Tag Archive: debt

Trump: “Print money”

Here’s a couple of scary-ass Trump statements. First the set-up. Trump likes to talk about himself as a master negotiator. Does not like to mention that his father launched him rich; he’s a self-made winner. And to show off, he…
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Christie Presides Over Largest State Debt in NJ History

Governor Chris Christie likes to boast that he’s signed four balanced budgets in a row, and given that state law requires that all budgets be balanced that’s a pretty low bar.

Christie, however, further lowered the bar with how he’s been able to balance the budgets:

New Jersey’s long-term debt rose to a record $78.4 billion in 2013, an increase of $6.6 billion from the previous year …

Wow, that’s a lot of money.  The debt rose $6.6 billion on a $30 billion budget.  

Of course, the solution will be tax cuts.  ‘Cause that’s the right wing solution for bad economic news, good economic news, bland economic news, alien invasions and Dr. Doom crossing the Hudson to attack Jersey City.

The Jury Is No Longer Out

promoted by Rosi

The jury is no longer out. The cut and hope policies of the current crop of tea party conservatives simply doesn’t work in the real world, and neither does their delay and obfuscate strategy for derailing the Obama Administration. The recent downgrade of America’s sovereign debt should serve both as evidence of this, and warning for future fiscal cycles.

While Standard and Poor’s doesn’t make policy recommendations, it is telling to look at their report and see what caused them to downgrade America’s bonds. It denounces the "political brinksmanship" that led our statutory debt to become "political bargaining chips in the debate over fiscal policy." It notes that "modest" savings are identified but "new revenues have been dropped down on the menu of policy options."

What Happens in a Bad Economy?

Politicians like to talk in abstractions.

Come to think of it, they like to argue and obfuscate in abstractions, as well. They campaign in abstractions and make abstract pledges until those abstractions turn into something tangible, like a subprime lending crisis or a downgrade from a particular private rating agency.

We spend so much time wading through abstractions that we cannot get to the meat of the issues that face us today. Enough of that.

What really happens in a bad economy? And what is the public’s role during these tough times?

Why I voted against the debt bill

Thanks, Congressman. – promoted by Rosi

Washington has been consumed with a protracted and distracting debate that tied the need to raise the Nation’s debt limit to budget cuts. All reasonable people know that default was not an option. The failure of the country to pay its bills would have a catastrophic effect on the economy and on the lives of all Americans for years to come. This was a debate we shouldn’t have been having. Every day and every hour that was spent in this battle was time that wasn’t devoted to job creation or economic growth.

I voted against the deal that was made to end the crisis that paralyzed Congress and threatened the economy. A default had to be avoided, but this was not the best way to do it. First and foremost, the plan does nothing to create a single job and does nothing to aid the ailing economy. In fact, it could cause both immediate and long-term harm to the country’s economic well being and to our ability to pursue economic opportunities.

Menendez Speech on the Senate Floor

I missed it live but got about 10 emails during Sen. Bob Menendez’ speech on the Senate floor Saturday night, that it was very good, and needed to be said. As the debt deal rollicks to a rocky end, we now have video of that speech. We’ll have video of Senator Lautenberg’s speech this weekend, next. Here is Senator Menendez:

LoBiondo gives himself an F for his career

While comparing the 1995 shutdown crisis with this year, LoBiondo describes how he’s changed the country:

“I think what’s different is people understand now that we’re borrowing 40 cents for every dollar we spend, and that if that continues our economy will collapse upon itself. That wasn’t the reality in 1995. We had certainly had problems then, but the fiscal situation was not at the crisis that it is now,” he said.

The primary difference between then and now is Frank LoBiondo’s “Bush” tax cuts for the rich which ended up producing mass unemployment instead of the economic growth promised, plus the financial deregulation of Wall Street and the banks that he has consistently pushed. His choices starting in 1995 are why we are in the hole.