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Trump’s Yuge Bamboozle


#1

Trump’s Yuge Bamboozle

Robert Reich

Donald Trump poses as a working-class populist, but about his new economic plan would be a gusher for the wealthy. And almost nothing will trickle down to anyone else.

He’d knock down the top tax rate on businesses from 35 percent to 15 percent, thereby richly rewarding the investor class.

He’d cut taxes the top tax rate on the wealthy from 39.6 percent to 33 percent, another boon to the top.

He’d eliminate the estate tax – now paid by a relative handful of families whose net worth exceeds $5.5 million.


#2

Trump needs to read Piketty's Capital in the Twenty-First Century to learn the sources of wealth inequality (not that he cares) on both intra-national and international scales. The ghouls he would likely hire to staff his cabinet would suck what's left of life in America for the ninety-nine percent and gift it to the one percent.


#3

Reich makes a lot of good points but this economic stuff is irrelevant to the election. His campaign is completely about race and immigration. That's basically it. You can sum it up as the birther moveent, the wall and deportation, and the Muslim ban. All else is filler material.

https://www.theguardian.com/commentisfree/2016/sep/17/its-race-and-immigration-stupid


#5

Haven't we been reading about the Obama administrations ho-hum response to Wells Fargo massive lot of credit card fraud charges? Wells Fargo, and perhaps a lot of other banks, should be shut down in consequence of massive racketeering charges. But Reich is confounding the issue and insulting us by giving us orders to compromise our principles, and deny our own sense of justice.

Hey Reich and all other Democrats: Don't get pissed off at WE THE VOTERS for recognizing that there is no way to expect justice from either major party.


#6

I wish authors like Reich (who is an academic) would include links on everything that has a number, as it would make it much easier for readers to go and see for themselves, otherwise I tend to be skeptical.

"Who would benefit from a retreat from globalism? Maybe giant American corporations ...But not average Americans, who’d have to pay more for just about everything."

I thought globalization was good for the Corporations and bad for avg Americans? So, which is it?


#7

Hillary needs to readPiketty's Capital in the Twenty-First Century , though it's unlikely that'd do much to alter her sycophancy to the .001%
Nice try, Bobby, on this one, but we're still confronted by the fact that there have hardly been any better agents in support of advancing the economic interests of the .001% than the Clintons. The 1990's, when you served in Bill's cabinet, marked the heyday of government obsequiousness to Wall Street. Or have you forgotten about the repeal of the Glass-Steagall Act, the undermining and eventual ostracism of Brooksley Born for actually attempting to act the regulator at the CFTC, the failure of Clinton's Justice Department to actually act upon any meaningful antitrust actions?
Come on, Bob, if you were serious about real financial reform you'd be staying way clear of either Clinton, and instead, using all of your energies to make certain folks learn about and eventually elect Dr Jill Stein.
The 'Yuge Bamboozle' is multifaceted, including the entirety of the duopoly.
Shame on you for your sycophancy----but remembering you from your days past when your advocacy of neoliberal economics was surpassed by few we are not surprised.


#8

"All about race and immigration" - imo, that is a dangerous over-simplification. From that article you linked: "The argument, made by Frank, Taibbi, Moore, and others goes roughly like this: trade is a huge issue ignored by Washington elites." imo, the author is very wrong. I would suggest readers look up the articles by 'Frank, Taibbi, Moore, and others'.


#9

The TTP&TTIP are trade agreements only in the sense that a footstool is considered a piece of living room furniture. These agreements are really extra-legal contracts superceding national laws and regulations. They are end runs on the rights of states and citizens to stop the poisoning of their environment, food and what have you. Trump is an oppurtunist who'll take the shortest route to his real goal; personal and family business enrichment. He claims to be a billionaire and has 500 corporations to prove it; but really, is there a billion dollar pea to be found in any one of them? The Clintonista Clan are a horse of a different color in terms of trade and taxes; they'll continue to put the 99s under " stress tests " as they see our country in terms of a national training and fitness regimen. None of this will help our people get a much needed recuperative rest. However, both the candidate's and their controllers know one thing for sure, " there is no rest for the wicked ". And, the economy and social tensions around " too much month at the end of the money " , will be exacerbated by both of them. Wealth and redistributed income cure a lot of sleepless nights and bad health habits. The chance to put your feet up and catch a break are rare enough. They'll be rarer still until the economy is managed to get the money monkey off about 75% of American workers' backs. Comforting the all too comfortable corporate state and the 1%er elites, through a rigged tax code, doesn't sound like the cure, either.


#10

I respect Reich but he's almost getting Paul-Krugmanesque in how willing he is to stretch the truth, and even his own views, in order to promote Clinton.

Reich in March:

"I used to believe in trade agreements. That was before the wages of most Americans stagnated and a relative few at the top captured just about all the economic gains."

http://www.newsweek.com/free-trade-puts-americans-out-work-robert-reich-tpp-436994

Reich shilling for Clinton today:

"Trump doesn’t stop there. A “foundation” of his economic plan, he says, is to renegotiate Nafta, bring trade cases against China, and “replace the present policy of globalism – which has moved so many jobs and so much wealth out of our country –with a new policy of Americanism.”

Who would benefit from a retreat from globalism? Maybe giant American corporations that don’t export from the U.S. because they already make things abroad for sale in foreign markets. But not average Americans, who’d have to pay more for just about everything.

Choking off trade won’t result in more good jobs in America."

And notice how Reich doesn't even mention TPP. That's because Trump, like Reich, opposes it, while Clinton supported the 'gold standard' of trade agreements until it became politically inopportune. Mentioning TPP wouldn't help Reich's attack on Trump's economic policies.

Reich also says,

"He’s also proposing a vast expansion of the military, including 90,000 new soldiers for the Army and nearly 75 new ships for the Navy. The tab: an estimated $90 billion a year in additional spending.

This would mean big bucks for military contractors. But it’s hard to see how economic benefits trickle down to anyone else."

But fails to mention that Clinton also wants to increase military spending:

"And here is what we have to do. We cannot lose our military edge, and that means giving the Pentagon the stable, predictable funding it needs to make smart investments.
(APPLAUSE)
You’ve heard of a sequester, the arbitrary caps that Congress has imposed on our entire government for the past several years...
But we cannot impose arbitrary limits on something as important as our military. That makes no sense at all. The sequester makes our country less secure. Let’s end it and get a budget deal that supports America’s military, our families, and our country..
CLINTON: Let’s modernize our Army, and Marines, our Navy, and Air Force, our Coast Guard. We need to respond to evolving threats from states like Russia, China, Iran, and North Korea from networks, criminal and terrorist networks like ISIS. We need a military that is ready and agile so it can meet the full range of threats, and operate on short notice across every domain, not just land, sea, air and space, but also cyberspace.
We’ll invest in new technology so new breakthrough’s can transform our military, just as stealth, precision weapons and advance communications did in the past.
.. One of the first things I will do as president, is to call for a new nuclear posture review. We have to make sure that America’s arsenal is prepared to meet future threats.
We’ll invest in the next frontier of military engagement, protecting U.S. interests in outer space and cyberspace. "

So Reich attacks Trump's plan for increasing the military, but ignores Clinton's.

Come on Robert, you're better than this.


#12

Robert Wrong strikes again. The bamboozal NAFTA sec of labor under bill clinton who claimed NAFTA would increase American jobs.

Wake up call Robert: What good is cheap poor-quality plastic crap at Walmart if half the nation is unemployed? When you off-shored American jobs to achieve globalization and short-term Wall Street profits, you betrayed Main Street.

Reicht's claim of huge corps benefiting from bringing jobs back to America is bare-faced lying at a whole new level. Under Federal Labor Law they can no longer use Chinese slaves and lock them in factories like they do now.

Robert Reicht, the author of SuperCapitalism is just plain wrong. About everything. Vote against the NAFTA Clintons.


#13

Robert Reich is always against NAFTA, TPP etc, when he is out of power. But the second he becomes Secretary of Labor, he flip-flops and supports them, the way he supported NAFTA, which started the mad hunt, criss-crossing the globe for slave labor, costing millions of Americans their jobs.

He said "Unions are just plain wrong" when they complained he was going to offshore US jobs with his support of NAFTA.

The Unions were right. Reich was wrong. He betrayed us. The same way the Clintons betrayed us with:

NAFTA off-shoring American jobs for non-union foreign labor
Deregulating Banking by knee-capping Glass-Stegal
Merging all Mainstream Media into a few hands with the Communications Act.
WTO Clinton's last month in office; making China most favored over US jobs.
Using NATO to bomb offensively in Europe instead of keeping peace.


#14

We got along fine until they invented taxes.

Direct democracy


#15

You are wrong on Obama and taxes.He forced the raising of top income tax rates more than 3 years ago, wiping out Bush cuts for the richest. He did earlier allow a 2 year extension of the tax cuts in order to get a nearly 2 year extension of unemployment benefits during the recovery from the Great Recession. I know many who desperately needed those benefits.


#16

You may want to check with Wells Fargo account holders before you shut it down. They are pursuing class action suits which almost win themselves at this point.


#17

Direct from cave somewhere.


#18

Obama restored the Clinton era rates that Bush slashed while in office. Clinton lost Congress after raising rates on top earners in 1993. If Trump is elected with a Republican Congress, he will likely do what Bush did and more. His businesses are premised on tax avoidance and it's very likely he did not appreciate Obama's actions in 2012. Reich understands this, and understands what Trump's plans will mean for Social Security and Medicare.


#19

I don't see the 90 billion a year military budget increase for 90,000 more troops and 75 new ships. Why did you leave that off Clintons proposal?


#20

Because Clinton wasn't specific. What she plans could be more or less than Trumps proposal.


#23

The President was trying to do both, extend unemployment insurance and tax cuts since we were in a recession. He would have liked the tax cuts to have been targeted, but the deal was what it was. He got the targeted increases after reelection.


#24

Good news. It looks like the TTIP is dead. Now if we can just crush this appalling TPP which Barry the Liar is trying so hard to get a vote for during the lame duck session.