Saturday, August 22, 2026
Voters Across Political Spectrum Strongly Oppose Political Corruption
The charts above are from the Data for Progress Poll -- done between August 1st and 3rd of a nationwide sample of 1,187 likely voters, with a 3 point margin of error.
Support For Data Centers Continues A Sharp Decline (Among All Political Groups)
The charts above are from the Heatmap Pro / Embold Research Poll -- done between August 8th and 13th of a nationwide sample of 2,045 registered voters, with a 2.3 point margin of error.
Wall Street Journal Editor Warns That The Current Capitalism Is Harming The U.S.
Here are some thoughts from Wall Street Journal editor-at-large Gerard Baker in an editorial in his newspaper. He is warning his fellow capitalists that today's capitalism is getting out of hand.
“The widespread popular dissatisfaction with the working of modern American capitalism may be the product of some real, objective problems in the way American capitalism is working: income and wealth inequality on a scale not seen in a century; the concentration of economic, cultural and increasingly political power in a class of technology leaders whose products are dissolving the bonds that keep society together; the tightening nexus between business elites and the people who control the political process; rampant corruption and a political establishment that doesn’t seem interested in accountability; the revival, after decades of stable prices, of inflationary pressures that are pushing the cost of living to painful levels.
These are the conditions that historically have made for collapsing popular faith in the system and demands for something radical to replace it.
At some point disintegrating cohesion produces costs — social, economic and political — that undermine the benefits of the inequality and erode support for the system itself.
By almost all measures, American income and wealth inequality have been increasing sharply in recent decades and social and economic mobility falling.
The New York Federal Reserve reported in June that the labor share of income — wages and salaries — fell to its lowest level in 80 years as returns to capital continue to soar. Studies of intergenerational mobility suggest the inequality is becoming embedded in what looks increasingly like a class-based socioeconomic model. The proportion of Americans earning more than their parents has dropped precipitously in the past 50 years and is expected to drop further. With the adoption of artificial intelligence promising — or threatening — to return ever greater rewards to a diminishing number of those best placed to exploit it, the trends will intensify.
Most of the causes of America’s economic dysfunction are the result of a capitalism that has mutated into a system run by and for large corporate interests. If you look at America today and see a perfectly functioning free-market economy, a ‘neoliberal’ utopia guided by the invisible hand of Adam Smith, then you need to take off those rose-tinted spectacles and take a closer look: oligopoly-level industrial concentration in almost every sector, endemic cronyism, the application of regulation, legislation and policy for the benefit of big companies, a ruinously expensive healthcare system run principally for the benefit of insurers and pharmaceutical companies. In short, the steady accretion of market, economic and political power by a business-political class that promotes its own well-being at the expense of competition, the market and ultimately the people."
Friday, August 21, 2026
Most Americans Say Israel Should Pull Out Of Gaza
The chart above reflects the results of the Economist / YouGov Poll -- done between August 14th and 17th of a nationwide sample of 1,611 adults (including 1,450 registered voters). The margin of error is 3.4 points for adults and 3.2 points for registered voters.
Alcohol Consumption Remains At A Record Low In The United States
The chart above is from the Gallup Poll. It was done between July 1st and 19th of a nationwide sample of 1,200 adults with a 4 point margin of error.
The National Debt Passed $40 Trillion - Which benefits Only The Wealthiest
The Republican Party used to complain loudly that our national debt was too large (especially when a Democrat was in the White House). No more! Now it is Donald Trump, with the help of a Republican-controlled Congress, that is rapidly increasing the national debt. While this is not good for the country, it does benefit those the GOP cares the most about - the richest Americans. Here's what Robert Reich has to say about it:
The U.S. national debt has officially surpassed $40 trillion, months earlier than forecasters had expected — because of billions of dollars in lost revenue from Trump’s invalidated tariffs, Trump’s tax cuts (mostly to big corporations and the very wealthy), and the soaring costs of Trump’s war.
Trump’s hair-brained treasury secretary, Scott Bessent, says there’s nothing to worry about because the fiscal trajectory will stabilize. Investors obviously don’t believe him because they’re demanding much higher compensation for buying and holding American bonds. The yield on 30-year U.S. Treasuries hit its highest level in nearly two decades this week, reflecting those growing concerns.
Should you worry? Well, it’s not as if we’re heading into a depression. Passing the $40 trillion threshold doesn’t suddenly cause the world to lose confidence in the dollar.
The problem is that an increasing portion of our nation’s budget — and your tax dollar — is dedicated to paying interest on this growing debt. Annual net interest payments on the federal debt have surpassed $1 trillion, making servicing the debt one of the largest of all federal budget expenditures.
That’s money we don’t spend on schools, healthcare, roads and bridges, and social safety nets. We’ll soon be paying more in interest on the federal debt each year than we spend annually on Medicare.
So, who exactly receives these interest payments? This is an issue you hear very little discussion about, because the wealthy and powerful of this country would rather you not know. (And don’t expect Trump suck-up Bessent* to tell you, because he’s too busy denying that economic inequality is worsening.)
Foreign governments and foreign investors hold only about 30 percent of our debt. The rest — roughly 70 percent — is held domestically. That is, we pay the interest to ourselves.
And who, exactly, is the “ourselves” who receive these interest payments? The Federal Reserve holds part of this debt, state and local governments hold part.
But the biggest chunk — nearly half — is held by mutual funds, pension funds, insurance companies, and banks.
And who owns them? Americans who invest in these funds — and who thereby, directly or indirectly, hold Treasury bills.
And who, exactly are these Americans — the Americans who are directly or indirectly collecting a large amount of the interest we’re paying on the national debt?
People at the top.
The richest 1 percent of U.S. households hold about 35.6 percent of all financial assets — shares of stock, corporate bonds, and Treasury bills — so it’s safe to assume they hold at least a third of all Treasury bills.
Here’s where things get really interesting.
Decades ago, wealthy Americans financed the federal government mainly by paying taxes. Their tax rate was far higher than it is today.
In the 1950s, under President Dwight Eisenhower, the richest Americans paid a marginal tax rate of 91 percent. (Tax deductions and tax credits lowered this top effective marginal rate somewhat.)
Today, the tax rate on wealthy Americans is far lower. The richest 400 Americans pay an average effective total tax rate of about 24 percent — including federal, state, local, and corporate taxes. Jeff Bezos — America’s second or third richest person — paid no federal income taxes in 2018. Trump paid no federal taxes for years before he became president.
So now, wealthy Americans finance the federal government mainly by lending it money and collecting interest payments on those loans.
As I said, interest payments on the national debt this year have surpassed $1 trillion, and a big chunk of that is going to wealthy Americans.
Keep following the money.
One of the biggest reasons the federal debt has exploded is that tax cuts — starting with the George W. Bush administration in 2001 and extending through Trump’s 2018 and 2024 tax cuts — have reduced government revenues by $10.6 trillion.
Most of the benefits from those tax cuts are also going to the wealthy.
Since 2000, 65 percent of the benefits from tax cuts have gone to the richest fifth of Americans — 22 percent to the top 1 percent.
So, you see what’s happened?
Decades ago, the wealthiest Americans financed the government by paying higher taxes. Now, the government pays wealthy Americans interest on a swelling debt, caused largely by lower taxes on wealthy Americans.
Which means a growing portion of your taxes and mine is now paying wealthy Americans interest on those loans instead of paying for government services everyone needs.
So, from now on, whenever you hear someone fret about how huge, horrible, and out-of-control the national debt is, explain to them that it’s largely because of tax cuts to the wealthy — who are also the major recipients of interest on that debt.
America’s wealthy have never been wealthier. Scott Bessent* may deny we’re in a K-shaped economy, but he’s dead wrong. If the wealthy paid their fair share of taxes, we wouldn’t have such a huge federal debt. And we wouldn’t be paying them so much interest on that debt.
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