Corporate tax rate cut used to buyback stock and layoff workers.

Discussion in 'Political Opinions & Beliefs' started by 61falcon, Jun 16, 2019.

  1. EarthSky

    EarthSky Well-Known Member

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    If I am not mistaken, your link is referring to how the 3 billion Clinton saved from throwing people off welfare was to be used to pay down the national debt while replacing funds stolen from social security with IOU's- a regressive right-wing policy if there ever was one. From your own link:

    "Clinton’s lock-box plan is nothing more than a scheme to use more than $3 trillion in Social Security surpluses to buy down federal debt. In exchange, the Social Security trust fund gets another $3 trillion worth of IOUs. To be sure, most Americans would rather pay down the debt than use Social Security’s surpluses to fund pork barrel projects. But make no mistake, once that money is spent – to buy down debt or fund new programs – it will not be there to cover Social Security’s long-term liabilities."

    Meanwhile, this is what Clinton, in cahoots with Republicans, really did to social security:

    In 1996, when welfare reforms were introduced in a coalition between President Bill Clinton and Republicans, 68% of families in the US living below the poverty line received cash assistance. That has since fallen to just 23% nationally and even lower in many southern states without alternative forms of welfare filling the gap. In Georgia, the proportion dropped from 98% to just 7%. The fall was only marginally less sharp in Arizona.

    In July, Arizona will become the first state to reduce the payment of cash benefits to the lowest-income families to a maximum of 12 months in a lifetime. That comes on top of sharp reductions in the size of payments, which have effectively halved over the past two decades, and the scrapping of programmes to help the state’s poorest citizens find jobs.

    Critics of Arizona’s cuts blame the reforms championed by Bill Clinton and now thrust into the midst of the Democratic presidential campaign.

    In 1996, Clinton joined with the Republican-controlled US Congress to enact the most sweeping changes to welfare in a generation with the Personal Responsibility and Work Opportunity Act by tying benefits to work. Although initially hailed as a great success in getting parents caring for children into jobs, it has since been criticised for driving up the numbers of people living in deep poverty and for allowing states to reduce the welfare rolls by imposing onerous conditions and diverting funds to fill budget shortfalls.

    https://www.theguardian.com/us-news...-welfare-reforms-american-poor-bernie-sanders


    https://www.theatlantic.com/politic...fare-reform-tanf-medicaid-food-stamps/552299/

    https://www.vox.com/2016/6/20/11789988/clintons-welfare-reform

    "Welfare reform was an intentional effort to curb financial assistance to poor people, on the grounds that many were simply too lazy to get a job. Clinton turned over a federal program to states, which were effectively allowed to slash welfare funding and impose new work requirements on people who received assistance. Even Republican co-architects of welfare reform concede that the program ended up hurting the poor.

    "In a recession, it doesn’t work," former GOP staffer Ron Haskins told The Huffington Post in 2012 about the welfare reform bill, which he helped shape. "Even in 2001, which was a relatively mild recession, we saw a lot of these single mothers leaving the workforce because they just couldn’t find a job and being forced off the welfare rolls."

    https://www.huffingtonpost.ca/entry/bill-clinton-welfare-reform_n_5707cbf4e4b0c4e26a227a34


    Clinton's welfare reform was a complete betrayal of the constituency the Democratic Party claims to represent.
     
  2. jcarlilesiu

    jcarlilesiu Well-Known Member Past Donor

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    LOL...

    Its always those damn republicans, even when it was really democrats.

    Clinton balanced the budget alright, by taking out a loan.
     
  3. 61falcon

    61falcon Well-Known Member

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    Today it is reported that U.S.companies are on track to buyback at least $1 trillion of their own stocks this year, artificially inflating stock prices and making it much more expensive for 401K owners plans to buy whole shares.
     

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