Health Care on Trial!!

Dear Commons Community,

On Monday, the Supreme Court begins hearing oral arguments in one of the most politically charged cases in years. Attorneys representing 26 states, most led by Republican governors, and the National Federation of Independent Businesses (NFIB) will spar with Justice Department lawyers over what President Obama called his proudest achievement–health care reform.

Challengers will argue that requiring all Americans to buy health insurance is an illegal and unprecedented act of government overreach, while the Justice Department will counter that it’s a routine exercise of Congress’ power to regulate interstate commerce. The Supreme Court will most likely hand down its decision in late June, right in the middle of the heated 2012 presidential election.

Yahoo News has the schedule for the three days  of testimony and arguments.

Tony

 

Income Disparity Growing: The Rich Keep Getting Richer!!

Dear Commons Community,

New data show a startling difference between the fortunes of the wealthy and everybody else.  In an op-ed piece in today’s New York Times, Steve Rattner refers to a study that analyzed tax returns.  The results:

“In 2010, as the nation continued to recover from the recession, a dizzying 93 percent of the additional income created in the country that year, compared to 2009 — $288 billion — went to the top 1 percent of taxpayers, those with at least $352,000 in income. That delivered an average single-year pay increase of 11.6 percent to each of these households.

Still more astonishing was the extent to which the super rich got rich faster than the merely rich. In 2010, 37 percent of these additional earnings went to just the top 0.01 percent, a teaspoon-size collection of about 15,000 households with average incomes of $23.8 million. These fortunate few saw their incomes rise by 21.5 percent.

The bottom 99 percent received a microscopic $80 increase in pay per person in 2010, after adjusting for inflation. The top 1 percent, whose average income is $1,019,089, had an 11.6 percent increase in income.”

His conclusion:

“The only way to redress the income imbalance is by implementing policies that are oriented toward reversing the forces that caused it. That means letting the Bush tax cuts expire for the wealthy and adding money to some of the programs that House Republicans seek to cut. Allowing this disparity to continue is both bad economic policy and bad social policy. We owe those at the bottom a fairer shot at moving up.”

Tony