Thursday, August 20, 2015

Progressive Breakfast: Sanders and Trump: The Populist and the Demagogue (Please note that next Progressive Breakfast post will be sent on Monday next week!)

MORNING MESSAGE

Robert Borosage
Sanders and Trump: The Populist and the Demagogue
Trump is painted as the right’s equivalent of Bernie Sanders, each leading an insurgent movement against party establishments ... [But d]ubbing both Sanders and Trump populists is a slur on both Sanders and populism. Trump isn’t leading a people’s movement; he’s selling a brand. Sanders is building a movement to revive democracy; Trump is seeking a mandate for a demagogue.

Trump Sides With Multinationals

Donald Trump backs repatriation in Time interview: “Pfizer is talking about moving to Ireland. Or someplace else … Do you know how big that is? It would wipe out New Jersey … They have $2.5 trillion sitting out of the country that they can’t get back because they don’t want to pay the tax. Nor would I … We should let them back in. Everybody. Even if you paid nothing it would be a good deal. Because they’ll take that money then and use it for other things. But they’ll pay something. Ten percent, they’ll pay something.”
Rubio to push flatter tax code in Detroit speech. W. Post: “Together with Sen. Mike Lee (R-Utah), Rubio has released a tax reform planthat would slash the corporate tax rate to 25 percent from 35 percent, expand the child tax credit to as much as $2,500 and create two personal income tax brackets, 15 percent and 35 percent.”
Bush challenges Trump’s claim to conservatism at NH town hall. The Hill: “‘Mr. Trump doesn’t have a conservative record,”’Bush said at a town-hall meeting Wednesday in New Hampshire. ‘He was a Democrat longer than he was a Republican. He’s given more money to Democrats than he’s given to Republicans.’ … He also slammed the billionaire businessman for his support of popular liberal positions in the past, such as a tax on assets and a single-payer healthcare system.”
Trump responds to Bush. Politico: “Remarking on his upbringing in Queens and current residence in Manhattan, Trump told MSNBC’s ‘Morning Joe’ that virtually ‘everybody in Manhattan is a Democrat, everybody, and you sort of grow up in that atmosphere.'”
Republican candidates divide on education. NYT: “…an unusual panel discussion on education in Londonderry, N.H. … featured six Republican candidates … Gov. Bobby Jindal of Louisiana, Mr. Christie and Carly Fiorina … reiterated their opposition to the Common Core. But Gov. John R, Kasich of Ohio, a supporter of the standards, said, ‘I’m not going to change my position because there’s four people in the front row yelling at me.’ Mr. Walker once supported the Common Core standards [but] defended his change of stance … Bush, a strong supporter of the Common Core, said the standards should not be ‘federally driven.'”

IMF Snubs China Currency

IMF leaves China currency out of its “basket.” AP: “The fund’s board voted to leave unchanged until Sept. 30, 2016, a basket of currencies used in its operations. China, the world’s second-biggest economy, had wanted the I.M.F. to include the renminbi in the basket … Unlike the other currencies, the renminbi does not trade freely … Joining the basket would give the renminbi the fund’s seal of approval, and might encourage foreigners to use the Chinese currency more and to have more confidence in China’s financial markets.”
Former Rep. Bill Owens says it’s “time to take action against Chinese currency manipulation” in The Hill oped: “It is clearly time for the administration, Congress, corporate America and the American people to stand up and take strong action against the Chinese by imposing a tariff equal to any reduction in the Chinese currency exchange rate, and bolstering the American public’s willingness to pay higher prices for goods made by families and friends.”

Breakfast Sides

Obama to commemorate the 10th anniversary of Hurricane Katrina in New Orleans. Time: “During the Aug. 27 trip, Obama and Federal Emergency Management Agency Administrator Craig Fugate will meet with Mayor Mitch Landrieu and residents of neighborhoods hit by the storm … He is expected to address rebuilding efforts during his visit and may also note the possible links between extreme weather events like Katrina and climate change.”
Iran deal gains more support. W. Post: “The announcements are all the more important because some of the support was unexpected coming from key lawmakers who were being considered truly undecided since the deal was announced. Sen. Joe Donnelly (D-Ind.) is the latest previously undecided Democrat … Rep. Steve Cohen (D-Tenn.), one of the more prominent Jewish members of Congress, announced on Wednesday that he too would support the deal …”
Fed may hold off on raising interest rates. NYT: “Officials at the Fed’s most recent meeting in July said they were almost ready to raise rates because they expected the economy’s continuing upward trajectory to eventually push prices up … But inflation continues to defy those expectations … Several analysts said the uncertain tone of the minutes suggested the Fed was somewhat less likely to start raising rates at its next meeting, in mid-September.”
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