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Entries tagged "sequestration"
July 11, 2013 · By Colleen Teubner
Families across the country recently celebrated the Fourth of July like they always do: with annual beach trips, barbecues, baseball games, and fireworks. But one of my favorite local traditions was canceled, courtesy of Congress.
Every year on the Fourth, without fail, my family and I would take a trip to Sagamore Hill. Affectionately nicknamed the "Summer White House," Sagamore Hill was President Teddy Roosevelt's home on Long Island. Today, it's a National Historic Site operated by the National Park Service.
For me, Sagamore Hill was a magical place that came to life on the Fourth of July. Rough Riders rode their horses. TR look-a-likes strolled across the grounds. Nature trails demanded to be explored. And the great mansion begged visitors to see its curious antiquities.
Not this year. Due to the sequester, this national treasure was forced to reduce its annual budget by $76,000. Independence Day was canceled in 2013.
You know things are bad when the Summer White House can't afford to stay open on the Fourth of July.
But Sagamore Hill's event wasn't the only one canceled. All across the country, communities went without their July Fourth fireworks, traditions, and festivals. Bands were silent. Skies were empty.
Yes, the sequester has had worse effects: School budgets, environmental initiatives, and health services across the nation have been cut. People are losing their jobs. Some children have lost their Head Start slots. Some seniors aren't getting the meals-on-wheels they used to.
But the cancelation of smaller programs also demands outrage. They may be taken for granted, but they're the kind of services that build communities.
Colleen Teubner is a student at the George Washington University and an OtherWords intern at the Institute for Policy Studies. OtherWords.org
February 22, 2013 · By Miriam Pemberton
This strange animal called sequestration is certainly wreaking havoc with our customary ideological boundaries.
If you’re an advocate, Iike I am, for revamped federal priorities that shift resources from a bloated Pentagon budget toward neglected domestic priorities, your take on this animal can’t be simple. You say cutting everything indiscriminately is a bad way to run a government (this view is nearly universal). You oppose the cuts in the domestic budget that will leave us with fewer food safety inspectors, medical researchers, Head Start teachers, and airport baggage screeners on the job. But you can reel off long lists of ways to cut waste in the Pentagon budget to the levels prescribed by sequestration, and show that these cuts will leave us completely safe.
But you also know that the whole conversation is focused on the wrong topic. It’s past time to shift this conversation away from austerity and toward investment to create jobs, as clear majorities of voters said in November was what they wanted.
Now let’s look at the Washington Post’s blogger who says he writes “from a liberal perspective,” Greg Sargent. On Wednesday he went at the Republican position on sequestration, wielding a new report from the non-partisan Congressional Research Service. The report found that the single most important cause of increased income inequality in recent years is the favored tax treatment given to capital gains and stock dividends — i.e. what the rich have used to get richer.
The Democrats, as Sargent points out, want to change this, taxing the rich and using the proceeds to replace the sequester cuts. The Republicans want to stick with sequestration and keep this favored treatment for the rich.
But all of this puts the Republicans, says Sargent, in the position of “openly conceding that the sequester will gut the military.” It’s a concession that Sargent appears to be taking at face value. Or at least not calling into question.
Gut the military? That’s what the Joint Chiefs of Staff have been saying any chance they get. Sequestration would “invite aggression,” says lingering Defense Secretary Leon Panetta. It will “put the nation at greater risk of coercion,” says the Joint Chiefs Chair, Martin Dempsey. When asked at a recent congressional hearing which nation might coerce us, though, he couldn’t say.
In fact, sequestration will not “gut” our military. Our military budget has nearly doubled since 2001. Sequestration would take it back to the level it was in 2007 — when we were still fighting two wars. Adjusted for inflation, it would leave that budget higher than its Cold War average — when we had an adversary that was spending roughly what we were on its military. Now, as Michael Cohen notes in The Guardian, the closest thing to a peer adversary we have is China, and we are spending more on research and development of new weapons than the Chinese are spending on their entire military. We spend more on our military, in fact, than the next 14 countries put together.
After the longest period of war in our history, we are due for a defense downsizing. Sequestration would create a shallower downsizing than any of the previous postwar periods since World War II. We can do this, and we should. We need the money for other things.
As sequestration threatens to confuse us all, let’s be sure to stay clear on that, at least.
December 10, 2012 · By Sarah Anderson and Scott Klinger
In poll after poll, the American people say they are far more concerned about the jobs crisis than the “debt crisis.” A powerful coalition of CEOs says they have an answer for both problems.
Give us more tax breaks, they say, and we’ll use the money to invest and create jobs. The national economic pie will expand and Uncle Sam will get plenty of the frothy meringue without having to raise tax rates.
That’s the line of the Fix the Debt campaign. Led by more than 90 CEOs, this turbo-charged PR/lobbying machine is blasting the message that such “pro-growth tax reform” should be a pillar of any deficit deal (along with cuts to benefit programs like Social Security and Medicare).
And it might be a good line — if not for some pesky real-world facts. You see the same corporations peddling this line have already been paying next to nothing in taxes. And instead of creating jobs, they’ve been destroying them. Here are five examples of job-cutting, tax-dodging CEOs who are leading Fix the Debt.
1. Randall Stephenson, AT&T
U.S. jobs destroyed since 2007: 54,000
Average effective federal corporate income tax rate, 2009-2011: 6.3%
Randall Stephenson presides over the biggest job destroyer among the Fix the Debt corporate supporters, having eliminated 54,000 jobs since 2007. The company also has one of the largest deficits in its worker pension fund — a gaping hole of $10 billion.
Can Stephenson blame all this belt-tightening on the Tax Man? Not exactly. Over the last three years, AT&T’s tax bills have been miniscule. According to the firm’s own financial reports, they’ve paid Uncle Sam only 6.3 percent on more than $43 billion in profits. If the telecom giant had paid the standard 35 percent corporate tax rate over the last three years, the federal deficit would be $12.5 billion lower.
So where have AT&T’s profits gone? A huge chunk has landed in Stephenson’s own pension fund. His $47 million AT&T retirement account is the third-largest among Fix the Debt CEOs. If converted to an annuity when he hits age 65, it would net him a retirement check of more than a quarter million dollars every month for the rest of his life.
While his economic future is more than secure, Stephenson emerged from a meeting with President Obama on November 28 “optimistic” about the chances of reforming (i.e., cutting) Social Security as part of a deal to avoid the so-called “fiscal cliff.”
2. Lowell McAdam, Verizon
U.S. jobs destroyed since 2007: 30,000
Average effective federal corporate income tax rate, 2009-2011: -3.3%
Another telecommunications giant, Verizon, is close behind AT&T in the layoff leader race, with 30,000 job cuts since 2007. Like its industry peer AT&T, Verizon also has a big deficit in its pension accounts. It would need to cough up $6 billion to meet its promised pension benefits to employees and another $24 billion to meet promised post-retirement health care benefits.
Did the blood-sucking IRS leave Verizon no choice but to slash jobs and underfund worker pensions? Far from it. The company actually got money back from Uncle Sam, despite reporting $34 billion in U.S. profits over the last three years. If Verizon had paid the full corporate tax rate of 35 percent, last year’s national deficit would have been $13.1 billion less. Had that amount been used for public education, it could have covered the cost of employing more than 190,000 elementary teachers for a year.
Verizon’s new CEO, Lowell McAdam, already has $8.7 million in Verizon pension assets, enough to set him up for a $47,834 monthly retirement check. McAdam’s predecessor, Ivan Seidenberg, who has also signed up as a Fix the Debt supporter, retired with more than $70 million in his Verizon retirement package.
Wanna see who is rounding up the worst five? Read the rest at Alternet.