On The Debt And Deficit, Forget About Shared Sacrifice

A common argument in support of raising taxes on the rich is the idea of shared sacrifice. The United States has a lot of debt, and somebody has to pay for it. And after all, if cuts to programs like Social Security and Medicare are on the table, then how exactly are the rich supposed to sacrifice if not for increased taxes?

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UK Takes On ‘Too Big To Fail’ Banks

There is no political will in the United States to do what’s necessary to make sure we don’t see a repeat of the 2008 financial meltdown. The reason might be more complex, but at the root of it is this: money in politics. Our elected officials are beholden to the banks, not the citizens. Across the pond, some are showing the political courage necessary to stabilize the financial system, and make it more amiable to the average person. If successful, banks in the UK will no longer be able to gamble with customer deposits. No longer will banks lean on taxpayer bailouts to hedge against unnecessary risk.

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Want To Unlock Your Cell Phone? – It’s Now Illegal

Over the weekend it officially became illegal to unlock your cell phone. That means you can no longer switch carriers, at least not with subsidized cell phones, and well, at least not legally. This is yet another example of greed run amok, which is what happens when you have unfettered capitalism. We’ve allowed the rights and privileges of corporations (remember, corporations are people too!) to rise above the rights and privileges of the common citizen.

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House Passes Fiscal Cliff Bill 257-167

The House of Representatives passed the Senate fiscal cliff bill by 90 votes, and it has not gone unnoticed by this liberal that both the Senate and the House votes happened in the new year. It means not a single Republican voted for a tax increase since all tax cuts expired at midnight before either of the votes. How convenient.

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Senate Approves Fiscal Cliff Deal 89-8

In the early hours of the new year, the U.S. Senate voted and approved the fiscal cliff deal 89 to 8. This is a much wider margin than most could have even predicted, which really puts the pressure on the House of Representatives to pass the bill. The problem is, it’s the House of Representatives, led by Speaker John Boehner who has no control over the ultra-conservative (radical actually) tea party Republicans.

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A Fiscal Cliff Deal? – Not Before We Jump

We are all jumping off the cliff at midnight. — Apparently there will be no vote tonight on a deal to avert the fiscal cliff. Earlier today it was announced by Senate minority leader Mitch McConnell that a deal on the tax side was reached, but a deal on the spending side is still pending.

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A Fiscal Cliff Deal? – Not Yet

I hate to be the pessimist in the room, but regardless of all the positive talk today about a potential fiscal cliff deal, nothing is done until congress votes on it. The details of the potential deal includes an extension of unemployment benefits, a patch of the Alternative Minimum Tax (AMT) so that it doesn’t hit middle class families, and extensions of the earned income tax credit and college tax credit for 5 years.

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