Monday, December 13, 2021

Wealth and Inequality in America

First, Sharing of GDP:



Then, Division of wealth from 1980 (Reaganomics Era begins 1981):

Source:

https://www.cbpp.org/research/poverty-and-inequality/a-guide-to-statistics-on-historical-trends-in-income-inequality


Who has the Wealth?

In 1965 the wealth was mostly in the hands of people who made more money (as expected), but division grew because the lower-income groups did not get the same increases as the top 10% (90th percentile). This chart ends in 2016, but the steady incline shows the rich get richer and the others do NOT.

Source: https://apps.urban.org/features/wealth-inequality-charts/


We can change the economy and how the wealth is distributed. The huge gap between the top 10% (it's even worse between the top 1% and the next 9%) and the rest of the population (90% of the people) can be closed again to some more workable level.


Thursday, December 9, 2021

ProPublica Investigates Taxes and Billionaires

It shouldn't be a surprise that our tax system favors the most powerful industries (oil and real estate are two).


It should be obvious that as they fall out of favor in exchange for something else (renewable energy sources) that their rot should be noticed and reformed.


Here are the articles I've seen so far:

These Real Estate and Oil Tycoons Avoided Paying Taxes for Years — ProPublica

When You're a Billionaire, Your Hobbies Can Slash Your Tax Bill — ProPublica

A Massive Oil Spill Helped One Billionaire Avoid Paying Income Tax for 14 Years — ProPublica



Wednesday, November 24, 2021

Taxes under the Build Back Better Plan

Here's a blog post about the bill.


https://jabberwocking.com/chart-of-the-day-federal-taxes-under-the-bbb-bill/



Tax rates appear to be going down for most people and up in only a small way for one group. That's an amazingly small change.

Sunday, October 31, 2021

A Fair Trade

In the Democratic House and Senate there is a struggle between the most
vocal Conservative Democrats Senators Manchin and Sinema and the House
Progressive Caucus. There is a proposed deal for them to support the
bi-partisan Infrastructure legislation and another bill the Progressives
want. Senators Manchin and Sinema seem comfortable with getting what
they want (the bi-partisan infrastructure legislation), but seem
confused about the Progressive legislation and why they should vote for it.

Here's the deal as has been stated many time already: Progressives will
vote for the bi-partisan deal if the Conservatives vote for their
Progressive legislation. It's a simple trade.

What Sen. Manchin has said indicates that he doesn't think the
Progressives are serious and that they will vote for the bi-partisan
bill in any case. That is a serious mis-reading of the deal that was
made. So, if you want to say, "I've got mine. F you" beware because the
Progressives are going to echo your words back and say, "Vote for my
bill or all of us lose."

I could use rude language to express how the Progressives feel about
Manchin and Sinema, but it only clouds the discussion. It's really
simple. Progressives will vote for the bi-partisan legislation IF and
ONLY IF the Conservatives also vote for the Progressive legislation. If
it doesn't happen, then "Sayonara. See ya later. Adios. Have a nice day."

Wednesday, October 20, 2021

Energy and Pres. Biden's Infrastructure Plan

Before the presidency of Barack Obama the general view of energy in America was that there should be free market competition and that the different energy interests would help fund political campaigns to get the edge on their competitors. That changed during the Obama administration when an "all of the above" energy policy took hold.


Pres. Obama recognized that we needed a robust competitive energy market because energy costs are so fundamental to our economy. Prices for various fuels drive or slow economic growth.

Many Republicans liked this renewed interest in competition, particularly the natural gas producers and nuclear energy enthusiasts.

-- from an article entitled "America's Energy Policy Should be 'All of the Above' not 'Everything But'" by Ron Estes & Tracey Mann, RealClearEnergy.org, March 8th 2021

 

Their interest may have been less in an "all of the above" view and more in having more freedom to develop their own energy favorites, but they supported the policy.

A 40-year ban on US oil exports was lifted and sales took off.

 

 

Now U.S. oil producers could export oil (apparently they couldn't use it in America to serve our needs because their refineries were built for Middle-Eastern oil).

While oil producers were complaining they were selling more oil during a Democratic presidency than ever before!


The need to enable more natural gas sales led to the idea of competing with Russia and the Middle-East for sales to Europe

 

 

 

All the while the energy producers and Republicans complain about the Democrats and Green Renewable Energy.


What are our energy sources and how much does each contribute?

 

 

From Wikipedia

 

Petroleum and Natural gas have the largest shares with "Green Renewable" energy sources quite far behind. Coal has become too expensive relative to wind and solar power sources, so we know these Renewables will gradually expand their share while coal decreases. The question is how fast this happens.

This is where we have to look at the subsidies which have been given by the federal government over the years and those numbers are huge. Consider that a major reason we keep a large nuclear naval fleet is to protect oil shipments and shipping lanes around the world and the cost of supporting oil is huge. Even natural gas doesn't get that kind of support.

It's time to make the shift in subsidies away from oil (in particular) to Green Renewables. It's really that simple. We must shift away from Middle-Eastern oil sources and the politics of that region and away from oil industry subsidies to "home-grown" Green Renewable energy supplies. We can do it now or later and later will always be more expensive and destructive.

Let's start by increasing subsidies to Green Renewables, so we will continue to have all the supplies of the various energy sources we need while we make this large and inevitable shift away from coal. Let's have a truly "All of the Above" energy policy, not "But for Green Renewables".