Time magazine, highlighting some of those most responsible for the economic crisis, recently singled out former Sen. Phil Gramm (R-Texas), and for good reason. Few deserve as much blame as the former chairman of the Senate Banking Committee.
The Diamond-Orszag plan for "reforming" Social Security calls for reducing benefits on youngsters to make up for people living long—and the younger you are now, the more the benefit reduction. Their plan is to make up half of the shortfall (a shortfall which may not even exist, we'll come back to that) by reducing benefits, and half of it by increasing FICA taxes. They do intend to increase the amount of money that richer people pay, modestly, and they also intend to reduce benefits for wealthier folks by more than they reduce benefits for those who have more average earnings.
From MediaMatters/County Fair:
Yep, the CNBC reporter who yesterday claimed the all-white, all-male traders surrounding him on the floor of the Chicago Mercantile Exchange represented a cross-section of America. In fact, at one point on Thursday, CNBC's Rick Santelli turned to face the floor, extended his arms toward the six-figure salaried employees and announced, "This is America!"
From Rich Gardner's piece on PhillyIMC:
It's conventional wisdom that "everybody knows" that Republicans are really sharp on, and have lots of expertise on, the economy. Erm, do they!?!?!?