AP Says Deficit Pledges Will Probably Fail

Obama vs. the Allies
Rich Lowry A specter is haunting the world: the specter of Canada. To hear President Obama's supporters tell it, Canadian Prime Minister Stephen Harper is a one-man economic wrecking crew. He led the charge at the G-8 Summit to endorse the goal of advanced nations cutting their Deficits in half by 2013. Obama only reluctantly went along, warning of the ill effects of what the intellectual architects of his Stimulus package plaintively call "premature Austerity." This dreaded Austerity has...

Steady Decline Through 2060?
What type of legacy are we leaving our kids? Will we leave them so burdened with overwhelming Debts and Deficits so as to strangle and choke off real opportunities? While Uncle Sam is able to play charades in an ever increasing and dramatic Fashion, Sam’s smaller brethren at the state and local levels do not have those capabilities. On that note, let’s look westward. I wrote in May 2009, “As California’s Economy Goes, So Goes the Country.” Along the same line,...

Obama postpones tax talk until after election
Putting off any tough decisions until after the Election, President Obama warned that grim financial choices are coming -- including a look at the Tax system. "I hope some of these folks who are hollering about Deficits and Debt step up, because I'm calling their bluff," Obama said. "And we'll see how much of the political arguments they're making right now are real, and how much of it was just politics." "These folks" referenced by Obama include congressional Republicans, who have criticized...

GOP Chooses Tax Cuts for Billionaires Over Jobless Benefits for the Unemployed
Refusing to extend Unemployment Benefits to 1.2 million Americans by adding to the Deficit, Senate Republicans by a 41 to 57 margin on Thursday again filibustered the Democratic Billion Jobs Bill . As it turns out, most of the roughly $35 Billion still needed to pay for it could largely come from a single source: the Estate Tax . But thanks to the same GOP obstructionism, Republicans have chosen a one-year Windfall for a handful of Billionaires over millions of Americans in the throes of...

GOP Chooses Tax Cuts for Billionaires Over Jobless Benefits for the Unemployed
Refusing to extend Unemployment Benefits to 1.2 million Americans by adding to the Deficit, Senate Republicans by a 41 to 57 margin on Thursday again filibustered the Democratic Billion Jobs Bill . As it turns out, most of the roughly $35 Billion still needed to pay for it could largely come from a single source: the Estate Tax . But thanks to the same GOP obstructionism, Republicans have chosen a one-year Windfall for a handful of Billionaires over millions of Americans in the throes of...

Reinstating Estate Tax Would Pay for Jobless Benefits
Reinstating Estate Tax Would Pay for Jobless Benefits Refusing to extend Unemployment Benefits to 1.2 million Americans by adding to the Deficit, Senate Republicans by a 41 to 57 margin on Thursday again filibustered the Democratic Billion Jobs Bill . As it turns out, most of the roughly $35 Billion still needed to pay for it could largely come from a single source: the Estate Tax . But thanks to the same GOP obstructionism, Republicans have chosen a one-year Windfall for a handful of...

Stock futures tumble on global economic worries
NEW YORK (AP) - Stock futures and Interest Rates tumbled Tuesday after fresh signs of a Global economic slowdown spooked investors. Asian Markets tumbled overnight when Japanese data showed its country's recovery slowed and China's Market was hurt by an initial public offering that pulled investors away from the rest of the Market. European indexes opened sharply lower after Greek workers again walked out of their jobs to Protest steep Budget cuts. Interest Rates fell in the Bond Market as...

Kudlow, Forbes Debunk Krugman's 'Third Depression' Call
It's hard to imagine an Economist being provocative, but Paul Krugman, a Nobel Prize winner, has managed to do so. In his June 28 New York Times op-ed , Krugman argued that since governments around the world aren't willing to double-down on Keynesian policies meant to stimulate the Global Economy, the United States and the rest of the world are facing a third depression. But on CNBC's June 28 "The Kudlow Report," host Larry Kudlow asked if Krugman's premise were true, how come none...

Kudlow, Forbes Debunk Krugman's 'Third Depression' Call
It's hard to imagine an Economist being provocative, but Paul Krugman, a Nobel Prize winner, has managed to do so. In his June 28 New York Times op-ed , Krugman argued that since governments around the world aren't willing to double-down on Keynesian policies meant to stimulate the Global Economy, the United States and the rest of the world are facing a third depression. But on CNBC's June 28 "The Kudlow Report," host Larry Kudlow asked if Krugman's premise were true, how come none...

America Speaks Back: The Effort to Gut Social Security and Medicare Takes a Hit
The opponents of Social Security and Medicare are getting in high gear. After all, it makes perfect sense that after the collapse of a Housing Bubble has just destroyed the life savings of near retirees that we would cut their Social Security and Medicare. Okay, at least in Washington that makes perfect sense. President Obama’s Deficit commission is moving forward with Social Security and Medicare explicitly in their sights. They got a Dry Run for how this effort is likely to sell with...

June 29
June 29 Tuesday, 06/29/2010 - 9:02 am by Tim Price | Post a Comment --> Tuesday, 06/29/2010 - 9:02 am by Tim Price | Post a Comment What you need to know to navigate today’s most critical Debates. Without Byrd, Financial Reform Vote in Doubt ( HuffPo ) With Senate Democrats’ working majority reduced to 58 and Republicans like Scott Brown and Susan Collins withdrawing their support, FinReg may not be able to overcome a Filibuster. Preparing for Next Big One ( NYTimes...

G20 Plans One Foot On The Brake, The Other On The Gas Pedal. Will They Blow Up The Global Economy?
You really can't blame them for not listening . After all, the U.S. is caught up in Deficit fever, too - a cyclical illness that occurs only when we have a Democratic president or Democratic control of the House. The only thing that worries the Villagers is when the Government spends money on the people who gave it to them: Toronto -- President Obama warned Sunday that the world Economic Recovery remains "fragile" and urged continued Spending to support growth, an expansionist call at the end...

The Rise of the Euro-Right, Part II
A follow up to yesterday's Post on the European Elections: Anne Applebaum, writing in the Washington Post , argues that the results were a vindication of Capitalism: In last weekend's European parliamentary Elections, Capitalism triumphed, at least in its mushy European form. Admittedly, these European polls are a peculiar species of election. Far fewer people vote in them than vote in national Elections, and those who do cast ballots are Far vaguer about what their deputies, once elected...

SCOTUS: First day wrap-up
Senate Judiciary Committee Republicans certainly surpassed low expectations for their performance in Monday's opening day of the Kagan Confirmation Hearings. They sunk all the way into the gutter by vilifying Justice Thurgood Marshall, naming him 35 times . Expect more of that, political posturing in the guise of "tough questions." Sen. Jeff Sessions (Ala.), the ranking Republican on the Senate Judiciary Committee, as well as Sen. Orrin Hatch (R-Utah), warned of a tough grilling session...

Why Obama is Sabotaging U.S. Economic Growth
They do not want the United States of America to drive Global Growth anymore. If the Financial Reform Bill passes, the bad Wall Street will win, the good Wall Street will not. And investors and American

Vandalism, violence, and deficit reduction: Thoughts on the G20 Summit in Toronto
By Michael J.W. Stickings I spent the past several days well away from Toronto's downtown core, well away from the G20 Protest areas, well away from the security net that effectively divided the city into two. I used to live downtown, near the University of Toronto, and I still work downtown, in a high-security area, but I now live in the suburbs east of the city. I didn't ignore what went on, though. I couldn't. It was all over the news, scenes of a Police Car on fire, of Protesters...

Read the Group of 20's final statement
T HE G-20 Toronto SUMMIT DECLARATION June 26-27, 2010 Preamble 1. In Toronto, we held our first Summit of the G-20 in its new capacity as the premier forum for our International Economic cooperation. 2. Building on our achievements in addressing the Global ~#~3~#~ Crisis, we have agreed on the next steps we should take to ensure a full return to Growth with quality Jobs, to Reform and strengthen Financial Systems, and to create strong, sustainable and balanced Global Growth. 3. Our efforts...

Why Did Democrats Reject the Republican Stimulus Plans?
Republicans blocked a Democrat-supported bill to extend relief to cash-strapped families and states. This morning, I despaired . Then I called Senate Minority Leader Mitch McConnell's office to listen to reasons why I was wrong to mourn ... or at least to blame Republicans for my despair. "We offered Legislation for both short term extensions that were fully paid for," said Don Stewart, Communications Director for Senate Minority Leader Mitch McConnell. "We used their own offsets to pay for...

Secondary Sources: Deficits and Jobs, States, Race and IPod Sales
By Phil Izzo A roundup of economic news from around the Web. - Deficits and Jobs: Jared Bernstein says you can create Jobs and plan to reduce the Deficit. “America's economy badly needs two policies that critics say pull in opposite directions: more Government support for Jobs and a credible path toward fiscal sustainability. The good news is that the critics are wrong. In the current economic moment Jobs and Deficit reduction are friends, not enemies. It is a friendship unique...

Clashes break out at Greek protest
Clashes have broken out between demonstrators and Police at a Protest against Government Spending cuts in Athens, the Greek capital. Riot Police fired Tear Gas at Activists chanting "burn parliament" on Tuesday, just hours before politicians were to begin debating a Pension Reform to tackle the nation's Debt crisis. Dozens of masked youths threw chunks of marble and petrol bombs, and set rubbish bins on fire, while running clashes continued along a major avenue lined with shuttered...

Tax for KRM would be a drain on taxpayers
Thursday's Journal Sentinel editorial, "It's a local decision," missed key points in advocating an Increase on rental car taxes to help fund the KRM Commuter Rail line. KRM is an unnecessary Government Spending project that would drain any money that's left from our already-hurting economy and overspent Government. If the Journal Sentinel is worried about helping local Governments "cope with difficult times," it should not be promoting a new, Government-funded Rail project...

Stock futures sharply lower, interest rates tumble on concerns about economic slowdown
NEW YORK — Stock futures and Interest Rates tumbled Tuesday after fresh signs of a Global economic slowdown spooked investors. Asian Markets tumbled overnight when Japanese data showed its country's recovery slowed and China's Market was hurt by an initial public offering that pulled investors away from the rest of the Market. European indexes opened sharply lower after Greek workers again walked out of their jobs to Protest steep Budget cuts. Interest Rates fell in the Bond Market as...

June 29
June 29 Tuesday, 06/29/2010 - 9:02 am by Tim Price | Post a Comment --> Tuesday, 06/29/2010 - 9:02 am by Tim Price | Post a Comment What you need to know to navigate today’s most critical Debates. Without Byrd, Financial Reform Vote in Doubt ( HuffPo ) With Senate Democrats’ working majority reduced to 58 and Republicans like Scott Brown and Susan Collins withdrawing their support, FinReg may not be able to overcome a Filibuster. Preparing for Next Big One ( NYTimes...

Analysis: World leaders take the deficit pledge
Toronto (AP) - World leaders made bold pledges to Cut their spiraling Budget Deficits but will probably fall far short of their lofty goals. After spending massive amounts of money to rescue the Global Economy from the worst downturn in decades, the Group of 20 major industrial and developing nations have reversed course and promised to Cut their Deficits in half in terms of the Global Economy in just three years. This pledge, by nations which represent 85 percent of the Global Economy, would...

Analysis: World leaders take the deficit pledge
Toronto — World leaders made bold pledges to Cut their spiraling Budget Deficits but will probably fall far short of their lofty goals. After spending massive amounts of money to rescue the Global Economy from the worst downturn in decades, the Group of 20 major industrial and developing nations have reversed course and promised to Cut their Deficits in half in terms of the Global Economy in just three years. This pledge, by nations which represent 85 percent of the Global Economy, would...