Reich: Obama should push repeal of sequester, close loopholes, end corporate welfare, push financial

[pampango]

transactions tax and reduce the size of the military.

What Obama Should Do Now

Push to repeal the sequester (a reconciliation bill in the Senate would allow repeal with 51 votes, thereby putting pressure on House Republicans), and replace it with a “Build America’s Future” Act that would close tax loopholes used by the wealthy, end corporate welfare, impose a small (1/10 of 1%) tax on financial transactions, and reduce the size of the military.

Half the revenues would be used for deficit reduction, the other half for investments in our future through education (from early-childhood through affordable higher ed), infrastructure, and basic R&D. Also included in that bill — in order to make sure our future isn’t jeopardized by another meltdown of Wall Street — would be a resurrection of Glass-Steagall and a limit on the size of the biggest banks.

I’d make clear to the American people that they made a choice in 2012 but that right-wing House Republicans have been blocking that choice, and the only way to implement that choice is for Congress to pass the Build America’s Future Act. If House Republicans still block it, I’d make 2014 a referendum on it and them, and do whatever I could to take back the House.

In short, the President must reframe the public debate around the future of the country and the investments we must make together in that future, rather than austerity economics. And focus on good jobs and broad-based prosperity rather than prosperity for a few and declining wages and insecurity for the many.

http://robertreich.org/post/44552722800

I don't know enough about reconciliation to know if that could really be use in the Senate for this, but there is little doubt that "House Republicans (will) still block it. Such a “Build America’s Future” Act would be an "all in" gambit to smoke out republicans, show who is responsible for sequestration and set the table for the 2014 election on our terms.

[pipoman]

1. Yeah, and Reich should make amends for

his traitorous sell out of labor while Secretary of Labor...but alas..

[pampango]

2. Perhaps that is his motivation here. Whatever it is, I like his ideas. n/t