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Turns out these bills are going to add another $130B to the debt in the next 1.5 years. So much for paygo...

Job creation is definitely better than UI. But, people paid into UI for their entire careers, so they deserve at least what they paid into it plus interest. UI isn't a handout or bailout.

Yes, the inflation argument is a good one. I'd also add that if property taxes skyrocket due to the ~100B deficit the states face right now, you are still on the hook for it if the house is paid off. Someone who has not paid the house can simply walk away/default and cut their losses. Someone...

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Well, he caved. Let's see how much more spending is classified as emergency now.

The point you are missing is that with Paygo rules, all new spending, including bailouts and military spending, will have to be paid for elsewhere. What Bunning is doing is trying to close the "emergency spending" loophole. Let's see what the senate decides to cut to pay for this.

I agree with Bunning. The "emergency measure" loophole needs to be closed before too many items are declared emergencies. As Reid mentioned, Bunning should have spoken up years earlier, though.

Yes, America would be better off long term if the budget were balanced now. 150B of the deficit went to pay bankers bonuses. At great portion of the deficit went to states by way of stimulus where it was wasted to keep employees who need to be laid off employed. At least 400B of the deficit...

How soon people forget... The budget was balanced just around 10 short years ago after almost 20 years of running deficits. Did we go into a depression? No. The opposite happened. The economy took off. The reason this happens is because of efficiency of debt expenditure. Without the...

This theory of constantly comparing US to countries that are deeply in financial trouble, in order to make us look good by comparison, is just about played out. Instead of comparing the US to Zimbabwe, Greece, or other countries near financial ruin, try contrasting our situation with Brazil...

A turning oint in this Country's history was when Ross Perot dropped out of the election back in 1992. He was actually ahead in the polls I believe. When he came back, people did not trust him anymore. If Perot had stayed in and won, we would have a viable three+ party system, as you speak...

As many anti-bailout/anti-stimulus posts as have been put on this site, there is no one cutting the Fed any slack. I'm sure Congress will make certain the financial industry feels a fair share of any burden from spending cuts and tax raises. Plus, keep in mind that Congress voted to...

Well, the key word is "credible". If the gov't produces another B.S., kick the can down the road debt plan, I'm sure the debt markets will not respond positively. Look at how Greece has to give exact implementation details for this year and the next in order for their plan to be accepted by...

Yeah, you are right. I was caught up in the moment when the Fed finally made the long overdue, and expected, admission.

The Fed is partly to blame for sure schizo. But, the problems now need to be fixed, regardless of their origin. I think it's time for some good, old fashioned, Bill Clinton economics: cut spending, raise taxes, and let the chips fall where they may.

Well rcaldwell, it seems that most capitalistic democracies these days are in the same boat. Where to run...where to hide...?

Also, kudos to the ET posters, like myself, who have been saying we were close to the day where debts and deficits "do matter" (sorry VP Cheney). It's hard to constantly debate people who believe the payback time for problems is always 5 to 10 years or more down the road.

He was reconfirmed. So he can finally speak the truth. Congress is up for election later this year, so I doubt they would cut spending and raise taxes. The key is whether the Fed's warning is too little too late...

Quote from Scataphagos: {{Shouldn't be all that difficult. All we need is ONE new thing or service... 1. Must be new enough that almost nobody has it already. 2. Must be so appealing, everybody feels it's a "must have"... willing to give up some other things in their lives to have the...

It seems that the stimulus money was just a trickle down scheme to keep local/state/federal govt's from having to lay off employees. If there was any left after the govt's took their cut, maybe it went to something practical in the private sector. So, the money was basically wasted as it...