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Joe Nocera, op-ed columnist for the New York Times, discusses the latest news out of Washington and previews the upcoming week in politics.
Martin, the race baiting bigot is obviously off his meds again.
@Joyce from NYC
Your lost buying power is more a matter of your income NOT keeping up with the growth in GDP rather than its NOT keeping up with CPI.
Since the Kennedy Administration, GDP has been growing approx 2% faster than wages, as such the AVERAGE worker commands 20% less in goods and services from the economy than the MINIMUM wage worker of 1963.
The fact that the pie has grown faster than the slices is an artifact of America's upper class (yes, we have one) fighting to regain what they perceived themselves to have lost and buying tax policy to accommodate the theft.
Personally, I think John McCain has some nerve threatening Democrats about "turnabout is fair play." Who started this whole thing? Republicans--when President Obama first came into office, threatening to block everything the President wanted to do. And they have. Republican's should have thought about that "turnabout" thing back then. Democrats could decide to block everything the next Republican President does. But Democrats wouldn't do that. They are for their constituents first, but the Nation overall.
Joe. Expert on nothing. Spokesperson for everything.
American currency is only 'risk-free' until holders decide that the guarantee of endless money printing is not worth the decline in value. A buyer of US assets should be encouraged that our government is still capable trying to manage its balance sheet. Once that debate is permanently silenced, the worlds 'reserve currency' will quickly collapse.
Lots of TP dough coming in to support the Lonegan candidacy but the candidates own voice is his worst enemy. Booker in a walk (+5 or more). Any takers?
I don't disagree that the Tea Party likes to portray itself as composed of "outsiders", they owe their financial - and therefore actual - existence to wealthy conservative support, notably the Koch brothers, among others.
I also liquidated my portfolio to cash. These guys are nuts and you never know what they will do. I cannot believe that there is not a legislative way to override a tiny fraction of the country holding the world economy hostage.
Let's tell the truth here.
Why do we keep going into more debt? This is a rich country.
And what is the consequence? Since 1970, the dollar has lost 90% of its value (my $300 per month apartment is now $3,000, a $3,000 automobile is now $30,000, etc. etc.
How are we going to get out of this debt? Easy, devalue the dollar another 90%, and 90% of the debt goes away. And so does 90% of my pension.
There is no government shutdown! THE GOVERNMENT ANNEXED THE COMMONS.THEY COULD PAY FOR ANYTHING BY "PRINTING" MONEY LIKE BANKS DO FOR THEMSELVES NOW.
Oh Martin, Obama tried the good guy stuff in the first 4 years (remember the team of rivals?), and was totally rebuffed. Many shouters like yourself will never like him cuz of his color. He learned a quick lession -- politics is not a collaboration; it's a competitiion. And now the Repugs are losing, bigtime, so I can see why you'd think what you write. Sore loser! Now, just wait for 8 years of Hillary. Then you'll be wanting Obama back. You sure you don't want to move to europe now?
Yes, but the sequester is nothing compared to a default.
I'm surprised that the observation, "threatening suicide is not an effective strategy" hasn't come up.
The threat is to break the main economic agreements our economic relationships are based on, to "opt out" of he world economy. How's that a "strategy"?
The Tea Party is a convenient name to slap on anyone you don't like. Its a school of thought...but if they exist they had no hand in 40 years of debt.
Is there any reason (technically, not referring to dysfunction) why we can't have a law that requires Congress to raised the debt limit to cover Congress' spending AT THE TIME the budget or spending is enacted into law?
we don't have the money 9and haven't for 40years) we default everyday
Question for Joe: What should I do? Should I have a pocket full of cash to see me through x number of months/weeks? Will I be able to go to ATM and get cash? Will my credit card still work? Are my E bonds, maturing over the next few years, still be good?
Recession, or we might be talking depression. This can get out of control.
To NOT paraphrase Dubya because he was too much of a gentleman to say it-
"Only 1193 days until the most divisive and vindictive "President" in history is back on a Chicago street corner smoking cigarettes - in a hoodie, no doubt."
This is really scary, there will be large problems, obviously, if we default.
how is this not unconsitutional? Please see the video of the C-span presentation of the info by rep chris van hollen challenging the 'special rule' http://gawker.com/why-dont-the-democrats-in-congress-just-force-a-vote-on-1444565935 bc the repubs made a special rule ONLY letting boehner or cantor to officially bring up a bill to end the shutdown on the house floor
and the original post: http://thinkprogress.org/justice/2013/10/10/2764321/on-eve-of-shutdown-house-gop-rigged-the-house-rules-to-prevent-democrats-reopening-government/
btw, some dems voted for it too: Ron Barber (D-AZ2)John Barrow (D-GA12)Collin Peterson (D-MN7)Mike McIntyre (D-NC7)Sean Maloney (D-NY18)Daniel Maffei (D-NY24)Jim Matheson (D-UT4)
It is time to see the latest instances of Republican obstructionism for what they are - the last gasp of a dying party giving head to its more reactionary fringes. The game now has turned to an accusation that "the President has failed to prioritize...". This is a death of thousand cuts and an attempt to control the majority through extortion. It does show gonads on their part but not much brains. The country saw its failure already in the attack on the Benghazi embassy which came after the House had cut $450M from the State Dept security budget for two years. "HRC failed to prioritize and ignored warnings...". Right. The recession that inaction on the budge incurs is on the GOP's head. Plain and simple.
Like natural disasters -- the sequester, partial government shutdown and failing to raise the debt ceiling hurt those with means and resources far less than those without. No sweat for a member of the donor class.
The GOP insistence that balancing the budget come BEFORE job creation is a simple strategy that has broad appeal - even though it is based on poor economics and guarantees that the suffering (that the GOP caused btw) will last longer than it otherwise would. The borrowing would go on longer than it otherwise would.
The GOP insistence that balancing the budget will be achieved by cuts and no increases in revenue is also a case of wishful economics and against the better judgement of the American people. FICA cap needs to go up; capital gains on foreign investment needs to be reduced or eliminated; corporate subsidies need to be reduced; Internet sales need to be taxed if only to give back lost revenue to the states. These are a few sources for additional revenue that the GOP blocks.
Yet, we put up with the tail wagging the dog and let a minority of half of one branch of government illegally stop the proper work of our government.
To paraphrase Dubya, "386 days until the people who brought down this government will hear from us!"
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