Opinion: As fiscal cliff nears, we are better off without Bush tax cuts for top 2 percent

The following editorial appeared last week in the Times of Trenton

By Joshua Henne

Mere days after the polls closed in 2004 — the election he actually won – President George W. Bush proclaimed, “I earned capital in this campaign, political capital, and now I intend to spend it.” Bush garnered 286 electoral votes and called it a mandate.

Well, last month, President Barack Obama racked up a whopping 332 electoral votes in his re-election bid. Now, that’s a mandate.

At its heart, the 2012 campaign was about fairness. And there’s no better way for Obama to level the playing field than by letting the Bush tax cuts expire on the wealthiest 2 percent.

The Senate has already passed legislation S3412, providing tax relief for middle-class families. Right now, Obama would sign a bill extending tax cuts for 98 percent of Americans if it came across his desk. Yet, some stubborn House Republicans continue holding this plan hostage to keep the system rigged in favor of those at the tippy-top. Obama has drawn a line in cement that he’d veto any legislation continuing cuts for those making more than $250,000.

By any metric, America’s most affluent aren’t hurting. In fact, they’re far richer today than at any time in history — taking home a larger slice of total wealth and income than top earners have received in more than 80 years. If the Bush tax cuts were to expire for the top 2 percent, they’d still be able to keep up with the Kardashians.

Allowing the clock to run out on these cuts isn’t merely a symbolic gesture of finally shaking off the yoke of Bush’s failed legacy. There are practical, real-life implications, as well.

Currently, there’s a spirited discussion regarding how to stop our nation from falling off a fiscal cliff. By letting the Bush tax cuts lapse on top income earners, we’d take care of half that conundrum. About $1 trillion would come flooding in over the next decade, half-filling America’s coffers with the money needed to avoid the plunge off said cliff. That’s not a drop in the bucket. It’s a significant contribution toward what’s needed to put our nation back on sound financial footing.

Every year, millionaires receive, on average, $128,832 back from the Bush tax cuts. Economists across the board say this strategy is the least effective way to grow our economy. The very rich simply sit on the additional money, rather than re-circulating it. Ayn Rand’s silly theory that the super-wealthy are society’s saviors has smacked against reality time and time again. Prosperity won’t come from the top down. Rather, we need policies that stimulate and strengthen the middle class.

Furthermore, if we hand hedge fund managers more money to simply add to savings accounts and shore up stock portfolios, we won’t have the funds needed to rebuild our crumbling roads, bridges and energy grid or invest in education, health and innovation. Congress shouldn’t hold the middle class captive just to make sure the Scrooge McDucks of the world can continue swimming around in ever-deepening vaults of cash.

It’s also a canard to claim small businesses would be harmed by ending the Bush tax cuts for the top 2 percent. The truth is 97 percent of them would still see their tax cut extended. Many of the remaining “small-business owners” are lawyers, Wall Streeters and folks who classify as such to take advantage of tax loopholes.

Real small-business owners will tell you they don’t need tax reductions to help them grow. Rather, they need more customers with more money to purchase goods or use their services. Supplying tax cuts to the super-wealthy would purely perpetuate an unfair advantage by giving them more cash on hand, making it even more arduous for actual mom-and-pop stores to compete. So, it’s no surprise that a Small Business Majority poll shows 52 percent of business owners support letting tax cuts lapse for those making more than $250,000.

There is no rational argument for everyone’s taxes to go up just so billionaires get another cut. Congressional members from coast to coast — and especially here in New Jersey — should slip free of the shackles of Grover Norquist’s childish pledge. In terms of sheer self-interest alone, Republican representatives would be wise to stop holding middle-class tax relief hostage, lest constituents remember this in the mid-term elections.

An Americans for Tax Fairness poll shows 67 percent said “making the tax system more fair” was a “very” or “fairly important consideration in making their voting decisions” this year. More people believe in dropping the Bush tax cuts for the top 2 percent than even voted for Obama. The people have spoken from the ground up. They won’t stand for trickle-down economics any longer. This president truly has capital. And he is going to use it.

Elections are about much more than the names at the top of the ticket. They’re also about the ideas, policies and philosophies for which voters are truly pulling the lever. In 2012, the American people clamored for fairness. By allowing the Bush tax cuts to expire on the wealthiest income earners, Congress can show it is listening to the will of the people.

Joshua Henne is a founding partner of White Horse Strategies and New Jersey spokesman for The Action. You can follow @JoshuaHenne on Twitter.

Mr. Burns Explains The Fiscal Cliff

by ANIMATIONonFOX

Still reeling from the presidential election results, Mr. Burns takes a few minutes to explain the upcoming fiscal cliff.

President Obama's Weekly Address 11/10/12: Extending Middle Class Tax Cuts to Grow the Economy

In his weekly address,President Obama says that it’s time for Congress to pass the middle class tax cuts for 98 percent of all Americans. Both parties agree that this will give 98 percent of families and 97 percent of small businesses the certainty that will lead to growth, and so there is no reason to wait. On Tuesday, the American people voted for compromise and action, and the President calls on Congress to come together in that spirit to help create jobs and strengthen our economy.

Cartoon of the day... The People Have Spoken

The Los Angeles Times - Political cartoonist and commentator David Horsey: The people have spoken. President Obama has won a chance to move beyond the stunted progress of his first term and, perhaps, become a historic president.

President Obama's 2012 Victory Speech

If like me, you went to bed last night to exhausted to stay awake, after a very long day. You more than likely missed President Obama's reelection victory speech last night from Chicago.

If so, watch it below.

OBAMA WINS...

President Obama won reelection last night with a decisive victory - he won by a landslide in electoral votes and with 50% of the popular vote and had the coat tails to pick up a few new seats in both the House of Representatives and the U.S. Senate - but  it's not time to gloat. It's time to move forward and look towards the future, to get this country moving again and working for average Americans.

For those who have opposed President Obama and his policies since his first days in office, enough now with all the birther, socialist, communist, fascist, wealth redistributing, Muslim, atheist, American hating, he's not one of us, nonsense; it's time to work towards a common goal. In his first 4 years in office, Obama extended so many olive branches that the tree had none left.

Remember, it was the Republican Tea partiers and extremists in Congress that rebuffed his every overture in order to make him a "1 term President".

Now let's get things accomplished!

Emergency Voting For NJ Residents

I meant to post about this earlier in the day, it's a big deal and the first time it has ever been done for the general population in NJ. This type of voting has only been available for active military personnel

Residents that have been displaced due to the aftermath of Hurricane Sandy can now email or fax in their vote for tomorrow's election. Lt. Governor Kim Guadagno, yesterday signed an order that now allows such voting to take place for this years election.

Ballots must be receivedy by 8PM on Nov. 6. Please share this info with any NJ residents you know who cannot get to their regular polling place.

The instructions and forms are at: http://nj.gov/state/elections/voting-information-military-overseas.html

People versus PACs

Given the storm and short time until election, this is likely the last- and shortest- request I can make. But it is critical.

I received a copy of Rep Chris Smith’s slick, 4 page, extra sized, mail brochure that was delivered on Saturday. It contains some astounding claims.

-He claims to be a “steadfast... defender of Social Security and Medicare” although he voted to privatize and voucherize these programs, slash Medicaid, and end many senior programs.

-He claims to protect women when women groups reject his claims of support and consider him a virulent opponent.

-He heralds his fight for curing diseases but not his fight against Obamacare.

-He features a headline about FEMA, a department and budget that he and Republicans voted to slash and vow to eliminate along with the Department of Education.

-He talks about his tax relief and job creation efforts but fails to mention that the plans he has supported, and continues to support, favor the wealthy and will continue to devastate the economy and cost jobs. His district has some of the highest unemployment in the country.

But it is a slick, impressive and expensive brochure to produce and deliver. He is funded by many organizations- and even some unions- that feel they have to deal with him since he is the incumbent and favorite to be re-elected.

I can’t match Smith’s funding from PACs and other sources. I depend on people to spread the truth and to be more powerful and effective than PACs and fancy brochures.

While I know many are still caught in Sandy’s grip, I ask for your help over these next 24 hours so that we can all have a better future.

Please be safe out there- and don't forget to VOTE.

Brian Froelich,
Democratic Candidate for US Congress (NJ, 4th Dist.)

http://www.froelich4congress.com/
https://www.facebook.com/BrianFroelichForCongress

Paddy Power pays out £400,000 on Obama victory in U.S. Presidential election

If you're a bookie, you don't pay out unless you're absolutely convinced of the outcome of a bet the Irish odds-maker Paddy Power evidently is convinced that President Obama will win re-elction on Tuesday.

From the Paddy Power blog 

Paddy Power is paying out to punters who backed Barack Obama to win theUS Presidential election 2012.

There’s still two days to go before America votes and national polls show voters remain largely undecided with nothing more than a sheet of ballot paper between Democrat Obama and Republican rival Mitt Romney.

But Paddy Power believes it’s a done deal and Obama is a nailed-on certainty to win a second term.

The gutsy call sees Europe’s largest bookmaker put its neck on the line for more than £400,000 (over $650,000). Prior to the decision to pay out, Obama’s odds fell to a low 2/9 and over the past months Paddy Power has seen 75 per cent of money staked go Obama’s way.

A Paddy Power spokesperson said:

Romney gave it a good shot and is doing well in the popular vote, but we suspect he’s had his moment in the sun and is likely to be remembered more for hislegendary gaffes than Presidential potential.  The overall betting trend has shown one-way traffic for Obama and punters seemed to have called it 100 per cent correct.  Despite Romney appealing to the large evangelical and senior vote, America’s sticking with black and cool.

Paddy Power continues to offer betting right up to and including Election Day.  One of the most popular bets on offer is predicting the winning margin of the successful nominee on November 6.

To see Paddy Power’s full range of betting on the American Presidential election click here.

Cartoon of the day....

Not very presidential

(cartoon by Kevin Siers, Charlotte Observer)

Colin Powell endorses Obama for a second term

And the endorsements just keep rollin' in....

By Chris Moody, Yahoo! News


TAMPA, Fla.—Former Secretary of State Colin Powell, a Republican who served under George W. Bush, declared his support for a second term of President Barack Obama.

"I voted for him in 2008, and I plan to stick with him in 2012," Powell said Thursday during an interview with CBS's "This Morning." "I'll be voting for he and for Vice President Joe Biden next month."

Powell said he believed Obama's economic policies were helpful in turning around the sluggish economy and he criticized Republican challenger Mitt Romney's stance on foreign policy.

"I think we ought to keep on the track that we are on," Powell said.

In the interview, Powell insisted he was still a Republican, but "of a more moderate mold." He surprised many within the party in 2008 by choosing Obama over Republican Sen. John McCain.

The origins of Obama’s ‘horses and bayonets’ line

In his latest Rewrite segment, MSNBC’s Lawrence O’Donnell suggested Senator Al Franken could have planted the seed “for the best line of the night” in the 2004 book, Lies and the Lying Liars Who Tell Them: A Fair and Balanced Look at the Right. O’Donnell pointed to a key section in Franken’s piece, a graph comparing the Defense budgets of Abraham Lincoln and Ronald Reagan:
Horses.

In 1864 President Lincoln requested 188,718 new horses.
And 120 years later, President Reagan – to his eternal shame – requested only 3

“What Mitt Romney is doing now is straight out of the George W. Bush campaign and the Ronald Reagan campaign,” said O’Donnell. “The Franken book reminds us that Republicans running against a Democratic White House always attack the military.”
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It Will Be a Nail Biter But Poll Shows Obama Solid in the Battleground States

From Political Wire


The latest Reuters/Ipsos tracking poll finds President Obama moving slightly ahead of Mitt Romney, 47% to 46%.

However, Obama "maintains a larger advantage in the state-by-state battle that will determine the outcome of the election. Ipsos projects that Obama holds an edge in the most hotly contested states, including Florida, Virginia and Ohio, and is likely to win by a relatively comfortable margin of 322 electoral votes to 206 electoral votes."

Other tracking polls: IBD/TIPP shows Obama up 47% to 45%, Rasmussen shows Romney leading 50% to 46%, Gallup has Romney ahead 51% to 46% and UPI/CVoter has the race tied at 48% to 48%.

Determination

Read the President's plan: http://www.barackobama.com/plans

There's just no quit in America and you're seeing that right now. Over five million new jobs, exports up forty one percent, home values rising, our auto industry back and our heroes are coming home.

We're not there yet. But we've made real progress and the last thing we should do is turn back now.

Here's my plan for the next four years: Making education and training a national priority; building on our manufacturing boom; boosting American-made energy; reducing the deficits responsibly by cutting where we can, and asking the wealthy to pay a little more. And ending the war in Afghanistan, so we can do some nation-building here at home. That's the right path.

So read my plan, compare it to Governor Romney's and decide which is better for you. It's an honor to be your President and I'm asking for your vote. So together we can keep moving America forward.

Middletown Twp Committee Candidate Massell Says NO to Debate

by Linda Baum

The public has a right to hear the candidates discuss their plans to better our Township.


“Do you want a match race?!!” That battle cry from the movie Seabiscuit was used to flush out the competition to take part in a 2-horse race to see which horse was better. Finally, after a series of excuses, the competition acquiesced, and we all know the outcome.

When I hear that the local candidates in Red Bank and Manalapan have held debates, I wonder when it will happen in Middletown, the largest municipality in Monmouth County.

The sheer size of our town – 42 square miles and nearly 67,000 people – means that even the most dedicated candidate can’t visit every household and talk to every resident. That makes a one-on-one debate between the local candidates that much more important. If we can’t get to you, you should at least be given the opportunity to come to us to hear what we have to say so that you can make an informed decision on Election Day.

Earlier this month, the Chairman of Middletown’s Republican Party turned down my debate challenge, issued via letter from my own Party Chairman. The excuse given was that a debate was already scheduled for Tuesday, Oct. 23rd, 7 p.m., at the Lincroft School.

However, the Lincroft event is not a one-on-one debate but rather a question and answer session for all local and county candidates – at least 8 people this year. That works out to just 10 or 15 minutes per candidate at most. And unlike a debate, there is no opportunity for any candidate to respond to comments made by another.

Further, residents who live in the northern parts of the Township might be more likely to attend, and would be better served, if a more centralized location were available.

During public comments at the end of the Oct. 15th Township Committee meeting, I again issued the debate challenge to Mr. Massell. He replied, “I’m happy to debate you, Ms. Baum…,” followed by a string of excuses why he wouldn’t.

Why couldn’t a debate have been held a couple of months ago, Massell wanted to know – that is, when no one was paying attention yet. That’s an odd comment since it’s common knowledge that debates are typically held close to an election.

Mr. Massell insisted this was all so secretive, referring to the Library meeting room being reserved ahead of him getting formal notice of the debate challenge. It was necessary to go ahead and reserve the room early because it was quickly booking up. The reservation could always be cancelled.

It is ridiculous to say the debate was a secret, especially coming from one of the two participants who would need to be there and therefore would HAVE to know about it.

In attempting to respond to each of these points, I was cut off from speaking, as usual. That is something they would not be able to do at a debate. Perhaps that’s the real reason they want to avoid it. Here’s the link to the 10/15 meeting video: http://archive.org/details/10-15-12TownshipCommitteeMeeting. Advance to time 90:50 (1:30:50) for the debate discussion. You may have some trouble hearing me because the public’s microphone wasn’t working that night. Intentional? You decide. There was nothing wrong with the microphones on the dais, of course.

A note about the Library room reservation. I filled out the reservation form myself on behalf of the Middletown Democratic Party. But again, the purpose was just to reserve the room. In order for the debate to have occurred, the Library required that it be jointly sponsored by both Parties. That was also a requirement of the League of Women Voters, which was asked to moderate. Had the challenge been accepted, joint sponsorship would have been established in advertising material.

The email that Mr. Massell refers to in the video was sent by the Library Director upon review of the room reservation regarding the need for joint sponsorship of the debate. Her email was received ahead of our letter being received. Regardless, notice was received and it should be obvious that the email and letter crossed in the mail, so to speak. It’s silly to be feigning such offense over it as reason not to participate in the debate.

Mr. Fiore states in the video that the debate was to be unmoderated. Not true at all. The moderator and the format were details to be worked out later, after the debate challenge was accepted. Since it wasn’t, how can the Republican Party know anything about how the debate would have been run?

If, like me, you feel that the public has a right to hear the issues and where the candidates stand on them from the candidates themselves – in lieu of nonsense from anonymous commenters or those on the dais – then you should demand a match race. There’s still time.

It may also interest you to know that Manalapan televised its debate on local cable access channels. There is no reason why we can’t do that in Middletown.

Destruction of Library Board is Reason to Vote Democratic in Middletown

This letter appears online today at the Atlantic Highlands Herald


I urge the election of Linda Baum to the Middletown township committee because she is intelligent and possesses sharp, sound financial acumen, while the opposition Republican campaign is morally bankrupt. Mr. Massell has claimed to be eager to find waste in Middletown government spending. Since his party has had unbroken control for a generation, one would believe that the present administration is responsible for remaining waste. He claims to have saved Middletown money by single-stream recycling. However, Middletown was late to adopt this practice which became available through enormous equipment investments by recycling companies, not by municipal action. Massell claims that the township’s sale of the swim club was a win for the taxpayers, but he is part of the same organization that acclaimed the benefit given to Middletown by its purchase some years ago. Obviously, he implies they made a mistake by buying the swim club in the first place.

The worst of the misdeeds of the present administration is the destruction of an independent Middletown Library board of trustees and their replacement by political tools. The new board members are largely drawn from the Middletown Republican County Committee and follow the dictates of the township committee. After the township committee raided the library last year for about $500,000 of its surplus, funds raised almost entirely from non-municipal sources, the new board has continued the depletion of the library’s reserves, monies accumulated for needed repairs and capital improvements, expenses that had been previously paid by township appropriation. In addition, the new library board has acquiesced to inappropriate township charge backs for which they receive either no justification or an inadequate accounting. In an area where I have expertise, property and casualty insurance, the township’s excessive charge back is tantamount to theft by the municipality of funds from an organization where state-mandated funding is designed to remove the library from political manipulation. The township committee has put in place actions that will destroy the standard of library service that Middletown residents have enjoyed for many years.

Ms. Baum’s long experience in finance and her intelligence make her clearly qualified to serve the township. Her willingness to speak out over irregularities in the present administration’s conduct of its affairs demonstrates that her voice will be heard over the self-serving dealings of a one-party machine.

Randall Gabrielan
Middletown, NJ

Reaction to the Third Presidential Debate: Obama Nailed it, Won Debate Hands Down

Reactions from tonight's debate are rolling in and the winner was clearly President Obama.

In a CBS Snap poll released a short while ago has voters believe President Obama won the debate by a resounding margine 53%-23% with 24% calling it a tie while CNN's insta poll has Obama winning the debate 48% - 40% over Mitt Romney. It was certainly a good night for President Obama.

Here is what Political Wire is saying moments after the debate:

The third and final presidential debate was President Obama's best moment in the campaign so far. He was prepared on every issue and knew Mitt Romney's record of past statements just as well.

Obama succeeded because he conveyed his unique view of the world from the Oval Office. For undecided voters watching, all they probably heard was that he's the commander-in-chief. And that's what Team Obama wanted.

For the most part, Romney made an effort to look presidential by not attacking. He was exceedingly careful and desperately tried not to make a mistake. In fact, despite his rhetoric for the last two years, he now apparently agrees with most of the Obama administration's foreign policy.

As a result, Romney's biggest opponent was not the president, it was his own words. Obama did a brilliant job of bringing up past Romney statements -- on Iraq, on the nation's biggest adversary, on Afghanistan, on Osama bin Laden -- to make him look unprepared for the presidency.

As the debate went on, Romney tried many times to move the international affairs discussion back to the economy where he was more comfortable. It was as if he had only 30 minutes of foreign policy talking points for a 90 minute debate. As a result he seemed to string together random thoughts which often made him sound incoherent.

Obama won the debate hands down.

Bob Schieffer started off doing a good job as moderator, framing questions but still letting the candidates engage each other. But he lost control of the debate as both Romney and Obama often preferred to talk about the economy. It's clear that both candidates know that most voters don't care much about foreign policy.

Life Begins at Incorporation: Corporations are People

Cartoon Of The Day...

The Obama Endorsements Keep Rolling In; 10 Major Newpapers Have Made Their Choice Thus Far With More On The Way...

With a little more than two weeks to go before the November 6th election, major newspapers from around the country are starting to announce their endorsements for this year's presidential race.

The Akron Beacon Journal, the Denver Post, the Santa Fe New Mexican, the Asheville Citizen-Times, The Philadelphia Inquirer, The Seattle Times, The Sacramento Bee, The Arkansas Times , The Cleveland Plain Dealer, and The Salt Lake Tribune have all endorsed President Obama for re-election thus far with more to come.

Here's what some of these prestigious newspapers had to say aboubt their choice:

"What is telling about a presidency is its tilt, its direction, spirit and priorities. Thus, to those who argue the president lacks a plan for a second term: Look at the foundation that has been set. He has used the levers of government to bolster the economy, investing in education, innovation and health care, understanding the essential role of the public sector in competitiveness. Those tasks are not complete. They would continue.

"The president has governed more from the middle than many give him credit. Consider the Republican ideas in health-care reform, or the Race to the Top, or the tax cuts in the stimulus. He has stated his readiness to compromise on long-term deficit reduction. The problem has been Republican resistance to tax increases as part of a realistic and responsible approach.

"That commitment to compromise, or governing, is crucial to addressing other pressing challenges such as illegal immigration and climate change. It has been present in his nominations to the Supreme Court, tapping those who recognize the value of settled law in areas ranging from the Commerce Clause to the rights of women to make choices about their health care." - The Akron Beacon Journel

"A largely intransigent Republican Party shares in the blame, however, particularly because of unwillingness to cede any ground to Obama in the last two years on policies — such as the president's American Jobs Act — that attempt to bolster the economy.

And though there is much in Mitt Romney's résumé to suggest he is a capable problem-solver, the Republican nominee has not presented himself as a leader who will bring his party closer to the center at a time when that is what this country needs.

His comments on the 47 percent of Americans who refuse to "take personal responsibility and care for their lives" were a telling insight into his views and a low point of the campaign.

Obama, on the other hand, has shown throughout his term that he is a steady leader who keeps the interests of a broad array of Americans in mind.
We urge Coloradans to re-elect him to a second term." - The Denver Post

"President Barack Obama has earned four more years.

"He inherited an unholy mess — an economy teetering on the edge of a second Great Depression and two foreign wars top the list of disasters. Slowly, steadily and with his eye fixed firmly on the needs of the country, the president has worked hard every day to improve our collective good. It was President Obama who bailed out the auto industry, salvaging 1.1 million jobs and keeping manufacturing alive in this country. It was President Obama who made the gutsy call to invade a compound in Pakistan, tracking down and killing Osama bin Laden. It was President Obama who finally signed comprehensive health reform so that no American has to fear bankruptcy because of a medical catastrophe. More work remains for a second term."- The Santa Fe New Mexican 

"With Obama, we know what we are getting. He has consistently embraced the concept of community. Obama believes we are not just a bunch of individuals but a nation, and that we must work together to address the challenges we face." - The Asheville Citizen-Times

"It was at what Romney thought was a private Republican gathering that he made his now-famous statement that 47 percent of the American people aren't worth doodley squat. After a video turned up on the Internet, Romney eventually made a sort of weaselly defense — "taken out of context," etc. — but it was so insincere that nobody bought it. He wasn't sorry for what he said; he was sorry he got caught. He's not sorry for shipping American jobs to China as a private financial manipulator either. He's sorry that Obama points it out. While Romney was exporting employment, President Obama's stimulus spending was creating and preserving jobs — as many as 3.6 million, according to the nonpartisan Congressional Budget Office. A substantial number, though not enough to replace the jobs lost in the economic collapse that began under President George W. Bush, who believed, like Romney, in the efficacy of reducing taxes on the very rich, even if that means raising taxes on everybody else.

"Americans are divided already; Obama at least wants to try to bring them together. The gap would widen under the elitist Romney, and even if he ever felt inclined to cease the class warfare and gender warfare his party wages, the party wouldn't let him. The choice this year is between a level-headed, well-intentioned, middle-of-the-roader and a political adventurer dominated by really nasty reactionaries. An easy choice, we believe." - The Arkansas Times

So far I've found just 5 papers that have endorsed Mitt Romney, all from Republican or right-leaning publications; The Dallas Morning News, Las Vegas Review-Journal,Omaha World-Herald, The Tennessean (Nashville) and the Orlando Sentinel.

*****

UPDATE - Make that 11 major newspapers to endorse a second term for President Obama. The L.A. Times can be added to the list as well.

*****
UPDATE - The Charlotte Observer, North Carolina's largest newspaper, endorsed Barack Obama for another term in today's edition.