The details are smoke and mirrors, with no cuts, just a slow down in the rate of increase. And no revenue increase, so the level of debt will still rise approx 2.7 trillion in the next two years. It does nothing to solve the fiscal mess the USA is in.
Well, the House passed it, and the Senate and Obama are a slam dunk. This just keeps getting uglier.
PS: Since I gave up on trying to understand the wording in the bill, I've been reading various reports ( including traditional liberal reports ) and they all seem to agree that ( in reference to an earlier post ) as I expected - WE ALL GOT SCREWED. And the reaction of the stock market seems to re-affirm that.
The whole Idea was to get it past elections. Thats the Major point the Dems were wanting.
You are correct.
Boehner swallowed it hook line and sinker. The Democrats had absolutely no plan, neither did Obama. In fact, the Democrats didn't even pass a budget in over two years!
However, because the Republicans did pass a viable bill that Harry Reid declared DOA with no vote, that should be displayed on every commercial since after passing the "bi-partisan" bill has led to the credit downgrade. Only government can spend another $10 trillion in the next 10 years and call it a cut.
In short, we are screwed.
Even now Obama thinks we aren't spending enough; no doubt he is 100% ideological with zero CEO experience and no economic smarts. This guy is completely clueless, although he knows what he wants the country to look like at the end of his 'reign'.
Obamanomics 101, followed by 200 point crash LOL;
We should continue to make sure that if you’re one of the millions of Americans who’s out there looking for a job, you can get the unemployment insurance that your tax dollars contributed to. That will also put money in people’s pockets and more customers in stores.
In fact, if Congress fails to extend the payroll tax cut and the unemployment insurance benefits that I’ve called for, it could mean 1 million fewer jobs and half a percent less growth. This is something we can do immediately, something we can do as soon as Congress gets back.
We should also help companies that want to repair our roads and bridges and airports, so that thousands of construction workers who’ve been without a job for the last few years can get a paycheck again.
That will also help to spur economic growth.
Now look at the markets folks. Where's gold at? I REST MY CASE.
Bush was a Big Spender. What does that make Obama?
Yep, The Anointed One said he would come up with some ideas for the Super Congress in the next few weeks. After 2 and a half years of F'ing around. 2012 can't get here fast enough. How the hell did this SOB end up in the Oval Office? ..............Never mind. I know the answer.
I found this E-Book yesterday '7 Deadly Innocent Frauds of Economic Policy' by Warren Mosler www.moslereconomics.com
It is the most revealing book, how the Fed works, what taxation does - not what you think, how most top Bankers and treasury officials are ignorant of the basics of economics and put the cart before the horse. He explains things in everyday terms and is most readable. He has some very logical suggestions for getting out of the present mess at the end of the book. He gives his life's work history, banking, securities trading. international gov. finance and explains in detail. Made a 100million from the Italian Gov securities and stopped them defaulting when they had the Lira. He is now a Senator, pity we don't hear more of him.