Bigger income gaps: Toxic legacy of Reagan Revolution and Bush Tax cuts

It’s becoming more clear every day that any supposed income growth the likes of you and I have seen over the last 30 years has been largely due to an increasingly steady two-income family model, fanned by real estate and equally illusory stock market bubbles. In other words: smoke and mirrors.

This growing chasm between the after tax income of the wealthiest one percent and well, all the rest of us, is threatening to sink any kind of real economic recovery.

Thank the GOP (mostly) for this, and some of those fine DINO’s (uh, Clinton).

Read this from the Center on Budget and Policy Priorities: (see originating site for graphs)

The gaps in after-tax income between the richest 1 percent of Americans and the middle and poorest fifths of the country more than tripled between 1979 and 2007 (the period for which these data are available), according to data the Congressional Budget Office (CBO) issued last week. Taken together with prior research, the new data suggest greater income concentration at the top of the income scale than at any time since 1928.

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Question of the Day: BP vs illegal immigrants?

Mr. Maven and I were sitting across from each other over the breakfast table, when he came out with this:

“I wonder who has done the most damage. Illegal immigrants or BP?”

Last night, I read this - from economist and former Labor Secretary, Robert Reich - on my Kindle before turning out the light. I think this could be the right answer for the Obama Administration, the environment and the American people.

Why Obama Should Put BP Under Temporary Receivership

By Robert Reich

It’s time for the federal government to put BP under temporary receivership, which gives the government authority to take over BP’s operations in the Gulf of Mexico until the gusher is stopped. This is the only way the public will know what’s going on, be confident enough resources are being put to stopping the gusher, ensure BP’s strategy is correct, know the government has enough clout to force BP to use a different one if necessary, and be sure the president is ultimately in charge.

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Why 'The Wrecking Crew' is a must read

From ‘heckuva job Brownie’and Alberto Gonzales to why your city council and mine just never seems to work, I’ve been puzzled at the almost intentional ineptitude that seemed to characterize all levels of governance in this country during the Bush II years. It didn’t seem possible that government could become that incompetent in just eight years.The problem lay in trying to figure this out without a historical context, which is next to impossible.

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