Conan O’Brien’s witty response to Congressional creeps like Jason Chaffetz – who says low income Americans just need to spend their spare change on healthcare instead of new iPhones. Yes, Republicans still consider decent healthcare a class privilege, not a right.
One of those roads turned to gravel – and more potholes
❝ After living more than 40 years along a road plagued by potholes, Jo Anne Amoura was excited to see city crews shred her block of Leavenworth Street into gravel.
“I thought, ‘Oh my gosh, this is great. We’re going to get a new street,’” Ms. Amoura recalled. “And then we waited and waited and waited.”
Fresh pavement never arrived. Only after the asphalt had been ripped out almost three years ago did Ms. Amoura and her neighbors learn that their street had been “reclaimed,” Omaha City Hall’s euphemism for unpaving a road…
❝ As in many big cities, the infrastructure here is crumbling, a problem exacerbated by decades of neglect and a network of residential roads, including Ms. Amoura’s, that have never met code. But Omaha’s solution is extreme: grinding paved streets into gravel as a way to cut upkeep costs…
❝ While President Trump has called for extensive investments in infrastructure, federally funded efforts are likely to go to decaying interstate highways and airports and dams. Some experts estimate that $1 trillion is needed to repair roads, bridges and rail lines over the next decade.
But infrastructure is also decaying at the most local levels — on cul-de-sacs and in neighborhood playlots unlikely ever to see federal funding. So cities like Omaha have resorted to unusual solutions…
“This isn’t something that happened over one year or two years,” said Brooks Rainwater, a senior executive and the director of the Center for City Solutions at the National League of Cities. “This has been decades of not investing in our infrastructure.”
Thing is, taxpayers have been paying their taxes. The ordinary citizens who have been living and working in America’s cities for generations. Politicians keep trying to attract industry by NOT collecting taxes from the new guys at the top of the scale. Maybe promising lower taxes for their executive class, as well.
Yes, it’s not just a Republican problem at the front end. Both clubhouses in our incompetent 2-party private political association are less than understanding of economics beyond slogans. But, the right-hand side of that 2-party equation ain’t about to begin supporting legislation and regulations that fill life’s needs for folks who work for a living. That’s reserved for the important people.
RTFA for the details, folks. It ain’t a surprise, anywhere in the GOUSA.
Cliff Asness, the founder of AQR Capital Management, is a hard-core libertarian who opposes big government…In 2010, he described the administration’s economic team as “Cossacks on a shtetl.” In 2015, he took to the august pages of The Wall Street Journal to moan about Obamacare, and the same year claimed that global warming isn’t the big deal some people make it out to be. In 2012, he made a cameo in a documentary called Ayn Rand & the Prophecy of Atlas Shrugged, and argued that the blame for the financial crisis rested squarely on “all-intrusive” government policies…
…You might think that, when approached by the state of Connecticut, where his firm is headquartered, about accepting a $35 million aid package he would say, “Thanks, but we‘re good. Accepting the money would violate the principles I hold near and dear. Honestly, I wouldn‘t be able to sleep at night if I took the money.” But you would be wrong…
…The assistance for…AQR, which has $172 billion in assets under management, has been questioned by some, including the state comptroller, over whether the initiative actually benefits jobs in the state.
In America, Asness once more verified you can take hypocrisy to the bank.
File this one under “too good to check.” Max Ehrenfreund passes along the latest analysis of Paul Ryan’s tax proposal from the Tax Policy Center and notes that by 2025 it gets a wee bit lopsided:
This is like a parody of Republican tax proposals. In its first year, the top 1 percent start off getting a mere 76 percent of the benefit….Within ten years they get nearly 100 percent of the benefit. Ryan and the congressional Republicans manage this by giving the poor and middle class nothing and actually taking money away from the upper middle class. The only people who benefit are the rich and the really rich.
As for the really, really rich, the top 0.1 percent get an average tax break of $1.4 million, while the rest of us get about $3 trillion in extra federal debt and no long-term change in economic growth. What a deal.
More craptastic politics from the least productive hacks in Washington, DC. I honestly think Ryan trots his spreadsheet out with a new set of lies every couple of years just so Congressional Republlicans can say, “look, we have a proposal!” – even though it’s about as useful as a new crutch to someone who just had his legs amputated.
❝ Here’s something all of divided America should be able to agree on: Smart infrastructure investment works. For evidence, look at Colorado, where elected officials of both parties trace an economic boom to a decision 27 years ago to spend more than $2 billion on a new Denver airport.
❝ The Denver International Airport was the brainchild of Federico Pena, who was elected mayor in 1983 and who would become the Secretary of the Transportation and Energy departments in the Clinton administration. It was assailed as a boondoggle by some local businessmen in a campaign led by Roger Ailes, then a Republican media consultant and later the impresario of Fox News.
❝ The airport was financed by revenue bonds, which proved to be among the best performers in the market for state and local government debt. Today it is the linchpin of Colorado’s transition to a global 21st-century economy flush with high-paying jobs and enhanced by daily nonstop flights to Asia, Central America and Europe.
Colorado has many economic advantages, from shale to ski resorts and beyond, but state officials say the new airport was the catalyst needed to set off the boom. “It’s foundational,” Governor John W. Hickenlooper said in an interview last month in his statehouse office. “I mean we look at infrastructure” as the central element “to build our new economy around.”
❝ The airport’s…annual economic impact today exceeds $26 billion, more than eight times [the old airport] Stapleton’s in 1984…It has generated more than 270,000 jobs, almost twice the comparable figure for Stapleton 32 years ago, and $295 million in concession gross revenue, compared to $45 million for Stapleton in 1994…Passenger traffic was a record 27.5 million for the six months through June, up 6.8 percent from 2015. Stapleton had 33.1 million passengers in all of 1994…
❝ Colorado’s economy, meanwhile, is leaving behind its reliance on mining and energy. Since 2012, the accommodations and food services industry grew 22.5 percent, faster than in any other state except Texas and California, according to Bloomberg data. Health care and social assistance companies expanded 17.4 percent, the most for any state. Wholesale trade grew 17.7 percent, the fourth best in the U.S. since 2014, and finance and insurance grew 7.4 percent, bettered only by Utah and Nevada. Today, material and energy make up less than 30 percent of the total market capitalization of Colorado’s publicly traded companies, down from 53 percent in 2010.
And that’s the killer for me. Living in New Mexico, everything that was backwards about Colorado in the 1980’s is still alive and well in New Mexico. Our Republican governor has only one response to a budget defined by oil and gas production in a downturn. Austerity, cut the budget for everything from education to social welfare. Infrastructure upgrades started by the previous Democrat governor are still incomplete – mostly because she hates to admit a Democrat did something useful.
And I’m not confident the likely return to a majority Democrat state legislature is going to change our reliance on extractive industries and military subsidies.