Daily Digest - October 31: Low Taxes Carry Heavy Burdens

Oct 31, 2013Rachel Goldfarb

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The Great American Ripoff: The High Cost of Low Taxes (Bill Moyers)

Joshua Holland argues that low taxes in the United States translate to hugely disproportionate out-of-pocket costs for things that would be covered by the social safety net in other countries. That also means there's nothing to catch people in crisis.

End Corporate Welfare for McDonald's. Better Yet, Raise the Minimum Wage (The Guardian)

Sadhbh Walshe looks at the latest story about McDonald's workers seeking public assistance, which revolves around a phone call to its McResource line. She argues that if McDonald's needs to refer their workers to Medicaid and SNAP, they should be paying better wages.

Another Temporary Funding Bill? (MSNBC)

Jane C. Timm reports that a grand bargain is pretty much out of the question, and at least one Senator thinks that a continuing resolution through the end of the fiscal year is likely. That would bring us to a month before the 2014 elections, which would be rough timing for a budget fight.

C.F.T.C. Approves Tighter Commodity Trading Rules (NYT)

Alexandra Stevenson reports on new rules from the Commodity Futures Trading Commission, designed to protect client money from brokerage firms going bust. After a 2011 case that left customers $1.6 billion short, the need for these rules is pretty clear.

Paypal to Government: Be More Like Us (WaPo)

Lydia DePillis examines a report from Paypal that suggests how government should handle the mobile payment industry. The company calls on regulators to throw out their old methodology, which she thinks is hugely unlikely.

The New Futurism (The New Yorker)

James Surowiecki looks at human-capital contracts, which allow people to raise funds for businesses or education in exchange for a percentage of future earnings over a number of years. The principle is similar to income-based repayment on student loans.

New on Next New Deal

Maine's Lobster Industry is Dying, But Government Can Help Save It

Roosevelt Institute | Campus Network student John Tranfaglia calls for government intervention in Maine's lobster industry. Instead of criticizing the Canadian government for subsidizing lobster processing, Governor LePage should figure out ways to attract lobster processors to Maine.

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