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Tag: Deficit

The Tax-Cut Hand Grenade

The president’s position that the tax cuts for those making less than $250,000 a year should be extended permanently is fiscally reckless.

Posted on Sep 7, 2010 READ MORE


Let’s Be Honest About Taxes

We need to do something about tax expenditures, those spending programs disguised as tax breaks that cost us close to $1.2 trillion a year.

Posted on Aug 26, 2010 READ MORE



DoD / Cherie Cullen

Despite New Cuts, Obama Will Spend More than Bush on Military

The most important fact in the New York Times report on Defense Secretary Robert Gates’ spending cuts comes 15 paragraphs in, when we learn that the U.S. will still spend more than ever on the military, more than all other countries combined, more than under President Bush. (continued)

Posted on Aug 9, 2010 READ MORE


Deficit Dope

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Posted on Aug 1, 2010 READ MORE



Photo illustration based on an image by Flickr user cometstarmoon (CC-BY)

The Politics of Stupidity Strike Again

Can a nation remain a superpower if its internal politics are incorrigibly stupid? While we’re at it, does any other democracy have a powerful legislative branch as undemocratic as the U.S. Senate?

Posted on Jul 28, 2010 READ MORE



U.S. Air Force / Master Sgt. Jeremy Lock

Deficit Doves

Getting out of the red is the new black. Deficit hawks have swooped down on the U.S. budget. This week, they attacked unemployment benefits.

Posted on Jul 20, 2010 READ MORE


unemployment office
Flickr / clementine gallot

Finally, a Little Hope for the Unemployed?

President Obama isn’t letting some ornery GOP types in Congress get in the way of making another push to extend unemployment benefits for out-of-work Americans—or so we hope.

Posted on Jul 19, 2010 READ MORE


Are Low Taxes Exacerbating the Recession?

Though the Reagan zeitgeist created the illusion that taxes stunt economic growth, the numbers prove that higher marginal tax rates generate more resources for the job-creating, public investments that sustain an economy and create incentives for businesses to grow.

Posted on Jul 8, 2010 READ MORE


Show Us the Money

We could easily slip into another Great Depression if our leaders continue to heed the chattering class on the deficit. But cutting spending is not just bad economics; it’s bad politics, too.

Posted on Jul 7, 2010 READ MORE


tea party protester

Tea Partying for Fun and Profit

If you thought tea party politics were just for rabid wingnuts and certain Twitter-prone politicians, think again or else you may miss out on some hot stock market action before the November elections.

Posted on Jul 6, 2010 READ MORE


After the Recession, Belt-Tightening

This is no time for retrenchment, but the deficit projections coming out of the Congressional Budget Office are alarming and will only get worse if we dawdle.

Posted on Jul 4, 2010 READ MORE



Wikimedia Commons

Schwarzenegger Plans to Slash Spending

California Gov. Arnold Schwarzenegger is again attempting to eliminate the state’s welfare-to-work program as his Republican administration tries to cut spending while not raising taxes, a move intended to save $1.6 billion at the expense of 1.3 million poor people.

Posted on May 15, 2010 READ MORE


Rebuilding an American Legacy

The collapse of American infrastructure is a shamefully old story by now, featuring scary statistics that must be updated regularly as the situation worsens.

Posted on Apr 8, 2010 READ MORE


Letterman and Stout

Letterman Gets a Tea Party Education

David Letterman didn’t exactly lob any hardballs in his interview with Idaho tea party activist Pam Stout on Tuesday night’s show, opting instead to have a light and informative exchange on Stout’s own history and where she believes the movement might be headed ... (continued)

Posted on Mar 31, 2010 READ MORE


Score One for Skepticism

Democrats are delighted with the Congressional Budget Office’s analysis of their health care bill, but the Republicans have good reason to be skeptical.

Posted on Mar 18, 2010 READ MORE


The Tax War Goes Online

Amazon has sent a message to states buckling under budget deficits: If you make us play by the same tax rules as other businesses, we’ll punish you.

Posted on Mar 11, 2010 READ MORE


Saturday Delivery

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Posted on Mar 4, 2010 READ MORE


Budget Lies Aren’t Helping the Deficit

For 30 years, Republicans and conservative Democrats have precluded factual debates about spending priorities for fear of antagonizing defense contractors, seniors and the wealthy.

Posted on Feb 11, 2010 READ MORE


Limbaugh Says $250,000 Isn’t Wealthy

For all their talk of deficits, conservatives don’t ever want to pay for them. Rush Limbaugh says people making more than $250,000 a year—who may just have to brace for a tax hike to keep our budget shortfalls somewhere in this galaxy—do not qualify as wealthy.

Posted on Feb 1, 2010 READ MORE


Obama's budget announcement
whitehouse.gov

Obama Announces $3.8 Trillion Budget for 2011

President Barack Obama on Monday announced his proposed 2011 budget, which includes boosted spending for creating jobs and waging wars, a potential tax on big banks, funding for infrastructure on the state and city levels ... and a whopping $1.6 trillion deficit for the fiscal year.

Posted on Feb 1, 2010 READ MORE


Republican conference

Obama and the House GOP: Full Q&A From Baltimore

Courtesy of C-SPAN, watch the whole (and at times, lively) exchange between President Barack Obama and Republican House members at a GOP retreat in Baltimore on Friday.

Posted on Jan 29, 2010 READ MORE


Obama at GOP retreat
youtube.com

Obama Confronts Critics (and Vice Versa) at GOP Retreat

Turns out that Barack Obama’s extemporaneous critique of the Supreme Court during his State of the Union speech Wednesday wasn’t the only such (apparently) unscripted moment he’d spend this week. On Friday, the president engaged in a frank exchange with Republican House members at a retreat in Baltimore, where he ... (continued)

Posted on Jan 29, 2010 READ MORE


Hope in the Deep Freeze

There are many reasons why Barack Obama’s spending freeze, which appears to be nothing more than pandering to the angry right, will not work as policy or politics.

Posted on Jan 28, 2010 READ MORE



White House / Pete Souza

Obama to Propose Spending Freeze

As part of his State of the Union address Wednesday, the president is expected to call for a three-year freeze on non-military, non-entitlement discretionary spending that amounts to a small fraction of the budget. It’s a stunt, for the most part, aimed at soothing budget-conscious independents. (continued)

Posted on Jan 25, 2010 READ MORE



White House / Pete Souza

The End of Wall Street Liberalism

If you held a contest to pick the worst thing a politician could be called at this moment, my nominee would be Wall Street Liberal—which is why President Obama’s new fees on the biggest banks comes just in time.

Posted on Jan 13, 2010 READ MORE


In Need of a Watchdog on Health Spending

There was a nice, albeit fleeting, moment in the spring when hospitals, doctors, drug companies and insurers came together at the White House, pledging to do their part to get health care costs under control.

Posted on Dec 16, 2009 READ MORE


Where Are the Real Deficit Hawks?

Save $110 billion, or spend $6.3 trillion? In recent months, tea party protesters and Congress’ so-called fiscal conservatives chose the latter.

Posted on Nov 12, 2009 READ MORE



Flickr / ThisParticularGreg

A Cruel and Unusual Waste of Money

Executing people is expensive. A new report by the Death Penalty Information Center says California is spending more than 10 times as much on capital punishment—$137 million a year—as it would on an alternative life-without-parole system. New York and New Jersey repealed ...

Posted on Oct 21, 2009 READ MORE



White House / Lawrence Jackson

Nancy Pelosi Promises Public Option on the Cheap

The House speaker is thrilled to hear from the Congressional Budget Office that all three versions of the public option under consideration in the lower chamber would be cheaper than expected and would actually reduce the deficit over 10 years.

Posted on Oct 20, 2009 READ MORE


money bags
0-60mag.com

Federal Deficit Hits Record $1.42 trillion

If you thought last year’s federal budget deficit was pretty big, you were right—and it’s three times as big now! Thanks to the magic of the recession, as well as the government’s attempts to rescue various sectors of the economy (and throw money at others, or so it appeared), the deficit for the 12 months ending last month was a whopping $1.42 trillion.

Posted on Oct 16, 2009 READ MORE



White House / Pete Souza

Why Obama Must Spend More

If the president and Congress don’t come to the aid of workers, the political consequences will be severe, and deservedly so.

Posted on Oct 7, 2009 READ MORE


Onion coup

Pesky National Debt Wiped Out by Faux Coup

Should this ever actually happen, The Onion gets credit for its prescient mock-up of a hostile takeover of the American government by a militant, yet strangely familiar, enemy organization bent on ... completely obliterating the ever-increasing U.S. debt.

Posted on Aug 4, 2009 READ MORE


Read My Lips: We Need to Raise Taxes

Does President Obama care about passing health care reform that truly gets costs under control and getting the nation’s fiscal house in order or does he care more about getting re-elected?

Posted on Aug 4, 2009 READ MORE


Gibbs
AP / Alex Brandon

White House: No Tax Hikes for Middle Class

On Monday, after two of President Obama’s economic sidekicks, Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers, made noises over the weekend about the possibility that middle-class Americans may pay higher taxes in the near future, the White House went into damage control mode.

Posted on Aug 3, 2009 READ MORE


Benjamins
Wikimedia Commons/Revisorweb

U.S. Budget Deficit Climbs to Over $1 Trillion

America’s spend-a-thon has brought some inevitable consequences, not the least being that we now are looking at a federal budget deficit of more than $1 trillion for the first time ever, and that number is projected to nearly double by October.

Posted on Jul 13, 2009 READ MORE



White House / Pete Souza

Deficit Could Be Obama’s Achilles’ Heel

President Obama once said the deficit “keeps me awake at night.” He’s not alone. Three recent polls show that while Obama’s approval ratings remain high, most Americans are preoccupied with the deficit and many question about whether the president is willing and able to rein in spending.

Posted on Jun 18, 2009 READ MORE


ENTER_ALT_TEXT

Hannity and Ventura Step Into the Ring

Fox News gasbag Sean Hannity and former Minnesota Gov. Jesse Ventura tackle the state of our nation before and after Bush. Watch them finger-point, talk over each other and play the deficit blame game in their debate on Monday.

Posted on May 19, 2009 READ MORE


Capitol dome
Flickr/Sam Ruaat

Senate Gives Budget Plan the Go-Ahead

Although the congressional GOP contingent wanted nothing to do with it, President Barack Obama’s $3.53 trillion budget package made the Senate cut on Thursday evening, passing with a 55-43 vote. 

Posted on Apr 2, 2009 READ MORE


Daring to Utter the T Word

The most significant moment of Obama’s news conference concerned taxes: his defense of proposed limits on the benefits that the well-off get for their charitable contributions and mortgage payments.

Posted on Mar 26, 2009 READ MORE


Deficit
mariopiperni.com / Mario Piperni

Budget Deficit Hits $1.8 Trilly

The current year’s federal budget deficit, according to congressional economists, will top $1.8 trillion, the biggest ever by far. And their projection for the fiscal 2010 budget shortfall is tickling $1.4 trillion, putting both estimates much higher than they were in forecasts back in January.

Posted on Mar 20, 2009 READ MORE


Obama

Obama Pushes His Budget Plan

In his weekly address, President Barack Obama makes the case for his proposed budget scheme, arguing that while it might rankle the likes of Washington lobbyists, it will deliver on the promises he made during his campaign.

Posted on Feb 28, 2009 READ MORE


Obama
AP photo / Darin McGregor, Pool

Obama Gets Aggressive on Cutting the Deficit

Despite the fact that he’s looking at a trillion-plus deficit for 2009 as he settles into his second month as president, Barack Obama has plans to cut the annual deficit by half by the time his first term ends.

Posted on Feb 20, 2009 READ MORE



osmoothie.com

California Plans to Fire 20,000 Workers

California has the biggest economy in the union, but the state is in a real hole. With major shortfalls and a $40 billion budget in legislative gridlock, Sacramento has laid off some workers, furloughed others and slashed wages. Now the governor is threatening to, er, terminate 20,000 more employees.

Posted on Feb 16, 2009 READ MORE


Obama Security
economistmom.com

Obama Ponders the Third Rail

With news of a $1.2 trillion federal budget deficit and continually rising unemployment numbers, President-elect Barack Obama is facing an economy that has the constitution of a sickly cat. A remedy for what ails it may be coming in a restructuring of Medicare and Social Security, which Obama said will be central to efforts in how he will curb spending.

Posted on Jan 7, 2009 READ MORE


George W. Bush
AP photo / Ron Edmonds

From Surplus to a Record Deficit

George W. Bush rode into office with a budget surplus, courtesy of his predecessor. When he leaves in January, he will not return the favor. The White House estimated the budget deficit for next year at a record $482 billion—and that doesn’t include the full cost of two wars, the potential bailout of Fannie and Freddie, the full stimulus package or the loss of tax revenue from an economy in the toilet.

Posted on Jul 28, 2008 READ MORE


$2.4 Trillion to Keep the Wars Going

The Congressional Budget Office has estimated that the wars in Iraq and Afghanistan could cost $2.4 trillion over the next 10 years, a figure that includes interest for putting war costs on the proverbial credit card. To date, the two conflicts have cost more (adjusted for inflation) than the Korean and Vietnam wars combined.

Posted on Oct 26, 2007 READ MORE


defense expo
targikielce.pl

Bush Budget Delivers the Bacon

President Bush’s outrageous military budget has nothing do with fighting terrorism but everything to do with pumping up the profits of the administration’s generous political donors in the defense industry. So, the question is: Will the Democrats have the guts to stop this betrayal of the public trust?

Posted on Feb 6, 2007 READ MORE


The Budget Speaks Louder Than Pandering

Although President Bush recently feigned interest in income inequality and the deficit, his whopper of a budget makes it clear that his heart is still with his base: the haves and the have-mores.

Posted on Feb 6, 2007 READ MORE


Bush Flags Down Balanced Budget Bandwagon

The same George W. Bush who presided over record deficits and never vetoed a spending bill made an effort on Wednesday to co-opt the Democrats’ goal of balancing the budget by 2012. Exactly how he’ll reconcile that aim with making his tax cuts permanent remains a mystery, although Sen. Kent Conrad, D-N.D., has an idea: “Talk is cheap.”

Posted on Jan 4, 2007 READ MORE


Wanna Play the Budget Expectations Game?

It goes like this: Make artificially gloomy budget forecasts at the start of the year; then, at the end of the year, when the numbers outperform your disingenuousness, announce that the economy is on the upswing. The L.A. Times has the lowdown…. (more)

Posted on Jul 11, 2006 READ MORE


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