summers on obama

Not even a hint of a suspicion it’s by Presidential design:

“The cumulative effect of all these developments is that the U.S. may well be on the way to becoming a Downton Abbey economy. President Barack Obama is right to be concerned. Those who condemn him for ‘tearing down the wealthy’ and engaging in un-American populism are, to put it politely, lacking in historical perspective,” Summers wrote.

ransom paid, door open for round 2

>   
>   (email exchange)
>   
>   On Oct 17, 2013 12:47 AM, wrote:
>   
>   ”strengthens verification measures” actually more important than it sounds
>   
>   1. Another late and politically driven requirement added to an already over-stressed
>   technical environment, so could add to the #FAIL;
>   
>   2. I’m not sure the current Federal Change can verify income NOW (and how would we
>   know they couldn’t) using whatever combination of IRS and credit reporting agency
>   data they’re using;
>   
>   3. It’s not clear how to add more verification without really draconian measures
>   (and these guys don’t want to fund the IRS, so will they privatize it?)
>   
>   4. 2014 income has to be estimated in advance. How exactly is that to be “verified”
>   in some way more than checking 1040s etc?
>   
>   5. Sets up a “fraud” narrative that proved so useful on say voter photo ID
>   requirements.
>   
>   The Democrats had to give them something on ObamaCare, I suppose. But this gift will
>   keep on giving.
>   
>   ObamaCare is such a mess. Such a BIG mess.
>   

Obama the ‘socialist’…

Best Times for the 1 Percent Since 1920s

By Paul Wiseman

September 11 (AP) — The richest Americans were hit hard by the financial crisis. Their incomes fell more than 36 percent in the Great Recession of 2007-09 as stock prices plummeted. Incomes for the bottom 99 percent fell just 11.6 percent, according to the analysis.

But since the recession officially ended in June 2009, the top 1 percent have enjoyed the benefits of rising corporate profits and stock prices: 95 percent of the income gains reported since 2009 have gone to the top 1 percent.

That compares with a 45 percent share for the top 1 percent in the economic expansion of the 1990s and a 65 percent share from the expansion that followed the 2001 recession.

The top 1 percent of American households had pretax income above $394,000 last year. The top 10 percent had income exceeding $114,000.

Obama double talk on jobs

Note the flip flop.

Obama Says Job Market May ‘Stall’ as Result of Budget Cuts

By Hans Nichols

May 19 (Bloomberg) — President Barack Obama told a group of Democratic donors in Atlanta that the economy and job market could falter as a result of the automatic spending cuts that went into effect March 1.

“Because of some policies in Washington, like the sequester, growth may end up slowing,” Obama said at a luncheon for the Democratic Senatorial Campaign Committee. “We may see once again the job market stall.”

The president was in Atlanta to give the commencement address at Morehouse College and he told the donors that while he was energized by the spirit of the graduates “they are entering into a job market that is still challenging.”

Earlier, at the commencement ceremony, Obama gave the labor market a more positive rendering. He told the graduates “you’re graduating into a job market that’s improving.”

American employers added more workers than forecast in April, sending the unemployment rate down to a four-year low of 7.5 percent. More Americans than projected filed claims for jobless benefits last week and manufacturing in the Philadelphia region unexpectedly shrank in May, signs that a slowdown in growth is rippling through the U.S. economy.

Obama Drops Stimulus for Benefit Cut to Woo Republicans

Progressive hero:

Obama Drops Stimulus for Benefit Cut to Woo Republicans

By Mike Dorning

April 8 (Bloomberg) — Less than a week after job-creation figures fell short of expectations and underscored the U.S. economys fragility, President Barack Obama will send Congress a budget that doesnt include the stimulus his allies say is needed and instead embraces cuts in an appeal to Republicans.

This is not our ideal budget, Gene Sperling, director of the White Houses National Economic Council, told Bloomberg Television. This does reflect a compromise offer. Theres measures in here we would prefer not to take.

What Obama Has Wrought

Looks like potentially a good MMT proponent if anyone knows him?

What Obama Has Wrought

By Glen Ford

September 5 (BAR) — The meticulously scripted spectacles of the two corporate party conventions are very poor backdrops for clear thinking – but luckily, the ordeals are almost over. What remains after the tents are folded, are the crimes of this administration and its predecessor: both horrifically evil in their own ways. History will mark Obama as the more effective evil, mainly because of the lack of opposition.

Most people don’t want to be a perceived as party-poopers – which is why the principled folks that have protested the evil antics of the corporate, imperial parties, in Tampa and Charlotte, are so much to be admired. Frankly, who wants to be the one to point out, in the middle of the festivities, that Michelle Obama was just a Chicago Daley machine hack lawyer who was rewarded with a quarter million dollar a year job of neutralizing community complaints against the omnivorous University of Chicago Hospitals? She resigned from her $50,000 seat on the board of directors of Tree-House Foods, a major Wal-Mart supplier, early in her husband’s presidential campaign. But, once in the White House, the First Lady quickly returned to flaking for Wal-Mart, praising the anti-union “death star” behemoth’s inner city groceries offensive as part of her White House healthy foods booster duties.

She also serves on the board of the Chicago Council on Global Affairs, the corporate foreign policy outfit to which her husband dutifully reported, each year, in his pucker-up to the presidency. The Obamas are a global capital-loving couple, two cynical lawyers on hire to the wealthiest and the ghastliest. They are no nicer or nastier than the Romneys and the Ryans, although the man of the house bombs babies and keeps a kill list. Yet, former “green jobs” czar Van Jones, a convention night chatterer on CNN who was fired by Obama for no good reason, chokes up when he speaks of the Black family that fronts for America – a huge act of national camouflage.

It is as useless to anchor a serious political discussion to this year’s Democratic and Republican convention speeches, as to plan the liberation of humanity during Mardi Gras. Truth is no more welcome at the former than sobriety is at the latter. So, forget the conventions and their multi-layered lies. Here are a few highlights of what Barack Obama has inflicted on the nation and the world:

Preventive Detention

George Bush could not have pulled off such an evisceration of the Bill of Rights, if only because the Democrats and an aroused street would not have allowed it. Bush knew better than to mount a full-court legislative assault on habeas corpus, and instead simply asserted that preventive detention is inherent in the powers of the presidency during times of war. It was left to Obama to pass actual legislation nullifying domestic rule of law – with no serious Democratic opposition.

Redefining War

Obama “led from behind” a 7-month Euro-American air and proxy ground war against the sovereign nation of Libya, culminating in the murder, after many attempts, of the nation’s leader. The president informed Congress that the military operation was not subject to the War Powers Act, because it had not been a “war” at all, since no Americans were known to have been killed. The doctrine was thus established – again, with little Democratic opposition – that wars are defined by the extent of U.S. casualties, no matter how many thousands of foreigners are slaughtered.

War Without Borders

Obama’s drone war policies, greatly expanded from that inherited from Bush, have vastly undermined accepted standards of international law. This president reserves the right to strike against non-state targets anywhere in the world, with whatever technical means at his disposal, without regard to the imminence of threat to the United States. The doctrine constitutes an ongoing war against peace – the highest of all crimes, now an everyday practice of the U.S.

The Merger of Banks and State

The Obama administration, with the Federal Reserve functioning as a component of the executive branch, has funneled at least $16 trillion to domestic and international banking institutions, much of it through a virtually “free money” policy that could well become permanent. This ongoing “rescue” of finance capital is unprecedented in sheer scope and in the blurring of lines between Wall Street and the State. The routine transfer of multi-billions in securities and debts and assets of all kinds between the U.S. Treasury, the Federal Reserve and corporate accounts, has created de facto structures of governance that may be described as institutional forms of fascism.

These are world-shaking works of Obama-ism. Even Obama’s “lesser” crimes are astounding: his early calls for austerity and entitlement-axing (two weeks before his inauguration) and determined pursuit of a Grand Accommodation with the GOP (a $4 trillion deal that the Republicans rejected, in the summer of 2011) reveal a politician intent on ushering in a smoother, more rational corporate hegemony over a thoroughly pacified civil society. Part and parcel of that pacification is the de-professionalization of teaching – an ambition far beyond de-unionization.

Of course, Obama begins with the delegitimization of Black struggle, as in his 2004 Democratic Convention speech (”…there is no Black America…only the United States of America.”) To the extent that the nation’s most progressive, anti-war constituency can be neutralized, all of Obama’s corporate and military goals become more doable. The key to understanding America has always been race. With Obama, the corporate rulers have found the key that fits their needs at a time of (terminal) crisis. He is the more effective evil.

Small Business on Obamacare: No Reason to Hire or Invest

Business hires to service customers and expand when there’s enough aggregate demand to sustain sales at profitable prices. With or without Obamacare.

Small Business on Obamacare: No Reason to Hire or Invest

By Patricia Orsini

June 28 (CNBC) — Small business owners, who have been waiting for the Supreme Court’s decision on Obamacare before hiring and investing, say the ruling raises more questions than it answers.