Five months later, everything liberals said about the tax bill turned out to be true. Contrary to Republican claims, wage growth has been anemic. Instead of sharing the wealth with employees, companies have spent record amounts of money buying back their own stock. The tax cuts are creating larger deficits than Republicans predicted, and those deficits are now being cited as a pretext for cutting spending on the poor.
.. has signaled that he wants the summit meeting too much,” David Sanger reported in The New York Times. The U.S. government has even issued a commemorative coin about the summit featuring Trump and “Supreme Leader” Kim Jong-un face-to-face, signaling to the world that it’s now the American president who craves legitimation from the North Korean dictator.
.. Even a casual newspaper reader — which, of course, Trump is not — knows that when North Korea talks about “denuclearization,” it doesn’t mean unilaterally giving up all its nuclear weapons. A hastily arranged meeting between two bellicose egomaniacs, premised on a basic misunderstanding, is unlikely to resolve one of the world’s most intractable geopolitical conflicts; a flimsy agreement that roughly preserves the status quo seems like a best-case scenario.
.. We all want to be open-minded, but con men should never be given the benefit of the doubt.
Kushner’s Business Got Loans From Companies After White House Meetings
Apollo, the private equity firm, and Citigroup made
large loans last year to the family real estate business
of Jared Kushner, President Trump’s senior adviser... Even by the standards of Apollo, one of the world’s largest private equity firms, the previously unreported transaction with the Kushners was a big deal: It was triple the size of the average property loan made by Apollo’s real estate lending arm, securities filings show... It was one of the largest loans Kushner Companies received last year. An even larger loan came from Citigroup.. There is little precedent for a top White House official meeting with executives of companies as they contemplate sizable loans to his business, say government ethics experts... “This is exactly why senior government officials, for as long back as I have any experience, don’t maintain any active outside business interests,”.. Mr. Kushner steers American policy in the Middle East, for example, but his family company continues to do deals with Israeli investors... Mr. Kushner’s firm has sought investments from the Chinese insurer Anbang and from the former prime minister of Qatar... “Why does Jared have to take the meeting?” he asked. “Is there not somebody else who doesn’t have these financial entanglements who can brainstorm freely with these folks?”.. All of the executives who met with Mr. Kushner have lots to gain or lose in Washington.Apollo has sought ways to benefit from the White House’s possible infrastructure plan. And its executives, including Mr. Harris, had tens of millions of dollars personally at stake in the tax overhaul that was making its way through Washington last year.Citigroup, one of the country’s largest banks, is heavily regulated by federal agencies and, like other financial companies, is trying to get the government to relax its oversight of the industry.
.. he is not required to disclose the lifeblood of any real estate firm’s business: its lenders and outside investors.
.. Mr. Harris, a co-owner of the Philadelphia 76ers and the New Jersey Devils
.. Early last year, the White House enlisted Mr. Harris and other executives to advise the administration on infrastructure policy.
.. One of the largest investors in Apollo’s real estate trust is the Qatari government’s investment fund, the Qatar Investment Authority.
.. Mr. Kushner’s firm previously sought a $500 million investment from the former head of that Qatari fund for its headquarters at 666 Fifth Avenue in Manhattan.
.. Shortly after Kushner Companies received the loan from Apollo, the private equity firm emerged as a beneficiary of the tax cut package that the White House championed. Mr. Trump backed down from his earlier pledge to close a loophole that permits private equity managers to pay taxes on the bulk of their income at rates that are roughly half of ordinary income tax rates. The tax law left the loophole largely intact.
Budgets, Bad Faith and ‘Balance’
Over the past couple of months Republicans have passed or proposed three big budget initiatives.
- First, they enacted a springtime-for-plutocrats tax cut that will shower huge benefits on the wealthy while offering a few crumbs for ordinary families — crumbs that will be snatched away after a few years, so that it ends up becoming a middle-class tax hike.
- Then they signed on to a what-me-worry budget deal that will blow up the budget deficit to levels never before seen except during wars or severe recessions.
- Finally, the Trump administration released a surpassingly vicious budget proposal that would punish not just the vulnerable but also most working families.
.. Washington is full of professional centrists, whose public personas are built around a carefully cultivated image of standing above the partisan fray, which means that they can’t admit that while there are dishonest politicians everywhere, one party basically lies about everything.
News organizations are intimidated by accusations of liberal bias, which means that they try desperately to show “balance” by blaming both parties equally for all problems.
Fraudulence of the Fiscal Hawks
In 2011, House Republicans, led by Paul Ryan, issued a report full of dire warnings about the dangers of budget deficits.
.. Citing the horrors of big deficits, Republicans refused to raise the federal debt ceiling
.. How big were these horrifying deficits? In the 2012 fiscal year the federal deficit was $1.09 trillion. Much of this deficit, however, was a direct result of a depressed economy
.. If anything, we should be using this time of relatively full employment to pay down debt, or at least reduce it relative to G.D.P.
.. They are providing more stimulus to an economy with 4 percent unemployment than they were willing to allow an economy with 8 percent unemployment.
.. Republicans weren’t just vehemently opposed to fiscal stimulus; they were also vehemently opposed to monetary stimulus. Basically, they were against anything that might help the economy on President Obama’s watch... imposing austerity in a depressed economy, then running up the deficit when we’re already near full employment