#budget committee

[tomorrowusa]

We need to smash the mythology of Republicans being fiscally responsible and good at economics. Shoveling vast amounts of money into the pockets of venal oligarchs who don't need it is not good for the country.

Former president Donald Trump approved almost twice as much borrowing as current President Joe Biden during his four years in office, according to the Committee for a Responsible Budget (CFRB). Trump, who presided over the federal government from 2016 to 2020, approved $8.4 trillion in new ten-year debt. But incumbent president Biden, who defeated Trump four years ago, has approved $4.3 trillion in new borrowing, said a new report by the committee. As for reducing the budget deficit, Trump cut it by $443 billion. The Biden administration has reduced it by $1.9 trillion. The U.S. is sitting on a total of $34.73 trillion in national debt, accrued over the country's history, according to government data.

I often say that Republicans create a mess when in office. And when they're voted out, the Republicans then try to make a campaign issue out of Democrats not cleaning up the Republican mess quickly enough.

During the Trump years, his tax cuts added $1.9 trillion in U.S. debt, while the budget passed in 2018 and 2019 generated borrowing of $2.1 trillion. Those two policy moves contributed some of the largest debt increases during Trump's tenure. Over the last three and a half years, under Biden, some of the largest contributors to the national debt included the appropriations bills of fiscal year 2022 and 2023 that generated $1.4 trillion of borrowing, while the American Rescue Plan Act was responsible for $2.1 trillion in debt, according to CFRB.

The Trump tax breaks for the filthy rich will automatically expire in a few years. That's why multi-billionaires are ignoring Trump's dictatorial behavior and criminality and are dropping HŪGE donations into Trump's campaign coffers so that he can renew their tax breaks if he gets back into office. Their rapacious greed is downright pathological.

When those tax breaks expire, provided Biden wins, the debt will then level off as it did during the Clinton administration after Democrats raised taxes on the filthy rich. Bill Clinton ended his presidency with a budget surplus.

As long as we're talking economics, a reminder that 90.9% of all recessions of the past 71 years began under Republicans.

... just sayin'.

[justinspoliticalcorner]

WaPo: Trump proposals could drain Social Security in 6 years, according to the Committee for a Responsible Federal Budget

Julie Zauzmer Weil at WaPo:

A new report projects that the Social Security Trust Fund might run out of money within six years under a Donald Trump presidency, while Vice President Kamala Harris’s proposed policies would not meaningfully change the current trajectory.

Social Security faces a looming funding crisis in an aging country, with trustees most recently predicting that the retirement and disability program’s trust fund will become insolvent in 2035. Many of Trump’s campaign proposals would accelerate that timeline, potentially by years, said the Committee for a Responsible Federal Budget, a nonpartisan group that opposes large federal deficits. In a report released Monday, the organization concluded that many of Trump’s proposed second-term agenda items all work in the same direction when it comes to the Social Security Trust Fund. The budget group did not produce a similar report on Harris’s policies because they would have a negligible effect measured only in weeks or months rather than years, said Marc Goldwein, CRFB’s senior policy director. Compared to prior presidential campaigns, Goldwein said, “I can’t think of anything that would be this order of magnitude” in its detrimental effect on Social Security’s bottom line compared to the policies Trump has proposed.

Trump campaign spokeswoman Karoline Leavitt dismissed the report in an email to The Washington Post: “The so-called experts at CRFB have been consistently wrong throughout the years.” She said Trump’s energy and trade policies would improve the economy to “put Social Security on a stronger footing for generations to come,” and alleged that Harris would damage the program by allowing millions of undocumented immigrants to stay in the country. The campaign promise made by Trump that would most directly affect Social Security collections is his promise that no Social Security recipients should have to pay federal income taxes on their benefits. Under current law, 40 percent of beneficiaries pay taxes on some portion of their Social Security. The tax they pay on their benefits goes directly back to the trust fund, and getting rid of it could cost the program almost $1 trillion over 10 years, the report forecast. Other Trump policies might have indirect effects. Trump’s pledge to deport millions of undocumented workers could cost the trust fund hundreds of millions of dollars, the CRFB said. Many undocumented immigrants have payroll taxes taken out of their paychecks for the Social Security Trust Fund, but never become eligible to claim benefits, so they are a net positive for the program.

Trump’s proposed high tariffs on all imports could affect the economy in several ways detrimental to Social Security’s financial health, CRFB said. If the tariffs drive high inflation as projected by Wall Street experts, Social Security will have to pay out more in benefits because of automatic cost-of-living adjustments based on inflation. The report also pointed to Trump’s promises not to tax tip income or income earned during overtime hours. Trump has not clarified whether he means to exempt them from federal income taxes only or also from taxes that fund Social Security and Medicare. If he means the latter, that could cost Social Security $150 million to more than $1 trillion over a decade, with the likely outcome on the very high end of that range, CRFB said.

[...] Both Trump and Harris have said they aim to protect Social Security to prevent cuts if elected, but neither candidate has offered a comprehensive plan to plug the current projected gap. Stabilizing the trust fund will require either raising more money or spending less money in some way, or a combination of the two.

Donald Trump’s proposals to Social Security, despite claiming to be a champion of Social Security, could hasten the depletion of Social Security funding, per a report from Committee for a Responsible Federal Budget.

See Also:

MMFA: New analysis shows Trump would devastate Social Security’s finances, debunking MAGA talking point

[transformativeworks]

OTW Finance: 2023 Budget

OTW's Finance Committee has released our 2023 budget.  They detail where donations go and what our expected income is this year.  Find out more about what it takes to run the organization at https://otw.news/af6503

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[corvidcall]

idk why people think they can out-post the menswear guy, but every day im glad they keep trying so i get to see him obliterate them

[hauntedfalcon]

I missed it this spring, so here's a little reminder that:

the Organization for Transformative Works' most recent accessible cash assets (end of year 2022) total over 2.7 million dollars.

2023 budgeted legal advocacy funds totaled $5,491. actual spending in that category (screencap taken from the 2023 Actual column of the 2024 budget posted this spring) was $438.14.

this money went to productivity tools. $0 was spent in 2023 on filing fees or travel expenses.

for some reason, the 2023 budget update post on the OTW's blog used the estimated number instead of the final number. why? we don't know.

the OTW remains committed to not diversifying its funding sources or investing its reserves, having abandoned repeated claims that it was attempting to do so in previous years.

in conclusion, this nonprofit does not need your money. thank you for your time.

[anotherpapercut]

if you're a sane human being who possesses a reasonable amount of common sense with extra time/a flexible schedule consider applying or nominating yourself to be on a library board

[humofnight]

like they’re more in line this time but he’s lost again already hasn’t he? he needs 218, there are 222 republicans, and 6 have voted for not McCarthy.

unless at least two democrats flip for him he’s screwed again. But also why would they flip now that he’s promised so much to the hard-right/racist coalition

[dreaminginthedeepsouth]

Biden reacts to the GOP's proposal to gut social security

* * * * *

LETTERS FROM AN AMERICAN

March 21, 2024

HEATHER COX RICHARDSON

MAR 22, 2024

In the past few weeks, Josh Kovensky of Talking Points Memo has deepened our understanding of the right-wing attempt to impose Christian nationalism on the United States through support for Trump and the MAGA movement. On March 9, Kovensky explored the secret, men-only, right-wing society called the Society for American Civic Renewal (SACR), whose well-positioned, wealthy, white leaders call for instituting white male domination and their version of Christianity in the U.S. after a “regime” change. 

On March 19, Kovensky explained how that power was reaching into lawmaking when he reported on a September 2023 speech by Russ Vought, a key architect of the plans for Trump’s second term, including Project 2025. In the speech, which took place in the  Dirksen Senate Office Building, Vought explained the right wing’s extreme border policies by explicitly marrying Christian nationalism and an aversion to the pluralism that is a hallmark of American democracy. Vought argued that the U.S. should model immigration on the Bible’s Old Testament, welcoming migrants only “so long as they accepted Israel’s God, laws, and understanding of history.”

These religious appeals against the equality of women and minorities seem an odd juxtaposition to a statement by United Auto Workers (UAW) union president Shawn Fain in response to the claim of the Trump campaign that Trump’s “bloodbath” statement of last Saturday was about the auto industry. Fain is also a self-described Christian, but he rejects the right-wing movement.   

“Donald Trump can’t run from the facts,” Fain said in a statement to CBS News. “He can do all the name-calling he wants, but the truth is he is a con man who has been directly part of the problem we have seen over the past 40 years—where working class people have gone backward and billionaires like Donald Trump reap all the benefits…. 

“Trump has been a player in the class war against the working class for decades, whether screwing workers and small businesses in his dealings, exploiting workers at his Mar a Lago estate and properties, blaming workers for the Great Recession, or giving tax breaks to the rich. The bottom line is Trump only represents the billionaire class and he doesn’t give a damn about the plight of working class people, union or not.” 

In the 1850s the United States saw a similar juxtaposition, with elite southern enslavers heightening their insistence that enslavement was sanctioned by God and their warnings that the freedom of Black Americans posed an existential threat to the United States just as white workers were beginning to turn against the system that had concentrated great wealth among a very few men. While white southern leaders were upset by the extraordinary popularity of Harriet Beecher Stowe’s Uncle Tom’s Cabin, the 1852 novel that urged middle-class women to stand up against slavery, it was Hinton Rowan Helper’s 1857 The Impending Crisis of the South: How to Meet It that made them apoplectic. 

Hinton Helper was a white southerner himself and showed no abolitionist sympathies in his deeply racist book. What that book did was to show, using the statistics that had recently been made available from the 1850 census, that the American South was falling rapidly behind the North economically. Helper blamed the system of slavery for that economic backwardness, and he urged ordinary white men to overthrow the system of enslavement that served only a few wealthy white men. The cotton boom of the 1850s had created enormous fortunes for a few lucky planters, as well as a market for Helper’s book among poorer white men who had been forced off their land. 

White southern elites considered Helper’s book so incendiary that state legislatures made it illegal to possess a copy, people were imprisoned and three allegedly hanged for being found with the book, and a fight over it consumed Congress for two months from December 1859 through January 1860. The determination of southern elites to preserve their power made them redouble their efforts to appeal to voters through religion and racism. 

In today’s America, the right wing seems to be echoing its antebellum predecessors. It is attacking women’s rights; diversity, equity, and inclusion programs; immigration; LGBTQ+ rights and so on. At the same time, it continues to push an economic system that has moved as much as $50 trillion from the bottom 90% to the top 10% since 1981 while exploding the annual budget deficit and the national debt.

Yesterday the far-right Republican Study Committee (RSC), which includes about two thirds of all House Republicans, released a 2025 budget plan to stand against Biden’s 2025 budget wish list. The RSC plan calls for dramatic cuts to business regulation, Social Security, Medicaid, and so on, and dismisses Biden’s plan for higher taxes on the wealthy, calling instead for more than $5 trillion in tax cuts. It calls the provision of the Inflation Reduction Act that permits the government to negotiate with pharmaceutical companies over prices “socialist price controls.” 

Biden responded to the RSC budget, saying: “My budget represents a different future. One where the days of trickle-down economics are over and the wealthy and biggest corporations no longer get all the breaks. A future where we restore the right to choose and protect other freedoms, not take them away. A future where the middle class finally has a fair shot, and we protect Social Security so the working people who built this country can retire with dignity. I see a future for all Americans and I will never stop fighting for that future.”

Biden’s version of America has built a strong economy in the last two years, with extremely low unemployment, extraordinary growth, and real wage increases for all but the top 20%. Inequality has decreased. Today the White House announced the cancellation of nearly $6 billion in federal student loan debt for thousands of teachers, firefighters, and nurses. Simply by enforcing laws already on the books that allow debt forgiveness for borrowers who go into public service, the administration has erased nearly $144 billion of debt for about 4 million borrowers. 

At the same time, the administration has reined in corporations. Today the Department of Justice, along with 15 states and the District of Columbia, sued Apple, Inc., for violating the 1890 Sherman Antitrust Act. They charge that the company, which in 2023 had net revenues of $383 billion and a net income of $97 billion, has illegally established a monopoly over the smartphone market to extract as much revenue as possible from consumers. The company’s behavior also hurts developers, the Department of Justice says, because they cannot compete under the rules that Apple has set. 

At the end of February, the Federal Trade Commission (FTC) sued to block the merger of Kroger and Albertsons, a $24.6 billion takeover affecting 5,000 supermarkets and 700,000 workers across 48 states. The merger would raise grocery prices, narrow consumer choice, and hurt workers’ bargaining power, the FTC said. The attorneys general of Arizona, California, the District of Columbia, Illinois, Maryland, Nevada, New Mexico, Oregon and Wyoming joined the FTC’s lawsuit.  

The benefits of the administration’s reworking of the government for ordinary Americans have not gotten traction in the past few years, as right-wing media have continued to insist that Biden’s policies will destroy the economy. But as Shawn Fain’s position suggests, ordinary white men, who fueled the Reagan Revolution in 1980 when they turned against the Democrats and who have made up a key part of the Republican base, might be paying attention. 

In June 2023 the AFL-CIO, a union with more than 12.5 million members, endorsed Biden for president in 2024 in its earliest endorsement ever. In January the UAW also endorsed Biden. Yesterday the United Steelworkers Union, which represents 850,000 workers in metals, mining, rubber, and other industries, added their endorsement.

Just as it was in the 1850s, the right-wing emphasis on religion and opposition to a modern multicultural America today is deeply entwined with preserving an economic power structure that has benefited a small minority. That emphasis is growing stronger in the face of the administration’s effort to restore a level economic playing field. In the 1850s, those who opposed the domination of elite enslavers could only promise voters a better future. But in 2024, the success of Biden’s policies may be changing the game.

LETTERS FROM AN AMERICAN

HEATHER COX RICHARDSON

[tiffanyachings]

‘task involving a series of steps that need to be completed in a specific order’ voted greatest enemy of getting things done for 25th year in a row

[govtshutdown]

Congressman Bob Good is not living up to his name.

[wausaupilot]

Wausau passes 2025 budget with modest tax increase

Wausau, we have a budget - and the Council avoided a wheel tax and some proposed cuts along the way:

Damakant Jayshi The Wausau City Council on Tuesday approved the city’s 2025 budget, setting a levy of $37.4 million and a mill rate of approximately $8.50 per $1,000 of equalized property value. District 2 Alder and Finance Committee Chair Michael Martens said that the 2.47% levy increase comes in under the mayor’s target of 2.5%, marking the lowest levy increase in over a decade. “The good…

[trendynewsnow]

Proposal for Extended Parental Leave in Portugal Faces Parliamentary Review

Proposal for Extended Parental Leave in Portugal Under Review A pivotal proposal aimed at extending fully paid parental leave in Portugal to six months is currently undergoing parliamentary scrutiny. However, it is unlikely to gain approval by the end of this year. Although this important measure was forwarded for specialized discussion, a definitive date for a final vote has yet to be…

[carlocarrasco]

Philippines achieved double-digit tax collection growth in first 9 months of 2024

Recently the Department of Finance (DOF) announced that the Philippines achieved double-digit growth in the January-September stretch of 2024, according to a Manila Bulletin business news report. To put things in perspective, posted below is an excerpt from the Manila Bulletin report. Some parts in boldface… The Department of Finance (DOF) reported that collections from the government’s two…

[townpostin]

Senior Citizens in Jamshedpur Plan Protest Against Railway Fare Hike

Singhbhum Central Senior Citizens Committee to march in protest on August 13, demanding the reinstatement of railway fare concessions and pension hike. Senior citizens in Jamshedpur are angered by the central government’s decision not to restore the previous 40% and 50% railway fare concessions in the 2024 budget. JAMSHEDPUR – The Singhbhum Central Senior Citizens Committee held a meeting today…