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EDGECAST: U.S. Sen. Elizabeth Warren at The Mahaiwe: We’re in this fight

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By Sunday, Jul 29, 2018 Edgecasts 9

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  1. J.W. Clark says:

    Could we please get rid of this buffon, RESIST Warren.

    1. Carl Stewart says:

      How about we make a deal, J.W? The right will agree to obtain a middle-school proficiency with the English language…and this includes the “stable genius” in the White House…and the left will try to get rid of the buffons (sic.)

  2. Tom S says:

    Well done video.
    I wonder how many attendees were under 60yo? Looks like 1-2%
    Additionally, it sounds great, but Federal Tax Revenues have INCREASED since the tax decrease for the “rich” (or the ones who actually pay taxes). You can make a case that the “rich” should pay more, but don’t say these tax cuts decrease revenue, because it is not factual.

    1. Dave Long says:

      Tom- if you are going to refer to economic markers to make your point, I think you should consider being more complete. While GROSS REVENUE did increase NET REVENUE (receipts minus returns) probably did not. I say probably because the CBO only estimates the net and it has already revised this estimate downward twice since the numbers were first released. Even then, the increase in revenue was mostly attributed to two things: more people returning to the workforce (a trend that started in the middle of the Obama Administration) and increased withholdings on those who did not benefit from the tax cuts (mostly lower middle class workers). Additionally, there were several one time increases due to accounting changes or non-wage tax increases that are not sustainable in the long run.

      Originally in March when the numbers were released, it was estimated that the increase in revenue would be approaching 2.5%. By June, that estimate was reduced to 1.5%. In July, the CBO estimated that net revenues would be flat and it added a caution that layoffs caused by the trade tariffs combined with unplanned increases in discretionary government spending could lead to significant revenue shortfalls by the end of the year.

      Things like a rigged blip in revenue taken out of context are meaningless. What matters is how these numbers impact the lives of actual people. The fact is that structural unemployment is roughly equivalent to 1976 (including those who have dropped out of the workforce); real wages for working people (adjusted for inflation) are roughly the same (or less) than 1978; and the savings rate (the amount Americans put aside or invest) is at its lowest in recorded history. These things are far better indicators of how the economy is serving its citizens than tax collections — and all of these indicators have been flat or negatively impacted since Trump took office. The one bright spot may be structural unemployment, but even that has only marginally and inconsistently improved. Furthermore none of the above accounts for the decline in worker benefits (pensions, healthcare, paid leave, etc.) which are approaching (and in some sectors much worse) than the 1950s. Most Americans are treated like patsies as their standard of living decreases — and the numbers belie this truth.

      At the same time, concentration of wealth has increased unabated. The top 1% controls more wealth than the bottom 90% combined. The bottom 50% (62 million households) control a measly 7% of the total wealth. To implement a tax policy that exacerbates this trend is morally reprehensible and an existential threat to our economy as a whole. To try and justify this because the “rich” are the “job creators” is also demonstrably a fiction of the highest order used to mislead working people to accept policy that is clearly not in their best interest. This kind of fraud can only continue for so long. Sooner or later the “Trump base” will turn on him when they realize what is really going on — and then we will have a new kind of threat to our democracy to face.

      With reasonable and informed Republicans either marginalized or forced out of office, it is people like Senator Warren that provide the only check on the cancer currently gripping Washington. She gets it. She has shown a talent for designing policy. She is outspoken and asks the tough questions. We need her now more than ever. And we need more like her.

      1. Tom S says:

        Hello Dave, thank you for the thoughtful, respectful reply. I admittedly wrote my reply in haste.

        Though I do believe reduced tax rates DOES increase revenue, I was responding to The Senator’s statements as to why “we” could not afford to pay for/implement a policy for opioid addiction – something that should be universally supported whether its a government solution or not; she stated it was because “of the tax break given to the wealthy”, that is misguided. I assert that our government’s financial problems stem more from spending priorities rather than a revenue shortfall. There is plenty of waste, wrong and inappropriate spending in our Federal Government that we do not need to raise revenue. She, like many in government, cling to the idea that we can tax our way out of financial problems and refuse to look at reducing the cost of government.

        The “fair share” mantra is more of a campaign slogan or a rallying cry than an understandable concept mainly because we all have different concepts of what is “fair,” and always will.

        I am probably not the best person to argue any of these sides, because I do not feel the Federal Government should be so intrusive in our lives (via taxes AND policy) and would prefer to rely on community and family, so there is that.

        I was not attempting to bash Senator Warren, but I believe she will never get anyone other than her liberal followers if she continues to use this type of language.

      2. Dave Long says:

        Tom- Yes I know you were not bashing Warren, and please excuse me, I used your point to address issues I found in other comments relating to Warren’s visit. Sorry if it seemed like a general attack.

        Also, to be clear, I think the historical data shows that revenues increase most (and there is the most economic growth benefit) when taxes are cut for people lower on the economic scale because it stimulates effective demand. This actually was the Keynesian principle that ruled policy from the Great Depression up to Reagan. Taxes on the wealthy were very high during our longest period of sustained growth (late 1940s to 1970) but low on the middle and working classes. Periodic lowering taxes in this did help stimulate revenue — and helped create a positive feedback loop as the middle class benefitted from rapid wage growth.

        Since then, stagnant or declining wages (accounting for inflation) for the vast majority of Americans means that tax revenue from the rank and file has decreased and the wealthy pay more (see: https://money.cnn.com/2013/03/12/news/economy/rich-taxes/index.html). Consequently, the rich are the only place to actually get the money to run the government.

        The fallacy in the idea that tax cuts stimulate revenue over the long run is that it only works if there are strong middle and working classes driving effective demand by spending the tax savings. If the disparity of income becomes too great (and I fear we are nearing that now) the wealthy divert much of the tax savings into “non-productive” (read financial) investment that does not directly build the economy as a whole and tends to exacerbate income disparity even worse… which is something we have witnessed since the Reagan Revolution of the 1980s (with a few short exception periods).

        It also should be pointed out that the current tax plan sunsets the middle class tax cuts in just a few years, so in effect, unless congress intervenes we will not only have the largest tax increase on the middle class in history, but we are currently projected to have the largest three year increase in the national debt– meaning there will be no money to make middle class tax cuts permanent. This is completely antithetical to the Keynesian idea of lowering taxes to raise revenue and exposes the Milton Friedman proposition to be the maniacal sham that it is.

        This country needs a strong middle class. It is important that we do not miss the subtleties here. The structure of this tax cut will provide a short term boost — but a long term nightmare as we continue to watch America as we knew it to be disassembled piece by piece.

  3. J.W. Clark says:

    Mr. Long, are you kidding get back on your Meds.

  4. Jim Balfanz says:

    With Senator Warren continuing to spout the Liberal Progressive talking points, it might worthwhile seeing some of the following to determine (again) why the Democrat Party has actually left many Americans wondering, “are they really this crazy?”
    Great Orators of the Democrat Party- PAST :
    “One man with courage makes a majority.” ~Andrew Jackson
    “The only thing we have to fear isfear itself.” ~Franklin D. Roosevelt
    “The buck stops here.” ~Harry S. Truman
    “Ask not what your country can do for you; ask what you can do for your country.” ~John F. Kennedy

    Great Orators of the Democrat Party – RECENT:
    “It depends what your definition of ‘is’ is?” ~William Jefferson Clinton
    “Those rumors are false. I believe in the sanctity of marriage.” ~John Edwards
    “What difference does it make?” (re: Benghazi) ~Hillary Clinton
    “I invented the Internet.” ~Al Gore
    “America is, is no longer, uh, what it, uh, could be, uh, what it was once was, uh, and I say to myself, uh, I don’t want that future, uh, for mychildren.” ~Barack Obama
    “I have campaigned in all 57 states.” ~Barack Obama (Quoted 2008)
    “You don’t need God anymore; you have us Democrats.” ~Nancy Pelosi (Quoted 2006)
    “Paying taxes is voluntary.” ~Sen. Harry Reid
    “Bill is the greatest husband and father I know. No one is more faithful, true, and honest than he is.” ~Hillary Rodham Clinton (Quoted 1998)
    “You have a business. You didn’t build that. Someone else did!” ~Barack Obama (Quoted 2012)
    And the most ridiculous gem of wisdom, from the “Mother Superior Moron”: “We just have to pass the Healthcare Bill to see what’s in it.” ~Nancy Pelosi (Quoted March, 2010 ) (As one Doctor said: “That is also the perfect definition of a stool sample.”)

    Beyond a doubt, the greatest statement of all was made by Democrat House Speaker Sam Rayburn at the first Congressional session after Ted Kennedy was caught, on camera, having sex with one of his aides on the deck of his yacht …. “Ah see that the good Senatuh from the great state of Massutwoshits has changed his position on off-shore drilling'”
    “My fear is if North Korea nukes us, Trump is gonna get us into a war.” ~Maxine Waters (Quoted 2017)
    You just have to respect all that intellectual fire power

    1. Tom Blauvelt says:

      Past Republicans
      A house divided against itself cannot stand – Abe Lincoln
      With Malice Toward None, With Charity for All – Abe Lincoln
      To announce that there must be no criticism of the president… is morally treasonable to the American public. – Theodore Roosevelt
      The most practical kind of politics is the politics of dececy. – Theodore Roosevelt

      Modern Republicans
      I am not a crook – Richard Nixon
      I hereby resign the Office of the President of the United States – Richard Nixon
      Read my lips “No new Taxes” – George H.W. Bush
      I love California; I practically grew up in Phoenix.” -Dan Quayle
      Brownie you’re doing a heck of a job – George W. Bush
      Mission Accomplished – George W. Bush
      I think I was unprepared for war – George W. Bush
      I am not worried about the deficit. It is big enough to take care of itself – Ronald Regan
      Facts are stupid things – Ronal Regan
      I know more about ISIS then the generals – Donald Trump

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