We've been screwed ever since the New Deal started a malignant increase in government and the number of people who are dependent upon it
Bush's fault wasn't tax cuts. The Taxes in this country are way too high on the top 10% and way too low on the bottom 90%
its the spending where he was deficient and much of that spending can be tied to the destruction of the tenth amendment engineered by FDR
Elmendorf was talking about the nation's long-term fiscal outlook, a matter that is separate from the current cyclical recovery that is now underway.
The U.S. cannot grow its way out of its structural budget deficits. Discretionary spending reductions, mandatory spending reform (with fundamental health care reform that addresses the excessive cost growth issue), and some tax hikes will all be necessary if the U.S. is to address its fiscal challenges. The sooner a credible fiscal consolidation strategy is developed, the better. Once the recovery is sustained, the nation should begin to implement a fiscal consolidation strategy. 2011 might mark a feasible starting point (LOL!). By all reasonable measures, the absence of such a strategy within the next year should warrant the U.S. being given a negative outlook by the major ratings agencies.
Unfortunately, I expect ideologues to try to hinder progress even if their rigidity is largely about perpetuating a failing fiscal approach at the expense of future opportunities and generations. On one side, some political leaders will resist the possibility of meaningful spending reductions (discretionary and mandatory). On the other, some political leaders will resist the possibility of tax hikes. Yet, the magnitude of the fiscal challenges is such that there can be no sacred ideological cows. Tough choices will need to be made if the transition to fiscal sustainability is to be relatively smooth and the nation is to avert a long-term debt crisis.
Bush should have never gotten us in this mess.
Gas Prices Are Up, But Is That A Good Thing? - cbs2chicago.comAnd if he does end up fixing it, will you give him the credit he deserves?
And if he does end up fixing it, will you give him the credit he deserves?
what a teeny little view you have, asking ME
blame the millions of idiots...
LOL!
you sound like obama
Not as bad as 2008, but higher than any other year in recent memory. I'd call that out of the ordinary. Doubt we'll hit $4.00 (US avg) like some are speculating, but $3.50+ seems likely.Gas prices always go up in the spring. These prices aren't out of the ordinary yet.
Not as bad as 2008, but higher than any other year in recent memory. I'd call that out of the ordinary. Doubt we'll hit $4.00 (US avg) like some are speculating, but $3.50+ seems likely.
the folks speculating about $4 gas are at c-b-s, the ex tiffany network
also, some at the super prestigious financial times of london, yesterday
FT.com / Commodities - Oil could give kiss of death to recovery
That was a story from their Chicago affiliate... I wasn't clear on whether they were speculating a $4 average nationwide, or $4 in Chicago. Illinois seems to have some pretty high prices in comparison with the rest of the country:the folks speculating about $4 gas are at c-b-s, the ex tiffany network
Ok Dr. Wannabe-Doom
Do you have anything except for tidbits and scare tactics to post? We know relevant content is beyond your capacity, but do try to pick it up a notch. For the sake of the rest of us (due to your post volume).
...
meanwhile, i'm too busy posting LINKS---15 on this thread...
hey, don't blame me if the news is all bad
Not even you could possibly believe that. :roll:Several quick things:
First, some of the links provide old data. The most recent Employment Report data showed net job creation of 162,000 jobs in March. The Conference Board's most recent survey of consumer confidence saw a rebound to 52.5. The overall trends in the data have shown improvement. The economy has resumed growth. The Labor Market stabilized and may be in the early stages of job growth.
Second, headwinds, particularly in the commercial real estate sector, persist. Oil prices have not risen to levels that would likely choke off economic growth.
Third, the CBO's discussion of the nation's fiscal situation concerns the longer-term. It does not point to a situation where there is an imminent threat of a debt crisis.
Finally, the IMF's forthcoming World Economic Outlook (to be released April 21) will add to the growing number of public and private reports showing a U.S. recovery. Furthermore, it could project 2010 real GDP growth of +2.5% to +3.0% for the U.S., with perhaps ~2.5% +/- 0.25% growth for 2011 (under the assumption that fiscal stimulus would be winding down, interest rates would remain low, and the financial system would continue its slow recovery).
Needless to say, there could be some wildcards e.g., an external shock that could adversely impact the U.S. economy. But right now, there is mounting evidence that a cyclical recovery is underway even as some weaknesses and headwinds persist.
First, some of the links provide old data.
The most recent Employment Report data showed net job creation of 162,000 jobs in March.
The Conference Board's most recent survey of consumer confidence saw a rebound to 52.5.
The Labor Market stabilized and may be in the early stages of job growth.
Second, headwinds, particularly in the commercial real estate sector, persist. Oil prices have not risen to levels that would likely choke off economic growth.
Third, the CBO's discussion of the nation's fiscal situation concerns the longer-term. It does not point to a situation where there is an imminent threat of a debt crisis.
Finally, the IMF's forthcoming World Economic Outlook (to be released April 21) will add to the growing number of public and private reports showing a U.S. recovery.
Furthermore, it could project 2010 real GDP growth of +2.5% to +3.0% for the U.S.
with perhaps ~2.5% +/- 0.25% growth for 2011
(under the assumption that fiscal stimulus would be winding down, interest rates would remain low, and the financial system would continue its slow recovery)
Needless to say, there could be some wildcards...
the gist of the lady's lament centers on her realization that the administration's projections of debt service are wildly rosey due to its assumption of unrealistically low interest rates
as i'm sure a person of your erudition appreciates, the admin's debt projections are also unrealistically reliant on probably unreachable gdp growth rates---3.2% in 2010, 4.0% in '11, then 4.6 and 4.2 in 2012 and '13
more recent is the labor dept's report thursday saying first time claims rose by 18,000 for the week ending april 3
tell it to the governors of california, new york and at least 20 other states
you come across as awfully cavalier about catastrophe
meanwhile, we know, as established thru linked articles from msm's above: