Sunday, November 20, 2016

Today's links

Donald Trump-- "I am proposing an across-the-board income-tax reduction, especially for middle-income Americans...The tax relief will be concentrated on the working and middle-class taxpayer. They will receive the biggest benefit – it won't even be close."



1--The rise of the right--Marine Le Pen takes huge lead over Nicolas Sarkozy in French first round presidential election poll


Results likely to add to growing fears far-right leader could be on course for victory in wake of shock Brexit and US presidential votes

2--The Right Way to Resist Trump


Unfortunately, the dynamic has not ended with the election. Shortly after Mr. Trump gave his acceptance speech, protests sprang up all over America. What are these people protesting against? Whether we like it or not, Mr. Trump won legitimately. Denying that only feeds the perception that there are “legitimate” candidates and “illegitimate” ones, and a small elite decides which is which. If that’s true, elections are just a beauty contest among candidates blessed by the Guardian Council of clerics, just like in Iran.

These protests are also counterproductive. There will be plenty of reasons to complain during the Trump presidency, when really awful decisions are made. Why complain now, when no decision has been made? It delegitimizes the future protests and exposes the bias of the opposition.
Even the petition calling for members of the Electoral College to violate their mandate and not vote for Mr. Trump could play into the president-elect’s hands. This idea is misguided. What ground would we then have to stand on when Mr. Trump tricks the system to obtain what he wants?

The Italian experience provides a blueprint for how to defeat Mr. Trump. Only two men in Italy have won an electoral competition against Mr. Berlusconi: Romano Prodi and the current prime minister, Matteo Renzi (albeit only in a 2014 European election). Both of them treated Mr. Berlusconi as an ordinary opponent. They focused on the issues, not on his character. In different ways, both of them are seen as outsiders, not as members of what in Italy is defined as the political caste.

The Democratic Party should learn this lesson. It should not do as the Republicans did after President Obama was elected. Their preconceived opposition to any of his initiatives poisoned the Washington well, fueling the anti-establishment reaction (even if it was a successful electoral strategy for the party). There are plenty of Trump proposals that Democrats can agree with, like new infrastructure investments. Most Democrats, including politicians like Mrs. Clinton and Bernie Sanders and economists like Lawrence Summers and Paul Krugman, have pushed the idea of infrastructure as a way to increase demand and to expand employment among non-college-educated workers. Some details might be different from a Republican plan, but it will add credibility to the Democratic opposition if it tries to find the points in common, not just differences.

Democrats should also offer Mr. Trump help against the Republican establishment, an offer that would reveal whether his populism is empty language or a real position. For example, with Mr. Trump’s encouragement, the Republican platform called for reinstating the Glass-Steagall Act, which would separate investment and commercial banking. The Democrats should declare their support of this separation, a policy that many Republicans oppose. The last thing they should want is for Mr. Trump to use the Republican establishment as a fig leaf for his own failure, dumping on it the responsibility for blocking the popular reforms that he promised during the campaign and probably never intended to pass. That will only enlarge his image as a hero of the people shackled by the elites.

3--No Return to Normal, James Galbraith

4--Trump promised the rich would pay their fair share – but his tax plan would make them much wealthier

US president-elect says plan targets middle and low earners, but analysis shows richest would benefit most.

5--Who Benefits From Donald Trump's Tax Plan?

6--How Trump's tax plan may impact your returns

7--Steve Bannon's World

8--Tax cuts my not be as big as trump promised

9--The true meaning of “In the long run we are all dead

10--Federal Reserve Chair Throws Cold Water On Trump's Economic Plan

Fed threatens Trump with higher rates if infrastructure plan goes through

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