After a relatively mild Northern Illinois weekend, it is time once again for AWMD’s Monday Musings. There are plenty of news items to choose from today, but we will try to hit the most interesting ones. If any of my “Musings” interest you, let us know what you think.
Of course, the big story remains the debate in the Senate over the Senate’s version of the Health Care reform bill. We are getting close to a vote in the full Senate possibly as soon as Christmas Eve. However, the Senate version of the health care bill does not include a public option and there has been substantial push back from the Dems on this bill. As you can see from the linked Raw Story article, Wisconsin Senator Russ Feingold is not happy with the White House and claims that they gave up too many concessions, too quickly. http://rawstory.com/2009/12/feingold-slams-obama-losing-public-option/ Even though Feingold is not happy with the White House, he supports the bill, even without the Public Option. ““But while the loss of the public option is a bitter pill to swallow, on balance, the bill still delivers meaningful reform, and the cost of inaction is simply too high. This bill significantly expands coverage and helps protect Wisconsinites from high costs and insurance company abuses, such as denying or restricting coverage based on pre-existing conditions. The bill also improves a flawed Medicare formula that denies Wisconsin fair reimbursement rates, encourages the kind of low-cost, high-value care practiced in our state, increases access to home and community-based long-term care, and reduces federal budget deficits by $132 billion over the next decade.” http://rawstory.com/2009/12/feingold-slams-obama-losing-public-option/ I have heard various good and bad reviews of the Senate bill, but knowing that a progressive like Feingold sees enough good things in the bill to vote for it, makes me more optimistic that we will get a good bill out of the conference process which combines the House and Senate bill. Let’s hope that Feingold and others can get the Public Option reinstalled and the Stupak amenment removed from the House version. What do you want to see in the finished bill?
The next story that caught my eye concerns our old friend, Dick Cheney. It seems that the Angel of Death is spreading more lies about the success of the Obama stimulus package. Cheney claimed that the stimulus did not produce any results. ” Q: And that’s how you would create more jobs? CHENEY: I would. But you have to work the spending side in terms of trying to wrap up some of the spending that’s going on out there. When you start talking about another ‘stimulus two’ of hundreds of billions of dollars and we haven’t seen any results to speak of, of stimulus one, we can anticipate that the Bush tax cuts that we put in place in ’03 that are going to expire in the end of next year. That is a real tax increase. That is going to happen without Congress having to do anything. It’s going to automatically kick in when those cuts expire. And that affects capital gains and investment income and those are measures that you would clearly not take if you were seriously interested in growing the economy.”
First of all, Cheney is still stuck in the mode of saving the capital gains taxes for the wealthy as a means to revive the economy. If that was true, why did the recession begin in December of 2007 while the Bush tax cuts were in place? It is not surprising that Cheney’s claim that the stimulus did not work, is erroneous. “Considering that the claim that the stimulus was a a “failure” is regularly thrown around by the right, it’s not surprising that the “conservative of the year” would repeat it. But the fact is that, as the CBO has reported, the stimulus is having its intended effect — creating or saving 600,000 to 1.6 million jobs. Additionally, the CBO found that “gross domestic product (GDP) was 1.2 percent to 3.2 percent higher, than would have been the case in the absence” of the stimulus.” http://thinkprogress.org/2009/12/21/cheney-conservative-year/ & http://www.calculatedriskblog.com/2009/12/impact-of-stimulus-on-gdp.html. I guess we shouldn’t be surprised that Cheney is talking out of his backside. He has done that for over 10 years now. Time Magazine recently called the Bush decade the Decade from Hell! http://www.time.com/time/nation/article/0,8599,1942834,00.html I would have to agree. What do you think? It is time for you to let us know what you think!