Want to solve the welfare issue in one day?
Good here it is:
Unemployment insurance available for 16 weeks (4 months). At start of 17th week if you do have work yet YOU ARE working for the government but you also are getting paid a livable wage ($15 an hour sounds right). If you refuse to work for the gov. thats ok but you are then eligible for Nothing-nada-zip. Reason many do not go off unemployment is that when you are on it you make on average say $250 per week but if you take that great Walmart job at $7.25 an hour you make $290 a week before taxes which nets you out at around $200 a week or $50 a week LESS than if you dont work. It just makes economic sense to not take a job where you put 40 hours in a week to make LESS than doing nothing. Added benefit is that at $15 an hour ($30,000 a year) you suddenly have a huge net in tax collection. Another added benefit is low wage companies like walmart (which averages over $500k per superstore in welafare benefits since the pay they pay is so low many employees are eligible for susbsidies) would be forced to pay a living wage or else NO ONE would work for them.
Unemployment problem solved in weeks…
Next apply same theory to welfare and within 6 months only people on welfare are the infirm and chronically mentally ill. if you are able bodied you have to work OR GET NOTHING!! EOS Less
gotnogame commented on the blog post Jamie Dimon Says Government Has Been Unfair To JPMorgan
Maybe we could coerce jamie to throw some popcorn at some people…..
gotnogame commented on the blog post Jamie Dimon Says Government Has Been Unfair To JPMorgan
Dimon deserves a boatload of street justice. My wet dream would be for jamie to stumble across the path of one of those idiot “stand your ground” guys who happens to feel threatened that day. The ironic justice of it all…..
gotnogame commented on the blog post Report: 85 Richest People Have More Wealth Than Poorest Half Of The World
“The revolution will not be televised” Gil-Scott Heron
gotnogame commented on the blog post As Unemployed Lose Benefits DC Enjoys A Wonderful Year Of Patronage
Have long thought that any true progressive should work to set up a program that not only calls out the right wing but actually does something that works for ALL when it comes to the unemployed. Here is my take:
1. Have unemployment comp. end for ALL after 16 weeks. The Repubs would be estatic!! No more welfare bums laying around collecting a check (never mind the fact that it makes NO economic sense to pass on your unemployment check for say $250 per week to take that Walmart job at $7.25 an hour which grosses you $290 and nets you around $210 per week after 40 hours of mindless work!)
2. On the 17th week no more unemployment but you are able to work for the government and set the minimum pay there at say $15 per hour! Now you are making $600 per week instead of $250 unemployment which is well worth the effort!! If you refuse to work well then count on charity cuz thats all you would get!
3. End result here? You now have people wanting to quit the low end dead end jobs to work for the government and at $15 an hour (Obama can set pay by presidential decree no Congress needed!) you are now making $30,000 per year, you are now paying a real amount in taxes instead of taking money out of fed budget, and the economy is pumped up since money is now flowing to people who will spend it–the nescessary element in any demand economy.
4. The wonderfull kicker here is with people flocking to the government jobs that pay at least a livable wage the rip offs at the Wamarts etc etc are FORCED to raise their wages IMMENSELY or find themselves with NO WORKERS. Raise minimum wage to $10 an hour?? Fuck that because by running a jobs program like this real wages would quickly find equilibrium in the $14-16 an hour minimum!!!!
5. The REPUBS would have to endorse the plan because it stops the person who just does not to work, anyone who wants to work would have a job that at least pays a livable wage, the economy booms, the deficit gets reduces with all those new taxpayers, and real wages move up to the $15 range like any civilized country would pay as a base! Whats not to like lets do it before New Years PRES!!!
gotnogame commented on the blog post Former Fed Reserve Official Comes Clean On QE, Apologizes To America
Here You go. From Seeking Alpha 2010 or so:
We’ve been over the numerous BS excuses that US Dollar destroyer extraordinaire Ben Bernanke has made for QE enough times that today I’d rather simply focus on the REAL reason he continues to funnel TRILLIONS of Dollars into the Wall Street Banks.
I’ve written this analysis before. But given the enormity of what it entails, it’s worth repeating. The following paragraphs are the REAL reason Bernanke does what he does no matter what any other media outlet, book, investment expert, or guru tell you.
Bernanke is printing money and funneling it into the Wall Street banks for one reason and one reason only. That reason is: DERIVATIVES.
According to the Office of the Comptroller of the Currency’s Quarterly Report on Bank Trading and Derivatives Activities for the Second Quarter 2010 (most recent), the notional value of derivatives held by U.S. commercial banks is around $223.4 TRILLION.
Five banks account for 95% of this. Can you guess which five?
click to enlarge
Looks a lot like a list of the banks that Ben Bernanke has focused on bailing out/ backstopping/ funneling cash since the Financial Crisis began, doesn’t it? When you consider the insane level of risk exposure here, you can see why the TRILLIONS he’s funneled into these institutions has failed to bring them even to pre-Lehman bankruptcy levels.
Ben Bernanke is a stooge and a fraud, but he is at least partially honest in his explanations of why he wants to keep printing money. The reason is to try to keep interest rates low. Granted, he’s failing miserably at this, but at least he understands the goal.
Of course, Bernanke tells the public and Congress that the reason we need low interest rates is to support housing prices. He doesn’t mention that $188 TRILLION of the $223 TRILLION in notional value of derivatives sitting on the Big Banks’ balance sheets is related to interest rates.
Yes, $188 TRILLION. That’s thirteen times the US’ entire GDP, and nearly four times WORLD GDP.
Now, of course, not ALL of this money is “at risk,” since the same derivatives can be traded/spread out dozens of ways by different banks as a means of dispersing risk.
However, given the amount of money at stake, if even 4% of this money is “at risk” and 10% of that 4% goes wrong, you’ve wiped out ALL of the equity at the top five banks.
Put another way, Bank of America (BAC), JP Morgan (JPM), Goldman (GS), and Citibank (C) would CEASE to exist.
If you think that I’m making this up or that Bernanke doesn’t know about this, consider that his predecessor, Alan Greenspan, knew as early as 1999 that the derivative market, if forced into the open and through a public clearing house, would “implode” the market. This is DOCUMENTED. And you better believe Greenspan told Bernanke this.
In this light, all of Bernanke’s monetary policies and efforts are focused on doing one thing and one thing only: trying to shore up the overleveraged, derivative-riddled balance sheets of the Too Big to Fails, or Too Bloated to Exist, as I like to call them.
The fact that the bank executives taking this money and using it to pay themselves and their employees record bonuses only confirms that these folks have NO interest in taking care of shareholders or their businesses. They’re just going to take the money and run for as long as this scheme works.
I don’t know when this will come unraveled. But it WILL. At some point the $600+ TRILLION behemoth that is the derivatives market will implode again. When it does, no amount of money printing will save the Too Bloated To Exist banks’ balance sheets.
At that point, it’s game over for Wall Street and the Fed.
gotnogame commented on the blog post Democrats Opening The Door On Cuts To Social Security
At this point if the Tea Party can help tank a Grand Bargain then progressives should welcome their help. It also says something that the program has such widespread popularity even among the ultra conservatives. People see these programs as improving their lives despite the “socialism” aspect
Yes progressives should tap into Tea Party to tank Grand Bargain AND to change foreign policy to an anti-militaristic one. The group that not only wins elections but makes actual positve change for the average American will be the one who puts a strange collective of libertarian and progressives together united in seting up a workable safety net and massive cutsw to military. By workable safety net I mean Medicare for all and fully funded Social Security thru caps off and tax base in.
gotnogame commented on the blog post Democrats Opening The Door On Cuts To Social Security
Done right we MIGHT WANT the SS and medicare discusion because it will be the only time when we get true airtime to really push out the true alternatives. SS is funded FOREVER if we do two small things.
1. Take the cap totally off on earnings (no doughnut hole)
2. Tax ALL earnings for SS and Medicare not just working side of income. How about a hedge fund manager putting their share of say 5 billion in earning per year into SS and medicare. Yes dividends and capital gains and carried forward interest all should be taxed as ORDINARY income for federal tax and FICA.
You do those two things and SS is not only funded FOREVER but you could have FULL retirement at age 62 (opening tons of jobs for todays youth). We should be pushing for full retirement earlier not later.
By the way why not have 10% of all income be taxed for SS and medicare instead of current 7.9%? Of course once again have that 10% on all income not just “ordinary” income. Result with that? Why Medicare for all from birth to death is now fully funded. 95% of the American public would happily allow 10% of their income to be used for a medicare for all system (getting rid of the idiotic employer based system) along with a SS system that give you full retirement pay at age 62.
The US has plenty of money. we just spend it in the worst ways possible.
Lastly do not discount a far left/libertarian alliance of some sort in coming elections. They totally mix on the two key areas we face–foreign policy (both very isolationist as it should be)and entitlement programs.
gotnogame commented on the blog post Democrats Push Back Against Obama Budget As Republicans Take Advantage
You can just see in his expressions that AXELROD knows what he is touting is incrediable bullshit and he is shocked to have someone call him out on it. Next thing you know the big O and David will ONLY appear on FIX NEWS!!
Full SS at age 60 paid for by no cap on earnings pay in and by having cap gains and dividends count as full FICA contributors. Income from investments pay in on SS and Medicare and we have enough money for full retirement at age 60 (opening up millions of jobs for the young) and full Medicare for all (as long as medicare able to cut medicare D and negotiate reduced costs on drug benefits as it should).
gotnogame commented on the blog post At Confirmation Hearing Lew Faces Questions Over Citigroup Bonuses, Tax Shelters
Now this is an OBAMA appointment that richly deserves to fail. Dems should not kiss Obamas butt when he plays corporatist stooge and reject this POS pick….
cwalt-ain’t that the sad truth.
Was shocked Bernie voted for it-probably the exuse will be unemployment extension. Hopefully when the cavalry rides in we start to hold firm.
The markets were totally reacting to the idea that cap gains would be taxed properly and if we had gone off the curb the repugnuts would have negotiated anything away to keep that from reverting to full rate. Could have gotten it easly to 25-30% with cap off social security earning and cap. gains and dividends COUNTED for SS if the Dems only had a pair. But alas we know that there are no balls in the democratic party. Funny but the first real set might come forward from a pair of women coming in-LIZ WARREN abd TAMMY BALDWIN. Its time the DEMS had a real agenda and pursued it. You know, a democratic wing of the democratic party so to speak. If we don’t it will come to violence in the streets on a wide scale. My take–in 10 years either the Repug party is a footnote in history or we will be living under a dictatorship (more than we are now).
The big ripoff was not whether the cut off was 250k or 400k (my take was it should have been 100k) but the totally screwing the American people got by Wall Street again where cap gains and dividends were only raised from 15% to 20% where if we went off the clif it would have reverted to regular income rates meaning the top enders would have paid 39.6% on capital gains and dividends with little to hide it which would have resulted in TRILLIONS of additional revenue. Yet lamestream hardly mentions it. All along keeping this little wealth separator was the KEY to averting the fiscal bunny slope. Got to kep Romney and the boys at that under 20% overall rate after all.. All else was window dressing…..
By the way as always there would be NO cap on Fica contributions in this plan so if a hedge fund manager happened to make 5 billion one year we at least have the satisfaction of knowing that that wealth prson is contributing 500 million to the safety net that year. If Exxon has 100 billion in revenue they are also throwing in 10 billion to the new FICA. The revenue going to quality needs in the US would go up almost geometrically and yet business might not be so dead set against it since they no longer have to match FICA or have any responsibility for Medical coverage for employees equalizing them to any other business in the rest of the world which long ago abandned anything as archaeic as emplyer based health are systems.
With a fully funded Social safety net (ie Social security with full retirement at 62, Medicare for all and free education) do we really care if the rest of the federal giv. somewhat withers away—ie military industrial complex and if it doesn’t wither that at least the ultra wealthy pay most of that burden?
kbki-YOU misinterpet. When we pay into FICA it is not on an after deduction basis it is on a % of total paycheck. What I propose is the same for business. Instead of matching employee share of FICA like they do now I say we no longer make business’s resp[onsible for any matching fund on Fica and they no longer have any rponsibility whatsoever on health care (employer provided or not). What they do pay in is the same 10% us wage slaves pay in on the TOTAL REVENUE of the company. Many if not most corps don’t pay diddley in taxes now (GE not paid a penny in in a decade) so what we do is relieve them of FICA share and health insureance BUT thye also lose10% ot heir total revenue right off the top. Yes semi revolutionary but I think presented right it just might have legs. Those business who refuse to pay in are then labeled foreighn business interests and all goods sold in the US would get with a 25% Tarriff. In other words busines pays their SOCIAL weight in America or are treated as a tariffable commodity. Stops all the deduction bullshit as corps need to show true revenue to keep lofty stock prices….This is a reality answer to one of our biggest problems-how to get corps to pay their fair share….
Boo-would love to see more conversation of true changes in taxation poicy that actually benefit someone besides the top 2%. We have plenty of money (revenue) in this country but it continuely seems to flow to the least productive areas. Maybe we should actually have a counter plan to Repugnut crap and push that agenda.
As a smal business owner the idea that I would not hire an additional person because I might have to pay an extra 3 cents out of my net revenue per dollar in is so laughable as to be idiotic as one example of time worn concepts whose demise is richly deserved..
Kbki-what planet you from? A flat 10% of all revenue both income from work and money at work and 10% of all business revenue is the MOST progressive thing taxation mechanism ever mentioned on FDL. Most tue progressives get it that what we want out of government in health care, education and basic work retirement security. Not saying that Medicare for all would be end all be all but rather a solid base for ALL Americans.
Using words like “flat” in taxation talks take the Rovian wordplay and using it for PROGRESSIVE intentions. Its about time that progressives lay out SOLID going forward concepts like this instead of reacting to right wing talking points. Me thinks you protest too much……
Put education into the FICA tax and then tax all income be it from work or from cap gains or dividends at a steady 10% rate. All business’s based in US and paying US taxes also pay not a matching amount to their emploees but also pay a flat 10% into the new Fica. No cut off point so all revenue created in the US is taxed at a flat 10% be it busines income or worker income. The result? Why easily free education thru college for all (if maintain a decent grade point) full retirement at 62 for all and at the least a base Medicare for all. If you want a supllimental or catastrophic health care suppliment by all means go for it.
What happens? Business no longer has to provide employee health care, the bigest costs of Medical care (the overblown middle man health insurance companies) are gone, older people retire earlier making room for more jobs for younger people and we get an educated population. Any local corporation who suddenly becomes transnational as far as taxes are allowed o but they like all other foreign companies who do not provide fica income for the US national good are immediately and permanently hit with a 25% tarrif on all goods sold in the US.
Medicare for all, social ecurity with full retirement at age 62 and a tremendously educated labor force with a big push for homegrown industry to counter and prevent a 25% tariff and we are on our way to a truely GREAT society. Only thiong to add is a minimum wage of $15 per hour so wipe out poverty and create a huge tax base.
By the way if SS, Medicare and Education are funded thru FICA then you can literally let a lot of the rest of government somewhat wither away like the teaparty wet dream. Maybe a 5% fed tax on income from 0-100k, 10% rate from 100-200k, 15% rate from 200-400k, 20% rate from 400-800k and 25% rate on all income over 800k. Most people would pay a combined FICA abd FED tax rate of a TOTAL of 15% with even the top income people paying only at a 35% rate. The difference is all income is counted as regular income and the first 10% of all income goes to FICA.
Rejuvenated economy, full retirement at 62, medicare for all, free education to all who put effort in thru college, and average full tax rate LOWER for 95% of the population—WHATS NOT TO LIKE??? Maybe we start getting a few progressives to actually start pushing an agenda like this that actually provides SOLUTIONS!!!!
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