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Downturn and Legacy of Bush Policies Drive Large Current Deficits — Center on Budget and Policy Priorities

The Center for Budget and Policy Priorities provides strong evidence and argument about current deficit, which has hampered economic recovery for the Obama administration, has it’s roots in Republican policies under the previous Bush administration and Republican obstructionism …

 

“Some lawmakers, pundits, and others continue to say that President George W. Bush’s policies did not drive the projected federal deficits of the coming decade — that, instead, it was the policies of President Obama and Congress in 2009 and 2010.  But, the fact remains:  the economic downturn, President Bush’s tax cuts and the wars in Afghanistan and Iraq explain most of the deficit over the next ten years — according to …”

More via Downturn and Legacy of Bush Policies Drive Large Current Deficits — Center on Budget and Policy Priorities.

Filed under: access to education, Blogosphere, Economic Recession, Election 2012, National Debt, News, Tax Policy, Unemployment, Vote, WeSeeReason, , , , ,

The Self-Destruction of the 1 Percent – NYTimes.com

IN the early 14th century, Venice was one of the richest cities in Europe. At the heart of its economy was the colleganza, a basic form of joint-stock company created to finance a single trade expedition. The brilliance of the colleganza was that it opened the economy to new entrants, allowing risk-taking entrepreneurs to share in the financial upside with the established businessmen who …

More via The Self-Destruction of the 1 Percent – NYTimes.com.

Filed under: access to education, Blogosphere, consumers, Culture Think, Economic Recession, Education Policy, Education Reform, Election 2012, National Debt, News, Parenting, Philanthropy, Political Economy, Public Policy, social protests, Tax Policy, Teacher Power, The 47%!, Unemployment, WeSeeReason, , , , , , ,

Downturn and Legacy of Bush Policies Drive Large Current Deficits — Center on Budget and Policy Priorities

Some lawmakers, pundits, and others continue to say that President George W. Bush’s policies did not drive the projected federal deficits of the coming decade — that, instead, it was the policies of President Obama and Congress in 2009 and 2010.  But, the fact remains:  the economic downturn, President Bush’s tax cuts and the wars in Afghanistan and Iraq explain most of the deficit over the next ten years — according to this update of our analysis, which is based on the Congressional Budget Office’s most recent ten-year budget projections (from August) and congressional action since we released the previous version of this analysis in May 2011.  (For a fuller discussion, see the technical note that begins on p. 6.)

The deficit for fiscal year 2009 — which began more than three months before President Obama’s inauguration — was $1.4 trillion and, at 10 percent of Gross …

More via Downturn and Legacy of Bush Policies Drive Large Current Deficits — Center on Budget and Policy Priorities.

Filed under: Banks, Blogosphere, Economic Recession, Election 2012, Job Sector, National Debt, News, Political Economy, propaganda and spin, , , ,

U.S. Sues Wells Fargo: Yet Another Bailed-Out Bank Accused of Fraud | Matt Taibbi | Rolling Stone

Earlier this year, Charlie Munger, who is billionaire Warren Buffet’s right hand at Berkshire Hathaway and a sort of self-proclaimed mad oracle of Wall Street, made some interesting comments. He bashed people who buy gold, delivering an all-time …

More via U.S. Sues Wells Fargo: Yet Another Bailed-Out Bank Accused of Fraud | Matt Taibbi | Rolling Stone.

Filed under: Banks, Blogosphere, Economic Recession, National Debt, News, ,

A Recovery from Great Recession Bypassing American Households – Pew Research Center

The median income of American households decreased by as much in the two years after the official end of the Great Recession as it did during the recession itself.

The latest estimates from the Census Bureau show that the median income for U.S. households in 2011 was $50,054. In 2009, the year the Great Recession ended, the median income of U.S. households had been $52,195 (in 2011 dollars). Thus, in the two years since the end of the recession, median household income has fallen by 4.1%.

A Recovery from Great Recession Bypassing American Households

The decrease in household income from 2009 to 2011 almost exactly equaled the decrease in income in the two years of the recession. During the Great Recession, the median U.S. household income (in 2011 dollars) dropped from $54,489 in 2007 to $52,195 in 2009, a loss of 4.2%. By this yardstick, the recovery from the Great Recession is bypassing most of the nation’s households.

via Daily Number: A Recovery from Great Recession Bypassing American Households – Pew Research Center.

Filed under: Blogosphere, consumers, National Debt, News, The 47%!,

Policy Basics: Where Do Our Federal Tax Dollars Go? — Center on Budget and Policy Priorities

The federal government collects taxes in order to finance various public services. As policymakers and citizens weigh key decisions about revenues and expenditures, it is instructive to examine what …

More via Policy Basics: Where Do Our Federal Tax Dollars Go? — Center on Budget and Policy Priorities.

Filed under: Blogosphere, consumers, National Debt, News, , , ,

Mitt Romney’s Federal Bailout: The Documents Pictures | Rolling Stone

To uncover the true story behind the Federal Deposit Insurance Corporation’s $10 million bailout of Mitt Romney and Bain & Company, Rolling Stone made a Freedom of Information Act request that forced the FDIC to release more than 500 of …

MORE via Mitt Romney’s Federal Bailout: The Documents Pictures | Rolling Stone.

Filed under: Blogosphere, consumers, Election 2012, National Debt, News, Political Economy,

America’s economy: Waiting for a boom | The Economist

THESE days, a rich country growth figure not preceded by a minus sign is a rarity worth boasting about. Britain and much of Europe are in recession. By contrast, America’s first quarter performance—a 2.2% annual rate of growth—looks positively …

MORE via America’s economy: Waiting for a boom | The Economist.

Filed under: Blogosphere, consumers, Economic Recession, Election 2012, National Debt, News, Public Policy, , ,

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