1. Been excited about @JoeNBC's sustained convo today about @KBAndersen's new book Evil Geniuses: The Unmaking of America which explains how the Republican Party radicalized OVER ECONOMICS over the past 30 years. It was launched w the radical tax cuts in Reagan's presidency, but
More from Rachel "The Doc" Bitecofer 📈🔭🍌
1. I think so. I don't think the issue are plans. The issue is that the ability of our govn't to function-to create & enact policy- has been seriously abridged the past decade to the point where it can't function. We've seen virtually no legislation this past decade & pretty
2. much none relying on just "regular order." Although the Ds spent almost a year trying w the ACA before giving up & using a procedural trick in the end. Keep in mind, McConnell changed the operation of senate so that all bills, ALL, had to reach 60 vote threshold in the senate
3. That was a MASSIVE change to the legislative filibuster (a massive abuse of it). It creates a super majority requirement for laws that the Framers didn't design. And given the issue of misrepresentation the senate, which is causing a Tyranny of the Minority, its really shut
4. down the federal lawmaking apparatus. If Ds flip these 2 GA senate seats, the legislative filibuster will be right back in the spotlight bc McConnell will use it to lockdown Biden's legislative agenda. And we'll have to see how Biden responds. I agree that Biden needs to give
5. McConnell an opp to change his behavior, but if he doesn't Biden will have to go w EOs or ending the legislative filibuster. Either that, or getting nothing done. The GOP will seek to do to him what they did to Obama- use control of the senate OR the filibuster to prevent
Does anyone in DC have an actual plan that would get the American middle class back on its feet and elevate many more of the poor into the middle class? I mean besides trickle down economics, which has been shown to be a joke?
— John Frost (@JohnFrost) December 30, 2020
2. much none relying on just "regular order." Although the Ds spent almost a year trying w the ACA before giving up & using a procedural trick in the end. Keep in mind, McConnell changed the operation of senate so that all bills, ALL, had to reach 60 vote threshold in the senate
3. That was a MASSIVE change to the legislative filibuster (a massive abuse of it). It creates a super majority requirement for laws that the Framers didn't design. And given the issue of misrepresentation the senate, which is causing a Tyranny of the Minority, its really shut
4. down the federal lawmaking apparatus. If Ds flip these 2 GA senate seats, the legislative filibuster will be right back in the spotlight bc McConnell will use it to lockdown Biden's legislative agenda. And we'll have to see how Biden responds. I agree that Biden needs to give
5. McConnell an opp to change his behavior, but if he doesn't Biden will have to go w EOs or ending the legislative filibuster. Either that, or getting nothing done. The GOP will seek to do to him what they did to Obama- use control of the senate OR the filibuster to prevent
More from Economy
I know I’ve been beating this redlining and wealth gap drum for 20+ years but here is a GREAT cliffs notes version.
But don’t take @ambermruffin’s word for it. You should get references...
A thread
How homes in Black neighborhoods are undervalued by $156
Every major bank in the US has been sued for mortgage discrimination and a study that included every mortgage in America found that Banks charge higher interest rates to nonblack customers
https://t.co/sx9tWWB98s
Baltimore redlined areas in 1935 vs Baltimore Drug arrests in 2016
But don’t take @ambermruffin’s word for it. You should get references...
A thread
How did systemic racism get so dang strong? Find out a few of the like bajilliondy ways in our new segment, How Did We Get Here! pic.twitter.com/f4HfISckXh
— amber ruffin (@ambermruffin) January 30, 2021
How homes in Black neighborhoods are undervalued by $156
Every major bank in the US has been sued for mortgage discrimination and a study that included every mortgage in America found that Banks charge higher interest rates to nonblack customers
https://t.co/sx9tWWB98s
Baltimore redlined areas in 1935 vs Baltimore Drug arrests in 2016
It's always been detached, and it's always made the real economy worse.
[THREAD] 1/10
What is profit? It's excess labor.
You and your coworkers make a chair. Your boss sells that chair for more than he pays for the production of that chair and pockets the extra money.
So he pays you less than what he should and calls the unpaid labor he took "profit." 2/10
Well, the stock market adds a layer to that.
So now, when you work, it isn't just your boss that is siphoning off your excess labor but it is also all the shareholders.
There's a whole class of people who now rely on you to produce those chairs without fair compensation. 3/10
And in order to support these people, you and your coworkers need to up your productivity. More hours etc.
But Wall Street demands endless growth in order to keep the game going, so that's not enough.
So as your productivity increases, your relative wages suffer. 4/10
Not because the goods don't have value or because your labor is worth less. Often it's actually worth more because you've had to become incredibly productive in order to keep your job.
No, your wages suffer because there are so many people who need to profit from your work. 5/10
[THREAD] 1/10
I know people think this is fun but -- why do we have a stock market? So productive firms can raise capital to do useful things. Detaching stock price from fundamental value (Gamestop is now worth almost as much as Best Buy) makes the markets serve the real economy worse.
— Josh Barro (@jbarro) January 27, 2021
What is profit? It's excess labor.
You and your coworkers make a chair. Your boss sells that chair for more than he pays for the production of that chair and pockets the extra money.
So he pays you less than what he should and calls the unpaid labor he took "profit." 2/10
Well, the stock market adds a layer to that.
So now, when you work, it isn't just your boss that is siphoning off your excess labor but it is also all the shareholders.
There's a whole class of people who now rely on you to produce those chairs without fair compensation. 3/10
And in order to support these people, you and your coworkers need to up your productivity. More hours etc.
But Wall Street demands endless growth in order to keep the game going, so that's not enough.
So as your productivity increases, your relative wages suffer. 4/10
Not because the goods don't have value or because your labor is worth less. Often it's actually worth more because you've had to become incredibly productive in order to keep your job.
No, your wages suffer because there are so many people who need to profit from your work. 5/10
