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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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Feb-11-13 4:58 AM

"Clearly, it needs to be based on an admission that the United States doesn't just have a spending problem - but instead is in the midst of a genuine crisis." A simple fact that both Barry Husein Obama and Andrew Cuomo have failed to admit while whistling past a dying Nation's torn body all for political gain on their part. This has to end shortly as this great Nation is dragged to ruin by these thugs. They look in the mirror and see glory of ego when it should be shame.

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Feb-11-13 8:55 AM

But..but...we don't have a spending problem. It's those hateful Republicans holding our spending hostage! That's their story and they are sticking to it.

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Feb-11-13 9:17 AM

So here we go again, blaming the president! Where is the freaking budget from congress?

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Feb-11-13 9:51 AM

before yall start stamping your feet again think this through. The bad news we are approx 16 trillion in the whole. The good news is that our economy (still the largest and still the world's default currency) turns over about 15 trillion in dollars PER YEAR. People.. put that in context before you go out and buy more ammo and a years supply of RE's..hmm

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Feb-11-13 10:10 AM

"Where is the freaking budget from congress"?

I'm glad you asked - do some checking. The House has submitted at least three budgets to the Senate THAT WERE NEVER ALLOWED ON THE SENATE FLOOR by Uncle Harry Reid.

It is also the president's responsibility to SUBMITT a budget, which he hasn't yet THIS YEAR. The last two he submitted, which Uncle Harry ALLOWED on the floor, couldn't even get any votes from the Democrats.

So yes, I am blaming the president. He should do his job and submit a realistic budget or tell his lacky Uncle Harry to allow debate on the House budget If he is incapable of doing that, he should resign.

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Feb-11-13 10:17 AM

"House Democratic Leader Nancy Pelosi claimed Sunday it is a "false argument" to say the federal government has a spending problem, in the latest shot across the bow to Republicans who couldn't disagree more.

Pelosi, in an interview with "Fox News Sunday," locked arms with President Obama in calling for Washington to avert a looming round of budget cuts -- by replacing them with a blend of cuts and tax hikes".

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Feb-11-13 12:18 PM

The crisis is not what it appears to be. As a matter of fact ..letting the sequestration happen would force the reps. to accept defense cuts while the dems. would have to accept entitlement cuts (in this case simply not allowing for increased future growth in programs like medicare or say, WIC. I say let the sequestration happen since both the right and the left can not agree on anything. It hurts me to say this but SEADOG: in this particular case you are correct!

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Feb-11-13 12:41 PM

10:17am post---you'de think that when "quotes" are used, the statement quoted is accurate. Not always. Pelosi did not say "it is a false argument"--she at the end of the 5:06 long fox interview, stated "So it is almost a false argument to say we have a spending problem"--predicated by her other 100 or so word statement , setting the stage for the comment "misquoted" in the 10:17am post---one can agree or disagree with her, bur at least view the entire context-as I have.

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Feb-11-13 12:44 PM

I just find it amazing how some people will give Obama a pass on everything. Yes, Harry Reid is worse than worthless. Here's a supposed public servant who is responsible for the Senate not doing a budget in four years. A violation of his oath of office if I've ever seen one. And don't forget, when Nancy Pelosi was Speaker of the House, SHE was responsible for NOT doing a budget also. Why? One very good,simple reason for not doing them! You have to put on paper how to justify spending. THINK! Barack Obama's budget proposals couldn't get a SINGLE Democratic vote in Congress. NOT ONE of those Dems was willing to put on paper that he/she approved the worthiness of Obama's spending. They've expanded eligibility to Medicare (Soc.Sec.Disability), Medicaid (multiple times above poverty level and Soc.Sec. Disability (used to be 51 workers for every person on disability,now it's 13-14 workers for everyone on disability). Program fraud is worse than ever and nothing meaningful is being done!

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Feb-11-13 1:03 PM

Congrats Gio, you can accurately quote double-talk. "So it is almost a false argument to say we have a spending problem" is consistent garbage coming from the same mouth that urged people to vote for Obamacare so that they could find out what is in it long after it's passed. Interpretation: Don't bother to read it because most of the "fine print" hasn't been written yet. And then goes on to exclude herself and her Dem. colleagues from Obamacare. Garbage then, garbage now!

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Feb-11-13 1:03 PM

remember the old lay's potato chips commercials? crunch all you want, we'll make more.

in DC it's "spend all you want, we'll print more."

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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