This Week In The News
This week, consumer electronics giant Circuit City announced that it was laying off some 3400 retail workers nationwide. According to one Circuit City Manager, the company is cutting "overpaid" workers whose hourly pay exceed the prescribed salary band for their position. (real quote) According to the company, these employees will be replaced by lower paid new hires. This will have the effect of eliminating many of the company's more senior and experienced employees. Commenting on the move, Circuit City spokesperson Louis Ampere stated: " For too long, we have allowed American workers to work under the faulty assumption that staying with a company, gaining experience and rising up the ranks was somehow a valid strategy. No more. I think the message we need to send is clear: stay stupid and stay cheap and maybe we will keep you around."
This week, D. Kyle Sampson, former Chief of Staff to Attorney General Alberto Gonzalez, offered testimony in front of the Senate Judiciary Committee relating to the sacking of some eight US Attorneys. Sampson testified that his former boss was "not accurate" in stating that he had no role in the purge. Sampson also testified that White House figures such as Karl Rove and Harriet Miers were involved in the deliberations and that Miers and Gonzalez were the "decisionmakers" with regard to eight attorneys fired. After the hearings, even Republican Arlen Spector was forced to concede that the Department of Justice was in "disarray and possibly dysfunctional." (real quotes). In the wake of events, President Bush has decided to convene a retreat at his Crawford Ranch aimed at charting a new course in his trademark resolute, fake cowboy type of way. Among the breakout sessions will be: "Why Are We Such Big Fat Liars?" "Why Do We Step on Our Dicks All the Time? ('Cept You Condi.)" "Does There Remain a Portion of the Executive Branch We Have not Totally Fucked Up? and " Vice - Patriot or Vegetable.?"
This week, new data from the Department of Treasury shows that, based on 2005 tax revenue, the income gap in America continues to grow. More precisely, tax data shows that the incomes of the nations top 10% grew by 14% while the bottom 90% (a/k/a most of us) saw a 1% decline. The top one percent of Americans now own a larger portion of the nations wealth than ever before and that portion has doubled since 2000. Interestingly, this phenomena also shows up in tax policy. Since 1980, the top .01% of earners has seen their marginal tax rate drop more than any other income group. So the rich are making more than they ever did, own more than they ever have, and are paying less than they ever did in taxes. Asked if this state of affairs seemed... well ... a little whack... Republican economist Edward Laffer stated" Nope. Because what you call 'inequality.' We call 'rewarding initiative.' You see everyday the wealthy are doing brave and productive things like setting up offshore tax havens, placing their assets in untaxable trusts, backdating their stock options, 'rightsizing' their companies, ridiculously overpaying themselves through generous corporate compensation policies, and lobbying for even lower taxes and less corporate oversight. We have to reward that type of productivity.If we don't what will trickle down on the rest of us?" *
*By the way, we checked. Circuit City's CEO's compensation places him in the fabulous environs of the top 1% of American incomes.
This week, D. Kyle Sampson, former Chief of Staff to Attorney General Alberto Gonzalez, offered testimony in front of the Senate Judiciary Committee relating to the sacking of some eight US Attorneys. Sampson testified that his former boss was "not accurate" in stating that he had no role in the purge. Sampson also testified that White House figures such as Karl Rove and Harriet Miers were involved in the deliberations and that Miers and Gonzalez were the "decisionmakers" with regard to eight attorneys fired. After the hearings, even Republican Arlen Spector was forced to concede that the Department of Justice was in "disarray and possibly dysfunctional." (real quotes). In the wake of events, President Bush has decided to convene a retreat at his Crawford Ranch aimed at charting a new course in his trademark resolute, fake cowboy type of way. Among the breakout sessions will be: "Why Are We Such Big Fat Liars?" "Why Do We Step on Our Dicks All the Time? ('Cept You Condi.)" "Does There Remain a Portion of the Executive Branch We Have not Totally Fucked Up? and " Vice - Patriot or Vegetable.?"
This week, new data from the Department of Treasury shows that, based on 2005 tax revenue, the income gap in America continues to grow. More precisely, tax data shows that the incomes of the nations top 10% grew by 14% while the bottom 90% (a/k/a most of us) saw a 1% decline. The top one percent of Americans now own a larger portion of the nations wealth than ever before and that portion has doubled since 2000. Interestingly, this phenomena also shows up in tax policy. Since 1980, the top .01% of earners has seen their marginal tax rate drop more than any other income group. So the rich are making more than they ever did, own more than they ever have, and are paying less than they ever did in taxes. Asked if this state of affairs seemed... well ... a little whack... Republican economist Edward Laffer stated" Nope. Because what you call 'inequality.' We call 'rewarding initiative.' You see everyday the wealthy are doing brave and productive things like setting up offshore tax havens, placing their assets in untaxable trusts, backdating their stock options, 'rightsizing' their companies, ridiculously overpaying themselves through generous corporate compensation policies, and lobbying for even lower taxes and less corporate oversight. We have to reward that type of productivity.If we don't what will trickle down on the rest of us?" *
*By the way, we checked. Circuit City's CEO's compensation places him in the fabulous environs of the top 1% of American incomes.
posted by Jack Reed at 8:19 PM
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