from http://alleducationmatters.blogspot.com/2011/06/viral-wildfire-terrified-debtors-spread.html
Yesterday morning few people were aware of what had happened to Kenneth Wright's rights in Stockton, California. Thanks to the hard work of numerous advocates, however, that changed within hours of a local news story about the use of excessive force.
People across the country - and even the globe (my own work was being retweeted by people in Stockholm and London) - learned that Wright's door was broken down by federal agents, he was handcuffed in his underwear, and thrown into a patrol car for 6 hours. Although the initial report from News10 suggested that the warrant for Wright's estranged wife was for her defaulted federal loans, the story quickly changed over the course of the day. (News10 took the story down once it went viral and has provided an updated version that discusses the use of excessive force. There is no mention of defaulted loans. In addition, News10 released the warrant that indicates that fraud was being committed. However, it is truncated and the entire warrant remains sealed).
It is common knowledge among higher education finance experts that the Department of Education's Office of Inspector's General (OIG) conducts search warrants. Moreover, these cases, as Press Officer Sara Gast explained to me in a recent email, are generally related to investigations of "bribery, fraud, and embezzlement of federal student aid funds." Such investigations are generally limited, Gast told me, to 30 - 35 search warrants a year. But the general public is not privy to this type of activity. (When I followed up with Gast by phone, she provided me with Press Secretary Justin Hamilton's direct line. As of this writing, a call from Hamilton has not been returned).
While Wright's estranged wife may be involved in fraudulent activity, there are two crucial points about this unfolding story. First, it spread like wildfire throughout the blogosphere because it was fueled by fear. Bloggers on the left and the right picked up on the story, and that led to major media outlets putting out reports, too. There is good reason for why it became so hotly discussed. There is a growing number of indentured educated citizens who are fast approaching financial disaster. Thousands and thousands of them have shared their stories with me over the past 2 years. The use of force by the Department resonated with countless readers. Many of them wrote on Facebook pages and tweeted, "It's scary. What if that happened to me?" . . . "I'm close to defaulting on my loans. Will the Department break down my door?"
rest at http://alleducationmatters.blogspot.com/2011/06/viral-wildfire-terrified-debtors-spread.html
Thursday, June 9, 2011
Ryan flip-flops, says cutting spending 'more important' than avoiding default #p2 #tcot
from http://www.dailykos.com/story/2011/06/09/983597/-Ryan-flip-flops,-says-cutting-spending-more-important-than-avoiding-default
Ryan also thinks he can fly (Jason Reed/Reuters)
Via Think Progress, check out Paul Ryan's latest position on raising the debt limit:
If a bondholder misses a payment for a day or two or three or four—what is more important is you are putting the government in a materially better position to better pay its bills going forward.
He's not exactly endorsing a default on our fiscal obligations, but he is saying it would be preferable to go into default for a short period of time than to compromise on the GOP's demands for massive spending cuts. His argument is that financial markets care more about U.S. long-term fiscal policies than about whether or not we pay our bills. That's absurd; bond yields are at historical lows, despite our large deficit. If Ryan were right, borrowing would be far more expensive than it is today.
But while the situation couldn't get much better than it is, going into default would be a disaster. Just look at what happened in 1979 when we had a very brief default driven by technical factors:
When the country had a very short-lived default in 1979 -- due to a technical glitch among other things -- bond yields spiked 60 basis points and, according to those who studied the event, remained elevated thereafter.
Keep in mind that default wasn't a result of political stalemate; it was a technical screwup—yet it still had a big impact, and the impact would be bigger this time around. But even if a short-term default weren't a big deal, it's folly to believe that the default would in fact be short-term. Once you enter default, all bets are off—who knows what will happen. And there certainly isn't a any guarantee that you can depend on anything Paul Ryan says. Remember, this is the same guy who once said "you can't not raise the debt ceiling," adding that "default is the unworkable solution." Now he says default would be preferable to simply raising the debt limit. There's no telling what his position will be seven weeks from now.
U.S. recovery, rest in peace #p2 #tcot
http://finance.fortune.cnn.com/2011/06/08/u-s-recovery-rest-in-peace/
The recovery is over.
So says UCLA economist Ed Leamer. He notes that May brought the first year-over-year decline in the Pulse of Commerce Index of domestic diesel fuel use since the end of 2009 – the latest yellow flag to be raised over the sputtering U.S. economy.
The index, which indirectly tracks industrial production via trucking mileage, has now declined in four of the five months this year and in eight of the past 12. The weak showing doesn't say a recession is at hand, but it means the economy has stopped closing the gap between its actual output and its pre-recession potential growth trend, Leamer says.
That gap, currently around 11% of potential gross domestic product, is not going to get any narrower till we see U.S. output expanding at a rate above 3% -- something that doesn't seem to be in the cards this year. Even skeptics of the U.S. growth story such as Leamer had hoped to see a little better performance in May.
"I was optimistic we'd have a better month," says Leamer, who oversees the Pulse of Commerce Index along with data provider Ceridian. "But it looks now like the recovery ended last summer, which means we're just idling."
Weak wages, slow job growth and heavy debt continue to weigh on consumer spending and the housing industry, which are typically two strong drivers in the early stages of recovery. Leamer says that with those engines sputtering, the U.S. economy is now much more dependent on a strong export performance than it has been before.
And though the second half of the year may bring some welcome relief in the form of lower fuel prices and a rebound in auto sales as Japan rebounds from quake-related damage, there is the risk that the dollar will stop falling against the euro – which could make U.S. exports costlier. It will be interesting to see them blame that one on Bernanke.
In any case, it is a movie none of us has seen before, which stands to make the ending interesting if not probably in a good way.
"U.S. demand has been such a key for the rest of the world for so long," says Leamer. "This is sort of uncharted territory."
The US recovery is over so says UCLA economist Ed Leame #p2 #tcot
http://www.desdemonadespair.net/2011/06/us-recovery-rest-in-peace.html
The recovery is over.
So says UCLA economist Ed Leamer. He notes that May brought the first year-over-year decline in the Pulse of Commerce Index of domestic diesel fuel use since the end of 2009 – the latest yellow flag to be raised over the sputtering U.S. economy.
The index, which indirectly tracks industrial production via trucking mileage, has now declined in four of the five months this year and in eight of the past 12. The weak showing doesn't say a recession is at hand, but it means the economy has stopped closing the gap between its actual output and its pre-recession potential growth trend, Leamer says.
That gap, currently around 11% of potential gross domestic product, is not going to get any narrower till we see U.S. output expanding at a rate above 3% -- something that doesn't seem to be in the cards this year. Even skeptics of the U.S. growth story such as Leamer had hoped to see a little better performance in May.
"I was optimistic we'd have a better month," says Leamer, who oversees the Pulse of Commerce Index along with data provider Ceridian. "But it looks now like the recovery ended last summer, which means we're just idling." …
Love it: @gop Breaking News: Gingrich's senior campaign staff reportedly resigns en masse #p2 #tcot
Virtually the entire staff to Republican presidential candidate Newt Gingrich resigned en masse Thursday afternoon following a staff meeting, individuals close to the campaign said Thursday. Those resigning included campaign manager Rob Johnson, and campaign advisers Dave Carney and Katon Dawson. http://link.email.washingtonpost.com/r/8VXTM7/NSUB2M/EWTNMZ/SW3IG7/XEQUA/XL/h For more information, visit washingtonpost.com |
Wednesday, June 8, 2011
Glenn Beck Uses Auschwitz To Promote His New Media Venture #p2 #tcot
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House WIC Cuts Would End Food Assistance for 200,000 to 350,000 Low-Income Women and Children #p2 #tcot
House WIC Cuts Would End Food Assistance for 200,000 to 350,000 Low-Income Women and Children
By Zoë Neuberger and Robert Greenstein
"A large cut in the WIC nutrition program that the House Appropriations Committee approved last week would force WIC to turn away 200,000 to 350,000 eligible low-income women and young children next year. This cut, part of the 2012 appropriations bill that the Committee approved May 31, would break a 15-year commitment by Administrations and Congresses of both parties to provide enough WIC funding to serve all eligible women, infants, and children who apply."
Note: The report contains state-by-state data on estimated participation cuts in FY 2012 relative to participation in March 2011.
View the full report:
http://www.cbpp.org/cms/index.cfm?fa=view&id=3499
http://www.cbpp.org/files/5-23-11fa.pdf 3pp.
fair? @gop Pawlenty Plan Would Cut Income Taxes for Richest 400 Americans by 73 Percent #p2 #tcot
from http://www.ctj.org/taxjusticedigest/archive/2011/06/new_from_ctj_pawlenty_plan_wou.php
Former Minnesota governor and presidential candidate Tim Pawlenty has released his proposed tax plan, including very specific rate cuts and exemptions for investment income, and vague promises to eliminate tax loopholes. Even if he eliminates all itemized deductions and credits, millionaires would still receive an enormous income tax break under the plan.
Download the PDF
Pawlenty Plan Would Cut Income Taxes for Richest 400 Americans by 73 Percent
Former Minnesota governor and presidential candidate Tim Pawlenty has released his proposed tax plan, including very specific rate cuts and exemptions for investment income, and vague promises to eliminate tax loopholes. Even if he eliminates all itemized deductions and credits, millionaires would still receive an enormous income tax break under the plan.
Download the PDF
Pawlenty Plan Would Cut Income Taxes for Richest 400 Americans by 73 Percent
assholes: Delta Charges U.S. Troops Returning From Afghanistan $2,800 In Baggage Fees (VIDEO) @delta @DELTAAIRLINES
http://www.huffingtonpost.com/2011/06/08/delta-troops-afghanistan-baggage-fees_n_873027.html?ncid=edlinkusaolp00000009
WASHINGTON -- Delta Air Lines is facing intense criticism after charging 34 U.S. soldiers returning from Afghanistan $2,800 in baggage fees.
The incident came to light on Tuesday after a couple of the new-media savvy soldiers recorded a video about their ordeal and posted it on YouTube.
"We showed up and found out we had too many bags," said Army Staff Sgt. Robert O'Hair in the video, which was shot on their flight. "We had four bags, and Delta Air Lines only allows three bags. Anything over three bags you have to pay for, even though there's a contract between the United States government and Delta Air Lines: When returning from Afghanistan on military orders, you're authorized up to four bags."
O'Hair added that all the soldiers with a fourth bag had to pay $200 out-of-pocket. The total for the 34 soldiers was more than $2,800. O'Hair's fourth piece of luggage was his weapons case, carrying the tools he used, in his words, to "protect myself and Afghan citizens while I was deployed in the country."
rest at http://www.huffingtonpost.com/2011/06/08/delta-troops-afghanistan-baggage-fees_n_873027.html?ncid=edlinkusaolp00000009Tuesday, June 7, 2011
Health Advocates, Govt Officials Surprised By Obama’s Efforts To Prevent Residents From Suing States Over Unfair Medicaid Cuts #p2 #tcot
http://thinkprogress.org/health/2011/06/07/238973/health-advocates-administration-officials-surprised-by-obamas-efforts-to-prevent-residents-from-suing-states-over-unfair-medicaid-cuts/
As states across the country cut back on Medicaid spending — leaving many Americans with nowhere to go to get proper medical care — health care advocates in states like Washington, North Carolina, and Arizona are filing lawsuits to try to reverse the reductions. But the Obama administration is standing in the way.
On May 26, acting Solicitor General Neal Katyal filed an amicus brief in a Supreme Court case "arguing against Medicaid patients and providers suing California over changes to its Medicaid program." As Lester Feder reports in the Politico, the move shocked many in the health care policy community, including Secretary of Health and Human Services Katheleen Sebelius, who had been working behind the scenes to head off the opinion:
Advocates for Medicaid beneficiaries say the case, Douglas v. Independent Living Center of Southern California, is important because it will be very difficult to enforce states' obligations under Medicaid if the Supreme Court accepts Katyal's argument. This could not only hurt beneficiaries who would have little recourse if Medicaid denies life-saving benefits, but it could also undermine the Patient Protection and Affordable Care Act, which relies on states to implement key components. The court will hear the case in the next term. [...]
The ACA will add an estimated 16 million people to Medicaid rolls. If the court follows Katyal's argument, Rosenbaum said, "It would be like having an insurance policy on paper and no real way to enforce the kind of assistance that real people in the real world are supposed to get."
And, she added, there's "no stopping point … in terms of its spillover effects" if the Supreme Court broadly restricts individuals' access to the courts over state implementation of such a federal program.
The administration says that it is opposing the right of individuals to challenge state because that would create "unmitigated litigation clogging up the courts," but such lawsuits are already restoring health care cuts to the neediest Americans.
Last week, the Washington Supreme Court court found that the state Department of Social and Health Services "made broad assumptions based on children's age and living conditions instead of examining the need in each individual case" and unfairly cut benefits. The ruling will restore care to as many as 3,000 children who are served by the state's children's health care program. The court also affirmed a lower court decision that reversed cuts to 1,000 seniors receiving in-home care.
ANALYSIS: Pawlenty’s Tax Plan Would Cost $7.8 Trillion Over Ten Years, Triple The Size Of Bush Tax Cuts #p2 #tcot
http://thinkprogress.org/economy/2011/06/07/238929/analysis-pawlentys-tax-plan-cost/
Our guest blogger is Michael Linden, Director of Tax and Budget Policy at the Center for American Progress Action Fund.
Earlier today, presidential candidate and former governor Tim Pawlenty (R-MN) outlined his economic policy "vision," which included several major proposals to cut taxes. Pawlenty called for:
– Cutting the top individual income tax rate down to 25 percent;
– Having just two income tax brackets, 10 percent and 25 percent;
– Eliminating all taxation on capital gains, dividends, and estates;
– Cutting the corporate tax rate down to 15 percent
These proposals, taken together would bestow a massive tax cut on the wealthiest people in the country. They would also reduce overall federal revenues to a such a low level that even if Pawlenty's draconian, radical spending targets were achieved, deficits and debt would still soar out of control.
All together, Pawlenty's tax proposal would generate an average revenue level of just 13.6 percent of GDP from 2013-2021. That translates to a tax cut of $7.8 trillion, and that's on top of $2.5 trillion cost of extending all of the Bush tax cuts (see below for details on how this estimate was calculated).
Pawlenty also says that he will balance the budget, and cap spending at 18 percent of GDP. Unfortunately for Pawlenty, his tax plan leaves him about $8.4 trillion short. Given that reality, he can either embrace a huge middle-class tax increase, or give up his claims to a balanced budget. If he doesn't make up that revenue, deficits and debt will skyrocket, even if he does slash spending back to levels not seen in half a century.
Read how we got our numbers after the jump.
The Tax Policy Center estimated the revenue effect of the certain revenue proposals in the House passed budget plan, including reducing the top rate to 25 percent, and cutting the corporate rate to 25 percent. To get the additional cost of reducing the corporate rate further to 15 percent, we simply doubled the TPC estimate of this provision.
The Congressional Budget Office estimates how much revenue the government is expected to collect from capital gains and from estate and gift taxes.
We estimated the revenue effect of removing the 15 percent bracket based on data from the Internal Revenue Service for 2007 and extrapolating forward.
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