Tag Archives: Deficit

Super Congress in Session – More of the Cruel Charade

By Michael Collins


Wall Street and the big banks owe $1.5 trillion for the bailout (at least). The Super Congress needs to cut $1.5 trillion over ten years. Get the money from Wall Street and cancel the Super Congress. Problem solved.

Last month’s debt ceiling crisis was resolved when Congress and the Obama administration made a deal to cut trillions in federal spending over the next ten years. Congress identified the easy cuts, the low hanging fruit so to speak, for a total of nearly $1.0 trillion. At the same time, Congress and the White House created the “Super Congress” committee of six senators and six representatives charged with cutting another $1.5 trillion. (Image: Lucy White with permission)
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Choreographed Budget Cave In – The Money Party Stabs Citizens in the Back


So this is how it is going to be:

“After putting controversial cuts to Social Security and Medicare on the table in negotiations with congressional Republicans over a plan to raise the nation’s debt ceiling, President Obama still doesn’t have a deal in the works.”  Chris Moody, Yahoo News, July 7

Who told President Obama to put “controversial cuts on Social Security and Medicare on the table”?  Hasn’t the president seen his public opinion polling numbers lately?  He is consistently at or below 50% job approval.  (Image)

Didn’t he pay attention to the special congressional election in the highly conservative, long-time Republican upstate New York district that elected a Democrat for the first time in years?

Isn’t the President Obama aware that there’s an election coming up; that many of the people he is so willingly and openly betraying rely on Social Security to live and Medicare to stay alive?

What planet does he live on?  (Unless this is what he truly desires.)
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The Pain Avoidance Era Ends

By Numerian

Erskin Bowles: former Chief of Staff to President Clinton and prior to that a North Carolina businessman. Alan Simpson: at age 79, fourteen years senior to Erskin Bowles, and a former Republican senator from Wyoming. Alice Rivlin: also age 79, and Clinton’s former budget director. Peter Domenici: age 79, and a former Republican senator from New Mexico. These four people are the principal players in a set of competing proposals to do something about the US federal debt. They all have what Washington calls “gravitas”, which is a certain respectability that comes with age and experience. They also display that precious quality of “bipartisanship” which makes them supposedly immune from political bias. That’s why you get these Republican-Democrat partnerships: Simpson-Bowles, and Domenici-Rivlin. You would trust these people, wouldn’t you, to give you the cold, hard truth that politicians cannot deliver?

You shouldn’t. These people are good at delivering cold, hard truths in terms of areas of the budget to cut, and new sources of revenue to tap, which together over the long run will bring deficits down to zero and reduce the interest burden of the national debt to something manageable. But they won’t give you a vision of America under these new fiscal conditions. Reading through their proposals, we are left to imagine what America would be like in such a permanent state of austerity.
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Obama and the Senate Democrats Seek to Eliminate Social Security: Part I

By Jonathyn Posted by Michael Collins

Originally posted at The Agonist

Social Security Is Not a Campaign Issue?

This is part I of a multipart series to demonstrate how everyone in Washington—and one-term President Barack Obama in particular—are telegraphing the fact that they will be gearing up for a major campaign to steal money from Senior Citizens by making drastic changes to “fix” the Social Security program.

Why oh Why are the Democrats not making Social Security an Issue? Wonders Rachel Maddow (click here and search for “The Ad Democrats Need to Win” for the segment—will edit as avail). As admirable as she is for being quite possibly the most intelligent person on cable news, the incorrect rhetorical effect she seeks is to demonstrate that Democrats are really bad at politics. She points out that many prominent Republicans have plainly said that they will privatize social security or eliminate it altogether, which for obvious reasons is vastly unpopular with very large majorities of Americans.

If Democrats disagree, surely they will raise their voices.
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Economists Challenge Deficit Reduction

Michael Collins

Three hundred economists released a letter to President Obama today with one message: focus on jobs, not on the deficit. new deal 2.0

Don’t kill jobs and growth in the name of deficit reduction. Statement and 300 endorsers.

How Are Our Federal Tax Dollars Spent?

Denise Chow
Life’s Little Mysteries Staff Writer
LiveScience.com
Thu Apr 15, 2010

We all grumble about having to pay taxes, but few people really know how the government spends that money. Where do our tax dollars really go?

In fiscal year 2008, federal government spending reached $3 trillion, which is roughly 21 percent of the country’s gross domestic product (GDP). Of that amount, more than $2.5 trillion was financed by federal tax revenues collected by the government. The remaining $459 billion was financed by government borrowing to make up for the budget deficit, which occurs when total government expenditure exceeds total tax revenue in a given year. [Graphic details spending]

Three main areas each accounted for approximately one-fifth of the budget, while two sections of spending each made up about one-tenth, and the remaining fifth of the budget was used to finance a variety of programs. According to the Center on Budget and Policy Priorities, here are the most expensive programs: