Monthly Archives: September 2010

(Community Matters) Assuming they learn about touch screens from the Torch mistakes, this could be good

(Community Matters) One would think today’s political debate is about confiscating property or reimposing the draconian 50% marginal tax rates from the 1980s, or the 70% rate from the 1970s, or the 90% rates from the 1950s and 60s (all historical rates shown below the jump).  In fact, we’re talking about allowing a temporary (& ill conceived especially given that we simultaneously declared but didn’t pay for two wars) tax decrease on the wealthiest 1% of all Americans expire.

We’re talking about raising the marginal rate from 34% to 39% – a return to the historically very low marginal rates of the Clinton era. And, the wealthiest Americans with stock portfolios, business expenses, ROTH accounts, private ranches, oil & gas interests, etc, will still benefit from very generous IRS deductions, many which lower their effective tax rates to less than that of their administrative assistants.

As a reminder, the slight marginal rise in tax rates ushered in one of America’s most prosperous economic booms, during which the increase in value of property (whether real or personal – equity and real estate) more than made up for the slight tax increase on wealthier Americans.

A friend wrote me last week to alert me to the fact that his charitable giving would decrease if rates increased.  And, this may be temporarily true – though I suspect when the value of the equities in his foundation’s stock portfolio increase in response to investors’ optimism, he’ll be giving more rather than less.  Yet, even if the latter didn’t happen, all private philanthropy combined wouldn’t make up for draconian cuts in social services and education spending called for in the GOPs Pledge to America – in 2008 private philanthropy totaled $308 billion (over 1/3 going to religious institutions), while 2009 gov’t spending on education was more than $966 billion, on welfare more than $600 billion and was greater than $1 trillion on healthcare.

The slight increase in marginal rates for the wealthiest Americans will help right budget deficits and confidence in the US economy – increasing the value of assets and more than offsetting the increase in personal tax expense.

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(Community Matters) Paul Krugman brings the equivalent of the AAS’s PolitiFact (fact check) to bear on the narrative being built around unemployment – today’s column on current mass unemployment. In fact, I was just in a conversation about this issue last week, my colleague citing several instances of which they were aware.

But, Krugman asserts that arguments of a structural shift in employment are unfounded and that researchers are unable to locate those mythical companies with lots of jobs and no qualified candidates.

Increasingly around dinner tables we’re hearing the executive class bemoaning Paul Krugman’s populism.  His professorship at Princeton’s Woodrow Wilson School of Public & Int’l Affairs, degrees from Yale & MIT, his Nobel Prize in Economics, and  his int’l reputation  in the academy (ranked 13th most influential from around the world) for research on intn’l economics & Japan’s liquidity trap, doesn’t faze us from dismissing his proposed solutions as scholarly naivety (probably as much because these proposed solutions don’t support our own perceived financial interests).

He’s exactly what we need today – a reputable, eminent economic advisor beholden to no political party or economic interests with a populist bend. I hope the shift in the Obama Administration’s economic team will bring more Keynesian theorists to influence – at least for the interim, then it’ll be time to shift influences.

like navigating between technical & fundamentalist analysis, there’s better and worse times for each

(Community Matters) Seriously all you people who voted it the best cheeseburger in Austin?  May I introduce you to a proper cheeseburger? The place is cool, nice vibe, super duper & very diverse clientele, and their cheeseburger is completely underwhelming. (the tacos looked outstanding I will say; regrettably didn’t try)

Sunday nights are reprieves from diet

(Community Matters) Could it become the international currency of choice?

(Community Matters) a bit of good news

L.A. Times, “Brown leads Whitman 49%-44% in poll: Boxer leads Fiorina 51%-43% in Senate race, survey finds. Both Republicans are hampered by voters’ negative impressions of them, poll says,” by Cathleen Decker

(Community Matters) it was a busy day yesterday – preparing for Michael Mitchell’s 50th birthday celebration.  What started as an intimate gathering for 20 to 30 friends expanded just a bit, so a tad more prep.  But, my deliciously nearly-always-agreeable husband helped prep throughout the day. Plus Charles Santos‘ early arrival, and staffing by Colin & Chase – and, oh yea, extraordinary cakes by Julianna Sciaraffa & Amanda Chiampi – brought many hands to the tasks.

Much fun among dear friends including Senior & Betty Mitchell, Milinda Mitchell, Melissa Henderson & Drew Valcourt (who I now owe one to), Robert Torian, Tana & Joe Christie, Charles Christie, Steve Moore, Hector Eichelman & Jeff, Larry Don Shaw, Lynn Helms, Greg Chico, Stephen Walls & Denny Biggs, Susan Ghertner & Hazel Barbour, Martha Lynn Coon & Hannes Wieck, Annie Taylor & Minshew, Jim Arth, Greg Barbutti & Mike McElhaney, Kirk Rice, Michael Barnes, Jody Scheske, Lew Aldridge, Jim Lomorri, Graydon Parish, Jill McRae & Stephen Yelenosky, Margo Weisz, Ingrid Johanssen & Mitch Berman, Stella Lucio, Kim & Kyle Hughes and Kevin Tuerff

(Community Matters) In Paul Krugman’s column this morning pointing out nonsense of the GOP financial pledge, “Howard Gleckman of the nonpartisan Tax Policy Center has done the math. As he points out, the only way to balance the budget by 2020, while simultaneously (a) making the Bush tax cuts permanent and (b) protecting all the programs Republicans say they won’t cut, is to completely abolish the rest of the federal government: ‘No more national parks, no more Small Business Administration loans, no more export subsidies, no more N.I.H. No more Medicaid (one-third of its budget pays for long-term care for our parents and others with disabilities). No more child health or child nutrition programs. No more highway construction. No more homeland security. Oh, and no more Congress.'”

(Community Matters) Another anti-homosexual crusader (Bishop Eddie Long) accused of having sex with men. As I’ve said many times, almost always the loudest male critics are closet cases (while the loudest female critics are too often married to gay men &/or mothers of gay sons)

Vodpod videos no longer available.

(Community Matters) I’m disappointed that the DOJ even filed in support of the existing law

THE WHITE HOUSE

Office of the Press Secretary

__________________________________________________________________________________________

FOR IMMEDIATE RELEASE

September 23, 2010

Statement by Press Secretary Robert Gibbs on Justice Department filing in Log Cabin Republicans v. United States of America

Today, the Department of Justice made a filing in a legal challenge to the Don’t Ask, Don’t tell (DADT) policy, as it traditionally does when acts of Congress are challenged.  This filing in no way diminishes the President’s firm commitment to achieve a legislative repeal of DADT – indeed, it clearly shows why Congress must act to end this misguided policy.   The President was disappointed earlier this week when a majority of the Senate was willing to proceed with National Defense Authorization Act, but political posturing created a 60 vote threshold.  The President spoke out against DADT in his first State of the Union Address, and the Secretary of Defense and the Chairman of the Joint Chiefs have both testified in support of repeal.   And the Department of Defense continues to work on a plan on how to implement repeal.  The President, along with his Administration, will continue to work with the Senate Leadership to achieve a legislative repeal of DADT as outlined in the NDAA this fall.

(Community Matters)

Vodpod videos no longer available.

(Community Matters) Pres Obama announced yesterday Kirk Rudy’s nomination to the Holocaust Museum’s Council (its board of directors).

He’ll be joining another great Austinite on the board, Sandy Gottesman