Obama All but Calls Cosby a Serial Rapist
Shock of the Day

Obama All but Calls Cosby a Serial Rapist

A worker cleans graffiti on actor Bill Cosby's star on the Hollywood Walk of Fame in Los Angeles December 5, 2014. REUTERS/Phil McCarten
PHIL McCARTEN
By Eric Pianin

For months, comedian Bill Cosby has come under relentless attack amid allegations that he raped dozens of women over the years after slipping them drugs. As the controversy grew, some on Capitol Hill questioned whether something should be done to strip the long-celebrated actor of a Presidential Medal of Freedom awarded him in 2002 during the Bush administration.

Today at a White House news conference, President Obama abruptly veered from an extensive defense of the Iran nuclear deal to a thinly veiled denunciation of Cosby as a serial rapist. In response to a reporter’s question of whether he would consider rescinding the medal, Obama said, “There’s no precedent for revoking a medal,” and that “we don’t have the mechanism.”

Then, after  noting that he rarely publicly discusses pending civil law suits that  might result in criminal charges, he made this startling pronouncement: “I’ll say this: If you give a woman -- or a man for that matter -- without his or her knowledge a drug and then have sex with that person without consent, that’s rape.”

It was a dramatic moment as the first African American president in U.S. history denounced from the White House pulpit the conduct of one of the most prominent and (once) beloved black actors and comedians of modern times.

Related: Bill Cosby's Moralizing Comes Back to Haunt Him

Cosby and his lawyers for months have dismissed as fantasy claims by more than two dozen women that they had been sexually assaulted by the actor over the past several decades – frequently after having been given knock-out drugs to make them groggy or put them to sleep.

But this ‘he said-she said’  controversy came to an end earlier this month after Cosby had admitted in a deposition giving Quaaludes to women he wanted to have sex with.

The documents, dating back to 2005, stem from a civil lawsuit filed by Andrea Constand -- one of the dozens of women who have publicly accused the comedian of sexual assault. The records were made public after The Associated Press went to court to compel their release.

Following that report, Sens. Kirsten Gillibrand (D-NY) and Claire McCaskill (D-MO) said it was an outrage that Cosby continued to hold the highest civilian honor in America. In a statement to Politico, a spokeswoman for Gillibrand said Cosby's medal must be revoked "because we need to set a clear example that sexual assault will not be tolerated in this country."

Obama apparently agrees with the senators, but just doesn’t know what he could do to take the medal back. 

Number of the Day: 5.5 Percent

The debate over national health care aside, more Americans today say they get "excellent health care" than did in the early 2000s, according to <a href="http://www.gallup.com/poll/150806/rate-own-healthcare-quality-coverage-excellent.aspx" target="_blank"
Getty Images
By Yuval Rosenberg

Health care spending in the U.S. will grow at an average annual rate of 5.5 percent from 2017 through 2026, according to new estimates published in Health Affairs by the Office of the Actuary at the Centers for Medicare and Medicaid Services (CMS).

The projections mean that health care spending would rise as a share of the economy from 17.9 percent in 2016 to 19.7 percent in 2026.

Part of the Shutdown-Ending Deal: $31 Billion More in Tax Cuts

The U.S. Capitol building is lit at dusk ahead of planned votes on tax reform in Washington, U.S., December 18, 2017.   REUTERS/Joshua Roberts/Files
Joshua Roberts
By The Fiscal Times Staff

Margot Sanger-Katz and Jim Tankersley in The New York Times: “The deal struck by Democrats and Republicans on Monday to end a brief government shutdown contains $31 billion in tax cuts, including a temporary delay in implementing three health care-related taxes.”

“Those delays, which enjoy varying degrees of bipartisan support, are not offset by any spending cuts or tax increases, and thus will add to a federal budget deficit that is already projected to increase rapidly as last year’s mammoth new tax law takes effect.”

IRS Paid $20 Million to Collect $6.7 Million in Tax Debts

The IRS provides second chances to get your tax return right with Form 1040X.
iStockphoto
By The Fiscal Times Staff

Congress passed a law in 2015 requiring the IRS to use private debt collection agencies to pursue “inactive tax receivables,” but the financial results are not encouraging so far, according to a new taxpayer advocate report out Wednesday.

In fiscal year 2017, the IRS received $6.7 million from taxpayers whose debts were assigned to private collection agencies, but the agencies were paid $20 million – “three times the amount collected,” the report helpfully points out.

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Goldman Sachs and JP Morgan See Small GDP Boost from Tax Bill

Belize sure is bumpy.
Wikipedia
By Yuval Rosenberg

Goldman Sachs economists see the tax bill adding 0.3 percentage points to GDP growth in 2018 and 2019 while JP Morgan forecasts a similar gain of 0.3 percentage points next year and 0.2 percentage points the year after.

Goldman’s analysts add that federal spending, which is likely to grow more quickly next year than it has recently, will bring the total fiscal boost to around 0.6 percentage points for 2018 and 0.4 percentage points in 2019.

Both banks see deficits likely rising above $1 trillion, or about 5 percent of GDP, in 2019.