The $3.5 Trillion Bill Corporate America is Terrified Of

The final bill hasn’t yet been determined, so we don’t know the exact dollar amounts for all its policies. We’ll probably find that out in late September or early October. For now, the Democrats’ budget resolution frames what’s in the bill.  

First, on families:

The bill would make permanent key benefits for working families, including the expanded child tax credit in the pandemic relief plan that sends families up to $300 per child each month but is now set to expire in December, and is estimated to cut child poverty by half. 

It would also establish universal child care, for which low- and middle-income households would pay no more than 7 percent of their incomes. 

And provide a national program of paid leave — worth up to $4,000 a month — for workers who take time off because they are ill or caring for a relative.

Next, on education:

The bill would reduce educational inequality by establishing universal pre-K for all 3- and 4-year-olds, benefiting an estimated 5 million children, and providing tuition-free community college – essentially expanding free public education from 12 years to 16 years. 

It will also invest in historically Black colleges and universities and increase the maximum amount of Pell grants for students from lower-income families. 

On health care:

The bill expands Medicare to include dental, vision, and hearing benefits and lowers the eligibility age. It also expands Medicaid to cover people living in the 12 states that have not yet expanded Medicaid, and makes critical investments to improve healthcare for people of color. 

The big question is how far it will go to reduce prescription drug prices by, for example, allowing Medicare to negotiate prices with pharmaceutical companies. That could reduce Medicare and Medicaid spending, and free up more money for other parts of the bill. But Big Pharma is dead-set against this.

Big corporations and the rich picking up the tab:

In another step toward fairness, all of these are to be financed by higher taxes on the rich and big corporations. 

The bill would also increase the Internal Revenue Service’s funding so the agency can properly audit wealthy tax cheats, who fail to report about a fifth of their income every year, thereby costing the government $105 billion annually. 

In addition, the bill tackles the climate crisis, which also especially burdens lower-income Americans: 

There are a range of solutions – subsidizing the use of solar, wind, nuclear and other forms of clean energy while financially penalizing the use of dirty energy like coal; helping families pay for electric cars and energy-efficient homes. 

The bill might include something known as a carbon border adjustment tax — a tax on imports whose production was carbon-intensive, like many from China.

The bill would also establish a Civilian Climate Corps, and invest in communities that bear the brunt of the climate crisis.

And the bill helps American workers:

It will hopefully contain much of the PRO Act, the toughest labor law reform in a generation. 

Finally, the bill includes a pathway to citizenship for undocumented immigrants.
This is all about making America fairer. 

Remember: we won’t know the exact details of the bill for at least a month, but these are the main areas that it will focus on. The big challenge will be ensuring Senate Democrats remain united to get it passed. All of us will need to fight like hell.

Don’t listen to spending hawks who claim it’s too expensive or too radical. For far too long, our government has ignored the needs of everyday Americans, catering instead to the demands of corporations and the super-rich. No more. 

It’s time to get this landmark bill passed and build a fairer America.

Texas’s prevailing social Darwinism was expressed most succinctly last week by the mayor of Colorado City, who accused his constituents – trapped in near sub-zero temperatures and complaining about lack of heat, electricity, and drinkable water – of being the “lazy” products of a “socialist government,” adding “I’m sick and tired of people looking for a damn handout!” and predicting “only the strong will survive and the weak will perish.”

Texas has the third-highest number of billionaires in America, most of them oil tycoons. Its laissez-faire state energy market delivered a bonanza to oil and gas producers that managed to keep production going during the freeze. It was “like hitting the jackpot,” boasted president of Comstock Resources on an earnings call. Jerry Jones, billionaire owner of the Dallas Cowboys, holds a majority of Comstock’s shares.

But most other Texans were marooned. Some did perish.

The Electric Reliability Council of Texas, which manages the flow of electric power, exempted affluent downtowns from outages – leaving the thriving parts of Austin, Dallas, and Houston brightly lit while pushing less affluent precincts into the dark and cold.

Like the poor across America and much of the world, poor Texans are getting hammered by climate change. Many inhabit substandard homes, lacking proper insulation. The very poor occupy trailers or tents, or camp out in their cars. Lower-income communities also are located close to refineries and other industrial sites that release added pollutants when they shut or restart.

In Texas, for-profit energy companies have no incentive to prepare for extreme weather or maintain spare capacity. Even when they’re able to handle surges in demand, prices go through the roof and poorer households are hit hard. That’s what’s happened in the wake of the deep freeze. If they can’t pay, they’re cut off.

Rich Texans take spikes in energy prices in their stride. If the electric grid goes down, private generators kick in. In a pinch – as last week – they check into hotels or leave town. As millions of his constituents remained without power and heat, Senator Ted Cruz flew to Cancun, Mexico for a family vacation. Their Houston home was “FREEZING,” as his wife put it.

Climate change and income are together splitting Americans by class more profoundly than Americans are split by politics. Yet the white working class has been seduced by conservative Republicans and Trump cultists, of which Texas has an abundance, into believing that what’s good for Black and Latino people is bad for them, and that whites are, or should be, on the winning side of the social Darwinian contest.  

White grievance helps keep Republicans in power, protecting their rich patrons from a majority that might otherwise join together to demand what they need – such heat and drinking water.

Lower-income Texans, white as well as Black and Latino, are taking it on the chin in many other ways. Texas is one of the few states that hasn’t expanded Medicaid under the Affordable Care Act, leaving the share of Texans without health insurance twice the national average, the largest uninsured population of any state. Texas has double the national average of children in poverty and a higher rate of unemployment than the nation’s average.

And although Texans have suffered multiple natural disasters stemming from climate change, Texas Republicans are dead set against a Green New Deal that would help reduce the horrific impacts.  

Last Wednesday, Texas Governor Greg Abbott went on Fox News to proclaim, absurdly, that what happened to his state “shows how the Green New Deal would be a deadly deal for the United States.” Abbott blamed the power failure on the fact that “wind and solar got shut down.”

Rubbish. The loss of power from frozen coal-fired and natural gas plants was six times larger than the dent caused by frozen wind turbines. Texans froze because deregulation and a profit-driven free market created an electric grid utterly unprepared for climate change.

In Texas, tycoons are the only winners from climate change. Everyone else is losing badly. Adapting to extreme weather is necessary but it’s no substitute for cutting emissions, which Texas is loath to do. Not even the Lone Star State should protect the freedom to freeze.

The Solutions to the Climate Crisis No One is Talking About

Both our economy and the environment are in crisis. Wealth is concentrated in the hands of a few while the majority of Americans struggle to get by. The climate crisis is worsening inequality, as those who are most economically vulnerable bear the brunt of flooding, fires, and disruptions of supplies of food, water, and power.

At the same time, environmental degradation and climate change are themselves byproducts of widening inequality. The political power of wealthy fossil fuel corporations has stymied action on climate change for decades. Focused only on maximizing their short-term interests, those corporations are becoming even richer and more powerful — while sidelining workers, limiting green innovation, preventing sustainable development, and blocking direct action on our dire climate crisis.

Make no mistake: the simultaneous crisis of inequality and climate is no fluke. Both are the result of decades of deliberate choices made, and policies enacted, by ultra-wealthy and powerful corporations.

We can address both crises by doing four things:

First, create green jobs. Investing in renewable energy could create millions of family sustaining, union jobs and build the infrastructure we need for marginalized communities to access clean water and air. The transition to a renewable energy-powered economy can add 550,000 jobs each year while saving the US economy $78 billion through 2050. In other words, a Green New Deal could turn the climate crisis into an opportunity - one that both addresses the climate emergency and creates a fairer and more equitable society.

Second, stop dirty energy. A massive investment in renewable energy jobs isn’t enough to combat the climate crisis. If we are going to avoid the worst impacts of climate change, we must tackle the problem at its source: Stop digging up and burning more oil, gas, and coal.

The potential carbon emissions from these fossil fuels in the world’s currently developed fields and mines would take us well beyond the 1.5°C increased warming that Nobel Prize winning global scientists tell us the planet can afford. Given this, it’s absurd to allow fossil fuel corporations to start new dirty energy projects.

Even as fossil fuel companies claim to be pivoting toward clean energy, they are planning to invest trillions of dollars in new oil and gas projects that are inconsistent with global commitments to limit climate change. And over half of the industry’s expansion is projected to happen in the United States. Allowing these projects means locking ourselves into carbon emissions we can’t afford now, let alone in the decades to come.

Even if the U.S. were to transition to 100 percent renewable energy today, continuing to dig fossil fuels out of the ground will lead us further into climate crisis. If the U.S. doesn’t stop now, whatever we extract will simply be exported and burned overseas. We will all be affected, but the poorest and most vulnerable among us will bear the brunt of the devastating impacts of climate change.

Third, kick fossil fuel companies out of our politics. For decades, companies like Exxon, Chevron, Shell, and BP have been polluting our democracy by pouring billions of dollars into our politics and bankrolling elected officials to enact policies that protect their profits. The oil and gas industry spent over $103 million on the 2016 federal elections alone. And that’s just what they were required to report: that number doesn’t include the untold amounts of “dark money” they’ve been using to buy-off politicians and corrupt our democracy. The most conservative estimates still put their spending at 10 times that of environmental groups and the renewable energy industry.

As a result, American taxpayers are shelling out $20 billion a year to bankroll oil and gas projects – a huge transfer of wealth to the top. And that doesn’t even include hundreds of billions of dollars of indirect subsidies that cost every United States citizen roughly $2,000 a year. This has to stop.

And we’ve got to stop giving away public lands for oil and gas drilling. In 2018, under Trump, the Interior Department made $1.1 billion selling public land leases to oil and gas companies, an all-time record – triple the previous 2008 record, totaling more than 1.5 million acres for drilling alone, threatening multiple cultural sites and countless wildlife. As recently as last September, the Trump administration opened 1.56 million acres of Alaska’s Arctic National Wildlife Refuge to oil drilling, threatening Indigenous cultural heritage and hundreds of species that call it home.

That’s not all. The ban on exporting crude oil should be reintroduced and extended to other fossil fuels. The ban, in place for 40 years, was lifted in 2015, just days after the signing of the Paris Climate Agreement. After years of campaigning by oil executives, industry heads, and their army of lobbyists, the fossil fuel industry finally got its way.

We can’t wait for these changes to be introduced in 5 or 10 years time — we need them now.

Fourth, require the fossil fuel companies that have profited from environmental injustice compensate the communities they’ve harmed.

As if buying-off our democracy wasn’t enough, these corporations have also deliberately misled the public for years on the amount of damage their products have been causing. 

For instance, as early as 1977, Exxon’s own scientists were warning managers that fossil fuel use would warm the planet and cause irreparable damage. In the 1980s, Exxon shut down its internal climate research program and shifted to funding a network of advocacy groups, lobbying arms, and think tanks whose sole purpose was to cloud public discourse and block action on the climate crisis. The five largest oil companies now spend about $197 million a year on ad campaigns claiming they care about the climate — all the while massively increasing their spending on oil and gas extraction.

Meanwhile, millions of Americans, especially poor, Black, Brown, and Indigenous communities, already have to fight to drink clean water and breathe clean air as their communities are devastated by climate-fueled hurricanes, floods, and fires. As of 2015, nearly 21 million people relied on community water systems that violated health-based quality standards. 

Going by population, that’s essentially 200 Flint, Michigans, happening all at once. If we continue on our current path, many more communities run the risk of becoming “sacrifice zones,” where citizens are left to survive the toxic aftermath of industrial activity with little, if any, help from the entities responsible for creating it.

Climate denial and rampant pollution are not victimless crimes. Fossil fuel corporations must be held accountable, and be forced to pay for the damage they’ve wrought.

If these solutions sound drastic to you, it’s because they are. They have to be if we have any hope of keeping our planet habitable. The climate crisis is not a far-off apocalyptic nightmare — it is our present day.

Australia’s bushfires wiped out a billion animals, California’s fire season wreaks more havoc every year, and record-setting storms are tearing through our communities like never before. 

Scientists tell us we have 10 years left to dramatically reduce emissions. We have no room for meek half-measures wrapped up inside giant handouts to the fossil fuel industry. 

We deserve a world without fossil fuels. A world in which workers and communities thrive and our shared climate comes before industry profits. Working together, I know we can make it happen. We have no time to waste.