Democrats say "austerity is killing the recovery." Only problem, there is no austerity going on....
Nonetheless, todays anemic June job numbers will hasten the call for more spending and more stimulus and even bigger deficits.....
There are expected to be calls for lower withholding taxes, even though the employee share of FICA is lower already for this year....Can Social Security be saved if the rate of contribution to the plan is reduced ?
The addiction the political class has to rhetoric about creating jobs will make it impossible for a deficit reduction deal. There are as many people as not who honestly believe higher deficits will provide the economic stimulus to allow the nation to grow out of its debt problem....Only problem is that has not happened so far.
Both parties are boxed in to their core positions and compromise is more difficult as unemployment rises.
Stunning Jobs Report Complicates Debt Deal for Both Obama, GOP - Jim Tankersley - NationalJournal.com
9 comments:
“FDR made 'Capitalism' safe for Democracy.”
Question:
Who can make‘deregulation’ safe for Capitalism? That little bit of excess lending under George W.'s deregulated economy, which helped Wall Street and the Banks of America lose hundreds of billions and borrow Trillions more and sank us all, seems to be the bag someone will get left holding.
Ans: Only President Obama, but only if he cuts a deal where those darn banks start lending money to Small Businesses and Middle and Working Class families looking to buy new homes. The Republicans hold that card, with the Banks of America, who have let over a Trillion dollars sit in interest bearing accounts, instead of lending it out. The President has to get those banks to invest in America, along with Corporate America, or else we're all going down on some level.
Bill Clinton (National Journal) “The big challenge for both political parties is finding ways to tame the nation’s ominous long-term public debt while also rejuvenating the economy. In the showdown over raising the federal debt ceiling, Democrats have been more open to restraining entitlements than Republicans have been to raising taxes. Clinton’s message is that eventually we’ll need to do both to stabilize Washington’s finances—and to free the public and private resources that can foster another great wave of job-creating innovation. That is the common problem we all face as Americans, Clinton told me. “Whether you think it should be done by the government or not, we are under investing in the future.”
Can you convince the American public the President Obama caused that, and the resultant loss of jobs? Instead I think America exercise its wisdom and say that President Obama didn't cause this near depression, and that we all better help him try to fix it? I think we're in it together. A little advice: The approach to take is let’s get America moving as a country again, and the Tea Party better come to grips with that so the Republican leadership can start to lead again in Congress. House leader weeping John B. has just cried us a river …
Mike Flynn ‘Middle Class Mike’
Does anybody know what Mikey said this time? What's your suggestion, MMM, raise some taxes and create some government jobs? That's what we've done for the past few years, and look where it has gotten us. By the way, how are things going with your efforts to get a government job?
And no, Mikey, we're not all in this together. Half of us don't pay taxes at all. If you have your way, that percentage will rise.
nobody bothers with the fact that GWB raised the debt ceiling 5 times with the assistance of a republican congress
BBBBbut Bush was not spending 4 trillion dollars per year when he raised it.
No one knows what Mikey said because no one reads what he said.
Anon 6:39
Write something, write something and stop being mindless and confused ....
Obama is not responsible for a do nothing Republican Congress betting the American people will remain to ill informed to understand that he only Republican policy is to screw the 'Middle and Working Class' families of America out of Medicare and Social Security and to make it impossibleto collect before they're in their seventies.
"What's your suggestion, MMM, raise some taxes and create some government jobs? That's what we've done for the past few years, and look where it has gotten us."
6:39- Use a fact or two every once in a while. I'll settle for one, although I doubt I'll see it.
http://krugman.blogs.nytimes.com/2011/07/08/austerity-usa/
"And no, Mikey, we're not all in this together. Half of us don't pay taxes at all. If you have your way, that percentage will rise."
If that number is correct, and I doubt that it is,(guys like you never say where those numbers come from), most of those people make less than 20k per year. You want to squeeze them a little more? Maybe they can feed the family ramen a couple more times a week? That what you're looking for?
"House Overwhelmingly Approves Record $649 Billions Military Spending Bill".
Which is deceptive still because the actual costs of the WarFare State is @ $1.5 trillions annually - &, like the "record", continually rising.
About 1/2 of "military" spending & related costs are not found in "defense" budgets.
And you dare wonder why the country has a solvency problem? It is easy to blame the welfare family next door yet never consider glance critically at "defense" companies who have been on welfare since 1942.
At this time of bemoaning the last shuttle mission, has any one cared to notice the costs of air conditioning alone in the Irag-Afghan adventure exceeds the entire NASA budget?
depends on which numbers you use to define austerity, Jeff
ANON 6:39
I suggest the banks put the Trillion or more dollars they were given on the street, no not 'Wall Street' but main street where small business have been looking for reasonable credit lines to expand and hire workers. The last I saw 50% to 70% of job creation comes via small business hires. Next lend to Middle and Working Class families who want to buy a house; provided they have a good credit rating and can afford to make mortgage payments. We don't want any of those ‘Toxic Loan’ packages, bundled up and sold by the Wall Street lenders. That ‘Wall Street’ crowd is really fond of inventing garbage products and screwing the small investors out of their money.
Mike Flynn 'Middle Class Mike'
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