Obamanomics and closing the income gap

In the 2nd Presidential debate, Obama said:

"Prosperity is not just going to trickle down. We've got to help the middle class. Part of the problem here is that for many of you, wages and incomes have flat-lined. For many of you, it is getting harder and harder to save, harder and harder to retire."

Obama's pointing out our nation's increasing income inequality.

The majority of social scientists believe that income inequality currently poses a problem for American society, and Alan Greenspan stated it to be a "very disturbing trend."

As I've often said... this [increasing income inequality] is not the type of thing which a democratic society—a capitalist democratic society—can really accept without addressing. - Alan Greenspan, June 2005

The chart (right) shows that the total share of national income going to the super-rich has more than doubled since 1979. The merely well off have also gotten a slightly bigger piece of the pie, while everyone else has funded this free-for-all. "Everyone else," in this case, means 90% of the country. Our share of national income has gone down in order to make sure that virtually all the fruits of economic growth over the past four decades could go to the well-off, the rich, and the super-duper-rich.

Closing the income gap continues to be one of Obama's highest priorities. (NYTimes: Closing Income Gap Tops Obama’s Agenda for Economic Change). McCain wants more tax cuts for the rich; Mr. Obama wants tax cuts for the poor and middle class. And economic history is on Obama's side (NYTimes: Would Obama’s Plan Be Faster, Fairer, Stronger?)

 

Obama walks the talk on health care

Another reason to be proud of Barack Obama. Here's an editorial from the Zanesville Recorder:

Obama covers health care

Recently Sara Eckhouse, the Obama field organizer in Zanesville, fell and had to be taken to the emergency room. Accidents happen, of course, but I was surprised when I took Sara to the emergency room. Sara had complete medical coverage from the Obama campaign.

Over the years, I have known a lot of campaign workers. However, this is the first time I have ever known a campaign to cover the temporary people who work the campaign.

Barack Obama is willing to put his money where his health concerns are. You and I know that he could have bought thousands of campaign commercials with the money he is spending on health care for his temporary campaign workers. Instead, he makes sure that people, like Sara working in Zanesville, has health coverage.

If Obama spends his campaign money to ensure that his workers have health care (and no one knows about it), don't you think he will be concerned with the health care of all of us?

P.S.

Sara has a broken nose and is doing fine.

How U.S. Regulators Laid the Groundwork for Disaster

NYTimes: The Reckoning: Agency’s ’04 Rule Let Banks Pile Up New Debt

Many events in Washington, on Wall Street and elsewhere around the country have led to what has been called the most serious financial crisis since the 1930s. But decisions made at a brief meeting on April 28, 2004, explain why the problems could spin out of control. The agency’s failure to follow through on those decisions also explains why Washington regulators did not see what was coming.

On that bright spring afternoon, the five members of the Securities and Exchange Commission met in a basement hearing room to consider an urgent plea by the big investment banks.

They wanted an exemption for their brokerage units from an old regulation that limited the amount of debt they could take on. The exemption would unshackle billions of dollars held in reserve as a cushion against losses on their investments. Those funds could then flow up to the parent company, enabling it to invest in the fast-growing but opaque world of mortgage-backed securities; credit derivatives, a form of insurance for bond holders; and other exotic instruments.

The five investment banks led the charge, including Goldman Sachs, which was headed by Henry M. Paulson Jr. Two years later, he left to become Treasury secretary.

A lone dissenter — a software consultant and expert on risk management — weighed in from Indiana with a two-page letter to warn the commission that the move was a grave mistake. He never heard back from Washington.

This article is now the most popular on the NYTimes site.

 

If you own a dog

Watch this video:

Sarah Palin is an enthusiastic supporter of aerial wolf gunning. Often wolves shot from the air are not killed outright and left to die on the ground. Palin enthusiastically defends this cruelty. You can find out more here.

It is no accident that the Humane Society Legislative Fund has decided to endorse Obama for president this year. They have never endorsed a president before.

Rep. Ted Celeste Earns Dispatch Endorsement

Congratulations to Ted Celeste on his endorsement by the Columbus Dispatch:

For General Assembly: Ted Celeste, Dan Stewart, Tracy Heard
Three incumbents in 24th, 25th and 26th districts merit another House term
Wednesday, October 1, 2008 3:18 AM

As state lawmakers and the governor continue to grapple with problems such as Ohio's stagnant economy, school funding and a huge projected budget shortfall, incumbent state Reps. Ted Celeste, Dan Stewart and Tracy Heard have the experience to help.

• In the 24th District, which includes Grandview Heights, Marble Cliff, Upper Arlington and Valleyview, The Dispatch endorses first-term Democratic incumbent Ted Celeste.

Celeste, the younger brother of former Ohio Gov. Richard F. Celeste, has demonstrated the ability to reach out to majority Republicans in the legislature. He has made mental-health issues his specialty. He sponsored bills to cover treatment of post-traumatic stress disorder for military personnel, increase state services for families with autistic children and expand mental-health coverage to include drug and alcohol treatment. He is a former member of the Ohio State University board of trustees and is a longtime businessman, giving him a solid understanding of the state's higher-education needs and of the problems facing business owners.

He avoided negative ads in winning this seat in 2006 and continued that in this year's campaign against Republican Tim Rankin, who served two four-year terms on the Upper Arlington City Council.

He avoided negative ads in winning his seat in 2006 and continued that in this year's campaign. . ."

Top Ten Messages Left on Sarah Palin's Answering Machine

From The Late Show with David Letterman, October 3, 2008.
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10. "Hi, it's John McCain; I had to go to bed. How did it go?"
9. "Katie Couric here. Have you thought of a Supreme Court case yet?"
8. "Hi, it's Bill Clinton. Let me know when Todd's out of town."
7. "My name is Joseph Six-Pack - Knock it off"
6. "Hi, Katie Couric again - Think of any newspapers yet?"
5. "Buy the Late Show Fun Facts. It's a bridge to hilarity"
4. "John McCain again; Could you pick up my prescriptions?"
3. "Senator Larry Craig here - Do you have Joe Biden's phone number?"
2. "McCain again; Do you remember where I parked the Straight Talk Express?"
1. "It's President Bush. If you're at the debate, who's watching Russia?"

The Statesman vs. the Hockey Mom

These next two installments of VP candidate interviews with Katie Couric show the stark contrast between Biden and Palin. Biden provides fluent and substantive answers. Palin ---- well not so much.

Here's Palin and Biden on Roe v. Wade:


Watch CBS Videos Online

 

And here's Palin and Biden on separation of church and state:


Watch CBS Videos Online

Celebs to Americans: Don't Vote!

Great video. Lots of laughs. Passing this video on to young people may be one of the most important things you do this election. Use our send to a friend link below.

 

Cafferty: Palin should "scare the hell out of you"

The fact that Palin’s studying to be Vice President through all-night cram sessions, as if the campaign were some undergrad final should, in Cafferty's words, "scare the hell out of [every American]".

Vice President of the United States is a position that requires someone who is already comfortable and familiar with the issues, not someone who’s stuffing facts and figures in her head at the last minute and hoping they all come out in the right order.

After showing an incoherent answer from Sarah Palin's interview with Katie Couric regarding the bailout, CNN's Jack Cafferty said,

"If John McCain wins this woman will be one 72-year-old's heartbeat away from being President of the United States. And if that doesn't scare the hell out of you, it should."

Wolf Blitzer then tries to play devil's advocate and suggests that Palin's incoherence might be the result of too much cramming. "Don't make excuses for her," counters a clearly upset Cafferty, who sums up Palin's performance in one word--pathetic."

UAPA says: Vote Yes on Issue 5!

391Ask yourself one question, "Is 391 percent interest too high?" Yes!

Now you know how to vote on Issue 5, Ohio's payday loan referendum that gready lenders are trying to get on the Nov. 4 ballot.

Upper Arlington Progressive Action first brought this to your attention several months ago when we learned about the effort to reform payday lending. We applauded the passage of House Bill 545, which reduced the annual percentage of interest that can be charged down to 28 percent.

Then the national payday lending lobby started its shanaigans. They are trying to overturn the reform measure by putting the issue on the ballot. But their petition circulators have been deceptive and their ballot language misleading.

UAPA joins nearly every major newspaper in Ohio, the governor, the speaker, the senate president, big-city mayors and city councils, and religious, business, civic and social leaders in urging you to remember:

YES to Issue 5.

Spread the word!

Want to help? Visit www.yesonissue5.com.

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