Jaime Fuller

Jaime Fuller is a former associate editor at The American Prospect

Recent Articles

A Post-Buffett Rule Corporate Tax Reform Push? Not Likely.

Today's Balance Sheet

Although tax reform has been in the national spotlight lately—between the Obama team's April Buffett Rule push and the Republican primary candidates' proposals (remember 9-9-9?)—don't expect corporate tax reform to be a legislative priority in the near future. “From the beginning, we acknowledged that this would be a heavy lift and take time,” an official from the Treasury Department said . One of the big reasons corporate tax reform may be a long shot is the daunting policy docket shaping up for the end of the year, including dealing with the Bush tax cuts. Also, lowering the statutory tax rate to 28 percent—which Obama's proposal suggests, along with closing the many tax loopholes—would require cutting out $12 billion annually in corporate tax breaks. Add the fractious political climate in Congress, and corporate tax reform may have to stay in the campaign speech arena for a long time. The Latest Obama’s Not-So-Hot Date With Wall Street The New York Times Magazine Tax Receipts Not...

Opposites Attract

In an interview with Rolling Stone , President Obama said that the 2012 election will be "as sharp a contrast between the two parties as we've seen in a generation." While this may be true on the policy front, the campaigns have one key thing in common: Both have hired attack dogs as chief advisors, adding some bite to their candidates' even keel. As GQ 's Jason Zengerle writes about Mitt Romney advisor Eric Fehrnstrom: "The best political operatives are the ones who provide their clients with a tangible quality the candidate himself lacks. If Karl Rove was Bush’s brain, then Fehrnstrom is Romney’s balls." The same might be said for David Axelrod, Obama's closest advisor during the 2008 campaign, and his communications director this go-around. A New York Times profile of Axelrod in 2008 quoted someone saying, "They are sort of a yin-and-yang personality. David can be so much more volatile than Barack." That said, the Romney campaign is no mirror image of Obama's. While they have...

iPhones Bring in the Cashmoney

Today's Balance Sheet

While the global economy is still on shaky terrain, Apple is having a good 2012. In the first quarter, the tech behemoth sold 35 million iPhones—an 88 percent increase from last year, representing 59.7 percent of Apple's overall sales—and 11.8 million iPads. These sales nearly doubled Apple's profits, and sent Apple's stocks up 7 percent , up $40.55 to $600.83 yesterday. Demand for the newest model of the iPad has led to shortages, and the product remains the company's fastest-growing one—since the first iPad hit the market in 2010, they've sold 67 million. It took the company 24 years to sell a comparable number of Macintosh computers. The company's cash reserves, now totaling $110 billion, could fill 50 Olympic-sized swimming pools with dollar bills, as The Atlantic 's Alexis Madrigal points out. “It is mind-boggling that we could do this well," Chief Executive Tim Cook said in a Wall Street analyst conference call. The Latest EU braces for battle over 2013 budget The Financial...

Social Security and Medicare Don't Look So Hot

Today's Balance Sheet

Social Security will run out of funds in 2033—sooner than forecast last year—according to a new government report. Medicare's hospital insurance fund will be gone by 2024. Together, the programs account for 35 percent of all federal spending, and if the trust funds—which are made up of the difference between the payroll taxes paid toward the programs and the benefits doled out—were depleted, benefits would be automatically cut by 25 percent. Social Security's disability insurance faces the soonest expiration—it is now scheduled to run out of money in 2016, two years earlier than projected last year. “By almost any objective measure, the financial health of the Social Security system has entered a concerning decline," the two public trustees of the programs said yesterday in a statement. These two programs have been resistent to a legislative overhaul thanks to their longstanding popularity, but the next generation to hit 65 might see far fewer benefits if the current system isn't fine...

France Reacts Against Austerity

François Hollande and Nicolas Sarkozy will face off in a May 6 runoff election after the Socialist challenger won 28.6 percent of the vote in the first round of the French presidential elections yesterday. Sarkozy, who won 27.1 percent of the vote, was hoping a victory would give his campaign momentum, but being tied to the policies of the euro crisis will not help him—especially since Hollande is framing his challenge as a “ reaction against austerity ." Sarkozy is suffering presidential ratings lower than any seen since the 1950s. If Hollande wins, he would attempt to chart French economic policy away from the austere status quo set by European Union leaders, and Paul Krugman thinks a change of thinking might be just the risky prescription the still wavering European economy needs: "An Hollande victory would shake things up, and offer at least the possibility of something better." The Latest Geithner to Europe: Take Strong Action on Debt Crisis The Wall Street Journal Bridging the...

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