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Old 10-18-2013, 09:03 AM   #1
Rigs11
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Default Economy hurting

Do you blame this on obama now too?

Spending cuts are hurting economy

If you thought this year's cuts to preschoolers, senior meals and medical research were bad, get ready for more.

The two-week U.S. government shutdown may have ended and the U.S. didn't default on its debt. But the deal passed by Congress late Wednesday night allows the series of unforgiving budget cuts, also known as sequester, to continue through Jan. 15.

That's not good for the economy.

The nation has been operating on a shrunken budget, slashed by $80 billion in forced spending cuts since March 1. And already, the so-called sequester has dragged down economic growth, experts say.

As government workers returned to work Thursday, Defense Secretary Chuck Hagel warned employees that the economic pain could continue for his agency, because "Congress did not end the budget uncertainty that has cast such a shadow ... over this Department for much of the year."

The Bipartisan Policy Center too warned in a report this month that widespread economic pain is already beginning to kick in, as the money (or lack of it) is finally starting to pinch.
The brunt of the cuts have fallen in areas like medical and science research funding and services that help the poor, sick and elderly.

The sequester slashed 57,000 children this fall from the rolls of Head Start daycare and preschool programs, available for poor families nationwide.

About two-thirds of Meals on Wheels programs had to reduce the number of meals they served, by an average of 364 meals per week, a survey found.

The lack of government funds has also led to layoffs of hundreds of science and medical research jobs, according to a survey by the American Society for Biochemistry and Molecular Biology and 15 other scientific societies.

The cuts have also undermined federal public defenders' ability to defend those accused of federal crimes -- a constitutional right for people who can't afford a lawyer. Furloughs have delayed many cases -- prompting U.S. District Judge Richard George Kopf in Nebraska to declare: "It is time to tell Congress to go to hell."

The Bipartisan Policy Center suggests that if the cuts continue, economic impact on the defense industry will be double in 2014 what it was in 2013.

"The full brunt of the cuts hasn't hit, and if we go down the sequester path for too long, we won't be able to reverse the devastating impacts," according to the report.

Related: Congress needs to sit down and negotiate over a budget

Congress' deal ended the 16-day partial government shutdown, raised the government's ability to borrow and funded the government at the current, curtailed levels through Jan. 15.

The deal also directed Congress to appoint lawmakers to a conference committee to work out a budget deal for the rest of next year. That panel will decide whether sequester spending caps will continue past January.

Back in March, $85 billion in forced spending cuts kicked in. Since then, Congress gave special free passes to some agencies and industries, trimming sequester to about $80 billion in cuts. But the bulk of the cuts remain in place.

"We think if the sequester goes on for another four months, you'll have a substantial impact," said Steve Bell, a senior director at the Bipartisan Policy Center.



For defense in particular, the sequester cuts haven't been as tough as predicted, in large part because the agency's contracts can stretch out over several years. Many companies continue doing work for the U.S. government, based on contracts awarded years ago, defense experts say.

But that's about to change, warned the Aerospace Industries Association, a trade group for big defense contractors.

"The Pentagon will not have the option of using prior-year unobligated funds," the group warned in a sequester report released on Thursday. "Investment shortfalls of this scale and immediacy . . .will, over the next several years, force the defense industry to lay off thousands of employees."

http://money.cnn.com/2013/10/18/news...html?hpt=hp_t1
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Old 10-18-2013, 09:21 AM   #2
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The combination of the payroll [tax] hike and the [unemployment] benefit cuts amounts to about $200 billion of fiscal contraction at an annual rate, or 1.25 percent of GDP, probably with a significant multiplier effect. Add this to the effects of sharp cuts in discretionary spending and the effects of economic uncertainty, however measured, and I don’t think it’s unreasonable to suggest that extortion tactics may have shaved as much as 4 percent off GDP and added 2 points to the unemployment rate.

In other words, we’d be looking at a vastly healthier economy if it weren’t for the GOP takeover of the House in 2010.
http://krugman.blogs.nytimes.com/201...what-a-drag-2/
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Old 10-18-2013, 09:42 AM   #3
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Spending cuts are hurting economy.
Thanks for the information, my Google stock was up 100 bucks a share this morning and Face book is still going up. The government shutdown was a boom to some stocks if you know where to put your money and as Yogi would say “it looks like deja vu again” in three months.
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Old 10-18-2013, 09:43 AM   #4
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Thanks for the information, my Google stock was up 100 bucks a share this morning and Face book is still going up. The government shutdown was a boom to some stocks if you know where to put your money and as Yogi would say “it looks like deja vu again” in three months.
Ahh yes if stocks are the indicator of everything than why do you righties keep bringin up the unemployment rate?
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Old 10-18-2013, 10:51 AM   #5
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Ahh yes if stocks are the indicator of everything than why do you righties keep bringin up the unemployment rate?
"When life gives you lemons, make lemonade"
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Old 10-18-2013, 09:53 AM   #6
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Thanks for the information, my Google stock was up 100 bucks a share this morning and Facebook is still going up. The government shutdown was a boon to some stocks if you know where to put your money and as Yogi would say “it looks like deja vu all over again” in three months.
Took the liberty of fixing your errors. There were too many to ignore. You're welcome.
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Old 10-19-2013, 03:04 AM   #7
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Thanks for the information, my Google stock was up 100 bucks a share this morning and Face book is still going up. The government shutdown was a boom to some stocks if you know where to put your money and as Yogi would say “it looks like deja vu again” in three months.
There's not going to be another shutdown or threat of defaulting on our debt ceiling.at the end of the day Obama got what was best for the country and rethugs got nothing,except for the fact that shutdowns and/or debt default will be off the table in any future negotiations.
you got to realize that the entire shutdown/debt threat hinged on the false belief that Obama would cave, thankfully he didn't. with that being the case, there is no legitiment case to shutdown the gov. in the future. especially in an election year.

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Old 10-18-2013, 07:38 PM   #8
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Gallup: support for Republicans plummets


Have Republicans been unpopular before? Yes.

Have they been *this* unpopular before? No.

http://on.msnbc.com/GH0PYU


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Old 10-18-2013, 08:18 PM   #9
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Gallup: support for Republicans plummets


Have Republicans been unpopular before? Yes.

Have they been *this* unpopular before? No.

http://on.msnbc.com/GH0PYU


Republicans have been losing support since 2005, but supporters haven't been switching over to Democrats. People are losing faith in the political system in general. The conservatives are just doing it faster. Everybody used to support one party or the other, and the combined support would exceed 100%. In 2002, it was up to 116%. Many people supported both parties. Now it appears only 71% are still misguided.
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Old 10-19-2013, 06:28 AM   #10
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Republicans have been losing support since 2005, but supporters haven't been switching over to Democrats. People are losing faith in the political system in general. The conservatives are just doing it faster. Everybody used to support one party or the other, and the combined support would exceed 100%. In 2002, it was up to 116%. Many people supported both parties. Now it appears only 71% are still misguided.
no maybe not but your supporters are growing old and our youth isn't becoming republican. look at all the demographics, where are all the new rethuglican voters? no where. they may not be switching to dem but that isn't the problem. the problem is you're not gaining any new repubs./conservatives or liberatarians.
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Old 10-19-2013, 01:24 PM   #11
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no maybe not but your supporters are growing old and our youth isn't becoming republican. look at all the demographics, where are all the new rethuglican voters? no where. they may not be switching to dem but that isn't the problem. the problem is you're not gaining any new repubs./conservatives or liberatarians.
That's not a problem. It's a good thing that 29% (and growing) view both parties as unfavorable. There's still a chance a new party can rise up to oppose the established uni-party.
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Old 10-19-2013, 03:16 PM   #12
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That's not a problem. It's a good thing that 29% (and growing) view both parties as unfavorable. There's still a chance a new party can rise up to oppose the established uni-party.
so all of the sudden that 29% are all liberatarians/republican? liberals view both parties negatively, does that mean they are liberatarian or conservative? NO.
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Old 10-19-2013, 02:01 PM   #13
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the problem is you're not gaining any new repubs./conservatives or liberatarians.
I just noticed you lumped all Libertarians in with the Republicans.

Libertarians will have to find a new word because the Democrats stole Liberal, and the Republicans are stealing Libertarian. There are a growing number of advocates for peace and government reform. They oppose the crony establishment no matter what you call them. Who do you think is representing the growing percentage of people with unfavorable opinions of both parties?
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Old 10-19-2013, 03:10 PM   #14
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I just noticed you lumped all Libertarians in with the Republicans.

Libertarians will have to find a new word because the Democrats stole Liberal, and the Republicans are stealing Libertarian. There are a growing number of advocates for peace and government reform. They oppose the crony establishment no matter what you call them. Who do you think is representing the growing percentage of people with unfavorable opinions of both parties?
your dreaming. the only difference between liberatarians and rethugs is foreign policy. they are to the right of republicans when it comes to domestic policy which kills them among liberals. foreign policy alone isn't going to make a liberal forget his/her belief in SS/medicare or all things liberal domesticly.
rand paul,ron paul, and every other whack job out there are making sure of that. the people that hate both parties like you say are conservatives who think they aren't conservative enough.
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Old 10-19-2013, 09:01 PM   #15
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Who do you think is representing the growing percentage of people with unfavorable opinions of both parties?
Not Libertarians.
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Old 10-18-2013, 07:49 PM   #16
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Old 10-19-2013, 02:04 AM   #17
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Did Obama try and make a deal with repubs? As in give repubs some bones in return for some sequester budget changes? No? He said no deal, no deals, no dealio and played hardball. Once he did that the result he got was the best he could have hoped for.
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Old 10-19-2013, 06:19 AM   #18
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Did Obama try and make a deal with repubs? As in give repubs some bones in return for some sequester budget changes? No? He said no deal, no deals, no dealio and played hardball. Once he did that the result he got was the best he could have hoped for.
he tried but at every turn rethugs refused forcing a shutdown at which point Obama and dems had no choice but to hold firm and not negotiate. you don't negotiate anything when extortion is the tactic being used. if Obama would've caved it would've hurt his and every future presidency rethug or dem.
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Old 10-19-2013, 05:36 PM   #19
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I agree almost wholeheartedly with liberatarians on foreign policy regarding our involvement in other countries, but I can't disagree more with their domestic policy.
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