budget deficits

Budget Fight Preview

The President's budget proposal will not be released until February 14, 2011, yet the leaks and politics are spewing into the Internet beltway.

The budget proposal will recommend ending Bush-era tax cuts for the highest earners when they are set to expire at the end of 2012, though the White House didn't include the projected revenue from this in its budget forecasts. The budget projections are based on the administration's economic forecast which shows a recovering economy, but it was made before the December tax-cut compromise which, most private forecasters say, has boosted the near-term growth outlook. Faster growth could mean higher government tax revenues and a smaller deficit.

Many of the spending cuts or reductions in the budget are already known. It would, for example, freeze levels of domestic non-defense spending for five years, something the White House believes will save $400 billion.

The White House will also propose reductions to a number of federal programs, from the U.S. Forest Service to a program that provides heating assistance for low-income families. It will adopt previously recommended reductions in military spending that would reduce costs by $78 billion over several years. The budget proposal will also recommend targeted spending increases, particularly in education and infrastructure programs.

We have a cut off for heat to the poor, charging interest on student loans while that person is still in school, a comment that maybe we should tax the rich, after just giving the rich a massive tax break.

Now that the Banksters Got the Money, G-20 Vows to Cut Deficits by 2013

The G-20 has declared to cut their deficits by half by 2013. Guess what that means. Raising taxes and cutting social safety nets. Even worse, it is reported the word double dip, despite the evidence on slowing economies, didn't even come up as a possibility. Forget real global financial reform too, the G-20 cannot even agree to a very minor tax.

The leaders also discussed banking regulations, but could not agree on a proposal for a global bank tax, supported by the United States, Britain and the European Union, but opposed by Canada and Australia.

From the G-20 annoucement:

Reflecting this balance, advanced economies have committed to fiscal plans that will at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016. Recognizing the circumstances of Japan, we welcome the Japanese government’s fiscal consolidation plan announced recently with their growth strategy.

Look at some of their other goals. To trade people and advance more bad trade deals. What is it about the trade deficit these people do not understand? What is it about destroying middle classes do these people not get?

Federal Reserve Pledges Top $7.7 Trillion

Is that title unbelievable? Does it make your eyes pop out?

It's not fiction, it's true.

Bloomberg notes:

The U.S. government is prepared to lend more than $7.76 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago.

So to whom is all of that money going? The Federal Reserve still won't tell!

They have already given $2.8 trillion dollars.

This blog title Shock and Awe took the words right out of my mouth on how incredible this is.

This is taxpayer money!

A $2 Trillion federal budget deficit

All these bailouts have a price tag, and its one we can't afford.

Oct. 10 (Bloomberg) -- The global financial crisis is turning into a bigger drain on the U.S. federal budget than experts estimated two weeks ago, ballooning the deficit toward $2 trillion.

Bailouts of American International Group, Fannie Mae and Freddie Mac likely will be more expensive than expected. States are turning to Washington for fiscal help. The Federal Reserve said this week it will begin buying commercial paper, the short- term loans companies used to conduct day-to-day business, further increasing costs. And analysts now say the $700 billion bank- rescue plan passed by Congress last week may have to be significantly larger.

GOP VP - Palin on Economics & Trade

Boy o boy. Oh howdy. Is it tough to find accurate information on Governor Sarah Palin, the GOP VP nominee.

Frankly when all one can find about the candidate for Vice President of the United States are thousands and thousands of posts about babies and daughters and daughters with babies and babies with daughters of babies....millions of nasty bits...gathering to bytes, cloggin' up those Internet tubes......well, the world is clearly sexist as hell.

I'm sorry that's the bottom line. You've got a candidate for the 2nd highest public office in the United States and the blogs read like Jerry Springer.

For all you other people out there, all 2 of you, interested in finding out actual policy positions I managed to dig out a few references:

First, Project Vote Smart I'd say is the most credible.

To the left but has a few economic positions: