Thanks to The Hill for running our oped:

Trump went too far on tariffs — the Supreme Court can give him a political out – Karl Polzer/The Hill

CCSE analysis

Judge says Trump administration ‘used antisemitism as a smokescreen’ against Harvard – USA Today

Trump Administration’s Cuts to Harvard Funding Are Unconstitutional, Judge Rules – msn/WSJ

CCSE correspondence with Harvard President Garber

“Prediction: Harvard University will be teaching students from all over the world long after what remains of Trump and his brain trust rest in silence beneath the ground. BTW, White House staff could benefit from taking free public finance courses at Harvard’s Kennedy School of Government. Harvard has a positive fund balance. The United State government, not so much.”

No peace, no prize. – Karl Polzer

“Republican members of the US Congress, which is financing Israel’s now escalating ethnic cleansing of Gaza, have nominated President Donald Trump for the Nobel Peace Prize.  It is hard to fathom the depth and irony of their fawning depravity.  The Nobel prize is clearly a trophy that he covets. But shouldn’t a peace prize have something to do with reducing conflict and killing? The US president and Congress, including a majority of Democrats, are doing the opposite of making peace.  They are facilitating Israel’s daily, systematic killing, starvation, and displacement of entire populations of Palestinians in Gaza and the West Bank…”

Trump ‘1-2 punch’ shifts tax burden from top onto middle-and lower-income Americans – Karl Polzer/CCSE

“Economists and business analysts increasingly agree that Trump’s tariffs are raising prices. There is far less awareness that the historic spike in tariffs – coupled with the tax cuts just made permanent by Congress – comprise a major shift in the tax burden. Taken together, these two changes promise to make the US tax system more regressive. In our increasingly unequal country, taxpayers at the bottom of the economic pecking order are taking on proportionally more of the tax burden as the well-off shoulder less…”

Investing Social Security funds in the stock market is way too risky – Karl Polzer/The Hill

New capitalism III: Capital – Branko Milanovic

“Why is capital so concentrated and why so few have it?”

“The new capitalism has even in the rich countries failed to produce what Margaret Thatcher, and Friedrich Hayek before her, called ‘property-owning society’. (For good measure, Thatcher added ‘democracy’ too.) Even when we include income from forced savings that becomes pension wealth, between one-half and almost 90 percent of the population in rich countries are financial-capital destitute. That percentage becomes more than 90, or even more than 95, in less developed countries…”

Related CCSE work:

Half of Americans have no retirement savings — here’s how Congress can look after them …. op-ed

How the U.S. Retirement Saving System Magnifies Inequality – Society of Actuaries

Growing inequality has shrunk Social Security’s revenue. Revitalizing its tax base could help restore solvency without cutting benefits.

New Capitalism in America: Richest capitalists and richest workers are increasingly the same people – Global Inequality

Branko Milanovic: The World Under Capitalism – Stone Center/Toronto Public Library

Prof. Milanovic discusses two types of capitalism – “liberal capitalism” in the US and “political capitalism” directed by the Chinese Communist Party. Both systems have produced relatively high levels of income inequality.

Comparing United States and China by Economy – Statistics Times

Just-enacted 2025 budget legislation makes Trump’s 2017 tax cuts permanent. Here’s a CCSE presentation from just after Congress passed that bill:

America’s Inequality and What To Do About It: The Poor Will Always Be with Us. Will the Middle Class?

What has changed? Remains the same?

2025 Social Security groundhog day:

US needs $28 trillion more over 75 years to pay promised benefits

“A few months after the Trump Administration chain-sawed Social Security’s leadership and staff, four newly installed senior officials overseeing the program released the annual report on its declining financial condition.  This year’s actuarial forecast is a bit gloomier due in large part to a benefit expansion enacted by the previous Congress.  However, in the big picture, not much has changed.  Social Security’s looming insolvency remains…

“As I have pointed out to the Senate Budget Committee, the process of spending down Social Security reserves already is increasing overall federal spending and pushing up annual deficits. Drawing down reserves in the Social Security trust funds requires the Treasury to sell bonds (or find other sources of revenue) to raise cash to pay the program’s 74 million beneficiaries.

“On pp. 51-52, this year’s report estimates that Social Security will draw down $181 billion from the combined trust funds in 2025 with the amount rising to $405 billion in 2033. As a result, the federal government is gradually moving to finance part of the program’s benefits through newly issued debt substituting for now-insufficient payroll taxes...”

More on these issues can be found in these CCSE articles and testimony:

• Why Social Security’s big benefit cut won’t happen: The U.S. Treasury already is filling its funding gap – statement to U.S. Senate Budget Committee
• A ‘conservative/progressive’ path to Social Security solvency: bend the benefit cost curve, grow revenue, and protect lower earners – statement to Senate Appropriations Committee
• A Widening Gap in Life Expectancy Makes Raising Social Security’s Retirement Age a Particularly Bad Deal for Low-Wage Earners – Society of Actuaries
• Growing inequality has shrunk Social Security’s revenue. Revitalizing its tax base could help restore solvency without cutting benefits.
• Center on Capital & Social Equity work on Social Security and retirement savings (updated January 2025).

How three major Trump policies are undermining US power and weakening the economy – letter to the US Congress

OBBBA’s 30-Year Price Tag – CRFB

“The House-passed One Big Beautiful Bill Act (OBBBA) would add $3 trillion to the debt through Fiscal Year (FY) 2034 as written and $5 trillion if made permanent. Over the long run, it would add far more to the debt.”

Trump, Tariffs, and the Economic Outlook – AEI discussion

‘Trump kids accounts’ in budget bill would drive up inequality and raise the national debt – Karl Polzer/CCSE

“Helping young people learn how to save and build up money for college and adult life are worthy goals. But new ‘Trump kids accounts’ embedded in the massive Republican tax and spending bill before the US Senate not only duplicate existing programs.  They also would widen financial gaps between families in our already very unequal country.  In addition, tax subsidies for money invested in Trump accounts would go mostly to well-off families and push up the national debt…”

To prevent mass starvation, Trump must send US troops to Gaza now – letter to WaPost

The Democratic Party has miles to go to reconnect with the working class – Karl Polzer/CCSE

Trump, Congress allow Israel to determine dangerous, costly US foreign policy – letter to WaPost

High Tariffs: Trump’s Golden Shower Rains on Congress – Karl Polzer/Center on Capital & Social Equity

Sent this to US Senate offices: Sen. Mark Warner’s response. Sen. Tim Kaine’s response.

Letter to US citizens:

Student expulsions are an attack on all Americans’ freedom of speech

“This is how fascism happens. First, they come for the powerless. In time, they
will come for you.”

Trump’s Gaza plan means ethnic cleansing + profits for US/Israeli contractors — at US taxpayer’s expense – CCSE letter to the editor

Multiple conflicts of interest:

Elon Musk’s dalliance in government may cost him and investors billions in federal contracts – Karl Polzer/CCSE

“By directing a high-powered federal agency working to alter the size and nature of the federal workforce, Elon Musk may be jeopardizing the ability of companies he owns and directs, including SpaceX and Tesla, to contract with the federal government.”

CCSE work on Social Security and Retirement Savings Issues – updated January 2025

Thanks to the Virginian-Pilot for running our op-ed:

Many questions, few answers about exempting tips from taxes – Karl Polzer/Virginian-Pilot

“Gov. Glenn Youngkin’s proposal to exempt tipped income from state taxes — like President-elect Donald Trump’s on a national level — could help some low-wage workers.  However, it also poses risks for others and raises complex issues facing scrutiny as the state legislature begins its work…”

To provide access to all readers (the newspaper’s op-eds are gated), below is the original submission including links to sources:

Youngkin pitch to exempt tips from taxes could benefit some.  A better option is raising the $2.13 tipped minimum wage.

Statement to 11/20/24 US House Appropriations Committee hearing on Social Security:

A way to ensure Social Security can meet short- and long-term promises to American workers and their families: Bend the cost curve, grow revenue, and protect lower earners – CCSE

“As keeper of the federal government’s purse strings, the House Appropriations Committee plays a part in maintaining Social Security’s commitment to American workers, their families, and taxpayers.  First, Committee members can weigh in as Congress and the Treasury find hundreds of billions of dollars annually in cash outside the appropriations process to draw down Social Security reserves.  The Committee can also help ‘leave room’ in future budgets for revenue increases that might be necessary to keep Social Security solvent as it coordinates with House Ways & Means, Budget, and other Committees on tax and spending issues.”

A ‘conservative/progressive’ path to Social Security solvency: bend the benefit cost curve, grow revenue, and protect lower earners – CCSE

The next President and Congress will face daunting fiscal issues.  In the shadow of historic levels of national debt, lawmakers will be bargaining over trillions of dollars of taxes and spending as they deal with expiration of the Trump tax cuts.  On top of that loom major Social Security financing gaps.   Paying promised benefits will require the government to raise more than $2 trillion in cash over the next eight years and more than $24 trillion to achieve long-run solvency.

This paper presents policy options – some favored by conservatives, others by progressives – as a framework for negotiating a solution.  Taken together, the changes could generate more than twice as much in savings and revenue than needed to balance Social Security’s books. 

Congress should protect consumers from both high credit card interest rates and transaction fees – Karl Polzer

The nation’s biggest banks in effect have become today’s payday lenders.

 “The U.S. (quietly) lets banks extract high credit card transaction fees. This raises prices for everyone and shifts $billions from poorer to wealthier Americans”

Which U.S. Households Have Credit Card Debt? – St. Louis Fed

46% of American households held credit card debt in 2022.

Four ‘low-budget’ ways Congress can help working-class families raise more children – Karl Polzer/ Washington Examiner op-ed

– Expand the child tax credit to help more working-class parents and grandparents raising kids.
– Provide Social Security credit for unpaid work raising young children.
– Update/improve SSI so more people with disabilities can work, save.
– If taxes must go up, hold the working poor harmless.

Click here for longer version including references and related articles.

After the Senate blocks fix in election-tinted vote, the child tax credit remains unfair to low-wage families raising kids – CCSE letter

Can J.D. Vance help the little guy? – Karl Polzer/CCSE

The GOP’s Big Working-Class Bet – Ruy Teixeira/AEI

Houses in America Now Cost Six Times the Median Income – Visual Capitalist

Eating away available income, the rising cost of housing is a hot point for US voters – Karl Polzer/CCSE analysis

Could long-term Treasury bonds and Fed financing help close Social Security’s funding gap? – Karl Polzer/Center on Capital & Social Equity

Comments to Senate Finance Committee

Comments to House Ways & Means Committee

Missing the obvious: life expectancy in the U.S. is closely related to income – Karl Polzer

“The underlying theory is simple:  More income and wealth allow people and governments to support more years of life.  Fewer resources put them at a disadvantage.  Some politicians who see the connection may be leery of talking about it.  Doing so would lead to awkward questions about improving working and living conditions for millions of Americans and dealing with growing economic inequality.

“The strong relationship between income and longevity is clear when comparing states… (E)ight of the nine states with the lowest median household income also are among the bottom nine in longevity.  Similar clustering occurs comparing the highest ranked states across the two categories. Seven of the nine states with the highest median household income also are among the top nine in life expectancy.   

“Realizing they are rowing in the same economic boat could prompt states to join forces on policy changes, particularly Mississippi, West Virginia, Louisiana, Arkansas, Alabama, New Mexico, Kentucky, Oklahoma, South Carolina, and Tennessee, and others ranking at or near the bottom…

“Presidential candidate and former South Carolina Governor Nikki Haley strongly proposes raising the program’s retirement age on the premise that increased life spans are undermining Social Security’s long-term solvency.  If long-held assumptions about longevity were challenged, and potential losses to low-income workers and low-income states caused by raising the eligibility age came to light, would she change her position?  Republican candidate Donald Trump, by the way, opposes cuts in Social Security as do most Democrats…”

Thanks to the Washington Examiner for running this op-ed:

Senate minimum wage bills make bipartisan compromise possible – Washington Examiner

For longer version with references, see:

Senate minimum wage bills make bipartisan compromise possible.  Now for the political energy to get it done. – Karl Polzer/CCSE

Previous work on this issue:

One way to make living easier in Virginia – letter to WaPost

Yes, raise the minimum wage, but don’t stop there – op-ed

Analysis: Considerations on Raising the U.S. Minimum Wage To Help Workers and Families While Minimizing Negative Impacts

The US should take a hard look at the Netanyahu government’s brutality before giving it more weapons – Karl Polzer/CCSE

“More Americans are rightly asking if Israel could neutralize Hamas without massive destruction and loss of civilian life.  Indiscriminate air attacks by the Netanyahu regime already have killed and injured tens of thousands of Gazans with no end to the violence in sight.  To put this in perspective, imagine how Washington, D.C., would look if a foreign government with the power to fence in the District of Columbia dropped a comparable number of bombs here while shutting off access to water and food and destroying most of the capital area’s housing and medical system.  UN officials say conditions in Gaza are catastrophic.”

Unwilling to link Israel’s brutality to rising anger in the US, Chuck Schumer may be fanning the flames of anti-Semitism

Covid stimulus buoyed family finances, but gaps between well-off and low-wage households didn’t change much: Fed study.  Meanwhile, U.S. national debt soared. – CCSE analysis

 Congress should extend expiring childcare support – but avoid the poorly targeted, inflationary approach in the Administration’s failed BBB legislation – Karl Polzer/CCSE

What’s at Stake as Public Spending on Kids Declines? – Urban

The Constitution’s indirect process of electing presidents might provide a way to bypass incompetent frontrunners produced by the major party duopoly

McCarthy & Co. offer themselves up on the cross to help motivate lazy poor people back to work

Work requirements are a policy failure: Why are they still an option? – The Hill

Thanks to the Washington Post for running our letter:

“Letting Americans Down”

“How can House Speaker Kevin McCarthy (R-Calif.), President Biden and Senate leaders claim to represent the working class and poor when Medicaid work requirements are a focal point in the debt ceiling standoff and the Trump-era tax cuts are not? According to the Congressional Budget Office, the work requirements in the Limit, Save, Grow Act would have a tiny impact (about $5.6 billion in fiscal 2025) on the nation’s $31.4 trillion national debt, but they would increase the number of uninsured and state costs and have no effect on hours worked by Medicaid recipients.

“In contrast, ending the Trump-era tax cuts, which disproportionately benefit the wealthy, could put a major dent in the national debt….”

Because most of this site’s readers won’t be able to get through the newspaper’s pay gate, here’s the draft of the letter sent to the Post:

Debt ceiling negotiators focus on a ‘speck’ in benefits for the poor, ignore the ‘logs’ in their own eyes.

“Legislative Choices for Paying Promised Social Security Benefits”

Statement of Karl Polzer, Center on Capital & Social Equity,
U.S. Senate Budget Committee hearing: “Protecting Social
Security for All: Making the Wealthy Pay Their Fair Share”

Has DT crossed the line into delirium tremens? 

“It came out of his mouth during a campaign speech last month.”