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Friday News: GOP Tax Plan the “biggest tax giveaway to giant corporations in modern memory”; So Much for “Major, Major” Middle Class Tax Cut

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by Lowell

Here are a few national and Virginia news headlines, political and otherwise, for Friday, November 3.

  • Quizzical

    Update on Elon Musk’s big battery project in Australia.
    https://cleantechnica.com/2017/10/06/future-shock-faster-get-better-says-teslas-musk/

    • Jim B

      Latest repug tax plan apparently eliminates tax credit for electrical vehicles so that will be a blow to future sales I assume if enacted.

  • RobertColgan

    The GOP tax plan…………………………………………………. . . . . . is to common sense in government as mass suicide is to public health planning.

    I listened this morning to one of the Reps, Scott Perry from PA——
    who took office largely on a pledge to cut the Nat’l debt that resounded with his gerrymandered R district majority ———
    explaining how the tax cut to corporations and the wealthiest was going to largely pay for itself and negate its projected 10 year 1.5 Trillion debt . . . . by increasing the amount of taxation generated by all the new hires and expansions by all the corporations and wealthiest who will grow the economy with all the new money they are being allowed to keep even though they are already keeping most of it by offshoring it and hiding it and have been growing their profits steadily for the last 20+ years while reducing their overhead by replacing workers with Artificial Intelligence machines and eliminating full time workers so they don’t have to pay benefits.

    Seriously.
    You can’t make this shit up. It is beyond far-fetched.
    That happy R base?…… they believe it because THEIR guy is telling it to them.
    The insanity has gone deeper than ever.
    Truly insane.

  • As always, thank you Barack Obama and Democrats for saving our economy from the Bush/Cheney/GOP Great Recession!

    THE EMPLOYMENT SITUATION — OCTOBER 2017

    Total nonfarm payroll employment rose by 261,000 in October, and the unemployment rate edged down to 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment in food services and drinking places increased sharply, mostly offsetting a decline in September that largely reflected the impact of Hurricanes Irma and Harvey. In October, job gains also occurred in professional and business services, manufacturing, and health care.

    Household Survey Data

    The unemployment rate edged down by 0.1 percentage point to 4.1 percent in October, and the number of unemployed persons decreased by 281,000 to 6.5 million. Since January, the unemployment rate has declined by 0.7 percentage point, and the number of unemployed persons has decreased by 1.1 million. (See table A-1.)

    Among the major worker groups, the unemployment rates for adult women (3.6 percent) and Whites (3.5 percent) declined in October. The jobless rates for adult men (3.8 percent), teenagers (13.7 percent), Blacks (7.5 percent), Asians (3.1 percent), and Hispanics (4.8 percent) showed little change. (See tables A-1, A-2, and A-3.)

    In October, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.6 million and accounted for 24.8 percent of the unemployed. (See table A-12.)

    The labor force participation rate decreased by 0.4 percentage point to 62.7 percent in
    October but has shown little movement on net over the past 12 months. The employment- population ratio declined by 0.2 percentage point over the month to 60.2 percent, after increasing by 0.3 percentage point in September. The employment-population ratio is up by 0.5 percentage point over the year. (See table A-1.)

    The number of persons employed part time for economic reasons (sometimes referred to
    as involuntary part-time workers) declined by 369,000 to 4.8 million in October. These
    individuals, who would have preferred full-time employment, were working part time
    because their hours had been cut back or because they were unable to find full-time
    jobs. Over the past 12 months, the number of involuntary part-time workers has decreased
    by 1.1 million. (See table A-8.)

    In October, 1.5 million persons were marginally attached to the labor force, little
    changed from a year earlier. (The data are not seasonally adjusted.) These individuals
    were not in the labor force, wanted and were available for work, and had looked for a
    job sometime in the prior 12 months. They were not counted as unemployed because they
    had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

    Among the marginally attached, there were 524,000 discouraged workers in October,
    essentially unchanged from a year earlier. (The data are not seasonally adjusted.)
    Discouraged workers are persons not currently looking for work because they believe
    no jobs are available for them. The remaining 1.0 million persons marginally attached
    to the labor force in October had not searched for work for reasons such as school
    attendance or family responsibilities. (See table A-16.)

    Establishment Survey Data

    Total nonfarm payroll employment increased by 261,000 in October, after changing little
    in September (+18,000). Employment in food services and drinking places increased sharply
    over the month, mostly offsetting a decline in September that largely reflected the impact
    of Hurricanes Irma and Harvey. In October, employment also increased in professional and
    business services, manufacturing, and health care. (See table B-1.)

    Employment in food services and drinking places rose sharply in October (+89,000),
    following a decrease of 98,000 in September when many workers were off payrolls due to
    the hurricanes.

    Professional and business services added 50,000 jobs in October, about in line with its
    average monthly gain over the prior 12 months.

    Manufacturing employment rose by 24,000 in October, with job gains in computer and
    electronic products (+5,000) and chemicals (+4,000). Employment in fabricated metals
    continued to trend up (+4,000). Manufacturing has added 156,000 jobs since a recent
    employment low in November 2016.

    Health care added 22,000 jobs in October. Employment in ambulatory health care services
    continued to trend up over the month (+16,000). Health care has added an average of
    24,000 jobs per month thus far in 2017, compared with an average gain of 32,000 per
    month in 2016.

    Employment in other major industries, including mining, construction, wholesale trade,
    retail trade, transportation and warehousing, information, financial activities, and
    government, changed little in October.

    The average workweek for all employees on private nonfarm payrolls was unchanged at
    34.4 hours in October. In manufacturing, the workweek increased by 0.2 hour to 41.0
    hours, and overtime edged up by 0.1 hour to 3.5 hours. The average workweek for
    production and nonsupervisory employees on private nonfarm payrolls edged up by
    0.1 hour to 33.7 hours. (See tables B-2 and B-7.)

    Average hourly earnings for all employees on private nonfarm payrolls, at $26.53,
    were little changed in October (-1 cent), after rising by 12 cents in September.
    Over the past 12 months, average hourly earnings have increased by 63 cents, or
    2.4 percent. In October, average hourly earnings of private-sector production
    and nonsupervisory employees, at $22.22, were little changed (-1 cent). (See
    tables B-3 and B-8.)

    The change in total nonfarm payroll employment for August was revised up from
    +169,000 to +208,000, and the change for September was revised up from -33,000
    to +18,000. With these revisions, employment was 90,000 higher than previously
    reported. (Monthly revisions result from additional reports received from
    businesses and government agencies since the last published estimates and from
    the recalculation of seasonal factors.) After revisions, job gains have averaged
    162,000 over the last 3 months.

    _____________
    The Employment Situation for November is scheduled to be released on Friday,
    December 8, 2017, at 8:30 a.m. (EST).

  • Quizzical
  • Quizzical

    Report that climate change is real and is man-made
    https://science2017.globalchange.gov/downloads/CSSR2017_FullReport.pdf

    What’s the plan for Norfolk?

  • Com post

    What’s the word on Comstock? Is she supporting the trump tax plan?
    What will she say to the people in her district who want to buy a house that costs more than $500k?
    There are likely quite a few of them, of all political stripes.

    While phasing out the mortgage deduction makes sense, it should be done over time so people can plan for change, and it should apply to everyone, not just new transactions.
    To borrow a phrase, one of the things that has made this country great is the ease of mobility… you get offered a great job in a another city, you should be able to go, easily. Taxing people who need to move, and not taxing people who can choose to stay, has to bad for the economy in the long run.

  • Perseus1986

    Re: DFA- Why do many members of the “left” wing enjoy political cannibalism and sabatoge more than winning as a united front. This guy feels entitled to take pot shots from his priviledged place in Vermont, not having to directly deal with the consequences of Northam not winning.

    This is also the fault of the media as well for allowing the Republicans to weave together various policies and label them as “sanctuary cities” without being challenged. I had to do some digging because WaPo consistently takes those GOP talking points at face value, but it seems that Northam has not flip-flopped at all, but is addressing 2 separate things. Correct me if I’m wrong, but it seems that Northam voted against a bill that would have encouraged or pushed law enforcement to proactively conduct inquiries of “suspected” undocumented immigrants they have detained and invite ICE into their search, in effect doing half of ICE’s jobs and building distrust between law enforcement and local communities. Not doing this is not being a “sanctuary city”, but having law enforcement serve its assigned role and not proactively conduct investigations that are assigned to the federal level.

    What Northam appears to have said recently is not that he would vote for the bill that he voted against, but that he would vote for a bill that would ban “sanctuary cities” in the sense that local law enforcement would not fulfill the functions that they specifically ARE assigned to do, which is to hold specific individuals for ICE when ICE has specifically put out a detention order on them. But such details seem to be inconvenient for a press that seems more focused on creating drama and generating click throughs than doing their actual job. Instead of muck rakers, they are muck creators.

    • Yeah, it’s maddening/infuriating, but not much we can do about it I guess…

      • Perseus1986

        If there is any “progressive” voter in Va. out there that is considering valuing ideological “purity” over making sure Northam is in the governor’s mansion, here is the 1 reason why everyone still needs to vote for Northam:

        The winner of this election has veto power over the next redistricting. Even if Northam sits on top of Republican chambers, he still can force compromise. Ed “Red Map” Gillespie, will be helping legislators make block by block, house by house adjustments to assure a Republican hold on a maximum number of seats. So 4 years of Enron Ed will equal 14 more years of artificial Republican majorities in the legislature and congressional delegations.

  • Perseus1986