“The proper level of financial regulation is a complex topic, about which people can have honest differences. But, reasonable people would agree that a bank having a history of involvement with fraud and mismanagement (and a recipient of one of the largest bank bailouts) shouldn’t be writing bank legislation. Unless, of course, you are the U.S. Congress doing business as usual.” ~ Steven Strauss, the Huffington Post
A Tennessee congressman who supports billions of dollars in cuts to the food stamp program is one of the largest recipients of federal farm subsidies.
Representative Stephen Fincher, a Republican and a farmer from Frog Jump, Tenn., collected nearly $3.5 million in subsidies from 1999 to 2012.
In 2012 alone, the data shows, Mr. Fincher received about $70,000 in direct payments, money that is given to farmers and farmland owners, even if they do not grow crops.
During debate on the farm bill in the House Agriculture Committee last week, Mr. Fincher was one of the biggest proponents of $20 billion in cuts to food stamps in the legislation.
“We have to remember there is not a big printing press in Washington that continually prints money over and over,” Mr. Fincher said during the debate. “This is other people’s money that Washington is appropriating and spending.”
The Enormous Cost Of Walmart’s Low Wages
Walmart wages are so low that many of its workers rely on food stamps and other government aid programs to fulfill their basic needs, a reality that could cost taxpayers as much as $900,000 at just one Walmart Supercenter in Wisconsin, according to a study released by Congressional Democrats on Thursday. - http://huff.to/19tqsa1
This stands in harsh contrast to what I posted yesterday about Costco, which is quite profitable while paying its workers more of a living wage.
Costco’s Profit Soars As Low-Wage Competitors Struggle
At a time when other retailers are struggling to get people into stores, Costco is enjoying a moment in the sun.
The big box giant’s profit jumped 19 percent to $459 million last quarter, thanks in part to the company’s efforts to offer discounts to lure more members, according to Bloomberg. The company was able to offer those discounts and boost its profits while paying its workers a decent wage, a claim many of Costco’s competitors can’t make.
A typical Costco worker made $45,000 in 2011, according to Fortune. That’s compared to Sam’s Club workers’ average salary of $17,486 per year. - http://huff.to/18ynXEw
Didn’t Krugman say this would happen?
Austerity Measures Pull Down U.S. GDP
A drop in government spending dragged more on the U.S. economy than initially thought in the first three months of the year, a sign of increasing pain from Washington’s austerity drive. - http://huff.to/17y00NX
Income Inequality Gets Worse When You Slash Taxes on the Rich: Study
The rich just keep getting richer — not only by gobbling up more income, but also by paying less in taxes. That means less support for the poor, who are getting increasingly poorer relative to the top one percent.
One chart in a new study of income inequality in developed nations, published by the National Bureau of Economic Research, puts this in stark relief. It shows that the more top tax rates are cut, the greater the share of national income that is mopped up by the wealthiest citizens. - http://huff.to/1auXMes
Deal with the Devil
Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves. - http://huff.to/18rR0ab
Public television’s attempts to placate David Koch. Is this a tempest in a teapot or truly disturbing? I’m no Koch fan, but the reporting on this all week hasn’t entirely convinced me.
In the battle over regulation, Wall Street is poised to notch another win.
Elizabeth Warren on Student Loans
Sen. Elizabeth Warren (D-Mass.) unveiled her first bill Wednesday, designed to set student loan interest rates at the same level the Federal Reserve offers to big banks. - http://huff.to/170xDqw
