Your Tax Dollars At Work: Taxpayers Subsidize CEO Pay, Here’s How #BonusLoophole

Executive Excess 2016: The Wall Street CEO Bonus Loophole

This 23rd annual report reveals how taxpayers are subsidizing financial crisis windfalls.

By Sarah Anderson and Sam Pizzigati, August 31, 2016

This report is the first to calculate how much taxpayers have been subsidizing executive bonuses at the nation’s largest banks.

The study focuses on a 1993 Clinton administration reform that was intended to rein in runaway CEO pay by capping the tax deductibility of executive compensation at $1 million. But the new rule included a huge loophole for stock options and other “performance” pay. As a result, the more corporations hand out in executive bonuses, the lower their tax bill. This perverse incentive for excessive compensation has been a major factor in the explosion of CEO pay.

The financial bailout program closed this loophole for recipients, but only until

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The GIANT SUCKING SOUND South of the Border. -or- Ross Perot was right.

Ross Perot was right.

Scene: 1992 Presidential Debate: Former Arkansas Governor William Jefferson Clinton – D, President George H. W. Bush – R, and Ross Perot – I.

White Male Audience Member: Yes, I’d like to direct my question to Mr. Perot. What will you do, as President, to open foreign markets to fair competiton from American business, and to stop unfair competition here at home from foreign countries, so that we can bring jobs back to the United States?

Ross Perot: That’s right at the top of my agenda.

We’ve shipped millions of jobs overseas, and uh… we have a strained situation because we have a process in Washington, where after you’ve served for a while, you cash in, become a foreign lobbyist, make $30,000 a month, then take a leave, work on presidential campaigns, make sure you got good contacts, and then go back out.

And if you just want to get down to brass tacks, the first thing you ought to do is get all these folks who got these one-way trade agreements that we’ve negotiated over the years, and say ‘fellas, we’ll take the same deal we gave you.’ And they’ll gridlock right at that point, because,

Which U.S. Presidents did better jobs instilling consumer confidence?

Salesman-in-chief

Daily chart

Oct 25th 2012, 14:02 by Economist.com

Which leader has most lifted confidence in America’s economic future?

U.S. Index of Consumer Expectations

RESTORING confidence in America’s future is one of the overarching goals of Mitt Romney‘s economic plan, entitled “Believe in America”. The very fact of his victory in the presidential election on November 6th would generate “a great deal of optimism”, he argues, even before he

Transcript of Bill Clinton’s Speech to the Democratic National Convention

The following is the full text of former President Bill Clinton’s speech on Wednesday from the Democratic National Convention.

September 5, 2012

PRESIDENT BILL CLINTON: Thank you very much. Thank you. Thank you. (Sustained cheers, applause.) Thank you. Thank you. Thank you. Thank you.

Now, Mr. Mayor, fellow Democrats, we are here to nominate a president. (Cheers, applause.) And I’ve got one in mind. (Cheers, applause.)

I want to nominate a man whose own life has known its fair share of adversity and uncertainty. I want to nominate a man who ran for president to change the course of an already weak economy and then just six weeks before his election, saw it suffer the biggest collapse since the Great Depression; a man who stopped the slide into depression and put us on the long road to recovery, knowing all the while that no matter how many jobs that he saved or created, there’d still be millions more waiting, worried about feeding their own kids, trying to keep their hopes alive.

I want to nominate a man who’s cool on the outside — (cheers, applause) — but who burns for America on the inside. (Cheers, applause.)

I want — I want a man who believes with no doubt that we can build a new American Dream economy, driven by innovation and creativity, but education and — yes — by cooperation. (Cheers.)

And by the way, after last night, I want a man who had the good sense to marry Michelle Obama. (Cheers, applause.)

You know — (cheers, applause). I — (cheers, applause).

I want — I want Barack Obama to be the next president of the United States. (Cheers, applause.) And I proudly nominate him to be the standard-bearer of the Democratic Party.

Now, folks, in Tampa a few days ago, we heard a lot of talk — (laughter) — all about how the president and the Democrats don’t really believe in free enterprise and individual initiative, how we want everybody to be dependent on the government, how bad we are for the economy.

This Republican narrative — this alternative universe — (laughter, applause) — says that every one of us in this room who amounts to anything, we’re all completely self-made. One of the greatest chairmen the Democratic Party ever had, Bob Strauss — (cheers, applause) — used to say that ever politician wants every voter to believe he was born in a log cabin he built himself. (Laughter, applause.) But, as Strauss then admitted, it ain’t so. (Laughter.)

We Democrats — we think the country works better with a strong middle class, with real opportunities for poor folks to work their way into it — (cheers, applause) — with a relentless focus on the future, with business and government actually working together to promote growth and broadly share prosperity. You see, we believe that “we’re all in this together” is a far better philosophy than “you’re on your own.” (Cheers, applause.) It is.

So who’s right? (Cheers.) Well, since 1961, for 52 years now, the Republicans have held the White House 28 years, the Democrats, 24. In those 52 years, our private economy has produced 66 million private sector jobs.

So what’s the job score? Republicans, 24 million; Democrats, 42 (million). (Cheers, applause.)

Now, there’s — (cheers, applause) — there’s a reason for this. It turns out that advancing equal opportunity and economic empowerment is both morally right and good economics. (Cheers, applause.) Why? Because poverty, discrimination and ignorance restrict growth. (Cheers, applause.) When you stifle human potential, when you don’t invest in new ideas, it doesn’t just cut off the people who are affected; it hurts us all. (Cheers, applause.) We know that investments in education and infrastructure and scientific and technological research increase growth. They increase good jobs, and they create new wealth for all the rest of us. (Cheers, applause.)

Now, there’s something I’ve noticed lately. You probably have too. And it’s this. Maybe just because I grew up in a different time, but though I often disagree with Republicans, I actually never

A Look Back: Wall Street Journal on Presidential Jobs Track Record, from ’39 – ’09

Just in the case we need reminding.

And often, we do.

As Samuel Johnson once wrote, “Men more frequently require to be reminded than informed.”
Johnson: Rambler #2 (March 24, 1750)

—

January 9, 2009, 12:04 PM ET

Bush On Jobs: The Worst Track Record On Record

By WSJ Staff

President George W. Bush entered office in 2001 just as a recession was starting, and is preparing to leave in the middle of a long one. That’s almost 22 months of recession during his 96 months in office.

His job-creation record won’t look much better. The Bush administration created about three million jobs (net) over its eight years, a fraction of the 23 million jobs created under President Bill Clinton‘s administration and only slightly better than President George H.W. Bush did in his four years in office.

Here’s a look at job creation under each president since the Labor Department started keeping payroll records in 1939. The counts are based on

A: 1.4% Q: What is the annualized spending growth rate under Obama & lowest rate of any president since Reagan?

Who’s the Biggest Spender? Obama or Bush?

By BRUCE BARTLETT, The Fiscal Times June 1, 2012

Lately, there has been some controversy about the growth of spending under Barack Obama. It began on May 22 with a column by Rex Nutting of MarketWatch, which concluded that the rate of growth of federal spending under Obama has actually been trivial compared to the last 4 presidents.

According to Nutting’s calculations, spending has grown only 1.4 percent per year under Obama – one-fifth the rate under Ronald Reagan and George W. Bush. Following is a chart accompanying the article.

There has been a considerable amount of debate about Nutting’s calculations, which fly in the face of Republican dogma. Much involves technical accounting issues, such as how to allocate spending during fiscal year 2009. This is important because fiscal year 2009 began on September 1, 2008 during Bush’s administration, reflecting his priorities. By the time Obama took office on January 20, 2009 the fiscal year was almost half over; he didn’t submit his first budget until February 26, 2009 and the fiscal year 2010 budget is really the first one that reflected his priorities.

Nutting assigned the bulk of fiscal year 2009 spending to Bush, an assumption that other analysts have questioned. Glenn Kessler of the Washington Post found that Nutting overstated his argument in various ways. But the PoliFact site of the Tampa Bay Times concluded that the Nutting column was essentially correct.

Aside from the political implications, the reason this debate is important is because there is a tendency for people to conflate spending, deficits and debt, as well as confusing rates of change with absolute levels.

The difference between

Republicans first championed Individual Mandate health insurance, aka “Obamacare.” Now, they don’t. Why?

Perhaps someone can assist me with the proper spelling of “hypocrisy.”

Conservatives Sowed Idea of Health Care Mandate, Only to Spurn It Later

By MICHAEL COOPER

Published: February 14, 2012

It can be difficult to remember now, given the ferocity with which many Republicans assail it as an attack on freedom, but the provision in President Obama’s health care law requiring all Americans to buy health insurance has its roots in conservative thinking.

Gary Stewart/Associated Press

Waiting for Hillary Rodham Clinton in 1994, a crowd in Seattle gathered to protest a Clinton administration health care plan.

The concept that people should be required to buy health coverage was fleshed out more than two decades ago by a number of conservative economists, embraced by scholars at conservative research groups, including the Heritage Foundation and the American Enterprise Institute, and championed, for a time, by Republicans in the Senate.

The individual mandate, as it is known, was seen then as a conservative alternative to some of the health care approaches favored by liberals — like creating a national health service or requiring employers to provide health coverage.

“In 1993, in fighting ‘Hillarycare,’ virtually every conservative saw the mandate as a less dangerous future than what Hillary was trying to do,” Newt Gingrich, the former speaker of the House, said at a debate in December, casting his past support of a mandate as an antidote to the health care overhaul proposed by Hillary Rodham Clinton during her husband’s administration.

Since then the politics of health care have grown more twisted and tangled

Prediction: Obama will be re-elected

Does history repeat itself?

If history is any indicator, then President Obama will be re-elected.

The astute political observer will note that political events are playing out much like they did during President Clinton‘s first term. There is an angry Republican party whipped up by a vitriolic Speaker of the House, a government shutdown, allegations of a federal government that is too large, a domestic debt that is unmanageable, foreign turmoil, involvement in international armed conflict in the Middle East, anger by Republicans over health care reform, and a mid-term loss to Republicans… it’s uncanny.

Previously, I had written in an entry entitled “House Republicans move to repeal Obama health insurance reforms” that

A Greece Fire; Thoughtful Commentary on Unthoughtful Commentary

A Greece Fire; Thoughtful Commentary on Unthoughtful Commentary

Having read Mr. Alex Tokarev’s commentary “My big fat Greek bonus” published online May 11, 12:49 PM at http://online.worldmag.com/2010/05/11/my-big-fat-greek-bonus/, I must admit that some of his concerns are, in part, well taken… however poorly expressed. Though he does not adequately support the case for fiscal prudence, the complaints he makes in general terms about fiscal prudence are well-deserved.

Though his straw man argument is inadequately defended, placing exclusive responsibility and blame upon Greek national officials for that nation’s crisis is insufficient, and certainly short sighted. However, his rambling, miasmatic complaints have not fallen upon deaf ears – although they may have fallen upon spirited ones. Excitement, however, must be directed toward a long-term objective, and it is the more broad scope which I think he ignores. While having the ability to direct the nation toward a long-term goal is laudable, he neither cites any governmental mandate. On the whole, after having read his opinion, one might wonder if he were doing little more than expressing infantile frustration, for he certainly offers no potential solution.

The Grecian debt crisis is not due exclusively to what he calls “the bursting of the statist bubble,” “welfare pyramids” or other descriptive pejoratives to describe Grecian governmental services and activities.

Though he decries “irresponsible lenders and borrowers” whom perpetuate “bankrupt political practices,” he attempts to correlate and demean both, describing what he calls a “strong culture of entitlement” as “a beast,” though he never specifically mentions any program, plan, office, group or person.

As colorful and passionate as he may feel about Greece’s problems, he failed to

“… just send your cash,” and “I had meals with people who are dead.”

By definition, a dangling participle is “a participle intended to modify a noun that is not actually present in the text.”  While “a participle is a word formed as an inflection of the verb, such as arriving or arrived. A dangling participle is one left “hanging” because, in the grammar of the clause, it does not relate to the noun it should.” Thus, it makes the subject appear to be doing, or have done something it has not.

They are sometimes pesky parts of the English language, and can make even the most well-spoken, appear quite silly.

So, for your entertainment, Ladies and Gentlemen… I present The Ex-Presidents!

“I know a lot of people want to send blankets or water… just send your cash. One of the things that uhhh… the president and I will do is ta’ make sure your money is spent wisely.”

– Former President George W. Bush, speaking Saturday, January 16, 2010 in the White House Rose Garden at current President Barak Obama’s invitation to collaborate with former President William Jefferson “Bill” Clinton for Haitian disaster relief

“I have no words to say of what I feel… I wa… when you… I wa… I was in those hotels that collapsed. I had meals with people who are dead. The cathedral church that Hillary and I sat in 34 years ago is a total rubble.”

– Former President William Jefferson “Bill” Clinton, speaking Saturday, January 16, 2010 in the White House Rose Garden at current President Barak Obama’s invitation to collaborate with former President George W. Bush for Haitian disaster relief

President Obama announces collaborative Haitian Disaster Relief with Former Presidents Clinton and Bush