Bloomberg:
Treasury Secretary Timothy Geithner said the Obama administration is committed to reducing the federal budget deficit after concerns rose that the U.S. debt rating may eventually be threatened with a downgrade.
Rep. Jason Chaffetz: Unhappy Fiscal New Year
Contrary to what some have told us in the past, deficits and debts do matter, and at the levels these debts have been accumulating, they matter a lot.
Want to reply to a comment? Hint: Click "Reply" at the bottom of the comment; after being approved your comment will appear directly underneath the comment you replied to
Executives=300 to 500 times income of Average Worker
Executives Income 30,000% to 50,000% the Income of the Average Worker
# ! Greediest Nation = # 1 Debtor Nation = America
$9 trillion, that's $30k for every man, woman & child in America; please correct me if I'm wrong, yet I believe this is on the money!
"The American people continue to remain, for the most part, blissfully
unaware of catastrophe looming before them and continue to believe the
litany of Orwellian lies being poured upon them by their propaganda
media organs, never once raising any objection to trillions of dollars
that have been stolen from them and which continues to flow the pockets
of their political and corporate overlords intent upon destroying,
forever, their once great Nation and which the US Federal Reserve
Inspector General Elizabeth Coleman stated brazenly before the US
Congress that she has "no idea" where $9 Trillion of US taxpayer has
gone, or who got it."
That number is close, but is projected to go to $70,000 in the next 8 years.
We need to adopt the idea of "The cost of our debt is one of the fastest growing expenses in the federal budget. This rising debt is a hidden domestic enemy, robbing our cities and states of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on. . . . If Washington were serious about honest tax relief in this country, we'd see an effort to reduce our national debt by returning to responsible fiscal policies"
Control the debt BEFORE we add more entitlements and pork!!!
This guy does not care about the general prosperity at all...
The only sane way to attack our economic disaster is to implement re-regulation, effective oversight, and enforcement before throwing taxpayer monies at the financial industry. Of course, that would make robbing the citizens rather difficult.
Easily accomplished by reintroducing Glas-Steagall and overturning the Commodities Futures Reform Act of 2000.
Geithner is doing really well. Many people were worried in January/February about borrowing from China but since treasury bond yields are steadily increasing, it appears that China is and will continue to want their investment to make money.
The debt to gdp ratio was supposed to cripple us. I don't remember anybody expecting us to have a plan in place to start reducing deficit/gdp beyond what Obama pledged in March. Here we are, however. 3% deficit/gdp is normal. If we get that done, none of our creditors will call in their marker anytime soon.
Finally, in order to prevent bubbles in the future, Geithenr wants to make regulations regarding the bonus/incentive structure so that it does not reward short term gain. That's a really good idea - much more realistic and pragmatic than limiting the ceo of a private company to the salary of the president.
These are good priorities going forward. I'm not sure what most of you people were expecting but April indicators suggest that the policies of the last few months have at least met federal expectations. That makes me believe that future policies will meet future expectations. What's the problem here?
China is already offloading their dollar holdings -- they are buying up assets (so is Japan).
They are trading between other countries in their currencies -- Brazil and Russia and Argentina, as well as other Asian countries.
China knows we are devaluing currency. They are not interested in supporting the Bilderbergers games of "quantitative easing" -- devaluing currencies across the board to extinguish our debt. They are fearful of investing in us. Our credit rating has dropped and U.S. Treasuries tumbled yesterday.
http://ems
They've also already bought....
So it begins. The Wall Street financier class brings the economy into deep recession. The government launches stimulus spending to get the economy back on track. Such deficit spending cannot continue forever. Major additional revenue is needed, or major cuts in spending are needed.
Will this be revenue by raising the income tax on high income individuals? Will the virtual elimination of the estate tax be reversed? Don’t hold your breath! The Republicans have the Democrats so spooked over income tax increases it’s not happening.
So now it begins. Entitlement programs that are causing the deficits, benefits must be cut.
Some reality for S.S. and Medicare: http://www
Ronald Reagan on, income and estate taxes have been cut drastically for the high income and wealthy. Payroll taxes on working people have been increased. It is not S.S. and Medicare that produce the deficits. Surpluses there have partially masked the deficits produced by the Reagan and Bush income and estate tax cuts.
Time magazine recently talks about the future for working people in America. The point put forward: Americans should expect no job security and to never retire. 40 years after the Republican ‘Reagan Revolution” it’s reaching its goal; a small fraction obscenely wealthy and the rest of us working our entire lives just to get by. Welcome back to the “Gilded Age.”
the control of the c.f.r. is a reality. the thorn in their side.for the one world hell is reality.th
Couldn't have said it better myself. social Darwinism at it's finest/worst. Rob the helpless.
His "plan" to make this happen should be interesting. Given how he's handling the payback of TARP funds (basically just rolling the money back to those who're "paying off" their debt) the United States is going to be in debt- an ever growing debt- for a very long time.
When will Obama take responsibility for the declining economy (instead of blaming Bush)?
When will the folks who voted for Obama admit that his (and Geithner's) economic policies aren't working?
And we would be in far better shape in McCain's and Gramm's hands...?
Guess we'll never know.
Geithner is the biggest destroyer of the dollar. He should start by firing himself.
Chaos. We pass huge stimulus bills, which are going nowhere, as predicted. We pass a huge budget bill.
And now they are pretending to worry about deficits?
It's CA, revisited.
It would help if Geithner would pay his taxes.
It would help if Geithner were smart enough to do his own taxes right.
It's not hard to cut the deficit immediately after quadrupling it.
I suppose some on the far left is ticked off at this as well. Especially those that are in the tank for the Health Care companies. Health Care for all must come out of the bloated Health Care industry waste, ex doctors and nurses, not the government nor from the people who already pay twice that of any other country for mediocre care exactly because of all the waste ripping off everyone in the nation.
The budget deficit has jumped from $400 billion to roughly $1.8 trillion in less than a year and it shows no sign of being brought under control. It is so bad that the WH is worried about the political problems it could cause.
Here is the budget deficit graph with projections into the future:
http://www
Liked the Jaws pic.
"We're gonna' need a bigger President.
NO it is the opposite.
"We're gonna' need a smaller budget"
quote:
“It’s very important that this Congress and this president put in place policies that will bring those deficits down to a sustainable level over the medium term,” Geithner said in an interview with Bloomberg Television. He added that the target is reducing the gap to 3 percent of gross domestic product or smaller, from a projected 12.9 percent this year.
/quote
The international banksters' cartel is applying the same type of pressure to the US' government as it did to Thailand, South Korea, Argentina and others to weaken the national economy and make us subordinate to the IMF, and to the financial industry in general.
Timothy Geithner's comment above just passes their interests directly to the Congress and the President, casting corporate profits as vital to the country. In fact, prioritizing *rapid* reductions in debt and deficits has been disastrous to every economy in which the IMF has meddled, which is why it is no longer welcome in South and Central America.
It may just result from a narrow, bean-counter educational curriculum, but Geithner certainly views money as an end in itself, not as a means to the pursuit of the general welfare or people's happiness, despite being our employee. His failure to push back against the financial industry contributes to the false, corporatist portrayal of national interest, adding to pressure on government to continue favoritism to corporations over individuals. A representative of the people would employ his expertise to refute the corporate propaganda, not parrot it.
"The international banksters' cartel is applying the same type of pressure to the US' government as it did to Thailand, South Korea, Argentina and others to weaken the national economy and make us subordinate to the IMF, and to the financial industry in general."
Bingo. Which is EXACTLY what Kucinich predicted would happen if we accepted "the bailouts". Which of course the majority did NOT. Congress did it anyway, because of course the international bankers control our government and this has been the plan all along They will now rob our resources and those of the rest of the world to whom we are providing IMF "funds". All to the advantage of greater power-taking by the Bilderbergers.
They already have most of our resources, thanks to BushCO; including our highways. Bernanke gave the IMF over a trillion dollars so they could lend it back to US.
I suspect that this is the beginning of the end game for"One World Government" with the US as the acting military arm.
Loading comments…
First Posted: 05-21-09 11:15 PM | Updated: 06-21-09 05:12 AM