As the White House mounts a major campaign to sell the “Buffett Tax” this week, there is another, better tax on the 1 percent that Washington should be considering: A financial-transaction tax—better known as a financial speculation tax (FST). A financial-speculation tax has been...
A report issued on Thursday by the city government said Yonkers faced an $89 million shortfall for the next fiscal year, and $465 million over the following three years. The developments come as municipalities around the state and the nation face a growing fiscal crisis. In an interview, one of the...
The Congressional Progressive Caucus Fiscal Year 2013 budget, Budget for All, offers an important alternative to both the Obama Administration’s budget and that presented last week by Paul Ryan and the House Budget Committee. The CPC budget would accomplish several important goals at once: 1)...
One aspect of Paul Ryan’s new budget that hasn’t drawn much attention is that it is a big love letter to the Pentagon. Ryan rejects the idea that budgetary pressures should have any effect on defense spending, which he argues should be dictated purely by “strategic” calculations. Among other things...
The concerns of municipal officials are validated by the ratings agency Moody’s, which downgraded the debt of Rockland County and Utica last month, and Yonkers and Long Beach last year. New York is hardly alone, and certainly not the worst; for four straight years, Moody’s has had a negative...
Thom talks with a panel of experts (Robert Reich, Leo Hindery, Robert Borosage, Heather McGhee and Natalie Foster) on how to "take back the American Dream." The discussion focuses on three key elements: why and how we almost plunged into a second great depression, what kind of future will Americans...
Chalk one up for Occupy Wall Street. Last Thursday, the New York State legislature voted to raise taxes on high-earners after Governor Andrew Cuomo reversed his longstanding opposition to such a move. Cuomo cited a large budget gap in explaining his about-face, but that gap is hardly new. What is:...
Demos' Richard Brodsky goes on FOX Business to defend fair taxes for the wealthiest 1 percent, whose incomes have grown 275 percent since 1979 according to the Congressional Budget Office.
Any college freshman in Econ 101 can tell you about the famous "Guns or Butter" model. A simplified version of a country's spending choices, it lays out the costs and benefits of investing in "guns" (defense), or "butter" (civilian goods). The recent failure of the not-so-super committee, which...
“All indications are that ensuring a strong middle class is going to take a lot more bold policy making than is on the table now in Washington,” said Tamara Draut, vice president of policy and programs at Demos, an economic advocacy organization. “Given all the talk about spending cuts as...
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