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In The Midst Of A Spending Crisis

February 11, 2013

The cheering and applause you didn’t hear from Washington on Tuesday was over the Congressional Budget Office’s report that President Barack Obama may be about to pass a milestone — his first year i......

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(36)

GioAllie

Feb-15-13 4:52 PM

go figure-some on this forum defend the 0.1% as though "that" group cares, or gives a darn about anyone but themselves.

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DavidVA

Feb-15-13 4:08 PM

I noticed that $1Trillion was quoted as "welfare". True enough, but it goes to farmers, defense contractors and bankers. Welfare mothers may get $40Billion a year - if that.

FWIW, the pigs at the trough are all wearing Armani.

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DavidVA

Feb-15-13 4:04 PM

I only get by here occassionally, so my apologies for late responses.

For the record, I am not FedUp with the entire capitalist system ... only with the part that employs rent-seeking to lower taxes and suck-up contracts. Number 1 on the list of malfactors: big bankers, followed immediately by their friends in othr financial activities. So yes, John Paulson has no business getting paid $8Billion for winning at the gambling table, then being allowed to keep virtually all of it. Do you get a deal like that? And this is not a Democrat v. Republican thing. The fix is in no matter who is in power.

And when was the last time we fully recovered from a recession? Answer: recovering from the 1991-2 recession. That's twenty years of too high unemployment and below average growth,and it won't improve unless we demand it.

Working people are the ones suffering here. Those in the top 1% ... especially those in the top .1% ... aren't even phased.

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GioAllie

Feb-15-13 3:49 PM

spending crisis?I guess--2 unpaid for wars[Iraqi oil revenues?] un unpaid forced down our throats prescription drug plan written by drug co's---3 tax cut loans from china for the "job producers."We sure are in the "midst."

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GioAllie

Feb-14-13 3:59 PM

3:55pm--a breath of fresh air--and accurate also. Thank you.

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GioAllie

Feb-14-13 3:57 PM

we warned this administration -do not, do not, include the cost of their wars in the deficit[Dick and gw didn't] But no,this president wouldn't listen would he?

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Emelye

Feb-14-13 2:22 PM

Why are corporate profits so astronomical? Where's the crisis? It has much less to do with spending than insufficient tax rates and government welfare for the wealthy elite.

Thew crisis is in the fact that wealth in this country has been redistributed upward, from the working and middle classes to the wealthy elite, the robber barons of our day. I see little to nothing in the republican platform that addresses this, and far too little in the democratic platform as well. Why? Because Congress simply doesn't care about us anymore. The don't need us as much as they need the wealthy plutocrats who finance their operations.

How do we fix it? A Constitutional amendment taking private money out of the electoral process. Until that happens, we haven't got a chance.

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GioAllie

Feb-14-13 12:45 PM

you all can't hurt this president any more, he won, remember?--just more tearful examples of Post Election Stress Syndrome. Rather boring I say.

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FedUpL8ly

Feb-13-13 7:41 PM

Ooops, my mistake. I meant to say $1 trillion a year in welfare. Not to mention the more than 8 million collecting Social Security Disability.

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FedUpL8ly

Feb-13-13 3:50 PM

Sorry Emelye, I meant to answer your question. You ask why more people aren't on board with "spending" because the DJIA is approaching it's all-time high? The DJIA is going up because the FED (Ben Bernanke) is pushing $85 Billion into the economy every month and is keeping interest rates at record lows. The money has to go somewhere so its going into the stock market, not bonds. If you take into consideration how much the dollar has decreased in value over the last five years, were not approaching an all-time high in value. The U.S. had negative GDP last year and is growing at half the rate of most recoveries that haven't needed excessive stimulus spending in the past. What Obama is doing is exactly what FDR did in the 30's. The only reasons the 30's were worse is due to the fact the dollar wasn't the world's reserve currency back then and people weren't getting $600 a month food stamps, $1 Trillion a year in Medicare and free cellphones etc.

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FedUpL8ly

Feb-13-13 3:33 PM

Emelye, "unregulated bankers"? One of the principal causes,if not the major one, for the housing bubble was the Community Reinvestment Act. If it hadn't been for the politicians using Fannie Mae and Freddie Mac guarantees, the derivative fiasco would never have been a factor. Why do so many people want to always give the politicians a free pass when they're the root cause of most of our problems? Maybe if some of our business leaders got equal air time to denigrate the politicians, it might possibly change a few minds. One can hope.

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Emelye

Feb-13-13 12:13 PM

This isn't a spending crisis, it's a crisis based on the bills coming due from two previously unfunded wars along with an economic disaster perpetrated on the American people by unregulated banksters and corporate robber barons. And the PJ defends this by ignoring it.

If this "spending crisis" is so bad for our economy then why is corporate America raking in billions and pushing the DJI toward record levels? How much longer will people be drinking the corporate pwned politician's koolaid?

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FedUpL8ly

Feb-12-13 1:43 PM

I agree Likert01 but it isn't just DoD spending (by the way, the million a day spent on Air Force One for Obama's perpetual campaign comes out of the DoD budget. Consider this, after the first two years of Obama's reign, the GAO found no fewer than 51 area from which tens of billions could be saved each year. For example, 11 different agencies run 94 different programs to encourage "green building". 13 different agencies operate 209 different STEM education programs. Today, there are more than 1 million Americans with engineering degrees who don't have an engineering job.

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FedUpL8ly

Feb-12-13 1:31 PM

Just to set the record straight, the Labor Workforce Participation Rate (LWPR) stayed between 66% and 66.5% after taking a dip from the Clinton recession and 9/11. But it stabilized after coming out of the recession. The last recession ended in 2009 and following historical norms, the LWPR should have stabilized at 65.6% but instead has been in a steady decline ever since. This shows how Obama's policies are hurting the country. Under George Bush the U.S. ranked No.1 in global competitiveness while under Obama we have steadily declined to where we are now ranked No.7 in the world. I'll bet none of this gets mentioned on the networks tonight after Obama's SOTU speech.

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Likert01

Feb-12-13 10:43 AM

Want to really feel bad? Research the f-22 and f-35 programs... They account for 1 TRILLION dollars of tax money and our allies don't even want them. We spend 10x more than any other nation on "defense" spending, while the enemy is a bunch of pastoral farmers? This doesn't even include homeland security LOL Something is very wrong here.

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FedUpL8ly

Feb-11-13 5:46 PM

I would also like to add that your implying post-WWII prosperity was directly correlated to tax rates is simplistic and misleading. Even aside from the fact that today's state tax rates, more onerous property tax rates and sales taxes actually result in higher tax collection percentages than 46-73.

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FedUpL8ly

Feb-11-13 5:37 PM

DavidVA, what's with the blanket knock on capitalists? You sound like one of the brain-washed Obama-following socialists. Paulson is a hedge fund manager playing by the rules evolving from Clinton's policies. I hold more contempt for Warren Buffett, one who claims the rich should pay more and endorsing the obama rhetoric while he's getting backroom sweetheart deals from Obama while he's sheltering almost all of his money from being subject to any taxes. Also, I think what you're referring to is the Labor Workforce Participation Rate. Under Obama it's sunk to its lowest level since Jimmy Carter. It would be even worse if the Fed didn't keep interest rates at record low levels.

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justsomegirl

Feb-11-13 3:55 PM

Or take a look at the taxes paid by some of the huge corporations and figure out their effective tax rates. I did that one year for Verizon and was pretty ticked off to realize exactly how little they were paying in taxes while not being held to state rules or contracts. (PA's Public Utility Commission has now waived a customer service rule for them in 2012 and allowed them to default on an agreement to deploy broadband to a certain percentage of PA homes and businesses in 2003--but it let them keep the $2.1 billion in money and tax breaks.) At the same time they're cutting jobs, wages, and benefits for their employees.

If you're going to accept government contracts, then you are not only beholden to your shareholders, and I don't think corporations making billions of dollars should have an effective tax rate in the low to mid-teens when many individuals and small businesses don't.

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DavidVA

Feb-11-13 3:40 PM

I noticed a comment on the unemployment rate. More to the point is the employment rate, or the percentage of working age adults in the workforce. That number has been in decline for a while, and dipped just after the 2001 recession began, never recoverred, then dipped again after the 2008 recession. It hasn't recovered from that dip either.

Unemployment is based on people interested in being employed. People who quit looking for work aren't counted. The employment rate is more honest, though many counted as working are employed in part time or lower paying jobs than they qualify to hold. In fact, that problem has been growing for nearly 40 years ... but that's for another post.

Taxes have nothing to do with it, though. It all has to do with automation and off-shoring. Feel free to be mad about that.

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DavidVA

Feb-11-13 3:28 PM

Our tax collection rate at the Federal level is at near record lows (<16% overall), and our economy stinks. On the other hand, when collections were over 20%, such as the boom years between 1946 and 1973, No one seemed to whine.

If you rreally want to close the tax-spending gap, start by eliminating the special rates for capitalists. They get 15% rates on unearned income: capital gains, dividends and carried interest. And that's true no matter how much they make.

One hedge fund manager, John Paulson, paid 15% on his 2007 earnings of $3.7 Billion, then beat that by making $5 Billion in 2010 ... and still only paid 15%. And yes, that was his personal take home pay.

So fix that first, then we can look at spending.

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50s4ever

Feb-11-13 2:25 PM

Anyone remember Pelosi and Reid's attitude when Obama first was president..maybe President elect? They pretty much stated, they ran the country, Presidents came and went.

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Seadog

Feb-11-13 1:50 PM

Yes Howard, that unemployment number has dropped like a stone over the last four years. Can't wait to see what it will be in the next four years - especially after Obamacare kicks in.

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Howard

Feb-11-13 1:42 PM

Here we ago again. Political(mostly Republican) spin. Most major markers are up and we have been recovering in the last 4 years. No, I will not repeat again all the facts and figures. The next 4 years will get even better so get over it. You want to change it? Get your people elected to office - use the time you spend here repeating the same old spin, spin, spin over and over to find and run someone decent from your party.

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justsomegirl

Feb-11-13 1:31 PM

I think the biggest problem is that most of our politicians put party and self before country and are so darn busy working for themselves and their party and backstabbing and obstructing the other side that they're willing to send us all to heck in a handbasket.

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Seadog

Feb-11-13 1:26 PM

Well Gioalliegravelpitt - it seems your hero disagrees with both you and Queen Nancy:

"White House Press Secretary Jay Carney reaffirmed today that President Obama believes the country has a spending problem, contradicting what Nancy Pelosi said on Fox News Sunday, in which she said it was a "false argument" to say the federal government has a spending problem".

"Of course the President believes the nation has a spending problem," Carney said".

I can't wait for this reply!

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