POLITICS 06/08/2018 12:40 am ET Donald Trump gave away the store at the wrong time, warns ex-Fed chairman. By Mary Papenfuss Former Federal Reserve Chairman Ben Bernanke warned that the Trump administration’s massive, unfunded $1.5 trillion tax cut and about $300 billion in new spending pose serious problems for the future. “What you are getting is a stimulus at the very wrong moment,” Bernanke said at the American Enterprise Institute, a Washington think tank, Bloomberg reported Thursday. “The economy is already at full employment.” Stimulus packages are used when the economy is flagging. When the economy does slump in the future, there may be few reserves to spend to get it going again. Bernanke predicted a “Wile E. Coyote” moment when the fallout hits, referring to the endlessly failing character in the “Road Runner” cartoons. The stimulus “is going to hit the economy in a big way this year … [Read more...] about Ben Bernanke: ‘Wile E. Coyote’ Economy Will Go Off A Cliff In 2020
POLITICS 05/16/2018 11:37 am ET But they might be overestimating what their legislation would do. By Arthur Delaney WASHINGTON ― This week, the House of Representatives may vote to add more “work requirements” to the Supplemental Nutrition Assistance Program, commonly known as food stamps. Speaker Paul Ryan (R-Wis.) said the measure, part of what is often called the farm bill, will help businesses fill the record number of job openings. “It’s about workforce development,” Ryan said Thursday, adding that the reforms are “proven to get people off of the sidelines and into full-time employment.” While the farm bill reauthorizes agricultural subsidies, roughly 80 percent of bill’s spending is SNAP benefits, which help 40 million Americans buy food every month. Implementing more stringent work requirements would burnish Ryan’s legacy by partially fulfilling a lifelong goal: making the American safety net a little … [Read more...] about The Republican Welfare Plan Is About Keeping Wages Down
George Osborne's dreams of consigning the annual tax return to history have just been pushed a little further down the road. When the former chancellor announced plans to overhaul and modernise Britain's creaking tax system, paper self-assessment returns were due to be scrapped 2020. The policy, dubbed "making tax digital", would mean all taxpayers could access real-time information about their affairs, with the vast majority having no need to file a return at all. But the project has been plagued by delays and this week it emerged HM Revenue & Customs has put the brakes on after being overwhelmed by Brexit preparations. In an email to accountants this week, HMRC admitted it had been “overly... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one Premium article per week … [Read more...] about Digital tax revolution on ice: what does the delay mean for you?
POLITICS 04/24/2018 05:11 pm ET A proposal by Sen. Bernie Sanders hasn't yet caught on with party leaders. By Arthur Delaney WASHINGTON ― It might be the next big idea among liberal policy experts, but Senate Democratic leaders are not yet ready to embrace a government jobs guarantee. Several members of the Senate Democratic caucus, including Cory Booker (N.J.), Kirsten Gillibrand (N.Y.) and Bernie Sanders (I-Vt.) have endorsed the goal of eliminating unemployment and poverty through direct government hiring. HuffPost asked Senate Minority Leader Chuck Schumer (D-N.Y.) if he could support legislation Sanders is drafting that would guarantee a job paying at least $15 an hour to everyone in the United States who wants one. “I’d like to look at his proposal,” Schumer said. “I think we should do everything we can to get people jobs and I’d look at his proposal. I haven’t studied it yet.” Democratic Sens. Patty Murray … [Read more...] about Democratic Leaders Not Quite Ready For A Jobs Guarantee
POLITICS 04/12/2018 06:05 pm ET Look who suddenly cares about budget deficits! By Matt Fuller WASHINGTON ― After adding more than a trillion dollars to the national debt in the first 15 months of the Trump administration, House Republicans ― still insistent that they care about fiscal conservatism ― tried and failed on Thursday to take a symbolic step toward amending the Constitution to prevent deficits. The balanced budget amendment fell far short of the requisite two-thirds majority needed for passage, with 233 lawmakers voting for it and 184 against it. Supporting it were 226 Republicans and seven Democrats, while six Republicans and 178 Democrats voted no. While Republicans will point to the failed vote as another example of the fiscal recklessness of Democrats, the no votes on the Republican side largely came from conservatives. Some of these naysayers argued that the amendment didn’t go far enough. Others said they viewed the vote as an … [Read more...] about Balanced Budget Amendment Fails Amid GOP Fiscal Hypocrisy