Monday, August 29, 2011

Bold, Drastic Action Necessary

2005 map of Worldwide Governance Indicators, w...Image via WikipediaThe Stimulus Bill Was Messed Up
Three Million Jobs
Global New Deal Needed
A Second Stimulus Bill Needed

The governments in America and Europe have to together come up with a two trillion dollar fund. A big chunk of that money has to go to connect every human being to high speed internet access. It will pay for itself. Down the line the infrastructure thus built would gradually be sold off to the private sector. Money thus received would pay for the expenses now. I foresee profits.

This has to be completed in one to two years.

The second step would be to lay down a new architecture for global finance. This is hard for Americans to do because that might involve bringing to an end the dollar's special place in the world.

There has to be a massive push for democracy. A universal spread of democracy could be brought about in a few swift years. Once that happens rule of law between nations can then be imagined. Once rule of law between nations has been established, America could bring down its defense spending from 600 billion dollars annually to a more manageable 100 billion dollars. America can not think of a better cost cutting plan.

The US Military Budget Needs To Come Down To 100 Billion From 600

And there is a need for massive jobs programs.

Three Million Jobs
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Location: New York, NY, USA

Friday, August 26, 2011

This Is About Global Warming

Mean surface temperature change for the period...Image via Wikipedia
Popular Mechanics: What Happens When a Super Storm Strikes New York?: Canton, Mo., a town of 2500 on the upper Mississippi River, has been at the center of an increasingly high-stakes environmental wager for years now. In the summer of 1993, a high-pressure system stalled over the southeastern U.S., forcing the jet stream, laden with moist air from the Gulf of Mexico, to the north, where it collided with cold air from Canada. As a result, rainstorms drenched the upper Midwest. Many towns received two to six times the normal amount of rainfall for June and July. ...... The Mississippi River crested at 13.8 feet above official flood levels in Canton, overtopping several local levees. That year, more than 1000 levees ruptured or overflowed along the Mississippi and Missouri rivers. Seventy towns, including Canton, flooded. The water stayed high for six months. ...... According to government statistics, the flood that Canton experienced in 1993 was a freak, one-in-500-year event—not something that would happen again soon. That estimate came from analyzing the 140-year historical record—calculating the frequency of floods of various magnitudes and extrapolating the curve out to events at a scale never seen before. If only it were that simple. Canton suffered another 500-year flood in 2008, a 70-year flood in 2001, and 10-year floods in 1996, 1998 and again in early 2011. Plenty of towns across the region have suffered similar events. ....... "We're witnessing higher and higher floods over time," says Robert Criss, a hydrogeologist at Washington University in St. Louis. "We are seeing higher and far more frequent floods than government estimators say we should."
A few years back there were unexplained fires across Greece. And law enforcement grabbed known arsonists and threw them into prison. Those were not acts of arson. That was global warming. People who study and predict weather look for patterns in historical records. That is misleading. Global warming is a recent phenomenon. New weather patterns are emerging. More frequent severe weather conditions are being experienced.

Global warming is happening, and it is happening now, and there are to be catastrophic consequences. How do you shout that from the rooftops? How do you drain a hole in the Tea Party brain and pour that wisdom down it? Mother Nature is doing it for us. Severe weather conditions are but a start.

Hurricane Irene Eats Up My Santogold Saturday
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Monday, August 15, 2011

The Stupid, Stupid Bush Tax Cuts

Warren Buffett speaking to a group of students...Image via WikipediaThe Bush tax cuts are the reason the Great Recession happened. The continuation of the same is the reason we are not fully out of the recession yet. And now I have Warren Buffett seconding that opinion.
New York Times: Stop Coddling the Super-Rich: While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors. ........ These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places. ...... Last year my federal tax bill — the income tax I paid, as well as payroll taxes paid by me and on my behalf — was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income — and that’s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent. ....... If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine — most likely by a lot. ....... Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It’s a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot. ........ I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation. ........ In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion — a staggering $227.4 million on average — but the rate paid had fallen to 21.5 percent. ........ 88 of the 400 in 2008 reported no wages at all, though every one of them reported capital gains. Some of my brethren may shun work but they all like to invest. (I can relate to that.) ....... I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get. ....... for those making more than $1 million — there were 236,883 such households in 2009 — I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more — there were 8,274 in 2009 — I would suggest an additional increase in rate.
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Location: Cambridge, MA, USA
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