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A Deficit of Confidence
Author: BobR
Date: 08/26/2011 12:49:59
Disappointment... disillusionment... anger... These are the emotions the electorate is currently feeling after the national embarrassment that was the debt ceiling battle. Something so mundane got escalated to a pissing match of immense proportions, and nearly brought down our (and possibly the global) economy. In the smoldering wreckage of the aftermath, our credit rating got downgraded by S&P, and even Moody's gave us a guarded outlook for the future.
Recent polling shows that Congress fared worse than the president, and the Republicans fared worst of all:
This is not the stuff of heady re-election campaigns - this is a "vote the bums out" mentality. The coming election will be a newcomer's dream, and most House Reps will be on the defensive.
Raising taxes will be inevitable (regardless of what form they take and how they're labeled). It's only possible to cut government spending so much. Even Ron Paul (R-TX) gets it, saying (about services cuts) "these problems are going to be with us and I am just afraid there will be people in the streets like there have been in other countries when they don’t get what they want..." This gets to the point of the reality that when government spending is cut, so too are the things we take for granted.
AFL-CIO President Rishard Trumka had some choice words about the budget deficit talks and plans. He urged the White House to focus on job growth, not the deficit. There is truth to that, because with job growth comes income tax revenue, which will help reduce the deficit. Unfortunately, he also said:
It's completely untrue that the President offered to cut Social Security; in fact, it's quite the opposite. I understand the frustration of seeing vital programs trimmed down while the rich enjoy historically low tax rates, but if you are going to make persuasive arguments, they must be based in fact.
Senator Bernie Sanders (I-VT) is pushing a bill to raise the cap on Social Security taxes to help fund it into the future. It's a simple thing that the Republicans will most certainly hate and fight against, once again reinforcing their reputation as obstructionists. The GOP has also been warning Fed Chairman Ben Bernanke to not do another round of quantitative easing, which will gooses the economy by making more money available. Improving the economy is just not on the Republicans' agenda when there's campaign hay to be made.
There is some positive news, though. The TARP program (hated by Libertarians and Tea Partiers) recovered another $900M in the first 6 months of this year. That means that of the $413B actually disbursed from the program, $314B (or 76%) has been recovered. So the next time some politician rails against TARP, saying we gave away nearly a trillion dollars in taxpayer money, the reality is that less than $100B is actually outstanding, and that number continues to shrink.
THAT'S how you protect the economy and the taxpayers. Republicans take note.
Recent polling shows that Congress fared worse than the president, and the Republicans fared worst of all:
- Disapproval with Congress's performance: 87%
- Favorable Approval of Congress: 12%
- Trust Republicans with the economy: 40%
- Trust Democrats with the economy: 43%
- Trust neither party with the economy: ~ 30%
- Want House members voted out: 53%
- Want their own House Rep voted out: 65%
- Approval of Speaker Boehner:
- Republicans: 47%
- Independents: 20%
- Overall: 29%
- Support the Tea Party: 25%
This is not the stuff of heady re-election campaigns - this is a "vote the bums out" mentality. The coming election will be a newcomer's dream, and most House Reps will be on the defensive.
Raising taxes will be inevitable (regardless of what form they take and how they're labeled). It's only possible to cut government spending so much. Even Ron Paul (R-TX) gets it, saying (about services cuts) "these problems are going to be with us and I am just afraid there will be people in the streets like there have been in other countries when they don’t get what they want..." This gets to the point of the reality that when government spending is cut, so too are the things we take for granted.
AFL-CIO President Rishard Trumka had some choice words about the budget deficit talks and plans. He urged the White House to focus on job growth, not the deficit. There is truth to that, because with job growth comes income tax revenue, which will help reduce the deficit. Unfortunately, he also said:
"This is a moment that working people and quite frankly history will judge President Obama on his presidency; will he commit all his energy and focus on bold solutions on the job crisis or will he continue to work with the Tea Party to offer cuts to middle class programs like Social Security all the while pretending the deficit is where our economic problems really lie..."
It's completely untrue that the President offered to cut Social Security; in fact, it's quite the opposite. I understand the frustration of seeing vital programs trimmed down while the rich enjoy historically low tax rates, but if you are going to make persuasive arguments, they must be based in fact.
Senator Bernie Sanders (I-VT) is pushing a bill to raise the cap on Social Security taxes to help fund it into the future. It's a simple thing that the Republicans will most certainly hate and fight against, once again reinforcing their reputation as obstructionists. The GOP has also been warning Fed Chairman Ben Bernanke to not do another round of quantitative easing, which will gooses the economy by making more money available. Improving the economy is just not on the Republicans' agenda when there's campaign hay to be made.
There is some positive news, though. The TARP program (hated by Libertarians and Tea Partiers) recovered another $900M in the first 6 months of this year. That means that of the $413B actually disbursed from the program, $314B (or 76%) has been recovered. So the next time some politician rails against TARP, saying we gave away nearly a trillion dollars in taxpayer money, the reality is that less than $100B is actually outstanding, and that number continues to shrink.
THAT'S how you protect the economy and the taxpayers. Republicans take note.
Comments:
Order comments Newest to Oldest Refresh Comments
Comment by 
wickedpam on 08/26/2011 13:09:52
wickedpam on 08/26/2011 13:09:52
Morning 
So here's to hoping Sexy Liberal comes to DC in the spring
So here's to hoping Sexy Liberal comes to DC in the spring
Comment by 
Raine on 08/26/2011 13:16:05
Morning!
It probably will- I really don;t think they will be coming here in the winter.
Are you all prepped for the weekend MAla?
Raine on 08/26/2011 13:16:05
Quote by wickedpam:
Morning
So here's to hoping Sexy Liberal comes to DC in the spring
Morning!
It probably will- I really don;t think they will be coming here in the winter.
Are you all prepped for the weekend MAla?
Comment by wickedpam on 08/26/2011 13:18:51
Winter has become dicey here - never used to be.
Not to worried about the weekend really, getting the backyard preped for the small loose flyaway items but mostly I'm just hoping my hair appointment isn't cancalled on Sunday
wickedpam on 08/26/2011 13:18:51
Quote by Raine:Quote by wickedpam:
Morning
So here's to hoping Sexy Liberal comes to DC in the spring
Morning!
It probably will- I really don;t think they will be coming here in the winter.
Are you all prepped for the weekend MAla?
Winter has become dicey here - never used to be.
Not to worried about the weekend really, getting the backyard preped for the small loose flyaway items but mostly I'm just hoping my hair appointment isn't cancalled on Sunday
Comment by 
Mondobubba on 08/26/2011 13:38:15
Mondobubba on 08/26/2011 13:38:15
Greetings from storm ravaged Northeast Florida.
Comment by Raine on 08/26/2011 13:48:51
You get a few bands of the storm?
Raine on 08/26/2011 13:48:51
Quote by Mondobubba:
Greetings from storm ravaged Northeast Florida.
Comment by Mondobubba on 08/26/2011 13:50:48
There was a storm at about 4:35. It is overcast at the moment.
Mondobubba on 08/26/2011 13:50:48
Quote by Raine:You get a few bands of the storm?Quote by Mondobubba:
Greetings from storm ravaged Northeast Florida.
There was a storm at about 4:35. It is overcast at the moment.
Comment by Mondobubba on 08/26/2011 13:51:28
Mondobubba on 08/26/2011 13:51:28
Fugalsang! Stop hating on "The Wreck of the Edmund Fitzgerald!"
Comment by Raine on 08/26/2011 13:53:29
ahhhh....
Raine on 08/26/2011 13:53:29
Quote by Mondobubba:Quote by Raine:You get a few bands of the storm?Quote by Mondobubba:
Greetings from storm ravaged Northeast Florida.
There was a storm at about 4:35. It is overcast at the moment.
Comment by Mondobubba on 08/26/2011 13:54:08
Mondobubba on 08/26/2011 13:54:08
Wow! Glenn Beck is getting his antisemitism on!
Comment by Mondobubba on 08/26/2011 13:54:54
And the low pressure has caused my sinuses to balloon up in my head.
Mondobubba on 08/26/2011 13:54:54
Quote by Raine:ahhhh....Quote by Mondobubba:Quote by Raine:You get a few bands of the storm?Quote by Mondobubba:
Greetings from storm ravaged Northeast Florida.
There was a storm at about 4:35. It is overcast at the moment.
And the low pressure has caused my sinuses to balloon up in my head.
Comment by Raine on 08/26/2011 13:54:58
Raine on 08/26/2011 13:54:58
Is Beck
still in Israel???
still in Israel???
Comment by Mondobubba on 08/26/2011 13:57:58
Mondobubba on 08/26/2011 13:57:58
Poor Momma. I feel her pain.
Comment by 
Scoopster on 08/26/2011 13:58:27
Scoopster on 08/26/2011 13:58:27
Mornin' all & Happy 'Canemageddon Friday! 
Comment by Mondobubba on 08/26/2011 13:58:29
Apparently. Please let there be a kidnapping.
Mondobubba on 08/26/2011 13:58:29
Quote by Raine:
Is Beck
still in Israel???
Apparently. Please let there be a kidnapping.
Comment by Raine on 08/26/2011 14:00:11
Raine on 08/26/2011 14:00:11
Happy 19th Ammendment day!!!
Comment by wickedpam on 08/26/2011 14:06:29
Don't wish for bad stuff I throughlty believe that is swings back at some one
wickedpam on 08/26/2011 14:06:29
Quote by Mondobubba:Quote by Raine:
Is Beck
still in Israel???
Apparently. Please let there be a kidnapping.
Don't wish for bad stuff I throughlty believe that is swings back at some one
Comment by wickedpam on 08/26/2011 14:10:05
wickedpam on 08/26/2011 14:10:05
Comment by Mondobubba on 08/26/2011 14:10:11
:hair flip, gum crack: WhatEVER.
Mondobubba on 08/26/2011 14:10:11
Quote by wickedpam:Quote by Mondobubba:Quote by Raine:
Is Beck
still in Israel???
Apparently. Please let there be a kidnapping.
Don't wish for bad stuff I throughlty believe that is swings back at some one
:hair flip, gum crack: WhatEVER.
Comment by Raine on 08/26/2011 14:10:15
Raine on 08/26/2011 14:10:15
Alan grayson talking about the Four Freedoms!
Comment by Mondobubba on 08/26/2011 14:11:01
Mondobubba on 08/26/2011 14:11:01
The Fair Rebekah called me dude!
Comment by Scoopster on 08/26/2011 14:11:12
HAPPY BIRTHDAY MONDOOOOOO! 
Scoopster on 08/26/2011 14:11:12
HAPPY BIRTHDAY MONDOOOOOO!
Comment by Mondobubba on 08/26/2011 14:29:14
Mondobubba on 08/26/2011 14:29:14
EYE BLEACH! Where is my eye bleach!
Comment by wickedpam on 08/26/2011 14:31:04
wickedpam on 08/26/2011 14:31:04
Yes! Happy B-Day Mondo!!!!!
Comment by wickedpam on 08/26/2011 14:53:21
wickedpam on 08/26/2011 14:53:21
Mondo!
Comment by Raine on 08/26/2011 14:53:32
Raine on 08/26/2011 14:53:32
MONDO!!!! Nicely played, Sir!
Comment by Mondobubba on 08/26/2011 14:54:56
Thank you, thank you very much!
Mondobubba on 08/26/2011 14:54:56
Quote by Raine:
MONDO!!!! Nicely played, Sir!
Thank you, thank you very much!
Comment by wickedpam on 08/26/2011 14:55:58
wickedpam on 08/26/2011 14:55:58
okay - John its really not that funny
Comment by 
BobR on 08/26/2011 14:59:01
BobR on 08/26/2011 14:59:01
work getting in the way of writing a blog. Anyway, here are a couple fun videos to keep you occupied:
Doggy reunion after a year apart
Doggy reunion after a year apart
Comment by BobR on 08/26/2011 15:01:38
BobR on 08/26/2011 15:01:38
oh, and
HAPPY BIRTHDAY MONDO!!
Comment by wickedpam on 08/26/2011 15:05:12
wickedpam on 08/26/2011 15:05:12
Doggy reunion made me 
Comment by Raine on 08/26/2011 15:22:27
Me too. That baby is so happy to have Momma back!
Raine on 08/26/2011 15:22:27
Quote by wickedpam:
Doggy reunion made me
Comment by 
Will in Chicago on 08/26/2011 15:27:27
Will in Chicago on 08/26/2011 15:27:27
Good morning, bloggers!!!
First things first:
HAPPY BIRTHDAY MONDO!!!!
I hope that all my friends along the East Coast will be fine this weekend. I missed Beck's remarks, but I am not surprised. I have more respect for carnival barkers than for Glenn Beck.
First things first:
HAPPY BIRTHDAY MONDO!!!!
I hope that all my friends along the East Coast will be fine this weekend. I missed Beck's remarks, but I am not surprised. I have more respect for carnival barkers than for Glenn Beck.
Comment by Raine on 08/26/2011 15:27:59
Raine on 08/26/2011 15:27:59
President speaking on Hurricane Irene now. www.Whitehouse.gov/live
Comment by Raine on 08/26/2011 15:29:34
Raine on 08/26/2011 15:29:34
Hope for the best, prepare for the worst.
Comment by Will in Chicago on 08/26/2011 15:40:52
Will in Chicago on 08/26/2011 15:40:52
Media matters on Glenn Beck. Well, sorry, Mr. Beck -- Jews will define themselves. The Israeli people will decide what to protest, and what terms to come to regarding the Israeli-Palestinian conflict. Please take your patronizing attitudes and go for a walk -- preferably on top of the Sea of Galilee. Make sure to wear swim trunks.
Comment by Will in Chicago on 08/26/2011 15:46:13
Will in Chicago on 08/26/2011 15:46:13
Here is the Media Matters piece on Glenn Beck and his allies in Israel:
Glenn Beck Embraces A Kahanist
Glenn Beck Embraces A Kahanist
Comment by Will in Chicago on 08/26/2011 15:48:38
Will in Chicago on 08/26/2011 15:48:38
The stuff from Beck's rally is also an amusing read. Restoring Hyperbole: Beck's Jerusalem Rally Will Be "A Planet Course-Altering Event",
If pride goes before a fall, Glenn Beck may leave a hole in the ground to put the Grand Canyon to shame.
If pride goes before a fall, Glenn Beck may leave a hole in the ground to put the Grand Canyon to shame.
Comment by Will in Chicago on 08/26/2011 15:51:26
Will in Chicago on 08/26/2011 15:51:26
Here is an editorial from Haaretz, an Israeli liberal daily, that looks at Beck, his American allies, and his allies on the extreme Right in Israel:
The extreme Israeli right's alliance with lunatics
The extreme Israeli right's alliance with lunatics
Comment by Mondobubba on 08/26/2011 15:52:18
Mondobubba on 08/26/2011 15:52:18
:looks Missy right in the eye: I love you you are a sweet loving kitty, BUT STOP PAWING AT ME!!!!!!!
Comment by Mondobubba on 08/26/2011 15:53:20
Glenn has touched a nerve, Will?
Mondobubba on 08/26/2011 15:53:20
Quote by Will in Chicago:
Here is an editorial from Haaretz, an Israeli liberal daily, that looks at Beck, his American allies, and his allies on the extreme Right in Israel:
The extreme Israeli right's alliance with lunatics
Glenn has touched a nerve, Will?
Comment by 
livingonli on 08/26/2011 16:01:58
livingonli on 08/26/2011 16:01:58
Good morning everyone.
Happy Birthday Mondo!
I got a kitty in my room who wanted some attention but now she's chilling back and watching me type.
Happy Birthday Mondo!
I got a kitty in my room who wanted some attention but now she's chilling back and watching me type.
Comment by Will in Chicago on 08/26/2011 16:23:16
One of the deepest divisions in Israel and the larger Jewish community is over the question "Who is a Jew?" According to many of the ultra-Orthodox, Reform Jews, Conservative Jews, Reconstructionist Jews and others are not truly Jews. Beck is supporting those who hold such views.
The historical Zealots were Jews who did not want any compromise with Rome to end the rebellion some 1900 years ago. They even went as far as killing those who were trying to find a peaceful way to end the siege of Jerusalem. Later Jewish scholars hold the Zealots as being partially responsible for the death and suffering that happened at the fall of the Second Temple. One of my rabbis (Reform) explained that the reason that until very recent times, Jews trace membership in the Jewish community by the mother dates from that time. Essentially, the Roman legions used rape as a weapon and the Rabbis of the period ruled that the Jewish community should treat any child of a Jewish mother as a full member of the community. (In recent times, the Reform movement has ruled that a child of a Jewish parent of any member can be considered part of the community if the parents chose.)
I fear that Glenn Beck is an American Zealot, aligned with Christian Zealots and Jewish Zealots -- who may each unwittingly bring harm to what they love. May they not bring the sort of disasters that the original Zealots wrought.
Will in Chicago on 08/26/2011 16:23:16
Quote by Mondobubba:Quote by Will in Chicago:
Here is an editorial from Haaretz, an Israeli liberal daily, that looks at Beck, his American allies, and his allies on the extreme Right in Israel:
The extreme Israeli right's alliance with lunatics
Glenn has touched a nerve, Will?
One of the deepest divisions in Israel and the larger Jewish community is over the question "Who is a Jew?" According to many of the ultra-Orthodox, Reform Jews, Conservative Jews, Reconstructionist Jews and others are not truly Jews. Beck is supporting those who hold such views.
The historical Zealots were Jews who did not want any compromise with Rome to end the rebellion some 1900 years ago. They even went as far as killing those who were trying to find a peaceful way to end the siege of Jerusalem. Later Jewish scholars hold the Zealots as being partially responsible for the death and suffering that happened at the fall of the Second Temple. One of my rabbis (Reform) explained that the reason that until very recent times, Jews trace membership in the Jewish community by the mother dates from that time. Essentially, the Roman legions used rape as a weapon and the Rabbis of the period ruled that the Jewish community should treat any child of a Jewish mother as a full member of the community. (In recent times, the Reform movement has ruled that a child of a Jewish parent of any member can be considered part of the community if the parents chose.)
I fear that Glenn Beck is an American Zealot, aligned with Christian Zealots and Jewish Zealots -- who may each unwittingly bring harm to what they love. May they not bring the sort of disasters that the original Zealots wrought.
Comment by BobR on 08/26/2011 16:40:03
BobR on 08/26/2011 16:40:03
Blog is up! - sorry for the delay...
Comment by livingonli on 08/26/2011 16:45:58
livingonli on 08/26/2011 16:45:58
Bernie Sanders should have an I tag since he is considered an independent who happens to caucus with the Democrats.
Comment by Raine on 08/26/2011 16:57:07
I walked away -- but I have to say this, When I hear people talk about wanting Sanders to Primary Obama -- I am quite happy to remind them that he isn't a Dem...
That isn't a knock at all -- it is just fact.
In other news, I went outside and just got eaten alive by mosquitoes,
Raine on 08/26/2011 16:57:07
Quote by livingonli:
Bernie Sanders should have an I tag since he is considered an independent who happens to caucus with the Democrats.
I walked away -- but I have to say this, When I hear people talk about wanting Sanders to Primary Obama -- I am quite happy to remind them that he isn't a Dem...
That isn't a knock at all -- it is just fact.
In other news, I went outside and just got eaten alive by mosquitoes,
Comment by Raine on 08/26/2011 16:57:23
YAY!
Raine on 08/26/2011 16:57:23
Quote by BobR:
Blog is up! - sorry for the delay...
YAY!
Comment by Mondobubba on 08/26/2011 17:11:19
Mondobubba on 08/26/2011 17:11:19
back from the lye-berry. It is humid even by Florida standards.
Comment by Mondobubba on 08/26/2011 17:34:49
About the who is a Jew question, my cousin who when her husband started a spiritual reawakening that ultimately brought him (and her) to his current socialist/orthodox Jewish sect (Will any insight here) converted to Judaism, so that their kids would be Jewish. I know that there are folks out there that don't considered her a Jew. I find this laughable because my cousin and her husband can be annoyingly Jewish (I don't mean this as insult, Will).
Thanks for bringing me up to speed on the Zealots as well. I've been sort of aware of this rather unholy alliance as it is part of the plot "The Yiddish Policeman's Union."
Mondobubba on 08/26/2011 17:34:49
Quote by Will in Chicago:Quote by Mondobubba:Quote by Will in Chicago:
Here is an editorial from Haaretz, an Israeli liberal daily, that looks at Beck, his American allies, and his allies on the extreme Right in Israel:
The extreme Israeli right's alliance with lunatics
Glenn has touched a nerve, Will?
One of the deepest divisions in Israel and the larger Jewish community is over the question "Who is a Jew?" According to many of the ultra-Orthodox, Reform Jews, Conservative Jews, Reconstructionist Jews and others are not truly Jews. Beck is supporting those who hold such views.
The historical Zealots were Jews who did not want any compromise with Rome to end the rebellion some 1900 years ago. They even went as far as killing those who were trying to find a peaceful way to end the siege of Jerusalem. Later Jewish scholars hold the Zealots as being partially responsible for the death and suffering that happened at the fall of the Second Temple. One of my rabbis (Reform) explained that the reason that until very recent times, Jews trace membership in the Jewish community by the mother dates from that time. Essentially, the Roman legions used rape as a weapon and the Rabbis of the period ruled that the Jewish community should treat any child of a Jewish mother as a full member of the community. (In recent times, the Reform movement has ruled that a child of a Jewish parent of any member can be considered part of the community if the parents chose.)
I fear that Glenn Beck is an American Zealot, aligned with Christian Zealots and Jewish Zealots -- who may each unwittingly bring harm to what they love. May they not bring the sort of disasters that the original Zealots wrought.
About the who is a Jew question, my cousin who when her husband started a spiritual reawakening that ultimately brought him (and her) to his current socialist/orthodox Jewish sect (Will any insight here) converted to Judaism, so that their kids would be Jewish. I know that there are folks out there that don't considered her a Jew. I find this laughable because my cousin and her husband can be annoyingly Jewish (I don't mean this as insult, Will).
Thanks for bringing me up to speed on the Zealots as well. I've been sort of aware of this rather unholy alliance as it is part of the plot "The Yiddish Policeman's Union."
Comment by Mondobubba on 08/26/2011 18:49:49
Mondobubba on 08/26/2011 18:49:49
Now I fully understand my sense of dread for the past couple of days. It isn't my worrying about my friends & loved ones security and safety as Irene threatens the East Coast. No, it is Michele Bachmann being in Duval County. No more than 25 or so miles from where I sit.