I wonder if Lake Erie will die again

Donald Trump has decided that fossil fuels trump the environment:

The far-reaching order he unveiled Tuesday instructs federal regulators to rewrite key Obama-era rules curbing U.S. carbon emissions — namely the Clean Power Plan, which was intended to reduce greenhouse gas emissions from the nation’s electric plants. It also seeks to lift a moratorium on federal coal leasing and remove the requirement that federal officials consider the impact of climate change when making decisions.

In sum, it amounts to a wholesale rebuke of Obama’s environmental efforts.

Several of the measures could take years to implement and are unlikely to change broader economic trends that are pushing the nation toward cleaner sources of energy than coal. But the order sent an unmistakable message about the direction in which Trump wants to take the country — toward unfettered oil and gas production, with an apathetic eye to worries over global warming.

This is stupid in terms of jobs because the number of jobs in the renewable energy is increasing:

Clean energy jobs have seen incredible growth in recent years, with solar and wind jobs growing at a rate 12 times faster than the rest of the U.S. economy. According to a 2015 report from the Environmental Defense Fund, renewable energy jobs in the United States enjoyed a 6 percent compound annual growth rate between 2012 and 2015. Fossil fuel jobs, by contrast, had a negative 4.5 percent compound annual growth rate over the same time period. And, according to the Bureau of Labor Statistics, the nation’s fastest growing profession over the next decade is likely to be a wind turbine technician.

so this statement is true but in a stupid way:

“This is an important moment for EPA,” chief of staff Ryan Jackson wrote. “As the Administrator has mentioned many times, we do not have to choose between environmental protection and economic development.”

The Trump administration didn’t want to choose which, the environment or economic development, to make worse so it chose both.

Education under Trump

Democrats worried about how the new Education Secretary Betsy DeVos would be with student debt given that she had invested in a company that collect defaulted loans. They were right to be worried:

The U.S. Education Department late Thursday rescinded an Obama-era rule that prohibited student loan guaranty agencies from collecting jumbo fees from defaulted borrowers who quickly resume paying.

Currently, guaranty agencies — the bodies that administer federal loans made before 2010 — aren’t allowed to collect fees from borrowers who respond within 60 days to a default notice and then enter into (and honor) a repayment agreement. Those rules were put in place in July 2015.

The Obama-era rule on collection fees was linked to a court case that started in 2013, in which a borrower sued United Student Aid Funds (USA Funds) for hitting her with a $4,500 charge from a 16% collection fee. She owed $18,000 at the time her loans went into default, but she responded to USA Funds and agreed to a repayment plans.

This isn’t the final decision (they also link to the actual letter):

The two-page “Dear colleague” letter from the Trump administration walks back the department’s previous stance on the grounds that there should have been public input on the issue.

“The department will not require compliance with the interpretations set forth” in the previous memo “without providing prior notice and an opportunity for public comment on the issues,” the letter said.

I have a feeling they’re not going to be asking for any public input in the near future. This doesn’t affect loans that have been taken out recently:

The rule only applies to debt from the Federal Family Education Loan (often called FFEL loans) Program, which was phased out during Obama’s first term. The department started lending directly to student borrowers in 2010, so the rule won’t affect anyone who’s taken out loans in the past several years.

but I have a feeling that these loans directly from the Education department aren’t going to be around for much longer.

It also appears that the President might be thinking about reopening Trump University:

Less than a month after Betsy DeVos was sworn in as its top official, the U.S. Department of Education announced Monday evening that it would delay until July 1 an effort to crack down on career training programs that load students up with unpayable debt.

The biggest winners: the more than 800 higher educational programs that claim to lead to “gainful employment” but flunked the department’s January excessive debt test—mostly for-profit art and cosmetology schools. These programs can now continue to recruit applicants (at least until July 1) without having to warn them about alumni’s oppressively high debt loads. The schools can also take this extra time to seek data showing that their graduates’ student loan bills are actually below the official “excessive debt” cutoff. That means bills must be no more than 12% of the average student’s gross earnings, as reported to the Social Security Administration, and no more than 30% of their discretionary income.

and:

As chief compliance officer for a corporate owner of for-profit colleges, Robert S. Eitel spent the past 18 months as a top lawyer for a company facing multiple government investigations, including one that ended with a settlement of more than $30 million over deceptive student lending.

Today, Mr. Eitel — on an unpaid leave of absence — is working as a special assistant to the new secretary of education, Betsy DeVos, whose department is setting out to roll back regulations governing the for-profit college sector.

It appears that the only thing the Trump administration wants to teach you is: if you’re not rich we’re going to screw you.

Jeff Sessions shows his critics were right

Jeff Sessions isn’t a racist it’s just that his policies seem to be … or something. Let’s see what Jeff did the last two days of Black History Month:

  • He dropped an objection to a voter ID law in Texas:

The Republican-led Texas Legislature passed one of the toughest voter ID laws in the country in 2011, requiring voters to show a driver’s license, passport or other government-issued photo ID before casting a ballot.

The Obama administration’s Justice Department sued Texas to block the law in 2013 and scored a major victory last year after a federal appeals court ruled that the law needed to be softened because it discriminated against minority voters who lacked the required IDs.

Opponents of the law said Republican lawmakers selected IDs that were most advantageous for Republican-leaning white voters and discarded IDs that were beneficial to Democratic-leaning minority voters. For example, legislators included licenses to carry concealed handguns, which are predominantly carried by whites, and excluded government employee IDs and public university IDs, which are more likely to be used by blacks, Hispanics and Democratic-leaning younger voters.

But the Justice Department under President Trump and Attorney General Jeff Sessions told a judge on Monday that it was withdrawing its claim that Texas enacted the law with a discriminatory intent.

Trump costing us jobs

It seems that if you restrict travel to the US, you reduce the number of travelers to the US (via here):

Thus, the prestigious Travel Weekly magazine (as close to an “official” travel publication as they come) has set the decline in foreign tourism at 6.8%. And the fall-off is not limited to Muslim travelers, but also extends to all incoming foreign tourists. Apparently, an attack on one group of tourists is regarded as an assault on all.
A drop of that magnitude, if continued, would reduce the value of foreign travel within the U.S. by billions of dollars. And the number of jobs supported by foreign tourists and their expenditures in the United States—and thus lost—would easily exceed hundreds of thousands of workers in hotels, restaurants, transportation, stores, tour operations, travel agencies, and the like.
According to the Global Business Travel Association, in only a single week following announcement of the ban against certain foreign tourists, the activity of business travel declined by nearly $185 million.
Good job Donald. Next he’ll get us into a trade war with Mexico and China, which is sure to hurt the economy even more.

Just ignore this

So we get a racist shooting in Kansas:

A 51-year-old man faces first-degree murder charges after shooting three men in an Olathe, Kan., bar Wednesday night, police say, reportedly telling two of them, local Garmin engineers from India, to “get out of my country.”

One of the Indian men, Srinivas Kuchibhotla, 32, died in the hospital later from his wounds.

Adam W. Purinton, 51, of Olathe, was also charged with two counts of attempted first-degree murder for shooting two other patrons at Austin’s Bar and Grill: Alok Madasani, 32, of Overland Park, Kan., and 24-year-old Ian Grillot, who tried to intervene.

The shooter  doesn’t seem to be Muslim so obviously this isn’t terrorism and there’s no need for Donald Trump to tweet about it. After all, Donald Trump knows that we don’t have to worry about right-wing terrorists.

But but Obama

President Obama was big spending vacationer:

Presidential families have for decades been guaranteed round-the-clock protection, no matter the expense or destination. Every presidency has brought new operational challenges and lifestyle habits, from George W. Bush’s frequent stays at his remote ranch in Texas to Obama’s annual trips to Martha’s Vineyard and his native state of Hawaii. Judicial Watch estimated that Obama-related travel expenses totaled nearly $97 million over eight years.

unless you compare it to Trump:

On Friday, President Trump and his entourage will jet for the third straight weekend to a working getaway at his oceanfront Mar-a-Lago Club in Palm Beach, Fla.

On Saturday, Trump’s sons Eric and Don Jr., with their Secret Service details in tow, will be nearly 8,000 miles away in the United Arab Emirates, attending the grand opening of a Trump-brand golf resort in the “Beverly Hills of Dubai.”

Meanwhile, New York police will keep watch outside Trump Tower in Manhattan, the chosen home of first lady Melania Trump and son Barron. And the tiny township of Bedminster, N.J., is preparing for the daunting prospect that the local Trump golf course will serve as a sort of northern White House for as many as 10 weekends a year.

Trump’s three Mar-a-Lago trips since the inauguration have probably cost the federal treasury about $10 million, based on figures used in an October government report analyzing White House travel, including money for Coast Guard units to patrol the exposed shoreline and other military, security and staffing expenses associated with moving the apparatus of the presidency.

Palm Beach County officials plan to ask Washington to reimburse tens of thousands of dollars a day in expenses for deputies handling added security and traffic issues around the cramped Florida island whenever Trump is in town.

In New York, the city is paying $500,000 a day to guard Trump Tower, according to police officials’ estimates, an amount that could reach $183 million a year.

This month, The Post reported that Secret Service and U.S. Embassy staffers paid nearly $100,000 in hotel-room bills to support Eric Trump’s trip to promote a Trump-brand condo tower in Uruguay.

But based on the first four weeks, Trump’s presidency appears on track to cost hundreds of millions of dollars more.

And some of this money goes back to Trump, not including the fact that Trump being President obviously helps his sons to sell stuff. Let’s leave the last word to Trump in 2015:

“I would rarely leave the White House because there’s so much work to be done.”

 

But it helps the rich

It seems the Trump administration is contemplating a tax break so corporations will repatriate cash:

Drug makers are promising to create tens of thousands of American jobs if President Donald Trump follows through on his promise to give them a big tax break if they “repatriate” cash they’ve stashed overseas.

The article points to a Senate report: repatriatingoffshorefundsreportoct202011wexhibitsfinal. Here are the conclusions in the executive summary:

1. U.S. Jobs Lost Rather Than Gained. After repatriating over $150 billion under the 2004 American Jobs Creation Act (AJCA), the top 15 repatriating corporations reduced their overall U.S. workforce by 20,931 jobs, while broad-based studies of all 840 repatriating corporations found no evidence that repatriated funds increased overall U.S. employment.
2. Research and Development Expenditures Did Not Accelerate. After repatriating over $150 billion, the 15 top repatriating corporations showed slight decreases in the pace of their U.S. research and development expenditures, while broad-based studies of all 840 repatriating corporations found no evidence that repatriation funds increased overall U.S. research and development outlays.
3. Stock Repurchases Increased After Repatriation. Despite a prohibition on using repatriated funds for stock repurchases, the top 15 repatriating corporations accelerated their spending on stock buybacks after repatriation, increasing them 16% from 2004 to 2005, and 38% from 2005 to 2006, while a broad-based study of all 840 repatriating corporations estimated that each extra dollar of repatriated cash was associated with an increase of between 60 and 92 cents in payouts to shareholders.
4. Executive Compensation Increased After Repatriation. Despite a prohibition on using repatriated funds for executive compensation, after repatriating over $150 billion, annual compensation for the top five executives at the top 15 repatriating corporations jumped 27% from 2004 to 2005, and another 30%, from 2005 to 2006, with ten of the corporations issuing restricted stock awards of $1 million or more to senior executives.
5. Only a Narrow Sector of Multinationals Benefited. Repatriation primarily benefited a narrow slice of the American economy, returning about $140 billion in repatriated dollars to multinational corporations in the pharmaceutical and technology industries, while providing no benefit to domestic firms that chose not to engage in offshore operations or investments.
6. Most Repatriated Funds Flowed from Tax Havens. Funds were repatriated primarily from low tax or tax haven jurisdictions; seven of the surveyed corporations repatriated between 90% and 100% of their funds from tax havens.
7. Offshore Funds Increased After 2004 Repatriation. Since the 2004 AJCA repatriation, the corporations that repatriated substantial sums have built up their 5 offshore funds at a greater rate than before the AJCA, evidence that repatriation has encouraged the shifting of more corporate dollars and investments offshore.
8. More than $2 Trillion in Cash Assets Now Held by U.S. Corporations. In 2011, U.S. corporations have record domestic cash assets of around $2 trillion, indicating that that the availability of cash is not constraining hiring or domestic investment decisions and that allowing corporations to repatriate more cash would be an ineffective way to spur new jobs.
9. Repatriation is a Failed Tax Policy. The 2004 repatriation cost the U.S. Treasury an estimated net revenue loss of $3.3 billion over ten years, produced no appreciable increase in U.S. jobs or research investments, and led to U.S. corporations directing more funds offshore.

So it worked very well for the rich. I can see why the Trump administration would be for it.

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