by Robert Oak, Wed Feb 28, 2007 at 07:37:20 AM EST
Cross posted at Dailykos
The United States is giving us away and she's doing it through incredibly bad trade policy. Since 1993, we have over $5 TRILLION dollars in trade losses. Pause for a second and contemplate that number. If you stacked silver dollars to 5 trillion you would have a height 28,305,000 times taller than the Empire State building.
That is INSANE!
If that fact boggles your mind, hold onto your seat, for the next graph dropped my jaw....
by skeptic06, Fri Dec 22, 2006 at 05:27:43 AM EST
It was a Hammond Organ tremelo-ing tribute to divided government: the Clinton budget surplus.
Then Bush spent it all - and far more - on his friends and his wars to produce today's bloated debt.
So much for the water under the bridge: what are the Dems going to do about it?
by sethco, Tue Mar 28, 2006 at 11:08:24 AM EST
It looks like Congress is taking an accounting lesson from the Enron playbook. The Center on Budget and Policy Priorities reports that members of the House and Senate are contemplating some budgetary sleight of hand to mask problems in last year's tax cut reconciliation bill by generating short term revenue while causing increased long term deficits.
The proposal would induce taxpayers to move savings from traditional IRAs to Roth IRAs, which would generate additional revenues in the short run, but would reduce revenues and increase deficits after 2015. This maneuver is an effort to circumvent the Senate rule prohibiting budget reconciliation from increasing long-term deficits by including tax cuts or entitlement spending increases that are not offset in years beyond the budget window. It would undermine respect for, and the effectiveness of, budget procedures intended to promote long-term fiscal responsibility.
Not only is this bad economic policy, pushing the country further into debt, it appears to be in violation of a Senate rule prohibiting long term deficit increases.
That Senate rule prohibits use of reconciliation legislation to increase the deficit in any year outside of the period to which the reconciliation process applies, which is from fiscal year 2006 through fiscal year 2010 for the pending tax-cut reconciliation measure.
Of course, under Republican leadership, if you preside over a three month, $1.8 Trillion debt increase you get a promotion.