Cato : "New" Budget Deal - Pure BS -

[Contumacious]

Shared Sacrifice”: Obama's Demagoguery
by Sheldon Richman, July 29, 2011

The most offensive claim made during the debt-ceiling controversy is that there’s a moral equivalence between cutting government spending and raising taxes. President Obama asks for “shared sacrifice” to reduce the budget deficit. In his view, if the government spends more than it takes in — it currently borrows more than 40 cents of every dollar spent — the “balanced” approach is to “cut” spending and raise taxes.

There are quotation marks around “cut” for a good reason. No one — Republican House Speaker John Boehner included — wants to cut spending in the commonsense meaning of the term: namely, reducing government spending from today’s level ($3.8 trillion). No, in Washington-talk, to cut a budget is merely to reduce the rate of increase that would have occurred in the future if current law were left unchanged.

If the politicians were honest — and reporters committed to telling the public the truth — they would talk about smaller increases in spending, not “cuts,” but even that wouldn’t be entirely truthful, because in many cases the reduction in future increases itself is an illusion. It involves merely canceling the authority to spend money that no one expects to actually be spent.

"Shared Sacrifice": Obama's Demagoguery by Sheldon Richman

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[Contumacious]

"As noted, the so-called balanced approach to deficit reduction sees a moral equivalence between any reduction in spending (even from future increases) and raising taxes. Some people go further and treat government’s abstention from taxation as spending in itself. Think about that: If the government, in its mercy, decides not to take $10 from you, that is an expenditure. By that logic, if the politicians change the law and take the $10, that’s a spending cut! Only in Washington ...

Bluntly put, there can be no moral equivalence between government’s spending people’s money and abstaining from taxing that money. To believe otherwise is to believe that the government owns all income and wealth — which would be equivalent to believing that the government owns us! "

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[007]

Washington can't stop spending... they just can't. They are addicted to it and they're incapable of stopping.

We'll be Greece with an imploding economy inside of two years, and after this JOKE they just passed, it's inevitable.

Anarchy is right around the corner.

 

[Old Rocks]

The more and more I hear about this "deal", the less and less I like it.

It doesn't cut anything for a few years to start. It also gives this commision the ablity to "raise revenue"?

The Tax increases are coming folks.

Excellent!

 

[LibocalypseNow]

There will never be $2 Trillion in cuts. That's simply a lie. And what is $2 Trillion over ten years anyway? They're getting set to raise the Debt Limit to over $16 Trillion. So even if the $2 Trillion in cuts happens,it wont add up to a drop in a bucket. This deal is just another sad Washington scam in the end. No one really Won on this deal.

 

[uscitizen]

Of course the new spending deal is garbage, just like health care reform is after the lobbyists and such got done with it.
This congress cannot do anything right it seems.
And by right I mean correct.

 

[Old Rocks]

Increasing our debt by 7 trillion instead of 10 trillion IS a spending cut. If we want to cut t further then we need a repub in the WH and repubs running both chambers of Congress. This deal is not a good one, don't get me wrong. But if we don't pass it or something similar then we're looking at a certain downgrade and a probable double dip recession. That's too much pain for a lot of people just cuz some people didn't get as much spending cuts or a BBA or whatever else they wanted. This bill is a big win for the GOP; STFU and pass it.

LOL. Been there, done that. And when Bush took office there was a balanced budget, and we were beginning to pay a bit on the national debt. Two unneccessary wars and a tax cut later, his budget leaving office was negative by 1.2 trillion dollars. For one year. No, I really see no reason why anyone would trust the GOP as far as the budget is concerned.

 

[LibocalypseNow]

And hey,we get another Committee or Commission out of the deal! WOO HOO! Man,how much will this new committee or commission cost Taxpayers? What a mess.

 

[KissMy]

I Got Two Words For This: "Buy Gold" The debt will destroy the US dollar.

I got more words...invest in a hydroponic system if you live in an urban dwelling, if you have some ground - read and read some more about growing vegetables.
I'm serious.
Yesterday I bought one bunch of carrots and one bunch of celery - $6.15....and rising.
Also - invest in a freezer. Buy meat in bulk - it is about 30%-40% cheaper than the factory "meat" - and you are supporting your community.
Learn how to make bread, a loaf of decent bread will cost you about $4.00 - you can VERY easily make your own bread for less than a buck.

You won't have to buy or store all that stuff if you keep saving gold. All of the survival stuff has a shelf life. Gold does not. It can't be taxed or taken from you if they cant find it.

Survival Gear & Food Storage will not pay you dividends. It will only get old. Gold will pay you dividends. Every time the dollar drops 1% gold goes up more than 5%.

See - So far today you got a $38 dividend for every ounce of gold. You don't have to wait for the companies board to decide to send you a dividend check. You get to spend it right now.

 

[Contumacious]

Ron Paul on the Danger of Political and Social Upheaval

Finally, the most dangerous consequence could arise as the pain of US citizens reaches the kind of fever pitch that results in political and social chaos. The increasingly broke federal government will find itself unable to fund domestic and international commitments, and – with an air of desperation – will instead leverage the issue of social unrest to apply draconian measures under the cover of maintaining law and order.

As Dr. Paul says word-for-word, “the ultimate trap will be set for a system of government claiming to protect a free society.” The feds, enforcing new power and authority will become what he describes as a “lethal threat” to civil liberties. Ironically, it’s likely to be US citizens themselves that clamor for new enforcement measures to be used before recognizing – too late – the nature of the trap.

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Ron Paul on the Danger of Political and Social Upheaval by Rocky Vega

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Thou has been warned

 

[Contumacious]

Debt Ceiling Madness

by Bill Bonner

If you read that fast enough, and drink enough whiskey, you might even think the feds have the situation in hand. Cut spending by an amount equal to the debt ceiling hike…hmmm….sounds almost like you come out even.........the deal allows both spending and the debt to go up. It will go up $2.1 trillion…and then, they’ll raise the debt ceiling again.

They assume a full recovery, in other words.

It ain’t gonna happen…for all the reasons Dear Readers know so well.

…an economy burdened by debt does not grow very fast
…an economy that is in the middle of a debt contraction barely grows at all
…forget adding more cash and credit ‘stimulus’ – it doesn’t work when an economy is already drenched in debt
…the US economy is also burdened by the cost of maintaining a military empire – costs that aren’t going away

Debt Ceiling Madness by Bill Bonner

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[Contumacious]

President Obama on the Role of Government

by Laurence M. Vance, August 1, 2011

In his speech last week from the East Room of the White House to the American people on deficit reduction and debt-ceiling negotiations, President Obama inadvertently presented us with his view of the role of government:

We all want a government that lives within its means, but there are still things we need to pay for as a country — things like new roads and bridges; weather satellites and food inspection; services to veterans and medical research.

So, what does the Constitution say about roads, bridges, weather satellites, food inspection, services to veterans, and medical research? Very little if it says anything at all. Article I, section 8 of the Constitution grants power to the federal government to do certain things in eighteen very brief paragraphs.

President Obama on the Role of Government by Laurence M. Vance

 

[editec]

The market showned us what THEY think of the deal.

I'd venture to suggest that the market is less than impressed.