Skip to main content

Economics Daily Digest by the Roosevelt Institute banner
By Tim Price, originally posted on Next New Deal

Click here to receive the Daily Digest via email.

Obama and Boehner Diverge Sharply on Fiscal Plan (NYT)

Boy, that escalated quickly! Boehner threw a trident. Jackie Calmes and Jonathan Weisman report that with talks breaking down, the House GOP will vote on the speaker's "Plan B" to show that they won't compromise any futher until they get everything they want.

John Boehner's Plan B would raise taxes on the poor (WaPo)

Dylan Matthews notes that while Boehner's plan extends the Bush tax cuts for anyone making under $1 million, the working poor will pay about $1,500 more due to the expiration of credits from the stimulus. But at least they won't have to worry about their estate taxes.

Rich Make Out Like Bandits in Fiscal-Cliff Negotiations (Daily Beast)

Daniel Gross writes that America's long-suffering-if-you-ask-them 1 percenters had braced for the worst after President Obama's reelection, but judging from his proposal in the fiscal cliff negotiations, his version of the worst is better for them than if he did nothing at all.

Compromise or betrayal? (Salon)

Joan Walsh argues that if Obama agrees to cut Social Security, it won't just be bad policy—he'll be directly contradicting promises made by Joe Biden, Jay Carney, and his allies in Congress. Ironically, the obstinance of the GOP may be the only thing keeping him honest.

In Fiscal Cliff Deal, Don't Chain Grandma to Smaller Social Security Checks (The Nation)

NND Editor Bryce Covert points out that switching to chained CPI would have the worst impact on elderly women, many of who receive the vast majority of their income from Social Security. If these guys saw a little old lady crossing the street, they'd report her for jaywalking.

Are Democrats Reverting to Wimps? (TNR)

Timothy Noah writes that Democrats have such a big advantage on taxes that even Grover Norquist has momentarily stopped filling up the proverbial bath tub, but they seem ready to settle for less for no good reason except that winning would be a new and scary experience.

Last-Ditch Attempt to Derail Volcker Rule (NYT)

Simon Johnson notes that as regulators prepare to implement the long-delayed Volcker Rule, the Dodd-Frank limit on prop trading, banks are going for the Hail Mary pass by arguing that its distinction between U.S. debt and foreign debt would hurt other countries' feelings.

Cheat Sheet: BofA Supplied Default Answers for 'Independent' Foreclosure Claims Reviewers (ProPublica)

Paul Kiel reports that the Independent Foreclosure Review is proving to be a bit of a misnomer thanks to banks hiring and paying consultants to conduct the review and, at least in one case, providing some friendly advice on what their totally unbiased findings should be.

Temps: America's Throwaway Workers (MoJo)

Jim Morris and Chip Mitchell explore what the death of a temp worker at a chemical factory tells us about employers' lack of accountability for the safety of their workers under U.S. law, which has harsher penalties for killing an endangered bird than it does for killing an employee.

Corporations are the people of the year, my friend (Quartz)

Time has settled on Barack Obama as its Person of the Year, but Tim Fernholz argues that a more open-minded selection committee would have seen that between soaring profits and political influence, corporations had the kind of year we mere mortals could only dream of.

Originally posted to Daily Kos Economics on Thu Dec 20, 2012 at 05:49 AM PST.

Also republished by Daily Kos.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  Populist talk at the podium (3+ / 0-)
    Recommended by:
    Floande, HoundDog, helpImdrowning

    but corporate whispers behind closed doors
    result in yet another good deal for the banksters.

    between soaring profits and political influence, corporations had the kind of year we mere mortals could only dream of.

    If cats could blog, they wouldn't

    by crystal eyes on Thu Dec 20, 2012 at 11:40:14 AM PST

  •  Sexist, racist TIME magazine (1+ / 0-)
    Recommended by:
    masslib

    should have chosen Malala as the person of the year--that young woman who was shot because she wants education for girls in Pakistan.

    "Religion is what keeps the poor from murdering the rich."--Napoleon

    by Diana in NoVa on Thu Dec 20, 2012 at 11:46:57 AM PST

  •  Person of the Year? (0+ / 0-)

    I think those people who stood in lines for hours to vote for Obama and those who jumped through bureaucratic hoops to get the right ID and those who helped them get to the DMVs and the polls and those who voted despite all the confusion about changing days and times for early voting and confusion about ID requirements should be the People of the Year.

  •  Democrats don't really want to implement (0+ / 0-)

    their progressive policies.  They just want to talk about them so we win vote for them and afterwards the big money calls the shots.  I have come sadly to this conclusion and it's not universally true but al lot truer than I would like.

  •  It is well worth going over the fiscal cliff if we (0+ / 0-)

    never have to hear about it again!  I would welcome the opportunity to pay any price at this point.  Never show Boehner's face on TV again.  Just make it stop.

    The elevation of appearance over substance, of celebrity over character, of short term gains over lasting achievement displays a poverty of ambition. It distracts you from what's truly important. - Barack Obama

    by helfenburg on Thu Dec 20, 2012 at 11:56:04 AM PST

  •  Thanks for this great roundup of economic news, (1+ / 0-)
    Recommended by:
    helpImdrowning

    Tim.

    The means is the ends in the process of becoming. - Mahatma Gandhi

    by HoundDog on Thu Dec 20, 2012 at 11:59:57 AM PST

  •  Take Granny off the ventilator? (0+ / 0-)

    I haven't been following closely enough but won't Granny go over the fiscal cliff and face higher estate taxes if she croaks in 2013? "Granny, we've got some good news and some bad news. The world didn't end on December 21st. You won't see 2013"

    I can imagine the "death panels" convening on the Upper East Side. Usually, the TeaParty/GOP says "Hurry up and die!" only to poor retired people.

  •  SS cuts (0+ / 0-)

    We're screwed on that.  The President offered them, now there's no turning back.  It's one of the only things that baffles me about him, his willingness to cut Social Security benefits despite the fact that SS doesn't contribute to the deficit.
    But it doesn't surprise me that he's throwing it out there as part of a fiscal curb offer, it's the question of why, WHY, he has always been willing to do this?!  The only thing he has said is that he won't "slash"  future benefits.  That's a very subjective term that still allows for cuts and he's still clearly ready and willing to cut.
    I said on another thread that I had hoped he wouldn't bother to pursue SS cuts based on the results of the election and overwhelming popular opinion, but apparently that doesn't matter to him because he's still throwing it out there-the retirement security of millions in exchange for some paltry marginal tax rate increase.

    Social Security cuts shouldn't be part of any debt or deficit negotiations, not now, not ever.  Not at the beginning of negotiations, not in the middle, and not at the end, and not if it's only the Repubs insisting on it, as Kos suggests.  NEVER.  

  •  Drudge ops for Maya Doomsday Panic... (0+ / 0-)

    Looks like the folks at Drudge Report can't quite figure out how to frame this Plan "B" scenario. As of 12 noon PST, site headline was  Maya "Doomsday Panic"...

  •  corporate profits (0+ / 0-)

    As corporate profits climb ever higher, appropriate tax collections should result in surplus negotiations.  Historically, politicians lied and obfuscated--and the media played gothcha--without this mechanism, only special interest groups win.  It's a shouting match--truth is judged in decibels--not facts.  I hear very little about raising the corporate rate back to Ike' era 52%-- proving facts and history are meaningless.  Shit.

    Apres Bush, le deluge.

    by melvynny on Thu Dec 20, 2012 at 12:03:35 PM PST

  •  If there had been a Time in 1863, (0+ / 0-)

    Lincoln would have won for the Emancipation Proclamation. The Republicans would have bitched that it wasn't enough.
    That's the trouble with Utopia: nothing to bitch about. So, let's count our blessings.

    Fuck Big Brother...from now on, WE'RE watching.

    by franklyn on Thu Dec 20, 2012 at 12:11:43 PM PST

  •  I love Joan... (0+ / 0-)

    Walsh, but she needs to be more cautious of these mistatements...

    Her article states:

    "and became the first president in 75 years to win more than 50 percent of the vote twice"

    which is not the case. It's true for a Democratic president, but Eisenhower and Reagan have both done so since 1936.

    "It's almost as if we're watching Mitt Romney on Safari in his own country." -- Jonathan Capeheart

    by JackND on Thu Dec 20, 2012 at 12:23:11 PM PST

  •  Are They Ever! (0+ / 0-)

    "Are Democrats Reverting to Wimps?"

    Does the Pope pray?

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site