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Tag: Deficit


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Raw Deal

About the only good thing that can be said about the budget deal just patched together by House Republican budget chair Paul Ryan and Senate Democratic budget chair Patty Murray is that the right-wing Heritage Foundation and the Koch brothers’ Americans for Prosperity oppose it.

Posted on Dec 11, 2013 READ MORE



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Congressional Negotiators Announce Budget Ahead of Schedule

Not only did Sen. Patty Murray, D-Wash., and Rep. Paul Ryan, R-Wis., manage to reach a budget deal, but they did it ahead of schedule.

Posted on Dec 10, 2013 READ MORE


For a Budget That Is Both Morally and Economically Sound

When we talk about the national budget, it is vitally important that we remember how we got into this fiscal crisis in the first place and who was responsible for it.

Posted on Oct 28, 2013 READ MORE



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First, Admit the Problem

Here’s the mistake made by President Obama and the Democrats that nobody is talking about: They have been too fearful of confronting our country’s three-year obsession with the wrong problem.

Posted on Oct 27, 2013 READ MORE


Grand Reopening

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Posted on Oct 22, 2013 READ MORE


Now Is a Time for Growth

It’s fine to talk—eventually—about chronic deficits and mounting debt. But now that our government is up and running again, the nation’s first priority should be economic growth.

Posted on Oct 21, 2013 READ MORE



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House GOP, News Media Fail to Inform American Public on Budget Deficit

There are two national deficits, and both are in good if not excellent condition. Every day that the House has debated the public debt limit, President Barack Obama has cited this fact. No opponent pays any attention.

Posted on Oct 15, 2013 READ MORE



GOP Leaders Call IRS Scandal ‘Criminal,’ O’Reilly Defends Obama, and More

A look at the day’s political happenings, including a rosy economic forecast is released and the IRS scandal leads to at least one resignation.

Posted on May 15, 2013 READ MORE


Reich Decodes the Chained CPI

This week, President Obama proposed to reduce the national deficit by adopting a new formula for adjusting for inflation in Social Security payments. Robert Reich points out that it would be “stingier than the current one.” Frankly, it would destroy Social Security over the next two decades as prices for goods and services rose and the program wasn’t allowed to keep up.

Posted on Apr 6, 2013 READ MORE


Call It What It Is: A Class War

The Republican budget endorses an economic war waged by the upper class against everyone else.

Posted on Mar 22, 2013 READ MORE



AP/Francisco Seco

Krugman: Political Elites, News Media Learned Nothing From Iraq War

The New York Times columnist argues that the political elites and pundits who perpetuated the Bush administration’s disinformation and calls for war seem to have learned nothing from that experience. Case in point: the deficit obsession.

Posted on Mar 18, 2013 READ MORE



kenteegardin (CC BY-SA 2.0)

Debt Is the Problem

It’s not the kind created by government spending on social programs, however, economist Michael Hudson says.

Posted on Mar 15, 2013 READ MORE


Off With Her Deficit

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Posted on Mar 13, 2013 READ MORE


Budget Wars: A Case for Hope

There are, believe it or not, grounds for hoping that the sequester, stupid as it is, might open the way to ending our nation’s budget stalemate.

Posted on Mar 6, 2013 READ MORE


Hostage

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Posted on Feb 28, 2013 READ MORE


While Republicans Warn Against ‘Greece,’ That Is Exactly Where Austerity Budgeting Will Lead U.S.

Indebted America is in danger of turning into destitute Greece, or so congressional Republicans and conservative commentators have been warning us for years now. For many reasons, this is an absurd comparison—but it may not always be quite so ridiculous if Washington’s advocates of austerity get their way.

Posted on Feb 28, 2013 READ MORE



Office of the Speaker of the House/Bryant Avondoglio

Ending the Permanent Crisis

Ever since they took control of the House of Representatives in 2011, Republicans have made journeys to the fiscal brink as commonplace as summertime visits to the beach or the ballpark.

Posted on Feb 28, 2013 READ MORE



Republicans Block Hagel, Stewart Ridicules Rubio, and More

A look at the day’s political happenings, including the retirement announcement of a longtime U.S. senator and a tea party group comes under fire after details of a Hillary Clinton “sex tape” emerge.

Posted on Feb 14, 2013 READ MORE



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The Biggest Republican Lie

Senate Minority Leader Mitch McConnell says that chamber’s Republicans will unanimously support a balanced-budget amendment, to be unveiled Wednesday as the core of the GOP’s fiscal agenda.There’s no chance of passage so why are Republicans pushing it now?

Posted on Feb 13, 2013 READ MORE



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Why We Need an Investment Budget

Part of the president’s State of the Union message and a portion of his second term agenda apparently will focus on public investments in education, infrastructure and basic R&D. That’s good news. But how do we fund these investments when discretionary spending is being cut to the bone in order to reduce the budget deficit?

Posted on Feb 12, 2013 READ MORE



AP / Saul Loeb

Coming Tuesday (Hopefully): The State of the Union’s Economy

The President should make it clear that any Republican effort to hold the nation hostage to the GOP’s ideological fixation on the budget deficit and a smaller government will slow the economy, likely pushing us into another recession. And that those most imperiled are the middle class and the poor.

Posted on Feb 11, 2013 READ MORE


The Economic Challenge Ahead: More Jobs and Growth, Not Deficit Reduction

Can we just keep things in perspective? On Tuesday, the president asked Republicans to join him in finding more spending cuts and revenues before the next fiscal cliff whacks the economy at the end of the month. Yet that same day, the Congressional Budget Office projected that the federal budget deficit will drop to 5.3 percent of the nation’s total output by the end of this year.

Posted on Feb 7, 2013 READ MORE



Flickr/401(K) 2013

The Myth of Living Beyond Our Means

Brace yourself. In coming weeks you’ll hear there’s no serious alternative to cutting Social Security and Medicare, raising taxes on middle class, and decimating what’s left of the federal government’s discretionary spending on everything from education and job training to highways and basic research.

Posted on Jan 29, 2013 READ MORE


The Urgency of Growth

If you care about deficits, you should want our economy to grow faster. If you care about lifting up the poor and reducing unemployment, you should want our economy to grow faster. And if you are a committed capitalist and hope to make more money, you should want our economy to grow faster.

Posted on Jan 28, 2013 READ MORE



DonkeyHotey (CC BY 2.0)

The Trillion Dollar Coin: Joke or Game-Changer?

The trillion dollar coin represents one of the most important principles of popular prosperity ever conceived: the creation of money by sovereign governments, debt-free.

Posted on Jan 18, 2013 READ MORE


Economist Galbraith on Why Public Welfare Programs Are Sustainable

Is there ever a good time to cut “entitlements”—the code word used by austerity hawks to refer to and demean publicly funded social welfare programs—host Andrew Ross Sorkin asked University of Texas economist James K. Galbraith on CNBC’s “Squawk Box” on Friday.

Posted on Jan 18, 2013 READ MORE


Before Default, Let Republicans Bump Up Hard Against the Debt Ceiling

A prolonged confrontation over the nation’s debt ceiling—unlike the “fiscal cliff,” which provoked many scary headlines—could truly be grave for both America and the world.

Posted on Jan 18, 2013 READ MORE


Jon Stewart Fires Latest Shot in Feud With Paul Krugman

“If someone’s ruining their brand with the trillion dollar coin idea, I don’t think it’s the non-economist,” Stewart said, adding that the deficit solution was still a “stupid fucking idea.”

Posted on Jan 15, 2013 READ MORE



AP/Rich Pedroncelli

A Temperature Check From Sen. Sanders

“Despite such terminology as ‘fiscal cliff’ and ‘debt ceiling,’ ” writes Sen. Bernie Sanders, I-Vt., “the great debate taking place in Washington now has relatively little to do with financial issues. It is all about ideology.”

Posted on Jan 9, 2013 READ MORE


The Real Deficit Argument

Should our politicians dedicate themselves to solving the problems we face now? Or should they spend their time constructing largely theoretical deficit solutions for years far in the future to satisfy certain ideological and aesthetic urges?

Posted on Jan 7, 2013 READ MORE



Democracy Now!

A ‘Manufactured Non-Solution’ to a ‘Manufactured’ Crisis (Video)

Phony-baloney tax cuts, a delay in spending reductions, an increase in the deficit and lots more work to be done—Heidi Moore at The Guardian details the fiscal cliff solution that isn’t.

Posted on Jan 2, 2013 READ MORE



Republicans Angry About Tax Hike, Krugman on the Fiscal Deal, and More

A look at the day’s political happenings, including the House vote on the fiscal cliff deal Tuesday night and President Obama marks the 150th anniversary of one of the most famous presidential proclamations. (UPDATED)

Posted on Jan 1, 2013 READ MORE



Flickr/401(K) 2012

Fiscal Cliff Deal Would Add Trillions to Deficit

Instead of deficit reduction, it appears the fiscal cliff deal that was passed in the Senate early Tuesday morning would only add to the federal government’s budget problems.

Posted on Jan 1, 2013 READ MORE


Handing Over the Baton

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Posted on Jan 1, 2013 READ MORE



Flickr/401(K) 2012

How Bad Is Our Debt Problem and Will a Deal Fix It?

President Obama met with congressional leaders Friday in another attempt to avert the fiscal cliff—the automatic tax increases and spending cuts set to take effect Jan. 1 unless Congress can strike a deal. The cuts and tax hikes are so large and so sudden that many economists fear they would plunge the country back into recession.

Posted on Dec 30, 2012 READ MORE



daveeza (CC BY-SA 2.0)

Alan Greenspan, Mr. ‘Fix the Debt’

The man who missed the $8 trillion housing bubble that was generating more than $1 trillion in wealth per year—and the collapse of which led to the current demand crisis that is strangulating the economy—was present at the formation of the corporate-backed Campaign to Fix the Debt.

Posted on Dec 29, 2012 READ MORE



Democracy Now!

Truthdigger of the Week: Dean Baker

“We all misjudged the risks involved,” former Federal Reserve Chairman Alan Greenspan said in March 2010 of the housing bubble that led to the financial crisis. He forgot about economist Dean Baker.

Posted on Dec 15, 2012 READ MORE



LadyDragonflyCC <3 (CC BY 2.0)

The Archeology of Decline

“Debtpocalypse” looms. Depending on who wins out in Washington, we’re told, we will either free fall over the fiscal cliff or take a terrifying slide to the pit at the bottom. Grim as these scenarios might seem, there is something confected about the mise-en-scène, like an un-fun Playland. After all, there is no fiscal cliff, or at least there was none—until the two parties built it.

Posted on Dec 4, 2012 READ MORE



White House / Pete Souza

Will Timothy Geithner Lead Us Over or Around the Fiscal Cliff?

If “pragmatic deal maker,” as The Wall Street Journal describes Geithner, means someone who believes any deal with Republicans is better than no deal, and deficit reduction is more important than job creation, we could be in for a difficult December.

Posted on Nov 27, 2012 READ MORE



Anthony Alvernaz (CC BY 2.0)

Why Is the White House’s Council of Economic Advisers Helping the Republicans?

The White House is trying to scare average people about the consequences of the “fiscal cliff.”

Posted on Nov 26, 2012 READ MORE



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CEO’s Demand Austerity to Fix Budget, Not End to Corporate Welfare

A group of corporate CEOs that contributed to the burgeoning deficit crisis want the poor and elderly to largely pay for the mess the greedy Wall Street fat cats helped create.

Posted on Nov 26, 2012 READ MORE


Fiscal Cliff

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Posted on Nov 21, 2012 READ MORE


Why We Should Stop Obsessing About The Federal Budget Deficit

The best way to generate jobs and growth is for the government to spend more, not less. And for taxes to stay low – or become even lower – for the middle class.

Posted on Nov 19, 2012 READ MORE



The Growing Global Movement Against Austerity

Amaia Engana didn’t wait to be evicted from her home. On Nov. 9, in the town of Barakaldo, a suburb of Bilbao in Spain’s Basque Country, officials from the local judiciary were on their way to serve her eviction papers. Amaia stood on a chair and threw herself out of her fifth-floor apartment window, dying instantly on impact on the sidewalk below.

Posted on Nov 15, 2012 READ MORE


The President’s Opening Bid on a Grand Bargain (II): Put a Trigger Mechanism in the Legislation

When he meets with congressional leaders to begin discussions about avoiding the “fiscal cliff,” Obama should make clear that America faces two big economic challenges ahead: getting the economy back on track and getting the budget deficit under control.

Posted on Nov 13, 2012 READ MORE



Pete Souza/The White House

The President’s Opening Bid on a Grand Bargain: Aim High

Assuming the goal is $4 trillion of deficit reduction over the next decade (that’s the consensus of the Simpson-Bowles commission, the Congressional Budget Office, and most independent analysts), here’s what the President should propose.

Posted on Nov 12, 2012 READ MORE



VP Debate Wrap-Up, Romney Plagiarism Accusation, and More

A look at the day’s political happenings, including a Wisconsin Republican who says “some girls rape easy,” why Todd Akin should never be allowed to weigh in on scientific matters again and two congressional candidates nearly come to blows at a debate.

Posted on Oct 12, 2012 READ MORE


Romney and the Deficit

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Posted on Sep 27, 2012 READ MORE



Ronald Reagan Presidential Library, National Archives and Records Administration

Stockman Redux

As he became president in 1981, Ronald Reagan called in a 34-year-old congressman from Michigan named David Stockman, considered by many to be the most articulate and intellectually imposing Republican of the moment.

Posted on Aug 26, 2012 READ MORE


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