Daily digest – One nation under the 1%

What you need to know to navigate today’s most critical debates.

Congress Blinks on Shutdown (WSJ)
Lawmakers still haven’t reached a deal on extending the payroll tax cut or unemployment benefits, but they have agreed to keep the government funded for the rest of the fiscal year. Meanwhile, the boy who cried wolf is like, “Whatever, find a new shtick already.”

G.O.P. Monetary Madness (NYT)
No flip-floppery here: Paul Krugman argues Ron Paul has been perfectly consistent when it comes to being wrong about monetary policy, and even if he doesn’t have a shot at the presidency, he’s made Austrian economics the Republican party line.

The Making of the American 99% (TomDispatch)
Barbara and John Ehrenreich write that despite their diversity, the 99% found common ground once their sharp plunge into pain and poverty showed them the real threat wasn’t “liberal elites” sipping their lattes and hugging their trees.

A nation of populists and class warriors (WaPo)
A Pew survey finds that most Americans believe the country and the economy have become dominated by the rich and corporations, and fewer than ever think it’s possible to get ahead by working hard. We’re gonna need a lot more pepper spray.

The Politics of the Top 1 Percent (NYT)
A new study identifies elements that distinguish the political beliefs and behavior of the super-rich: They’re not particularly worried about the health of the economy (why would they be?), they don’t like paying taxes (surprise!), and they vote.

Where Is the Volcker Rule? (NYT)
Simon Johnson argues that since we’re not breaking up the big banks or significantly increasing capital requirements, we at least need to limit the kinds of risks they can take. Something for the banks to keep in mind when they’re writing the rules.

The scandal of the Alabama poor cut off from water (BBC)
Thanks to the sound advice of its friends at JP Morgan, Jefferson County wound up owing $3.1 billion for a new sewer system that many of its residents can no longer afford to use. At least this time the bank was explicit about dealing in toxic waste.

It’s the Great Recession, Not the Great Vacation, That’s Responsible for High Unemployment (CBPP)
If only the U.S. weren’t so generous with its unemployment benefits, people might stop selfishly clinging to the hope that they’ll find a new job instead of dropping out of the labor force so the numbers could be fudged to look better.

Can Citizens United be Rolled Back? (MoJo)
Andy Kroll reports that the push to end unlimited corporate political spending is gaining support among federal lawmakers, local legislators, and ordinary Americans. Together, they might almost balance the scales against five Supreme Court justices.

Our Frayed Social Safety Net, in 8 Infographics (The Nation)
A collection of attractive graphics that illustrate one of America’s ugliest stories.

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Posted by New Deal 2.0 on Dec 16 2011. Filed under New Deal 2.0, the reading room. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry