MORNING MESSAGE
Stiglitz Speaks: Globalization’s Grand Failure, Apple & Bad Trade Deals
Nobel prize-winning economist Joseph Stiglitz has a new book out entitled “The Euro: How a Common Currency Threatens the Future of Europe.” ... we spoke with Professor Stiglitz about the tension between globalization and democracy, the mistaken thinking that gave rise to the euro experiment, and what that experience can tell us about the need to resist bad trade deals like the Trans-Pacific Partnership, renegotiate older ones like NAFTA, and invest in jobs and growth in the United States .... As with globalization overall, he said, “the economics advanced faster than the political institutions that would make it work.”
TRUMP ECON PLAN MORE RIGHT-WING REHASH
Trump reveals new economic plan, with “few details.” NYT:“…Trump largely reiterated a broad economic vision he outlined in Detroit last month, vowing to slash taxes on business and scale back federal regulations … He partly rolled back his earlier proposals to reduce corporate taxation: Mr. Trump still proposes a 15 percent tax rate on corporate income, but it would no longer apply to business income reported on personal taxes, generally limiting the lower rate to the largest corporations. He also reduced a tax break that generated backlash because it would particularly benefit real estate developers. Mr. Trump also now proposes to cut federal taxes by $4.4 trillion, not $10 trillion … The revised version of Mr. Trump’s tax plan would still substantially reduce federal taxation, replacing seven tax brackets with three and taxing most income at lower rates.”
Numbers still don’t add up. The Atlantic’s Gillian B. White:“…it still seems unlikely that he could manage to fulfill his promises without touching spending on some of the budget’s largest future expenses, such as defense and entitlements.”
More “trickle-down” notes Time’s Rana Foroohar:“What we need to jump start growth now isn’t tax cuts that lead to unproductive debt that will eventually become more expensive to service over the longer haul. It’s a real fiscal plan for investing in education, infrastructure, worker training, and so forth.”
Trump pledge of 25M new jobs doesn’t make sense, says NYT’s Neil Irwin:“…is Mr. Trump’s promise of 25 million new jobs over the next decade and 3.5 percent annual economic growth possible? Only if a burst of innovation arrives that makes every worker’s labor go further, and if millions of new immigrants arrive from overseas or the ratio of American adults who want to work rises far higher than it has ever been. Absent all that, the math just doesn’t work.”
Trump yanks plan to gut food safety regs off website. Mother Jones’ Tom Philpott:“Why did the Trump campaign vow to dismantle food safety regulation, only to quickly go silent on the topic? The campaign has not returned my request for an explanation…”
WH LAUNCHES BIPARTISAN TPP PUSH
WH stages bipartisan event to promote TPP today. NYT:“Expected attendees include Gov. John Kasich of Ohio, a former contender for the Republican presidential nomination, and Henry M. Paulson Jr., who served as Treasury secretary under George W. Bush, as well as Gov. John Bel Edwards of Louisiana, a Democrat, and Mayor Kasim Reed of Atlanta, a Democrat.”
Michael Bloomberg pens pro-TPP oped with Chamber of Commerce president:“Congress should vote on the bill — and pass it — before the year is out … the overall benefits of trade are small comfort to those who feel the immediate pain of losing their jobs when a factory moves its operations overseas. There is more that elected officials can and should do to help such workers, but opposing TPP is not one of them.”
Van Jones explains “How TPP threatens our progress on climate change” in SF Chronicle oped:“TPP would allow multinational corporations that own gas-fired power plants … to threaten state restrictions on carbon emissions — including some of the new world-leading standards recently passed in Sacramento … Because TPP would threaten a successful California rebate program for green technologies that are made in-state, the deal could result in the elimination of good-paying green jobs…”
REPUBLICANS STRUGGLE TO KEEP GOVERNMENT OPEN
Congressional Republicans brace themselves for a $1T omnibus. The Hill: "Speaker Paul Ryan (R-Wis.) and his team have sought to rally support for a stopgap spending measure ... by promising votes on 'bite-sized' appropriations bills after Election Day. But rank-and-file Republicans, from the conservative House Freedom Caucus to the moderate Tuesday Group, say the strategy to break up the spending bill into 'mini-bus' packages is wishful thinking ... Some Democratic leaders have come out harshly against Ryan's minibus plan, fearing the Republicans will fund their favored programs while neglecting those supported by Democrats."
Senate passed Flint aid. The Hill:“The amended measure authorizes dozens of water-related infrastructure projects and contains $220 million in direct funding to address drinking water crises in communities like Flint. But the prospects for Flint aid in the House remain less clear.”
DEUTSCHE BANK SNUBS SETTLEMENT OFFER
Deutsche Bank rejects $14B settlement offer from Justice Department. Bloomberg:“‘Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited,’ the company said … Reaching a mortgage deal would clear a major hurdle for Deutsche Bank, which has paid more than $9 billion in fines and settlements since the start of 2008 … Justice Department spokesman Peter Carr declined to comment…”
Sen. Warren slams Wells Fargo. HuffPost:” On Friday, Warren sent a letter to [CEO John] Stumpf asking if the board is considering clawing back pay to top executives as a result of the mess … When Warren asks him to re-evaluate prior executive payouts, she’s asking him to consider ponying up part of his own fortune. She and her four Democratic colleagues in the Senate who co-signed her letter to Stumpf weren’t shy about its implications for his own bank account.”
PROGRESSIVE LEGEND DIE
Influential progressive Stanley Sheinbaum dies at 96. LAT:“…Sheinbaum often was a change agent, whose fingerprints can be found on a remarkable array of notable events … In the 1970s he was the chief fundraiser for Daniel Ellsberg’s defense in the Pentagon Papers trial. In the 1980s he led a delegation of American Jewish leaders who persuaded Palestine Liberation Organization Chairman Yasser Arafat to renounce terrorism and accept Israel as a state. And in the 1990s he headed the Los Angeles Police Commission after the beating of motorist Rodney King and helped drive controversial police Chief Daryl Gates from office.”
Progressive Breakfast is a daily morning email highlighting news stories of interest to activists. Progressive Breakfast is a project of the Campaign for America's Future.more »
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