Representative Earl Blumenauer states an excellent deficit reduction policy

thediplomat2.0 · Jul 25, 2011

Just now, Oregon Represetative Earl Blumenauer made a good point on defense spending. He stated that there is no reason why we have to maintain military bases in Europe anymore, and that we should remove most of our troops from Europe. All I can say is I am in full agreement with him on this issue.

waltky · Aug 10, 2011

Bernanke throws up his hands...

Federal deficit tops $1T for third straight year
10 Aug.`11 WASHINGTON (AP) The nation's budget deficit has topped $1 trillion for a third straight year, adding pressure on Congress and the White House to make more progress a long-term plan to shrink the growing imbalance.

The Treasury Department says the deficit through July totals $1.1 trillion. Three years ago, that would have been a record high for the full year.

This year's deficit is on pace to exceed last year's imbalance of $1.29 trillion but fall short of the record $1.41 trillion set in 2009.

Record deficits have prompted President Obama and Congress to create a 12-member committee of lawmakers tasked with reducing the imbalance over the next decade by $1.2 trillion. If the panel splits and cannot agree on a plan, severe across-the-board spending cuts would go into effect automatically.

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Bernanke has thrown in towel on economy
August 10, 2011: Federal Reserve chairman Ben Bernanke looks how the market feels. Worries are growing about the global economy and the Fed's pledge to keep rates low until 2013 did little to calm investors.

Is the Federal Reserve waving the white surrender flag? It sure looks that way. The Fed made the unusual (and unprecedented) move on Tuesday to tell the market in plain English that it intends to keep rates near zero for the next two years! That is disappointing on many levels. First and foremost, it is a crystal clear sign from Ben Bernanke and other Fed members that they think the economic recovery (if one could still call it that) will remain tepid for a long time.

That is probably one of the reasons that the post-Fed euphoria on Tuesday afternoon on Wall Street quickly gave way to despair again on Wednesday. This is not good. The Great Recession may have technically ended in June 2009. But for many Americans, this current malaise is just an extension of the problems that first began to surface in 2007. Lost Decade anyone?

Yes, that's a Japan reference. And it's sadly apt. The Fed, by pledging to leave short-term rates "exceptionally low" for what will eventually amount to a four-and-a-half-year stretch, is essentially guaranteeing that long-term bond rates will remain persistently low -- just like in Japan.

The yield on the 10-year Treasury is at about 2.13%. Yields actually briefly touched the all-time low from December 2008 of 2.03% on Tuesday after the Fed announcement before bouncing back. Would it be any surprise if the 10-year soon had a 1 handle on it like there is for Japan's 10-year bonds? That would be extremely troubling. The time to emulate Japan's economy was in the 1980s. Not now.

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waltky · Aug 18, 2011

Obama havin' trouble in the polls...

Record-High 71 Percent Disapprove of How Obama's Handling Deficit, Says Gallup
Thursday, August 18, 2011 - In polling done a little more than a week after he signed legislation to lift the legal limit on the federal debt by as much as $2.4 trillion, the percentage of Americans saying they disapprove of the way President Barack Obama is handling the federal budget deficit hit an all-time high of 71 percent in the Gallup poll.

From Aug. 11-14, Gallup asked 1,008 American adults: "Do you approve or disapprove of the way President Obama is handling the federal budget deficit." Only 24 percent said they approved while 71 percent said they disapproved.

Obama's approval for handling the deficit fell 8 points, and his disapproval rose 8 points since the last time Gallup asked this question, which was in a survey conducted May 12-15. At that time, 32 percent said they approved of how Obama was handling the federal budget deficit and 63 percent said they disapproved.

Gallup has polled Americans on whether they approve or disapprove of the way Obama is handling the deficit a twelve times during Obama's presidency. In those twelve Gallup surveys, a majority has never said they approve of the way Obama is handling the deficit.

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Gallup: Only 29 Percent Approve of How Obama's Handling Creating Jobs
Thursday, August 18, 2011 - Only 29 percent of Americans say they approve of the way President Barack Obama is handling creating jobs, according to the Gallup poll.

In a survey conducted Aug. 11-14 and released yesterday, Gallup asked 1,008 Americans: "Do you approve or disapprove of the way Barack Obama is handling creating jobs?" Only 29 percent told Gallup they approved while 65 percent said they disapproved.

In July, according to the Bureau of Labor Statistics (BLS), the national unemployment rate in the United States was 9.1 percent.

In January 2009, when Obama was inaugurated, unemployment was at 7.8 percent according to the BLS. Since then, it has never been below 8.2 percent. According to the BLS, the national unemployment rate has been above 9 percent for 25 of the 30 months that have passed since Obama's inauguration.

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Representative Earl Blumenauer states an excellent deficit reduction policy

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Representative Earl Blumenauer states an excellent deficit reduction policy

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