Posted by WARREN MOSLER on 2nd January 2010
Sums it up for 2009:
> Well, at least Obama is mobilizing support for something! As The Specials
> once sang, “Enjoy yourself. It’s later than you think.”
And notice how they are going to cut it:
By Elaine S. Povich and Eric Pianin
Dec. 31 (Fiscal Times)
The most vocal advocates of the idea are Senate Budget Committee Chairman Kent Conrad (D-N.D.) and Sen. Judd Gregg (R-N.H.), who this month jointly unveiled legislation to create an 18-member task force consisting of 16 members of Congress and two administration officials. Under the proposal, if at least 14 of the panel members reached agreement on how to rein in skyrocketing spending on Medicare, Medicaid and Social Security and reform the tax code, Congress would have to consider it immediately and give it an up or down vote, without amendment.
Obama and Democratic and Republican leaders agree that unsustainable entitlement spending and a massive accumulated public debt are threatening to undermine the nation’s economy and the U.S. credit rating abroad. Over the past year alone, public debt rose sharply from 41 percent to 53 percent of the economy, according to a study by the Peterson-Pew Commission on Budget Reform. But there is widespread disagreement on how best to respond.
Happy New Year to you all!