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.
Thursday, August 20, 2026
Most Say The American Dream Is Harder To Achieve Than A Generation Ago
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.
Trump Still Doing Poorly On Job Approval And Issues
Are We Seeing The Demise Of Corporate Democrats?
Former Labor Secretary Robert Reich comments on why Democrats are voting for progressives this year:
Most discussions about the Democratic Party in this election cycle focus on the remarkable rise of progressive Democrats (such as Florida state Rep. Angie Nixon, a democratic socialist who yesterday scored an upset win in the Democratic contest for the Florida Senate).
An equally big story is the remarkable decline of corporate Democrats.
Some Democrats worry about this. My old friend Democratic strategist James Carville compares the current wave of progressive primary wins to progressive campaigns in 2016 — especially that of Bernie Sanders — that he believes fractured the Democratic coalition.
“Bernie Sanders is the reason that Donald Trump is president,” Carville said recently, claiming that Bernie’s primary challenge to Hillary Clinton convinced voters in battleground states that establishment Democrats were no different from establishment Republicans, thereby weakening her prospects in the general election.
Even if James is right about 2016 (and I don’t believe he is) his assessment is irrelevant now because we’re at a radically different point in American politics than we were 10 years ago.
The silver lining on the dark storm cloud of Trump and his detestable regime is that it has exposed the greed, venality, cupidity, and corruption of America’s corporate elite.
Trump has allowed the CEOs of giant corporations and the titans of Wall Street to do whatever they want as long as they suck up to him. And he’s providing all sorts of corporate welfare to those who generously bribe him — no-bid government contracts, exclusive licenses, tax loopholes, tariff exemptions, use of public lands, and permission to become even bigger monopolies.
Trump has thereby unveiled a truth about corporate America that for many years has been hidden behind a soothing blanket of corporate PR bullsh*t about social responsibility, corporate charity, and “trickle-down” economics.
That truth is the captains of corporate America are so rapacious that they’re willing to throw average working Americans under the bus to make billions more.
Corporate avarice under Trump has become so blatant and corporate America’s contempt for the needs of average Americans so flagrant that most Americans are now catching on.
They’re voting for progressive Democrats not because they want socialism, support the Democratic Socialists of America, or reject candidates called “moderate.”
They’re voting for candidates whom they believe will fight to make housing, food, healthcare, and childcare affordable to average working families. And who’ll take on Trump’s billionaire backers, CEOs, and Wall Street titans who are rigging the economy against them.
Much of the corporate media won’t tell this story. When Dr. Abdul El-Sayed won Michigan’s Democratic primary over Haley Stevens, the media overflowed with accounts of how much smaller El-Sayed’s margin of victory was than polls had predicted.
Yet the most remarkable thing about El-Sayed’s victory was that he won despite being dramatically outspent by super PACs arrayed against him.
Stevens benefited from tens of millions of dollars in outside spending, including the largest investment in a senatorial race ever made by the American Israel Public Affairs Committee, which traditionally supports pro-Israel candidates but in recent election cycles has supported candidates most favored by corporate America. AIPAC’s ads in favor of Stevens and against El-Sayed never even mentioned Israel.
Outside super PACs poured an estimated $54 million to $60 million into backing Stevens and opposing El-Sayed, compared to only about $5 million for El-Sayed. Pro-Stevens groups outspent El-Sayed on TV advertising alone by more than 12 to 1 ($26.9 million to $2.1 million) in the closing weeks. An average of $95 was spent for every vote against El-Sayed versus just $9 per vote for him.
The race between Stevens and El-Sayed was a proxy fight over the future of the Democratic Party. Senate Minority Leader Chuck Schumer backed Stevens and encouraged donors to back her campaign, as did other corporate-aligned politicians such as Michigan senator Gary Peters. On the other hand, Sen. Bernie Sanders and U.S. Rep. Alexandria Ocasio-Cortez supported El-Sayed, as did progressives such as Sens. Chris Van Hollen and Elizabeth Warren.
El-Sayed justifiably made a campaign issue out of how much corporate money was backing his rival. He argued that Democrats should reject corporate influence and embrace an agenda that helps average Americans. His campaign centered on providing Medicare for All, lowering prescription drug costs, and banning corporate PAC money. “We’re in a situation right now where the rich keep getting hyper-rich on the backs of figuring out how to monetize everyday people,” El-Sayed told AP during a Sunday afternoon march, as his supporters chanted behind him, “Money out of politics! Money in your pockets!”
El-Sayed’s victory marked a turning point for the corporate wing of the Democratic Party.
I saw the start of the corporate Democrats in the early 1980s, when Democrats in congress began drinking from the same campaign funding trough as the Republicans, mostly from big corporations.
“Business has to deal with us whether they want to or not” crowed Democratic Rep. Tony Coelho, who then headed the Democratic Congressional Campaign Committee.
Democrats had controlled Congress since 1955, and assumed they’d continue to run the House for years. They thought they could take advantage of their seemingly permanent power to raise cash for their campaigns.
Coelho’s Democrats soon achieved a rough parity with Republicans in contributions from corporate and Wall Street campaign coffers, but it proved a Faustian bargain as big corporations and Wall Street gained increasing influence in the party. It is a truism in politics as in nature: One dares not bite the hands that feed.
Corporate Democrats thereafter stopped the Democratic Party from pursuing an agenda that would have dramatically helped America’s working class.
To be sure, over the last three decades Democrats have scored some important victories for working families — the Affordable Care Act, an expanded Earned Income Tax Credit, and the Family and Medical Leave Act, for example.
Yet they’ve done little to alter the widening economic inequalities that have taken a huge toll on working-class families.
Both Clinton and Barack Obama ardently pushed for free-trade agreements, for example, but didn’t provide the millions of blue-collar workers who thereby lost their jobs means of getting new ones that paid at least as well.
They also stood by as corporations hammered trade unions, the backbone of the white working class. Clinton and Obama failed to reform labor laws to impose meaningful penalties on companies that violated them, or to enable workers to form unions with a simple up-or-down vote.
In his 1992 campaign, Clinton promised such reform but once elected didn’t want to buck corporate Democrats by spending political capital on it. In his 2008 campaign, Obama made the same promise but never acted on it.
Partly as a result, union membership sank from 22 percent of all workers when Clinton was elected president to fewer than 10 percent today, and the working class lost bargaining leverage to get a share of the economy’s gains.
The Obama administration also protected Wall Street from the consequences of its gambling addiction through a giant taxpayer-funded bailout but left millions of underwater homeowners to drown.
Both Clinton and Obama allowed antitrust enforcement to ossify — with the result that large corporations have grown far larger and major industries far more concentrated.
And they turned their backs on campaign finance reform. In 2008, Obama was the first presidential nominee since Richard Nixon to reject public financing in his primary and general election campaigns. And he never followed up on his reelection campaign promise to pursue a constitutional amendment overturning Citizens United v. FEC, the 2010 Supreme Court decision that opened the floodgates to big money in politics.
What happens when you combine free trade, shrinking unions, Wall Street bailouts, growing corporate monopoly power, and the abandonment of campaign finance reform? You get an economy favoring the wealthy and a political system favoring the powerful, while workers without college degrees suffer declining real wages and dwindling job security.
John F. Kennedy was the last Democratic president to depend on the votes of working-class Americans while losing the votes of white, college-educated Americans by 2 to 1. Sixty years later, Joe Biden depended on the votes of college-educated Americans while losing the votes of the white working class by 2 to 1. Kamala Harris lost the working class by an even larger margin.
Trump has exposed the venality and cupidity of corporate America, while large swaths of the working middle class struggle to make ends meet. As a result, Republicans appear likely to face some major defeats in the midterm elections. Corporate Democrats are on the defensive because their campaign cash isn’t working the way it used to.
Now, finally, the Democratic Party has an opportunity to once again become the party of working Americans, as it was under Franklin D. Roosevelt, rather than the party of corporate America. It is more urgent than at any time since the Great Depression that Democrats act on this opportunity.
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