Raising income, fairer taxes and addressing inequality

By Chuck Collins, Otherwords.org Four decades of stagnant wages plus runaway housing and health care costs have clobbered the middle class. In an economy with staggering inequalities — the income and wealth gaps are at their widest level in a century — the middle class shouldn’t be hit up a penny more until the rich pay up. The biggest winners of the last decade, in terms …

In Colorado, TABOR faces a reckoning with Prop. CC. Here’s what you should know about its impact on state spending

Sept. 4, 2019 Colorado Sun In 1992, Colorado voters decided state government should stop growing. But that didn’t stop them from demanding more public services and spending from their elected officials. That’s the tension at the heart of Proposition CC, this November’s ballot measure to eliminate the state’s revenue caps. It’s the single biggest test to the Taxpayer’s Bill of …

Can we tame capitalism by giving everyone a share of Wall Street

An Occupy Wall Street protest in 2011. (Linda Davidson/The Washington Post)By Jeff SteinAugust 20 The economist Giacomo Corneo is a self-proclaimed socialist. A professor at the Free University of Berlin, Corneo is steeped in the writings of Karl Marx and, in conversation, rattles off the beliefs of the founder of communism. The professor works with Germany’s Greens party. But on perhaps …

Billionaires are a sign of social, political, and economic failure

Inherited Wealth And Crony Capitalism Have Created An Aristocratic Class That Undermines Social Mobility And Democracy. A third of wealth is inherited. Another third comes from special access/crony capitalism. Didier Jacobs calculated a few years ago that another third of billionaire wealth comes from crony connections to government and monopoly.  This could be for example when billionaires secure concessions to provide services …

Some Economists Say Carbon Taxes Are a Silver Bullet. The Reality Is More Complicated

Carbon pricing could do a small number of things very well: It could deal a final death blow to coal (the most potent carbon dioxide emitter), which would become prohibitively expensive where it’s not already. It could tip big institutional consumers toward more energy-efficient decisions regarding things like construction materials and vehicle fleets. At the everyday consumer level, it could encourage …

‘War on Cars’ is a misnomer when the majority of transportation investments and road space are devoted to automobile travel and those walking and bicycling are most at bodily risk

Todd Litman calls the war on cars a bad joke. He gives us a lot of ammunition in the fight to end it. Calling every bike lane or transit improvement “a war on the car” didn’t start in Toronto, but it got a big boost with our late [offensive adjectives deleted] suburban drivist mayor Rob Ford and the current Deputy Mayor, Denzil …

Financial planners and hedge fund managers don’t want to see the 1-2 percent of wealth they take annually to be usurped by the public

Higher taxes? Billionaire hedge fund kingpin Leon Cooperman says he could personally afford to pay half his income in taxes. But don’t get Cooperman started on taxes on grand private fortunes. The 76-year-old hates the idea of taxing personal wealth over $50 million at a 2 percent annual rate, as White House hopeful Elizabeth Warren has proposed, and he’s been …

Shifting Subsidies to Renewable Energy Instead of Propping Up Fossil Fuel Giants Would Prompt ‘Clean Energy Revolution’, Study Shows

“What we are doing is using taxpayers’ money to boost hurricanes, to spread droughts, to melt glaciers, to bleach corals. In one word: to destroy the world.” August 01, 2019 in Common Dreams by Julia Conley, staff writer A new report by the International Institute for Sustainable Development (IISD) showed that if just 10 to 30 percent of the annual …

We can’t afford not to decarbonize. Invest 1% of world GDP, the total value of all goods and services in the world = about $85 trillion per year in 2019. 1% of that is $850 billion/yr

From Dr. Scott Denning, Colorado State University, Aug 2019 Economists estimate the total cost of decarbonizing the world economy to be about 1% of global GDP. Academic economists estimate the total cost of saving our descendants from millennia of hellish struggle at 1% of GDP (plus or minus 1% — could actually cost anywhere from nothing to 2%). And yes …

Federal court revives long-fought lawsuit in Colorado challenging TABOR

In a 2-1 decision, the appeals court said the local governments do have a right to sue. The court didn’t rule on the merits of the lawsuit. July 22, 2019 A federal court has revived a lawsuit challenging Colorado’s limits on taxes and spending. The 10th U.S. Circuit Court of Appeals on Monday said a lower court erred when it ruled that …