Economics

Moyers: Plutocracy and democracy can't co-exist

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The great public-interest journalist Bill Moyers, 75, ended his long-running Journal program on Friday with a warning: Plutocracy and democracy don’t mix. And these days, it appears that the former has all but destroyed the latter, turning American democracy into a cruel and deceptive farce. Read more »

Whitman and Goldman should be rich fodder for Democrats

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Democrats are now benefiting from the confluence of the public’s outrage over reckless self-dealing on Wall Street, debate over a Democratic bill to regulate such casino-style financial practices, and prosecution of Goldman Sachs for profiting from an economic collapse it helped cause. But the bigger question is whether top Democrats are willing to make the sustained case that it’s the rich who have screwed over the vast majority of Americans, and it’s time to recover that plundered wealth to deal with pressing problems like poverty, global warming, and infrastructure needs. Read more »

Newsom's $72 million corporate giveaway

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City economist Ted Egan yesterday released his analysis of the payroll tax exemption for new hires that Mayor Gavin Newsom has proposed, one of several business tax cut proposals that we discuss in this week’s Guardian. Egan estimates that the net revenue loss (which takes into account taxes paid by the new hires) to the city would be $72 million over the next two years.

“The proposed policy will have a strong positive effect on local hiring, albeit at a steep costs the City’s General Fund,” Egan wrote, later adding, “The policy would also make the City’s serious current budget deficit worse, and likely lead to significant employment reductions in the City’s workforce.” Read more »