There's deep and serious misunderstanding on the rationale for why our government borrows money. Too many people think deficits and debt are bad; but they are not. They are an important and necessary part of our economic life.
The IRS reports that there is ~$300B in uncollected taxes annually. Republicans de-fund the IRS so the money cannot be collected. This is an unvoted upon tax-cut of massive size that goes mostly to the wealthy.
Now that the debt ceiling is in play, there's no end to what the radical right will demand in the budget negotiations. Which leads to a more basic question: Are voters ready and willing to mount primary challenges to incumbent Democrats who cave?
In the face of Illinois' $6 billion budget deficit, the state says there is no alternative but to continue to cut public services. Meanwhile, Wall Street and big banks are foreclosing on hundreds of thousands of Illinois families and neglecting to pay their fair share.
If President Obama doesn't want to go down in history as the Democratic President who began the dismantling of signature Democratic achievements, he must have the same courage in standing up to Republican hostage takers as he did in going after Bin Laden.
Whether cable stations run a countdown clock for when we'll hit the national debt limit or not, the controversy draws viewers, so the networks win either way. I just wish that were also true for the country.
Since being introduced to help cope with the Great Depression, farm subsidies have devolved into a hodgepodge of price supports, direct payments, insurance programs, tax loopholes and low-interest loans for wealthy farmers and agribusiness.
American businesses can win a large share of the clean energy market. We have the best minds, the best innovators and the best companies in the world. But we will not win if Congress adopts a budget that cuts off investment in new technologies.
Three Republicans and three Democrats search for budget compromise. Six senators have spent months pounding out a compromise to reduce the deficit, create jobs and turn the U.S. economy around. Will the bipartisan plan get bipartisan support?
As Obama navigates the 2012 election, more wars than we'd like to admit, the still-faltering economy and a host of other issues, I sure as hell don't want the him focused on his graying hair or the bags under his eyes.
"We do big things," President Obama said during his State of the Union speech in January. And, in fact, we do. Sometimes. Finding and dispatching Osama bin Laden certainly qualifies. But what about the jobs crisis at home?
The real truth in the latest job numbers is that the percent of working-age Americans actually working hasn't improved. It's as low as it was in the depths of the recession. 13.7 million people remain out of work. Hello Washington?