Breaking News: Yucca Mountain is still dead. [Las Vegas Sun] The Clark County, NV Republicans are still in disarray. [KTVN] [Las Vegas Sun] [WaPo] [KOLO] and [LVRJ] The Ron Paul supporters are seeking “genuine conservatives.” [LVRJ] And, do click over to NVProgressive for a description of what’s happening in NV-04.
Hearts and Flowers: If you can read the President’s remarks at the graduation ceremony for Joplin High School graduates without tearing up just a bit, check your empathy chip and replace if necessary.
Breaking the News: The typical CEO in the United States was paid $9.6 million in 2011, that’s up 6% from 2010. Or, to put it another way, the CEO’s were paid what it would take the typical American worker 3,489 years to earn. [RGJ] Not to get all attacky on the capitalists or anything, but the worker’s earnings aren’t keeping up with worker’s productivity:
“Manufacturing sector productivity rose 5.9 percent in the first quarter of 2012, as output grew 10.8 percent and hours worked increased 4.6 percent. The increases in productivity and output were the largest since the second quarter of 2010. Over the last four quarters, manufacturing sector productivity increased 2.5 percent. Unit labor costs in manufacturing fell 4.2 percent in the first quarter of 2012 and decreased 1.3 percent from the same quarter a year ago.” [BLS]
Productivity is a nicer way to say “working harder and longer to make more stuff” and in this case for the same pay or less for doing so. In this case “unit labor costs” (wages and benefits) declined while production numbers increased. Declining “unit labor costs” usually mean declining spending power; declining spending power usually means decreasing demand.
Meanwhile in Xenophobia: Noted citizen of Xenophobia, Representative Steve King (R-IA), drew criticism for equating immigrants to dogs during a recent town hall meeting. [Politico] This might help to explain why President Obama holds a 61% to 27% advantage with Hispanic/Latino heritage voters? [The Hill]
The Romney Plan student loan plan “By The Bankers and For The Bankers:” Here’s the former MA Governor: “Reverse President Obama’s nationalization of the student loan market and welcome private sector participation in providing information, financing, and the education itself.” Here’s a critique. And here’s a problem for the defenders of free market capitalism:
One of the nicer features of free market capitalism is the notion that he who takes the risk shall be he who gets the rewards. That’s why some loans have higher interest rates than others. The greater the risk taken the more interest should be earned to compensate for taking that risk. However, the old Bush new Romney version stands that principle on its head.
Under the Bush/Romney plan the banks got a subsidy for making student loans, and then the federal government (using taxpayer funds) guaranteed the loans, so that the Banks earned the interest without actually taking any risk! What the Obama Administration did was remove the Middlemen. Since the taxpayers (government) were the ones taking the risks, the taxpayers (government) should be the ones earning the interest. Interesting how the bankers are now bellowing about losing their “privatized earnings” on the “socialized risks?” And by the way, there’s no “nationalizing” involved, private banks still make student loans and are perfectly free to do so — they just can’t expect taxpayers to subsidize them and guarantee their collection of interest earnings.
There’s more over at the Nevada Rural Democratic Caucus blog.
Dispatches from the War on Women: “Five female Democratic senators pressed for legislation Wednesday aimed at closing the wage gap between men and women. The Paycheck Fairness Act would bring up to date the Equal Pay Act, which was signed into law by President Lyndon Johnson nearly 50 years ago.” [Politico] What you should know about the Paycheck Fairness Act here. Senate Majority Leader Harry Reid (D-NV) will bring the measure up for a cloture vote (Yes, the Republicans are filibustering it) during the week of June 4, 2012.
Dispatches on the Despicable: One so-called charity on behalf of American veterans has already been revealed as fraudulent. [HuffPo] Worse still, almost half of the 39 veterans charities received failing grades from the American Institute of Philanthropy. [HuffPo] The AIP has a web site Charity Watch which will assist donors who want to make certain their contributions are not misused or squandered. The organization advises donors to beware of organizations which use as much as 80% of their donations for more fundraising. [CW] Charity Navigator also has a ratings guide for organizations.
About that Federal Spending Mythology: Two handy charts —
Bloggy Mountain Breakdown: H/T to The Sin City Siren for the link to this nifty graphic of the War On Women. Have you been checking in on The Nevada View lately. (highly recommended) If you missed this piece on small businesses and the battle with the Big Box stores at Blue Lyon, click over there now.