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Austerity/ sequestration

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  • Independent
    Ft.myers, FL
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    Just on the Bloomberg news this morning: Europe's economy (industrial output and export) contracted for the 15th straight month. Housing in the US is kind of stopped/stabilized and new/existing homesales does not grow as it should be. China's production machine is showing pains in grows as well. In my opinion austerity and sequestration do the oposite of what is intended and may become a noose around our necks.
    Opinions?
  • Liberal
    Independent
    Durham, NH
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    Absolutely! When the dummies we put in put in Congress finally smarten up and realize everything they understand about the economy and how to improve it is totally wrong they may finally realize that spending by the government is the major source of our being able to improve, not destroy the economy. Unfortunately fr us they are really only interested in getting re-elected and/or landing a plum lobbiest job after they retire from screwing the public at large!
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    An economy is like a water fountain. The pump for the water is people spending money they got from working. The ones who exported the jobs are now calling for draining the pool. This won't fix the fountain it will shut it down.
  • Democrat
    Philadelphia, PA
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    Back when I was in High School, I think it was some type of math class or economics class, the first thing we were taught was about credit, which was a pretty new idea back then, and it afforded many families to live just a little bit better, the trick of course was to live not beyond your means, which this and earlier Congress's have failed to do, apparently they failed this earlier class also.
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    johnnycee Wrote: Back when I was in High School, I think it was some type of math class or economics class, the first thing we were taught was about credit, which was a pretty new idea back then, and it afforded many families to live just a little bit better, the trick of course was to live not beyond your means, which this and earlier Congress's have failed to do, apparently they failed this earlier class also.
    Fox only focuses on the debt. And accuse the country of living on a credit card. They never talk about how to bring back manufacturing because of who pays their bills. But ask anyone which programs they want cancelled and the answer is - None. So the discussion about cutting expenses will go nowhere. The talk needs to be about creating millions of middle class jobs. And let's not do it the way Germany did it after WW1.
  • Democrat
    Philadelphia, PA
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    Fox is a news network, I am talking about our spineless Congressmen and women,who attached their self-esteem and self worth to being re-elected and being part of the new Permanet Political Class as their focus, even if they stopped funding the duplicat programs that alone would be a substancial savings,as for Defense Spending (weapons) just how many hammers do you need to drive a nail in a wall,c'mon Congress, do your job.
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    The Republicans don't want to cut defense spending. They keep coming up with ideas that won't fly, like Ryan's budget.
  • Liberal
    Independent
    Durham, NH
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    Fox is NOT a news network! Fox is an entertainment/propaganda machine - nothing more than the audio and video department of the religious & conservative Right.
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    pr Wrote: Fox is NOT a news network! Fox is an entertainment/propaganda machine - nothing more than the audio and video department of the religious & conservative Right.
    To their viewers thay are the only ones who tell the truth. Thus the bubble is born.
  • Independent
    Ft.myers, FL
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    GemsWoven Wrote:
    johnnycee Wrote: Back when I was in High School, I think it was some type of math class or economics class, the first thing we were taught was about credit, which was a pretty new idea back then, and it afforded many families to live just a little bit better, the trick of course was to live not beyond your means, which this and earlier Congress's have failed to do, apparently they failed this earlier class also.
    Fox only focuses on the debt. And accuse the country of living on a credit card. They never talk about how to bring back manufacturing because of who pays their bills. But ask anyone which programs they want cancelled and the answer is - None. So the discussion about cutting expenses will go nowhere. The talk needs to be about creating millions of middle class jobs. And let's not do it the way Germany did it after WW1.
    Indeed you are absolutely right what we and Europe are doing is absolutely wrong; it is indeed like Germany after WWI. In my opinion a hell of a lot of defense money should be cut (of course in the right places) and used for infrastructure, like bridges, roads, highspeed rail, modernizing airports, city slums reduction etc. When people have more spending money then (if everyone is employed) there is more revenue for the government to improve our daily life, if it is not wasted on defense lobbyists. We've got more weaponary than any country of the world, but that as proven does not stop a single terrorist. No, our capacity to destroy the whole world, will not improve our way of life. So we should think farther than WWIII. If we improve our way of life it will have an effect on the rest ofthe world , more trade and services all over, which automatically reduces conflicts etc..
  • Strongly Liberal Democrat
    Democrat
    Dallas, TX
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    The government's debt is the equity of the nongovernment. And it's far too low to support all the excess net-savings demands of the nongovernment. How do we know the deficit is too low? Count the heads in the employment line.

    The government is the monopoly issuer of the currency. The US dollar is a simple public monopoly. So, it's like this, for a given sized government and a given sized credit expansion, there's a rate of taxation that corresponds to full employment.

    It's a point of logic that the government must spend the currency first before we can pay our taxes in it or buy government securities with it

    Taxes 'drive' the currency. We all work for the dollar because the government taxes in dollars. It's that simple. You can try to earn income in another currency, or conduct your transactions in another currency, and the government will come after you with tax liabilities payable only in US dollars. Taxes 'lock' in the usage of the currency. And they also regulate our usage of the currency.

    Right now, with our given sized government, and the given net-savings demands of the private and foreign sectors. We need lower taxes and/or more government spending. The most obvious tax to repeal is the regressive, punishing FICA payroll taxes. While split between the employer and employee, the employer side is a pass-thru cost of business paid for with lower wages, less hours, productivity increases, and higher prices. It also gives employers an incentive to automate.

    But until we get past the 'founding' myths of Social Security, that it needs to be, and is, earned collectively by workers through a lifetime of paycheck contributions, Democrats will continue to support a regressive, punishing tax on their own constituents. THE GOVERNMENT FUNDS SOCIAL SECURITY PAYMENTS BY MARKING UP ACCOUNTS IN THE BANKING SYSTEM. THE REAL COST OF SOCIAL SECURITY IS THE REAL RESOURCES CONSUMED BY PEOPLE WITH THEIR SOCIAL SECURITY DOLLARS. WE DO NOT NEED REGRESSIVE, PUNISHING PAYROLL TAXES TO 'PAY' FOR SOCIAL SECURITY. WE NEED REAL OUTPUT!

    Don't get me wrong. Republicans who all signed pledges never to raise taxes let this FICA tax holiday expiration go through in December along with Democrats who think they are 'protecting' Social Security.

    Meanwhile, these idiots got together to run a mini-austerity experiment in America, and the results are a complete disaster.

    We need to do the student loan fix immediately. These guys have no idea what they are fucking around with there. That could completely constrain the credit of the current generation for decades and decades to come. Ticking time bomb if they allow rates to double in June. And all at the same time we're about to do Obamacare? The problem with Obamacare is that it doesn't add enough to the deficit!

    Meanwhile, the political leaders of the cult of Conservatism have absolutely lost their friggin' minds.

    I don't know what else to say. That's where we are at people. Completely confused by simple double-entry bookkeeping.
    Government deficit=nongovernment surplus.

    If you're having a hard time understanding this, I can work you through the operational ins and outs of the horizontal and vertical US dollar 'money' operations. And you'll have an easier time understanding how banks and government actually fit together.
  • Liberal
    Independent
    Durham, NH
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    Thanks CBB! It's good to have someone like yourself telling it as it is! If only more would take a few moments to even think about this in any depth the country would be a lot better off today.

    i saw David Stockman on Bill Mayers show a week ago and he couldn't even get past the concept that the min wage should be in the $20 hr range today just to keep up with inflation! All he could say is it would kill the recovery!!! What an idiot! How does he think the economy survived a $1.25 hr min wage in 1965 without killing it?
  • Democrat
    Lawrence, MA
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    We all seem to have a finger on some part of the problem. But, the fact is that we have been brought to this dire point in our history by a system of run away capitalism. A few recognize this, but it is fact is universally ignored. Now we seem to be assuming that this mess can be patched up again using the same instrument that ruined us in the first place. This approach assures that whatever history has in store for us in the coming years nothing of substance will change.
  • Democrat
    Philadelphia, PA
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    Our system of governing will work just fine if our elected officials would do just what we elected and sent them to congress to do,and that is to work for our common good,not for the lobbyist,nor any special interests,and most importantly ,not for their own personal agenda, if an elected official strays to far from what his constitutents want him to do,then he should be recalled or least return to his or hers home District and explain themselves via a town hall venue on what they did or didn't do, it doesn't matter what the National Party leaders say,we don't elect them to legistrate for us, neither do we want them to have the influence on our elected officials that they excert on them. The three most important words of the Constitution are "We The People", I don't see the word lobbyist,or party leaders in the Preamble, must be a reason why,don't cha think?
  • Democrat
    Missouri
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    Austerity and sequestration is just a new fad being used as a tool to battle the opposite party. Both Republicans and Democrats (and the grade school Tea Party) are using this to beat each down for advocating their pesonal agenda's on how America should function. I don't like it, because it allows continued joblessness, slower housing growth and halting any interest in promoting our country's solutions to fixing the broken and poor infrastructure. Our Airports, Highways, sewer and water systems, streets, bridges, schools, and most of all ourselves are having to deal with difficult decisions that the things we want fixed are not going to get funding. Go ahead Mr. Politician, play your games with, "We the People", because "We the People", will have our chance at the next election. Austerity and sequestration does nothing to save us any benefits of long term affects bringing down our debts, because we still need to fix America and America is getting more costly to repair the longer our politicians play these games. These games the politicians are playing are like the ones we played as children in the school yard, plotting the overthrow of the "other" click or groups. Austerity and sequestration are tools for the parties to use against other when they cannot agree or negotiate their views on passage of bills. If you would look at the commonality of these bills, you will see a nonpassage of one will be responded with a severe cutback in a variety of ways that impact the public. Than the public crys foul and the politician regroups promoting another bill which in turn gets resistance and another cutback occurs impacting more of the American public. It's a vicious loop, like someone who is familiar with creating software it's called ,a Do-Nothing Loop". You continue to loop back at the start going to end and back again at the start with nothing accomplished. Maybe that's why someone called our Congress a bunch of "Do-Nothings".

    Fo the previous post that called FOX, the real truth. Are you being serious or just crazy in far-right garbage? Many of us remember the FOX media and their Evil Flying Monkey Fan Club and their Pope of the Republicans, Rush Limbaugh blast Obama during his first term and during his candidacy running for President. Remember the "Birther's, the false or unknown birth certificate, the lies from the far rightous nuts, he's a Muslim fanatics, and even the many Evil Flying Monkeys, Shawn Hannity, Glenn Beck, Ann Coulter, Oreilley (recently recanting or back-peddling his earlier views) and FOX five group, except Bob (Ilike Bob). These media dogs are lying their scripts off the charts for only one purpose as McConnell said it best, "to make Obama a one term President". Yea, you all keep believeing FOX is the real deal and real truth news reporting and I'll give you all a sensational news story about crap in the FOX office. "Mission Accomplished", Fox News did it best.