President Obama’s Big Deal: Cuts for Social Security but No Taxes for Wall Street

The ability of Washington to turn everything on its head has no limits. We are in the midst of the worst economic downturn since the Great Depression. Even though the recession officially ended two years ago there are still more than 25 million people who are unemployed, can only find part-time work, or who have given up looking for work altogether. This is an outrage and a tragedy. These people’s lives are being ruined due to the mismanagement of the economy.

And, we know the cause of this mismanagement. The folks who get paid to manage and regulate the economy were unable to see an $8 trillion housing bubble. They weren’t bothered by the doubling of house prices in many areas, nor the dodgy mortgages that were sold to finance these purchases. Somehow people like former Federal Reserve Board chairman Alan Greenspan and his sidekick and successor Ben Bernanke thought everything was fine as the Wall Street financers made billions selling junk mortgage and derivative instruments around the world.

When the bubble burst, one of the consequences was an increased budget deficit. This is kind of like two plus two equals four. The collapsing bubble tanked the economy. Tax revenue plummets and we spend more on programs like unemployment insurance and foods stamps. We did also have some tax cuts and stimulus spending to boost the economy. The result is a larger budget deficit.

All of this is about as clear as it can possible be. The large deficit came about because the housing bubble, which was fueled by Wall Street excesses, crashed the economy. Yet, we are constantly being told by politicians from President Obama to Tea Party Republicans that we have a problem of out-of-control spending.


http://www.cepr.net/index.php/op-eds-&-columns/op-eds-&-columns/president-obamas-big-deal-cuts-for-social-security-but-no-taxes-for-wall-street

their fucking wars and tax breaks for the wealthy. So they need to squeeze someone. K/R

We are a sick sick nation. Exceptions seem scarce.

:popcorn:

progressive needs to ask.

As soon as you realize that you have your answer.

...by saying one sentence, "John Bohner and the Republicans have
voted ten times to raise the debt ceiling. Now they've decided
to play games and create a false crisis--because they want to cut
Social Security--which by the way would NOT reduce the deficit or
the debt by one red nickle!"

But Obama doesn't, does he? Because he's in on the sick, disgusting,
charade.

They're all lying. They're all staging this----as a justification
for giving the too-big-too-fail corporate vampires every damn thing
they want.

They want the Bush tax cuts continued. They want to rob us of our
Social Security.

They'll get both. This is so outrageously repulsive. It's an unimaginable
act of violence against the people of this country.

but he wants it, so he continues on course. :grr:

They really need to stop being so damn greedy! Wall Streeters need their yachts washed and how the fuck are they suppose to pay for all that Diesel fuel they need for those Yachts? Come on old farts...suck-it-up! I hear Walmart is having a sale on Cat foooooooooooood...BOGO. And that medicine you need? Pay no attention to that. It's highly overrated. If your heart fails because you couldn't buy your meds....you'll never know it! You'll be DEAD. Suck-it-up you losers.

:sarcasm:

"Whatever. Pass the foie gras, and toss another teacher on the barbie. "