July 31, 2011
– Comments (7)
I see they've come to some kind of agreement to send to Congress.
Weren't credit agencies like S&P looking for a $4 trillion cut? I'm not sure this will prevent a credit downgrade...
Since a comlete spending freeze was scored as a $9 Trillion 'cut' (from baseline budgeting), anything less is just a somewhat-slower-than-astronomical continued increase in spending. And since we're already borrowing 40% of what we spend, we need to make real cuts now, not later. The current Congress cannot bind future Congresses anyway.
The supposed $2.4 Trillion in 'cuts' are $0.9T over 10 years and a 'commitment' to find $1.5T more over 10 years. Do they think we're stupid? This is practically a blank check on our children's account.
rfaramir, you mean if we give them $2.5 trillion now, and they promise to cut costs by that much over 10 years (with no mechanism to enforce it), that won't be a win-win situation? lol
Even if they did it, what about the rates of inflation? It doesn't work in any scenario.
I could go on and on but what is the point?
We had a balanced budget. Then we fought and are still fighting two wars we couldn't pay for. Soution, cut taxes.
We elected an idiot. Now we're paying for it.
Just raise the damn taxes and get it over with. Our children will thank us. If nothing else it will provide an incentive for cash hoarding corps like Apple to pay a dividend.
aptosjoe, maybe Obama should take Apple's cash to set everything right, lol
I went looking for a bit more on it. It looks pretty anemic to me. They've done practically nothing to figure out what to cut right now, most kicked down the road.
I don't see how the Medicare cuts have any teeth, there has been a yearly Medicare "patch" to undo proposed cuts every year for the last 10.