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OUT OF DEBT: A TAX INCREASE IS NO WAY TO START. posted by Administrator
August 1, 2010 , 9:15 AM
From the Chicago Tribune Editorial BoardA lot of Americans think the federal government can't do anything it sets out to do. But that's erroneous. What we have learned in the last decade is that both presidents and Congress, both Democrats and Republicans, are very good at doing one thing: running up government debt. That's the reason for the National Commission on Fiscal Responsibility and Reform, appointed by President Barack Obama to find ways to stem the red ink. Under President George W. Bush, who had a GOP Congress for most of his tenure, a budget that had been running a surplus plunged into deficits. Under Obama the pace of deficit spending has become even scari...
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DEBT COMMISSION CHIEFS GIVE GLOOMY FISCAL OUTLOOK posted by Administrator
July 11, 2010 , 12:45 PM
By Dan Balz BOSTON -- The co-chairs of President Obama's debt and deficit commission offered an ominous assessment of the nation's fiscal future here Sunday, calling current budgetary trends a cancer "that will destroy the country from within" unless checked by tough action in Washington.
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DEBT SPREADING 'LIKE A CANCER': BLACK SWAN AUTHOR posted by Administrator
June 10, 2010 , 5:30 AM
Posted By: Barbara Stcherbatcheff | Writer, CNBC
The economic situation today is drastically worse than a couple years ago, and the euro is doomed as a concept, Nassim Taleb, professor and author of the bestselling book "The Black Swan," told CNBC on Thursday. "We had less debt cumulatively (two years ago), and more people employed. Today, we have more risk in the system, and a smaller tax base," Taleb said. "Banks balance sheets are just as bad as they were" two years ago when...
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U.S. DEBT REACHES LEVEL AT WHICH ECONOMIC GROWTH BEGINS TO SLOW posted by Administrator
May 26, 2010 , 12:30 PM
- The level of U.S. debt has reached a point at which economic growth traditionally begins to slow, a bipartisan fiscal commission making recommendations to the White House and Congress was told Wednesday. The gross U.S. debt is approaching a level equivalent to 90 percent of the country's gross domestic product, the level at which growth has historically declined, said Carmen Reinhart, a University of Maryland economist. When gross debt hits 90 percent of GDP, Reinhart told the commission during a hearing in the Capitol, growth "deteriorates markedly." Median growth rates fall by 1 percent, and average growth rates fall ...
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NOT JUST TAX DAY, BUT EVERY DAY: DEMS STRUGGLE TO FIND DEFICIT SOLUTIONS posted by Congressman Peter Roskam
April 15, 2010 , 12:00 AM
From The Hill House Democrats are struggling to come up with legislative solutions to the nation?s budget deficit, despite pledging that a return to fiscal discipline would be a top priority after the healthcare debate. Along with creating jobs, looking at the ?fiscal balance? of the country is one of the two major items the House will focus on, Majority Leader Steny Hoyer (D-Md.) said this week. Democrats will be looking to return ?to the fiscal health that we had, frankly, as we began this decade in 2000,? Hoyer said Tuesday. But while work continues on various proposals to create jobs, a legislative portfolio for reducing the deficit and moving into fiscal balance is taking much longer to deve...
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