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debt ceiling

Are Social Security Cuts Really Off the Table?

The 'deal' reached by Congress this month in an attempt by grownups in the House to keep the children from shooting us all in the collective foot, promised to spare programs like Social Security and Medicare from utter anhiliation. Even the newly-elected, self-appointed, scrooge-like guardians of the purse claimed they were really trying to save Social Security. Do they now value and embrace the most successful social program in the world or is this just another route to waging war on social services? 

 

 

While most rational people understand that Social Security is prohibited from

Debt Ceiling Deal: Beats Dying!

The Teahadists were fully prepared to pull the trigger of the gun they held to the economy in order to ensure their dual hatred of government and the taxes that fund it became prevailing public policy.

 

 

The real beneficiaries of their extortion are the richest corporations, whose profits are at an all-time high, and the wealthiest individuals, whose tax rates are the lowest in 80 years. Warren Buffet will continue paying less taxes than his secretary, and GE get to keep skirting the payment of corporate taxes.

 

 

As a result of cutting $2.4 trillion over the next 10 years, less

This is No Time to 'Dine and Dash.'

Investors and economists are watching the debt-ceiling debate with growing alarm, and some view default as committing economic suicide.

Robert Greenstein, founder and president of the Center on Budget and Policy Priorities, describes two dangers:
 
  • Forcing the layoff of thousands of government workers, which takes their buying power out of the economy.
     
  • Since it would raise all interest rates, default would increase the payments in every adjustable-mortgage and small-business loan, and even increase the federal deficit itself.  [read the rest]