View Full Version : Pink Slime Economics

04-02-2012, 12:55 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Pink Slime Economics

The big bad event of last week was, of course, the Supreme Court hearing on health reform. In the course of that hearing it became clear that several of the justices, and possibly a majority, are political creatures pure and simple, willing to embrace any argument, no matter how absurd, that serves the interests of Team Republican.

But we should not allow events in the court to completely overshadow another, almost equally disturbing spectacle. For on Thursday Republicans in the House of Representatives passed what was surely the most fraudulent budget in American history.

And when I say fraudulent, I mean just that. The trouble with the budget devised by Paul Ryan, the chairman of the House Budget Committee, isnít just its almost inconceivably cruel priorities, the way it slashes taxes for corporations and the rich while drastically cutting food and medical aid to the needy. Even aside from all that, the Ryan budget purports to reduce the deficit ó but the alleged deficit reduction depends on the completely unsupported assertion that trillions of dollars in revenue can be found by closing tax loopholes.

And weíre talking about a lot of loophole-closing. As Howard Gleckman of the nonpartisan Tax Policy Center points out, to make his numbers work Mr. Ryan would, by 2022, have to close enough loopholes to yield an extra $700 billion in revenue every year. Thatís a lot of money, even in an economy as big as ours. <span style='font-size: 17pt'>So which specific loopholes has Mr. Ryan, who issued a 98-page manifesto on behalf of his budget, said he would close?</span> </div></div>

Go on, have a guess.


<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"><span style='font-size: 20pt'>None. Not one.</span> He has, however, <span style='font-size: 14pt'>categorically ruled out any move to close the major loophole that benefits the rich, namely the ultra-low tax rates on income from capital. (Thatís the loophole that lets Mitt Romney pay only 14 percent of his income in taxes, a lower tax rate than that faced by many middle-class families.)</span>

So what are we to make of this proposal? Mr. Gleckman calls it a ďmystery meat budget,Ē but heís being unfair to mystery meat. The truth is that the filler modern food manufacturers add to their products may be disgusting ó think pink slime ó but it nonetheless has nutritional value. Mr. Ryanís empty promises donít. You should think of those promises, instead, as a kind of throwback to the 19th century, when unregulated corporations bulked out their bread with plaster of paris and flavored their beer with sulfuric acid.

Come to think of it, thatís precisely the policy era Mr. Ryan and his colleagues are trying to bring back. </div></div>

More smoke and mirrors.

Q.. link (http://www.nytimes.com/2012/04/02/opinion/krugman-pink-slime-economics.html?_r=1&pagewanted=print)

04-02-2012, 06:48 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Thatís the loophole that lets Mitt Romney pay only 14 percent of his income in taxes, a lower tax rate than that faced by many middle-class families.)
</div></div>Once the author proves he is willing to fall for the biggest lie of last year he let's us know the rest of his article is BS.


04-02-2012, 07:07 AM
What lie?


04-02-2012, 09:59 AM
I quoted it.