25 July 2006

When We Say "Ownership Society", We Mean....

According to "Reconciliation Tax Cuts Would Average $43,000 for Households with Income Over $1 Million, Revised 5/11/06", by the Center for Budget and Policy Priorities:

The owners:

About 87 percent of the benefits of the reconciliation conference agreement would flow to the 14 percent of households with incomes above $100,000, and 55 percent of the benefits would go to the 3 percent with incomes above $200,000. Households earning more than $1 million a year, which represent only 0.2 percent of all households, would receive 22 percent of the benefits of these tax cuts.

The owned:

In contrast, the three-quarters of households with incomes below $75,000 would receive just 5 percent of the benefits. The 60 percent of households with incomes below $50,000 would receive less than 2 percent of all benefits. In total, 68 percent of all households would receive no benefits whatsoever from the tax-cut package.


Fudging the Numbers: SS, Tax Cuts and Actuarial Science

From "Will the Administration Claim the Cost of Fixing Social Security Rose $700 Billion Because Congress Did Not Act Last Year?", a 1 May 2006 article from the Center on Budget and Policy Priorities:

President Bush and other Administration officials often claim that delaying action on Social Security by "...just one year adds $600 billion [or $700 billion] to the cost of fixing Social Security." Such claims may be repeated on May 1 when the Social Security Trustees release their annual report on the program's finances. Such claims, however, are not accurate.

And, for the curious, the title question is answered in a later article (revised 15 June 2006) titled "What the New Trustees' Report Shows About Social Security", the answer, apparently, being yes.

21 July 2006


1946 short film by Encyclopedia Brittanica.

Scary, innit?