Intermarkets' Privacy Policy
Support


Donate to Ace of Spades HQ!





Recent Entries
ę Prepare For A Shock: NYT, WaPo Indulge in Apologetics For Operation Gunwalker; Pretty Sure They've Found The Real Villain (Darrel Issa) | Main | Obama Re-Elect Number Drops Below 50% Ľ
June 22, 2011

Behold The Genius Of Democrats: They Want MORE Spending As Part Of The Debt Reduction Deal ADDED: Bonus DOOM!

When all you have is a hammer, every problem looks like an opportunity to spend money we don't have.

Democrats' demand for new stimulus spending is at odds with the work of negotiators, led by Vice President Joe Biden, who are trying to find trillions of dollars in savings as part of a deal that would allow Congress to sign off on new government borrowing before the U.S. runs out of money to pay its bills.

Those talks, which resumed on Wednesday, have largely focused on spending cuts over the next 10 years. Senate Democrats want the deal to include more money for highway construction, a payroll tax cut and clean-energy subsidies to bring down the 9.1 percent unemployment rate.

"Get the recovery right before you get in this deficit-cutting mode," Assistant Senate Democratic Leader Dick Durbin told reporters. "Get people back to work. Let's start moving in that direction."

Republicans, who favor deep spending cuts, said that idea was not likely to go far in the Biden-led talks.

"They're not talking about spending money in there. That's not what they're trying to do," said Ryan Patrimina, spokesman for Senator Jon Kyl, one of two Republicans participating in the talks. Many Republicans view President Barack Obama's 2009 stimulus package as an $830 billion failure.

Many Republicans? If only there were some way to demonstrate the so-called "stimulus" was failure under the terms laid out by Obama himself. Perhaps if it were done graphically, it would look something like this.

It's almost as if Democrats are idiots and don't quite get it. Of course they really believe this and think it's an economic and political winner for them. So, good luck with all of that.

Meanwhile, the Federal Reserve announced today there's no way in hell Obama is going to be reelected next year (I'm paraphrasing there).

According to the Fedís economic projections, unemployment will take longer to come down than forecast in April, hitting 7.8 to 8.2 percent at the end of 2012, rather than 7.6 to 7.9 percent.

...The new projections will give an indication of whether Fed leaders expect the weakness to persist into next year.

Growth has slacked off, unemployment ticked up, fuel prices fallen and financial markets have become jittery since the April Fed meeting. Leaders appear skeptical that further intervention, such as another round of Treasury bond purchases, would do much more for the economy. The Fedís response is to maintain super low interest rates for an extended period and to keep more than $2 trillion in bonds on its balance sheet.

What's that word again? Oh right....DOOM.

Oh, I forgot to mention the CBO has a report out today on the size of the debt. Basic take away....we are in a word...SCREWED.

Within 10 years, debt will exceed 100% of GDP. By 2037, it would be more than double the size of the economy.

That scenario, as dreadful as it is, is wildly over-optimistic, because it doesnít account for the effect of rising debt levels on interest rates and the economy.

Want more? Sure! There's always room for more DOOM!

What did the so-called "stimulus" get us, oh not much.

According to CBO projections, before Obamaís stimulus became law, federal debt equaled 36 percent of GDP and was projected to decline slightly over the next few years. Instead, thanks in large part to the stimulus, debt reached 62 percent of GDP by 2010.

You can argue whether or not Obama and the Democrats set out to destroy America, the simple fact is they have.


digg this
posted by DrewM. at 06:27 PM

| Access Comments




Recent Comments
ConservativeMonster: "[i] Posted by: Weirddave at April 19, 2014 11:25 ..."

baldilocks: "They weren't all innocent, someone was firing back ..."

KT: "NativeNH, if you're still in the North, pick an ok ..."

sven10077: "73  Nevergiveup at April 19, 2014 11:24 AM (t ..."

Vic[/i]: "56  WeirdDave, if you know anyone who has a e ..."

Angel with a sword: "The warm up has arrived in NE IA. We've been busy ..."

sven10077: " 70 baldilocks at April 19, 2014 11:22 AM (36 ..."

Michael the Hobbit: "I was on the phone phone with a client in Oklahoma ..."

Hrothgar: "Posted by: phoenixgirl @phxazgrl at April 19, 2014 ..."

Kreplach: "My main problem is that McVeighs actions were a on ..."

Weirddave: "[i]Go fuck yourself. Posted by: Insomniac at Ap ..."

Vic[/i]: "On a much lighter note, for those of you who like ..."

Recent Entries
Search


MuNuvians
Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
News/Chat
Archives
Powered by
Movable Type 2.64