By Timothy Noah
President Obama observed, in a December 4 speech, that “a dangerous and growing inequality and lack of upward mobility” are “the defining challenge of our time.” This seemingly self-evidentstatement prompted many people—not all of them conservative—to argue that all this talk about income inequality is overblown. They happen to be wrong, but the inequality backlash has gathered sufficient strength that it’s worth reviewing their arguments.
…President Obama’s insistence on talking about inequality is not only apt; it is, given the especially direturn this trend has taken during his presidency, pretty brave. The problem was one-third of a century in the making and won’t be halted overnight. But isn’t it time to start trying?
Cash today: Woe tomorrow. —GoodOleWoody
“Here are the basics of what you need to know on where budget talks are in Congress: Right now, a bipartisan budget conference committee is working to produce a long-term budget solution — they have until December 13th to hammer out a plan. >From there, Congress will have until January 15th to debate, tweak, and pass the budget to avoid another government shutdown. That’s also the day that the next round of devastating sequester cuts will go into effect — these cuts were designed to put pressure on Congress to find a solution. If they fail to pass a budget by that date, the new round of sequestration cuts will be much more severe than the ones we saw in 2013. Many government agencies still had funding available from previous years that they were able to dig into, and take steps to prevent furloughs and deep budgetary cuts — but now, they’re running out of options, and another round of sequester cuts would slow our fragile economic recovery. The bottom line is that there’s a lot at stake over the next two months. Congress needs to step up and pass a long-term budget that addresses sequester cuts and grows our economy from the middle out.” …Nico Probst, OFA