Tag Archives: u.s. economy

Super Committee, Super Bullshit

U.S. Capitol Building (Source/Wikimedia Commons)

Now that the White House and U.S. Congress have signed-off on the debt ceiling bill they’ve moved onto setting up the so-called super committee. The super committee, a requirement of the debt ceiling bill, will be responsible for finding $1.5 billion in cuts over the next decade.

President Barack Obama did his usual bipartisan spin on how he hopes the congressional super committee will work together, find common ground, etc. House Speaker John Boehner (R), House Minority Leader Nancy Pelosi (D), Senate Majority Leader Mitch McConnell (R) and Senate Minority Leader Harry Reid (D) will each nominate three persons to sit on the committee. Names of potential committee members have been tossed around, but nothing official has been announced as of yet though the August 16 committee commencement deadline is fast approaching. Plus Standard & Poor’s downgrade of the United States credit rating may help speed along the membership selection process.

I don’t understand the need for a super committee. The National Committee on Fiscal Responsibility and Reform (‘debt commission’ ‘Bowles-Simpson commission’) in December 2010 had already laid out for the U.S. via a 66-page report the state of the economy and what needs to be done to make us solvent.  The report recommended $4 trillion in savings through increased revenue and entitlement cuts. Of course, their suggestions were voted down, which was too expected. Those in government know that committees and committee reports are places where good ideas and suggestions–especially those that are not liked–die a quiet death.

In the instance of the super committee ideas won’t make it to the conference room because the Committee will be stacked with budget hawks (Rep. Paul Ryan, R-Wis.) and program protectors (Sen. Benjamin Cardin, D-Md.) from each party. Moderates will not be welcome at this dinner party. It will be a committee that won’t budge and won’t accommodate while pretending to behave in a bipartisan manner.

Tax revenues will be tabled due to the never-ending election cycle. Tax cuts will continue to be given to top tier income earners. Government programs will continue to be slashed under the auspices of doing more with less. Entitlements will find their way back in while the suggested cuts are bandied about by the committee as if they’re playing Monopoly instead of with the lives of millions of Americans. The report will be completed before its November 23 deadline because the committee members will want to go home for the Thanksgiving holiday.

Eventually the report will be released around the Christmas holiday or during an off-news cycle in December so that the media and the general public won’t take the time to read it and notice that only short-term, financially-miniscule decisions had been made. Obama will thank the super committee for doing a super job. Then the report will be tossed aside just like previous reports on the U.S. economy.

I can smell the bullshit already.

Are we too tired to holler? The Debt Ceiling and American Politics

President Obama and Congress finally came to a compromise about the U.S. debt ceiling. Our country’s financial crisis was avoided by the raising the nation’s $14.3 trillion debt ceiling through 2012; cutting $2.4 trillion in expenses and establishing a special congressional committee to recommend long-term fiscal reforms

Excuse me for not doing cartwheels. Where the hell is the tax revenue? What about the damn Bush tax cuts that got us into this mess? Why the fuck do we need a super Congressional committee to discuss what has already been discussed and published last December by the White House’s National Commission On Fiscal Responsibility and Reform?

After all the political threats, PR tantrums and ‘my dick is bigger than yours’ action going on amongst the Democrats and Republicans – this is what they give us? I have the suspicion that this compromise had probably been mentioned before earlier, but was tossed aside as each party try to out-dude the other at the expense of the American public.

Now that the debt crisis is over (really?) the White House tells us that they will now concentrate on how to create more jobs. This should have been Obama’s number one priority after the 2008 election – not healthcare, but I digress.

How the hell are they going to create jobs when they have no additional revenue coming in? As we all know by now (except for the GOP) trickle down/supply-side economics (aka voodoo economics) does not work, so the Obama Administration can forget about the majority of the haves sharing their wealth. Those pesky Bush tax cuts keeps rearing its ugly head.

As for cutting expenses, it just means that the U.S. government will spend less money. Reducing expenses does not generate revenue, you simply spend less while trying to maintain the status quo. I guess this is America’s version of an austerity plan, though countries who have gone this route include significant tax increases. Most politicians see tax increases as political kryptonite to be avoided as much as possible.

I don’t have positive feelings about how well this is going to work out, but the U.S. will do its best. Unfortunately, this is no longer good enough anymore. I am so sick and tired of this bullshit. I am sick and tired of a lot of things.

I’m tired of politicians making decisions about our social programs as if they’re playing a game of chess instead of people’s well-being.

I’m tired of hearing faulty unemployment statistics which don’t truly report the number of people who are unemployed but no longer receive unemployment benefits or those who are underemployed or making significantly less due to cutbacks and lay-offs.

I’m tired of seeing seeing foreclosure signs and people getting kicked out of their homes while banks are reporting rosy quarterly profits.

I’m tired of the increasing cost of higher education because state and federal grants have been slashed forcing students to take out more loans while job opportunities are fewer and fewer.

I’m tired of wondering how much I will owe whenever I have a new prescription filled because my health insurance seems to cover less while I pay more.

I’m tired of seeing of wounded veterans with loss limbs due to never-ending wars in countries where our reasons for being there are still unclear.

Sometimes I feel that Americans have been run-down by the U.S. government. We’ve become cynical in that we mostly don’t expect government to do the right thing. Battling for change, to have your voice heard can be exhilarating, but it can also be exhausting.

Lately, I feel that’s what our government has been counting on so that it can go about its day.

It’s kind of hard to holler when you’re just too damn tired.

John Boehner’s Economic Argument Contradicted By Market Indicators, Government Reports

Bloomberg News said “[During a May 9th speech] House Speaker John Boehner, [gave] Wall Street leaders his prescriptions for growing the U.S. economy and reducing the nation’s debt [in which he] built his case on several assertions that are contradicted by market indicators and government reports.” Read more here.

At this point, I believe both the left and the right are practicing “voodoo economics” (to quote Bush I) when it comes to the the United States’ economy and ever increasing debt. I’m sure that the close-to-correct numbers for either are somewhere in-between what the politician­s have been spouting to us. Of course, that is if we can actually truly discover what the in-between number is which could be anywhere between fact and fantasylan­d.

All I know is that I’m tired of the talking, the whining, the complainin­g, the pontificat­ing, the arguments, the fake outrage, the meetings, the commission­s, the soundbites­, the polls, and the town halls that Congress and our presidents have put us through year after year. Enough. We are not children who can’t handle bad news. We already know it’s bad, many of us are living proof. So stop wasting our time and do your damn job.
Longbox Graveyard

Marvel and DC comics and community

TIME

Current & Breaking News | National & World Updates

Black Girl in Maine

Musings of a black woman living in one of the nation's whitest states

The Daily Post

The Art and Craft of Blogging

The WordPress.com Blog

The latest news on WordPress.com and the WordPress community.

The World Commentary

An Asian American Perspective

Little by Listen

Breakin' it down one tune at a time

Splatter: on FILM

My view on films as I see them. Take it, laugh, share it, leave it. Above all, enjoy!

backtothemusic

time travelling through iTunes

the m0vie blog

an Irish nerd's eye look at the world of film

Hear! Hear!

Where there's more to "POP" than meets the ear!

O Totsy!

Ridiculously, It All Makes Sense

Tech

News and reviews from the world of gadgets, gear, apps and the web

The Thesis Whisperer

Just like the horse whisperer - but with more pages

Entertainment

What’s good, bad and happening, from pop culture to high culture