Putting Wall Street to Work
A new report by Josh Bivens and Hunter Blair at the Economic Policy Institute examines the consequences of a Financial Transaction Tax (aka “Robin Hood Tax” or “LaSalle Street Tax”). They find:
A well-designed financial transaction tax (FTT) — a small levy placed on the sale of stocks, bonds, derivatives, and other investments — would be an efficient and progressive way to generate tax revenues. Gross revenues from a well-designed FTT would likely range from $110 billion to $403 billion. And net revenues (including offsets from reduced income, payroll and capital gains taxes, and increased borrowing costs) would likely be substantially higher than some other recent estimates indicate. This is mainly because other estimates’ assumptions about the volume of financial transactions an FTT would crowd out are too high, and because an FTT is likely to redistribute rather than reduce overall incomes. Regardless of the level of revenues raised, an FTT would be a win-win for the U.S. economy. Higher revenues would result in more funds for social insurance programs and much-needed public investments. Lower revenues would be the result of the FTT crowding out financial transactions of little value to the U.S. economy. This would boost Americans’ incomes through lowering fees on financial services, such as the management of 401(k)s and other accounts.
Trump: “Believe Me” by Tom Suhrbur
Trump has many numerous outlandish statements during the Republican primary races. The millions of people who voted for him apparently believe that… MORE.
Ending Too Big to Fail?
At Democratic Left, Bill Barclay writes:
Remember when bankers crashed the economy, destroyed your retirement savings, drove unemployment to over 9% — and then got a bail out from the rest of us? It was only seven years ago, but many seem to have forgotten. Neel Kashkari hasn’t. The former overseer of the Troubled Asset Relief Program (TARP), the program to take toxic debt off the books of the major banks, Kashkari is now calling for ending “too big to fail” (TBTF). Kashkari was appointed president and CEO of the Minneapolis Fed in late 2015.
The Status of Women Workers in Illinois
At The Illinois Update, Mira Staykova writes:
A new Economic Commentary by the Illinois Economic Policy Institute finds that women are overrepresented in unstable, low-paying sectors. While women make up half of the Illinois workforce, they are disproportionately concentrated in sectors that offer low wages and very little room for growth.
“Catalyst” and “Chicago Reporter” to be Merged
Editors of the organizations say the post-merger publication will be poised to deliver big-picture education coverage through the lens of race, inequality, and poverty, the Reporter’s longtime areas of focus. The trade-off is a move away from some of Catalyst’s traditional strengths, such as oversight of the public schools bureaucracy.
Back in May of 2015, a group of various lefties (not exclusively Trots and Watermelons) put together a conference on independent (that is: not Democratic Party) electoral politics. It was a modest affair that nonetheless exceeded the organizers’ expectations, despite the disconcerting presence of a strong minority of folks who intended to work on Bernie Sanders’ campaign. That fly in the ointment influenced the timing of this upcoming second conference. It is tentatively scheduled to be in Chicago on March 3 through 5, 2017, when the organizers can ask Sanderistas: How’s that political revolution thing working out for you? You can get the latest HERE.