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Kicking the can down the road, again

January 26, 2013

Republican lawmakers agreed this week to kick the gigantic debt ceiling can a little further down the road. The House passed legislation Wednesday permitting the U.S. Treasury to exceed the $16....

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Feb-01-13 2:14 PM

" can make your money work for you..." Worried, I have a close friend, very successful, that keeps telling me that.

Maybe I should think about it more and get off the hamster wheel I'm on.

But being a hamster is all I know...

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Feb-01-13 10:21 AM

loco you can make your money work for you though. ;-)

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Jan-31-13 6:33 PM

You mean, my parents were lying when they told me money doesn't grow on trees??

And that there's no such thing as a free lunch??

Oh, the humanity...

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Jan-28-13 3:04 PM

Yeah, you've got that right, Jack.

What difference does it make...

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Jan-28-13 11:07 AM

By reading the last few posts, one might get the idea that only Republicans have been in office for the last two decades and are solely responsible for the current state of the nation.

Last time I checked, there have been (lo and behold) elected Democrats serving in the House, Senate, and at the Presidential level during this same time frame.

Somehow, because a D is behind their names, they are exempt from any criticism over bills passed, policies implemented, and the current economic malaise?

Well, if not taking responsibility for any thing you do, and blaming others for any thing they do, is your game, play on, my friends, play on.

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Jan-27-13 9:49 PM

During the George W. Bush administration, the federal government spending was increased from $1789 billion to $2983 billion (70%) but the revenues were only increased from $2025 billion to $2524 billion (25%). Individual income tax revenues were increased by 14%, corporate tax revenues by 50%, customs and duties by 40%. Discretionary defense spending was increased by 107%, discretionary domestic spending by 62%, Medicare spending by 131%, social security by 51%, and income security spending by 130%. Cyclically adjusted, revenues rose by 35% and spending by 65%.

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Jan-27-13 3:52 PM

It is not surprising, then, that during the last bubble (from 2002 to 2006) the top 1 percent of Americans — paid mainly from the Wall Street casino — received two-thirds of the gain in national income, while the bottom 90 percent — mainly dependent on Main Street’s shrinking economy — got only 12 percent. This growing wealth gap is not the market’s fault. It’s the decaying fruit of bad economic policy.

David Stockman, a director of the Office of Management and Budget under President Ronald Reagan, is working on a book about the financial crisis.

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Jan-27-13 3:48 PM

The most destructive change has been the hollowing out of the larger American economy. Having lived beyond our means for decades by borrowing heavily from abroad, we have steadily sent jobs and production offshore. In the past decade, the number of high-value jobs in goods production and in service categories like trade, transportation, information technology and the professions has shrunk by 12 percent, to 68 million from 77 million. The only reason we have not experienced a severe reduction in nonfarm payrolls since 2000 is that there has been a gain in low-paying, often part-time positions in places like bars, hotels and nursing homes.

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Jan-26-13 4:47 PM

Some Republicans are hoping the Senate Democrats will end up with a sense of responsibility by drafting a budget, which hasn't been achieved since 2009.

Is governing per the seat of one's pants the desired MO? Alternate universe, folks.

And I think Republican House members voted with some Democrat House members on this "kick the can, no budget, no pay" bill.

Hmmm. Did those Democrats cave - Big Time? What will the spin doctors say?

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Jan-26-13 9:59 AM

I think Congress is realizing that the "People" have had enough of this "can kicking"! It is time to for both parties do what they were elected to do "their jobs!" or get their " A S S Kicked out!" Pass a budget make the hard choices. Everyone is going to pay dearly for all this racked up debt and no one is going to be happy and no one is going to like what needs to be done!

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Jan-26-13 9:45 AM

I hope the "no budget, no pay" thing has teeth and isn't just political wind.

If any family operated the way the government does, there would be h-e-dblhkystks to pay. But here, they're congratulating themselves on fundamental changes in strategy?


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Jan-26-13 9:30 AM

There is not going to be any kind of attempt to reduce the deficit, just more can kicking. How much has it harmed America?

When I hear my teenager express the desire "to get the h*** out of America," they have figured out what is really going on and want to be no part of it anymore.

Can't fool everybody, as hard as some try.

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