Sunday, October 17, 2010

Aftershock

I just finished reading Robert Reich's new book. It was an OK, he's about as far to the left as you can be and still be in the establishment (or about as far to the right as you can be and still be acceptable in your economic theory).


only 4'10'', the former secretary of labor requires only 40%
of the resources of a taller or "normaller" sized man

His platform for economic recovery. Thoughts?

1) reverse income tax: Workers earning 20,000 or less annually receive a wage supplement of 15,000. This amount to decline incrementally up the income scale, i.e., if you make 30,000, you get 10,000, if you make 40,000 you get 5,000, if you earn 50,000+ you get nothing.

tax rate for those who make between 50,000-90,000 is 10%

tax rate for people who make between 90,000-160,000 20%
(this would cost 620 billion- much of which would be moved back into the economy through increased spending)

2) Carbon Tax: to detailed to repeat here, would raise 120 billion a year at 35 dollars per metric ton

3) Higher Marginal Tax Rates on the wealthy: top 1% (410,000+) pay 55%, top 2% (260,000+) pay 50%, top 5%, (160,000+) 40%, this would raise 600 billion.

4) wage insurance anyone who loses their job and takes a new job that pays less will receive 90% of the difference from the government for 2 years - extra years to be added if those workers are engaged in re-training

5) School Vouchers based on income

6) College Loans linked to subsequent earnings: graduates pay a fixed 10% interest rate on loans for first ten years of full time work into fund that finances public colleges and provides loans to students attending private colleges, after ten years, loans would be considered paid.

7) Medicare for all

8) overturning that fucked up supreme court case that lets corporations give all that money!