A Crisis is a Terrible Thing to Waste—Why Raising the Debt Ceiling Has to Include Deficit Reduction
There has been a lot of noise—and there assuredly will be a lot more—over how, when and with what strings attached the Federal government should raise the $14.3 trillion debt ceiling. Republicans see the borrowing authorization as a golden opportunity to force major deficit reduction upon a reluctant President, maybe even enact the beginnings of a balanced budget act. Uber budget hawk Grover Norquist suggested, perhaps tongue in cheek, that Congress pass pay-as-you-go increases in the debt ceiling—say, raise the limit for two months at a time and link each increase to modest budget cuts. http://bit.ly/lQ7mxy
The Debt Ceiling & the Missed Opportunity in Social Media
Like many Americans I have become fed up with the debt ceiling debate. How many more articles do we need to read about potential solutions that go nowherein the contentious nature of today’s Washington? The situation got so out of hand that President Obama and House Speaker Boehner spoke directly to the American people to drive support for their plans. The President specifically said “I’m asking you all to make your voice heard. If you want a balanced approach to reducing the deficit, let your member of Congress know.” Calls and emails to the White House and Congress surged, but it seemingly has had little impact, if any at all.
Deficient Deficit Reductions
The recently passed debt ceiling deal, the Budget Control Act of 2011, is already being attacked for its deficiencies. The bill was a necessary short-term fix for raising the debt ceiling to prevent a governmental default. However, it does not adequately address long-term fiscal problems. Reflecting the deal’s inadequate fiscal reduction plan to stabilize the government's debt, Standard & Poors downgraded the US credit rating from AAA to AA+.
Job Creation? With The American Jobs Act, It’s Still A Game Of Chance.
In early September, President Obama asked Congress to pass the American Jobs Act, a bill that would call for $447 billion to create jobs. Immediately Republicans were opposed to the idea as the proposal itself asks for higher taxes on the top earners in the US who are responsible for creating jobs as well. If that’s not enough, Starbucks has teamed with the Opportunity Finance Network for the “Create Jobs for USA” initiative, which designed to help small business to create jobs and stimulate the economy.
Job Creation? With The American Jobs Act, It’s Still A Game Of Chance.
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In early September, President Obama asked Congress to pass the American Jobs Act, a bill that would call for $447 billion to create jobs. Immediately Republicans were opposed to the idea as the proposal itself asks for higher taxes on the top earners in the US who are responsible for creating jobs as well. If that’s not enough, Starbucks has teamed with the Opportunity Finance Network for the “Create Jobs for USA” initiative, which designed to help small business to create jobs and stimulate the economy.
Cutting Through the Spin: What Obama’s Budget Reveals
By Charles Kadlec
This blogpost originally appeared on Forbes.com, February 20, 2012.
The federal budget is a dense document totaling hundreds of pages of numbers. Yet, for all of the digital precision, the use of various “base line” budgets, numbers that span 11-year time frames and other arcana known only to Washington insiders and budget mavens obscure more than they reveal about what the federal government is up to.
To cut through the haze and spin, I chose to focus on President Obama’s “Proposed Budget”, and to compare all projections with actual 2011 levels. I came away with four observations:
