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States may hit borrow button if federal aid cut

Via: Reuters

States may go their own way in adopting fiscal policies and turn to more borrowing if Congress on Monday enacts a last-minute compromise plan raising the federal debt ceiling.

Across the nation, local officials — who spent the last month fretting that the United States would default for the first time — now fear the debt-cap bill will cut the federal deficit by yanking billions of dollars of aid from them.

The resulting cuts in all levels of government spending could further:

1. crimp consumers’ lifestyles

2. make poverty worse

3 threaten public safety

4. job-creating government contracts for healthcare and defense companies

5.possibly (possibly?, that’s a laugh) heightened risks for public pension investments.

Tom Cochran, executive director of the U.S. Conference of Mayors, said the federal cuts in the debt-ceiling agreement “mean fewer cops, fewer firefighters and less money for job- creation projects, housing and elderly care.”

To make up for the federal cuts, he called on Congress to close tax loopholes for corporations and individuals.

http://news.yahoo.com/states-may-hit-borrow-button-federal-aid-cut-204858735.html

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personal thought:

It’s true what the say, “shit rolls downhill’.

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August 2, 2011 Posted by | 2012, GOP morons | , , , , , , , | Leave a comment

Grover Norquist

2004 – ‘from the National Review, quoted in The Republican Noise Machine by David Brock, Crown Publishers, pg. 50′

http://en.wikiquote.org/wiki/Grover_Norquist

Only seven-years on, he seems to be right on schedule.

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‘Grover and ATR admit the expiration of Bust Tax Cuts does NOT violate their anti-tax pledge’

https://seattle98.wordpress.com/2011/07/22/grover-and-atr-admit-that-the-expiration-of-bush-tax-cuts-does-not-violate-their-anti-tax-pledge/

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July 30, 2011 Posted by | 2012, GOP morons, Norquist | , , , , , , , | Leave a comment

Infrastructure woes take toll on US economy-engineers

Via: Reuters

Failing infrastructure will cost the United States billions of dollars in lost productivity, income and trade in coming decades, according to a civil engineering report released on Wednesday that said the impact on gross domestic product could reach $2.7 TRILLION.

The American Society of Civil Engineers regularly tallies the amount needed to upkeep declining U.S. roads, bridges and waterways. It said the country will need to invest roughly $220 billion annually to maintain the country’s infrastructure in “MINIMUM TOLERABLE CONDITIONS,”

It said the gap between infrastructure needs and federal funding is growing. (yeah, well no kidding)

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Without improvement to the country’s transportation system, the economy will lose 400,000 jobs by 2040, it said, and income will take a hit.

“By 2040 American households will be not only earning less in income; they will also be spending $54 billion more on transportation costs than they would with a fully sufficient system,” it said.

http://www.reuters.com/article/2011/07/27/usa-economy-infrastructure-idUSN1E76Q0J120110727

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July 28, 2011 Posted by | 2012, GOP morons | , , , , , , , , , , | Leave a comment

ABC News Poll – Debt Reduction Most Popular Options

It might be a little blurry, so . . .

59% – Raise taxes on oil/gas companies

61% – Raise Medicare premiums for WEALTHY

64% – Raise taxes on headge fund managers

66% – Increase SS tax on $107,000+ incomes

72% – Raise taxes on $250,000+ incomes

I think it’s a very interesting, and well written article, and I would think you would want to . . .

read the rest, HERE:

http://blogs.abcnews.com/thenote/2011/07/spurred-by-washingtons-wrangles-dissatisfaction-hits-19-year-high-.html

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personal thought:

I believe the goal should be to ‘Balancing the Budget’ every year (like Clinton did), and less emphasis placed on ‘Eliminating the Deficit’, which has taken decades to build up.

I think we should impose BOTH cuts, and SOME of the Revunue Generators, as outlined above.

The next year, and the year after that, and the year after that, we do the same on BOTH SIDES of the ledger, and someday; VOILA! the deficit will be greatly reduced.

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July 21, 2011 Posted by | 2012, GOP morons, President Obama | , , , , , , , | Leave a comment

Hell, why not a gazillion dollars?

via: Huffington Post

The top Republican in Congress wants trillions of dollars in spending cuts as part of must-pass legislation allowing the federal government to continue borrowing to keep it operating and meeting obligations to investors. It’s a new, ambitious marker in a battle over the budget that’s expected to consume Congress for much of the summer.

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Treasury Secretary Timothy Geithner says a failure to increase the federal government’s ability to borrow would have disastrous effects on the economy.

http://www.huffingtonpost.com/2011/05/09/john-boehner-debt-ceilling_n_859651.html

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May 10, 2011 Posted by | GOP morons | , , , , , , , | Leave a comment

Krugman: ‘popular demand that we repeal the laws of arithmetic’

Via: New York Times

Whenever I read pieces like David Brooks’s column this morning — pieces that attribute our budget deficits to the public’s irresponsibility and lack of realism — I find myself wondering how so much recent history went down the memory hole.

To be fair, polling on budget questions does suggest a popular demand that we repeal the laws of arithmetic — that we not raise taxes, not cut spending on any popular program, and balance the budget.

Remember, we had a budget surplus in 2000. Where did it go? The two biggest policy changes responsible for the swing into deficit were the big tax cuts of 2001 and 2003, and the war of choice in Iraq.

And neither of these policy changes was in any sense a response to public demand. Americans weren’t clamoring for a tax cut in 2000; Bush pushed his tax cuts to please his donors and his base.

And the decision to invade Iraq not only wasn’t a response to public demand, Bush and co. had to spend months selling the idea to the public.

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But the reality is that if you want to see irresponsibility and self-indulgence at the expense of the nation’s future, you don’t want to visit Main Street; you want to hang out in the vicinity of Pennsylvania Avenue.

http://krugman.blogs.nytimes.com/2011/05/06/what-do-you-mean-we-white-man-deficit-edition/

May 7, 2011 Posted by | Uncategorized | , , , , , | Leave a comment

2 of 2 – IRS budget spared as agency seeks revenue from TAX CHEATS

via: Bloomberg

The Internal Revenue Service avoided a $603 million budget cut proposed by HOUSE REPUBLICANS, preventing changes that could have cost the government $4 BILLION in UNCOLLECTED REVENUE.

Under the proposed spending bill released today, the IRS budget for fiscal year 2011 would be $12.1 billion, or 0.2 percent less than in fiscal 2010. That level would subject the IRS to the same across-the-board funding cut as all domestic, non-defense agencies.

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Senator Carl Levin, a Michigan Democrat who has called for the IRS to be more aggressive in pursuing offshore tax evasion, today said Congress should give the agency more resources.

“It’s going to hurt,” he said. “I think it’s a mistake. We ought to be INCREASING their enforcement budget instead of DECREASING it.”

http://www.bloomberg.com/news/2011-04-12/irs-is-spared-u-s-budget-cuts-as-agency-seeks-revenue-from-tax-scofflaws.html

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“You must spend money to make money”

– Titus Maccius Plautus (c. 254 – c. 184 B.C.)

April 13, 2011 Posted by | deficit reduction, GOP morons | , , , , , | Leave a comment

‘Republican/teabagger/libertarian Party’ solution for the City bus problem

PRIVATIZATION!

related wordpress blog:

https://seattle98.wordpress.com/2011/04/06/city-buses-out-of-service-hopefully-not-out-of-hope/

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In case you missed it, Fuck the Poor People, PRIVATIZATION!

 

April 6, 2011 Posted by | Uncategorized | , , , , , , | Leave a comment

City buses – Out of Service – hopefully not, Out of Hope

via: Huffington Post

Peggy Schulz was fed up. In March, after being unemployed for nearly TWO YEARS, she performed an experiment: She went to a job-search website, limited the search to the Milwaukee area and typed in a simple term: “bus line.”

The results displayed what had long been plaguing her. Job posting after job posting featured similar caveats:

“this is not on a bus line”

“need reliable transportation not on bus line”

“positions are NOT on a bus line”

“our client that is not located on a bus line is interested in having you work …”

“Here it was in black and white,” she later recalled with a bitter laugh. “It’s been very frustrating to look through the want ads, look online, think about places I could work and realize, ‘Nope, can’t get there on the bus.'”

Schulz is 53. She has years of experience as a legal secretary. But she does not own a car.

Over the last decade, as Milwaukee County has inflicted relentless cuts to public transit, she has watched her primary means of transportation decay. After she was laid off in June 2009, a pattern emerged: She’d find what seemed like the perfect job opportunity, only to discover that bus service cuts had rendered it inaccessible.

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Schulz, for her part, got the job. But it didn’t turn out to be all she had hoped. Now, she wants to look around for other work, but she dreads diving back into that process. That’s assuming she stays in Milwaukee.

“I might have to go to, I don’t know, Chicago, maybe? Canada?” she said in an email. “Any suggestions?”

http://www.huffingtonpost.com/2011/04/05/milwaukee-budget-cuts_n_844551.html

http://www.huffingtonpost.com/2011/04/05/us-inequality-infographic_n_845042.html#s261411&title=Wage_Inequality

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Walker, who in recent months has championed a high-profile effort to strip unions of collective bargaining rights, was Milwaukee county executive before becoming governor. Elected in 2002 and serving until the end of last year, he presided over the bulk of the transit cuts.

related wordpress blog:

https://seattle98.wordpress.com/2011/04/05/scott-walker-donor%e2%80%99s-26-year-old-college-dropout-son/

April 6, 2011 Posted by | deficit reduction, Uncategorized | , , , , , , | 1 Comment