Tag Archives: Government debt

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CONGRESS WATCH Government Debt/Spending, US Congress Hitting $16 Trillion in National Debt, US Congress STIVERS BLOG: November 2012, US Congress FDNY Engine Arrives in Groveport, Emotions Run High, Joe Stoll, Channel 6 TV/US Congress

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CONGRESS WATCH Hitting $16 Trillion in National Debt, US Congress STIVERS BLOG: October 2012, US Congress FDNY Engine Arrives in Groveport, Emotions Run High, Joe Stoll, Channel 6 TV/US Congress Related articles Updates from Congressman Steve Stivers (theneteconomy.wordpress.com)

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CONGRESS WATCH Trends in the Distribution of Household Income, 1979-2007 CBO Testified on the Long-Term Budget Outlook Testimony on the 2012 Long-Term Budget Outlook Related articles Updates from Congressional Budget Office (theneteconomy.wordpress.com) Updates from Congressional Budget Office (theneteconomy.wordpress.com)

Romney: Debt is like ‘prairie fire’


By Rachel Streitfeld – In an appeal to middle America on Tuesday, Mitt Romney compared the national debt to a rapidly growing fire hurtling across a prairie.

“A prairie fire of debt is sweeping across Iowa and across the nation and every day we fail to act, that fire gets closer to the homes and the children we love,” Romney said.

Though Romney gave his speech in a state where, only months ago, the Republican presidential candidates battled for the support of conservative caucus-goers, on this trip Romney made an apparent bid for independent voters in the general election battleground. more> http://tinyurl.com/7stdxw9

Austerity and the End of the European Model


By Abraham Newman – Europe’s recent economic troubles have taken three different forms.

  • Some countries, such as Greece, face an old-fashioned debt crisis: Governments borrowed too much money during the boom and have no viable means of repaying it.
  • In other countries, such as Ireland, the financial crisis forced governments to bail out the banking sector and absorb its debts.
  • Still other countries, such as Spain, suffered a crisis of liquidity after bond purchasers demanded higher interest rates on government debt.

In the latter two, markets, not governments, were the primary culprits. But that has not stopped politicians in Germany and the Netherlands from singling out government — inefficient, bloated, and profligate — as the problem. The government in Athens has become the poster child of the austerity movement, but it only speaks to one of the causes of Europe’s current woes.

Austerity politics in Europe is not simply a short-term fight between the surplus countries in the center and the deficit countries on the periphery. It is a long-term political agenda that privileges lenders over debtors and capital over labor and, as such, should be seen through the lens of partisan politics. more> http://is.gd/SIXgFt

Europe now sees its financial crisis never really went away


By Robert J. Samuelson – The European “crisis” is back. Actually, it never went away — and won’t for many years. The problems are so deep and pervasive that there is no easy or obvious solution. Government debt and deficits in many countries are not sustainable, but the usual remedies of cutting spending and raising taxes — a.k.a. “austerity” — may make matters worse by deepening already severe recessions. Europe is caught in a trap that promises more political and social unrest.

The wonder is that, for a few months, there was a sense of complacency. more> http://tinyurl.com/bwuunvt

Europe’s Austerity Mirage


By Jean-Paul Fitoussi – THE way the Greeks and their government have been treated tells us a great deal about the way Europe is structured and the dangers that beset it. The technocratic leaders of Greece have lost the confidence of the people, who are rioting because the conditions attached to help from the rest of Europe are so stringent that Greece would be better off in the future without such “assistance.”

This is unfortunate because Europe has much better policy options. The crisis in Europe is more the consequence of an unbalanced Constitution than of an economic problem. In a nutshell, in Europe national debts are the responsibility of member nations, but the common currency is without a sovereign. more> http://is.gd/2g97uU