is the last thing America needs right now. The goal is not to redistribute wealth, but to create it," McCain said during an event in Manchester, NH. But as the Tax Policy Center points out, "today's tax code is riddled with examples of government 'taking' money from one taxpayer and giving it to another." "[F]or decades, government has used the tax code for much more than raising money. These days, redistributing tax revenues are the principal way government encourages people to do what it wants and discourages them from doing what it doesn't," TPC wrote. In fact, during the last eight years, President Bush's regressive economic policies have effectively redistributed the nation's wealth to the richest Americans. According to a recent report released by the Organization for Economic Cooperation and Development (OECD), "the United States has the highest inequality and poverty in the OECD after Mexico and Turkey, and the gap has increased rapidly since 2000." Unfortunately, McCain's proposed economic policies would give even more wealth to the richest Americans, exacerbate the nation's income inequality, and further erode opportunities for social mobility.
BUSH REDISTRIBUTED TO THE WEALTHY: An analysis by the Center for American Progress Action Fund shows that President Bush's economic policies have "redistributed wealth to the richest Americans and left the majority with stagnating wages and declining household incomes." Looking at the effects of the first three Bush tax cuts, the Congressional Budget Office concluded that "the percentage by which the effective tax rate was cut for high-income families was nearly twice the rate cut for those in the middle of the income spectrum." Meanwhile, the administration's failure to raise the minimum wage coupled with its poor enforcement of federal wage and hour laws, trade agreements, and union rights further undermined the economic security of middle and lower-income Americans. Data prepared by the IRS from tax returns filed during the post-9/11 recovery (2002 to 2006) reveals that household income grew by $863 billion during the period. "The 15,000 families at the top of the income scale saw their annual incomes go from about $15 million a year to nearly $30 million," accounting for more than 25 percent of all of the growth in income for the entire country. The remaining 1.7 million families in the top 1 percent of households accounted for nearly another 50 percent. But while the "top 10 percent of families accounted for 95.3 percent of the nation's income growth between 2002 and 2006," the average real income for families in the bottom 90 percent of households increased by about $300 to a little less than $30,700."
MCCAIN WOULD DOUBLE DOWN: McCain claims that "in this country, we believe in spreading opportunity." But his Bush-like economic policies would only further America's income inequality. In fact, by extending Bush's tax cuts to the wealthy and proposing $175 billion in tax breaks to America's largest corporations, McCain's regressive economic agenda would redistribute wealth to the richest Americans during a period of stagnating wages and growing economic anxiety. The bottom 60 percent of taxpayers would see only 12 percent of the benefit from McCain's plan to extend Bush's tax cuts, while over 100 million middle class households would receive nothing from McCain's proposal. Moreover, even though corporate profits increased by an estimated 66 percent between 2000 and 2006, McCain's plan to slash the corporate tax rate to 25 percent from 35 percent would give even more benefits to America's richest corporations. According to a Center for American Progress Action Fund analysis of McCain's plan, the 200 largest companies stand to gain $45 billion a year from McCain's proposal. Highly profitable industries like energy companies and merchandising and retailing companies would receive billions from additional tax breaks.
MOBILITY THREATENED: America's income concentration is at its highest level since 1928. According to the OECD report, "the richest 10 percent earn an average of US$93,000 -- the highest level in the OECD. The poorest 10 percent earn an average of US$5,800 -- about 20 percent lower than the OECD average." But income inequality is cause for even more concern than the simple numbers suggest, since it also has an effect on mobility. In fact, just "7 percent of children born to parents in the bottom wealth quintile make it to the top quintile in adulthood," and "36 percent of children born to parents in the bottom wealth quintile remain in the bottom as adults." As OECD Secretary General Angel Gurria has pointed out, "greater income inequality stifles upward mobility between generations, making it harder for talented and hard-working people to get the rewards they deserve."
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35 percent: The share of Americans who are "now 'very concerned' that they or someone else in their household will be out of work and looking for a job within the next twelve months," according to a new CBS News/New York Times poll. The percentage is a 12-point increase from last week.
Sen. Chris Dodd (D-CT) said President Bush should consider nominating his successor's Treasury secretary to facilitate a "seamless transition" during the financial crisis. Dodd said Bush should send the nomination to the Senate in time for a "lame-duck" session in mid-November.
"After the White House intervened, the Environmental Protection Agency last week weakened a rule on airborne lead standards at the last minute so that fewer polluters would have their emissions monitored," McClatchy reports today. The White House Office of Management and Budget forced the EPA to slash they number of sites it would regulate by 60 percent.
In its final weeks, the Bush administration will try to "revive a stalled crackdown on U.S. companies that hire illegal immigrants." If a federal court agrees, the government "could begin mailing notices to 140,000 employers regarding suspect Social Security numbers used by an estimated 8.7 million workers, pressuring businesses to either resolve discrepancies or fire workers within 90 days."
"The U.S. is the only industrialized country where youths are less likely than their parents to earn a [high school] diploma," a new report from the Education Trust finds. Nationally, one in four children drop out of school before graduating, according to the report.
And finally: Will Ferrell reprised his role as President Bush and joined Tina Fey as Gov. Sarah Palin (R-AK) for a "Saturday Night Live" election special yesterday. In the segment, Bush offered an unwanted endorsement of the McCain-Palin ticket and declared the White House a "bummer-free zone." Todd Palin was also dispatched to find Sen. John McCain (R-AZ), who was hiding in the Adirondacks to avoid being photographed with Bush. Watch it here.


I wanted to find out what 

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Here's a close-up. They look so happy. And green. And decapitated.
9 of 10 American families shop at Walmart at least once a year, says USAToday, which puts the retailer in an excellent position to tell us something about consumer behavior. So, what has Walmart been observing? "Disturbing behavior."
An attorney hired by Alaska's personnel board to investigate whether Gov. Sarah Palin violated state ethics laws when she fired her public safety commissioner will depose the governor and her husband this week at an undisclosed location in another state.
Iraq war objector Lt. Ehren Watada cannot be retried by the Army on charges of missing his unit's deployment and criticizing President George W. Bush and the war, a federal judge ruled Tuesday.











How did all those shady mortgage companies get America's finances all fucked up in the first place? By using the freakish amount of publicly available data about all of our lives to target those people who were the most needy, vulnerable, and ignorant, and reel them into unsustainable debt. Now that everything is screwed up, how are financial companies going to pull us out of this mess? The exact same way!








Robert Allen promises to make you millions teaching you how to buy real estate with no money down. Unsurprisingly,



Future President of the United States of America Sarah Palin is already proving to be a valuable inspiration to our nation's patriotic art community! Or at least to raggedy, drug-ridden "street art" types in elitist coastal cities. It's not just the happy-go-lucky 






It doesn't matter that his campaign was able to wrangle
The first reviews of Quantum of Solace are in, a mixed lot providing a mostly underwhelmed response to a shorter (in running time, not baby-blue-mankini hemlines) Bond film. Bottom line: Solace is packed with brooding, Bournesian action, but lacking in all those touches that—you know—leave an audience more stirred than shaken. What all manage to agree upon is the effectiveness of Daniel Craig in the lead, as well as the excellent performance delivered by Gemma Arterton, an actress who sinks
The Los Angeles Times 

Steve Barnes