An excellent animation that tells, in a remarkably accurate and understandable way, the story of how we got where we are today and what we should do about it. (Thanks to reader Tim.) [Read more…]

Activists in the Democratic party are gearing up to counter disturbing signs that a bad budget deal is in the works, trading small rises in the marginal tax rates for the top 2% (smaller than the already small raises envisaged) in return for reductions in Social Security and Medicare. [Read more…]

The Democratic party has long been perfecting the art of whipping up populist rhetoric to win elections and then finding ways to sell out its supporters to benefit the oligarchy. They methods have become so transparent that Glenn Greenwald has identified the six stages by which they do so. [Read more…]

One of the astonishing things about the so-called ‘fiscal cliff’ negotiations is how many politicians and people in the media talk of raising the marginal income tax rates on the highest earners by a small amount as a quid pro quo for raising the retirement age for Social Security (currently 67 for those born in 1960 and later) and the eligibility age for Medicare (currently 65). They seem to treat those as if they were somehow equal-valued chips in a game. [Read more…]

I have learned to be very wary when politicians describe a situation in apocalyptic terms. It is usually accompanied by demands that we must act now, now, now, immediately or things will fall apart and all manner of horrible consequences will ensue. This is usually a device to stampede people into accepting things that they would reject if allowed to think things through and explore all the consequences. [Read more…]

The Republican party has managed to paint itself into a corner with its adamant stand against an increase in the marginal rates for the top 2% of income earners, even though that was the signature issue that Barack Obama campaigned on and won, and polls show consistent and considerable support for it. The party is now faced with finding ways to get around what is clearly a weak position and various proposals are circulating that would supposedly raise the same amount of revenue as a marginal tax rate increase and provide them with a face-saving compromise. [Read more…]

One of the extraordinary but little remarked comments that Mitt Romney made during the second debate was when, asked specifically what deductions he would eliminate in order to pay for his tax cuts (that would cost $5 trillion over ten years), he again avoided being specific but said: [Read more…]

Chrystia Freeland is an excellent reporter who has been chronicling the rise of the global oligarchy and whose articles I have linked to several times in my posts on the workings of the oligarchy. (See here, here, here, and here.) [Read more…]