DC is doing nothing to fix the economy
There is no real movement in the White House or Congress to spur growth or job creation -- and lawmakers seem just fine with that.
The Washington Post reports that lawmakers have "all but abandoned efforts to help the economy recover faster." Why? Because there's no consequence from voters. Their inaction will not be punished.
Obama is not negotiating with Republicans in Congress on any laws to spur growth, Jim Tankersley reports. No "gangs" of senators are looking to craft joint job-creation bills.
Blame the dead weight of a lame-duck second presidential term. Blame the vehement infighting between congressional Democrats and Republicans. But you can also blame the wealthiest political donors, who feel like the stock market and the rest of the economy are doing just fine, Tankersley reports.
In fact, you could almost say that Congress has hurt the economy more than helped it lately. The payroll tax cut expired, leading many Americans to see smaller paychecks this year. The sequester has dragged down economic growth further.
Both sides of the aisle seem content to accept slow economic growth and an unemployment rate that is still too high. Without any action, this is the economy's new normal. Get used to it.
Economist Mark Thoma asks why the Federal Reserve isn't doing more to help the swollen ranks of the unemployed. The Fed could be doing more, Thoma writes in the Fiscal Times:
For example, the Fed could charge banks for holding excess reserves instead of paying them interest on those reserves as it does now. With such a penalty in place banks would have a much larger incentive to make loans, and some of the piled up reserves would leave banks and turn into new demand for goods and services. That’s just what the economy needs.
- Some of France's richest taxed at more than 100%
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I think we could have all guessed that this is the case.
It's rather obvious. I hear a big sucking sound coming from the D.C. area.......that's our way of life swirling down the drain...........
The sad part about what has happened to our country over the last 100 or so years (the fed was established in 1913, I believe) is that our founding fathers were smart enough hundreds of years ago to set up a Constitution designed to prevent the federal government from grabbing anywhere near this level of destructive power.
We just have somehow managed to forget what it was like to live under an oppressive government (back then it was Britain) and have allowed it to happen. We're learning again right now what an overreaching and oppressive government can do to a country and I think 95% of the people have NO CLUE how bad it's going to get VERY soon.
Sometime in the next few years, I'm not sure when, but at some point people will refuse to buy worthless TBills any more, and then it's GAME OVER. I'll be very sad to say "I told you so", trust me :(.
Corporations and wealthy people control Congress. As long as Bernanke keeps printing fiat money to drive the stock market high, the rich people are very happy and satisfied.
AS he continues to print money at a pace of $85 billion per month, the rally will continue, the rich will get richer, and the economy will appear to be doing fine. But pull away all of the artificial stimulus, and you will see that it was all an illusion.
If the country truly cared about the economy and unemployment, then we would have elected a different President in the last election.
America couldn't care less about the economy and seems more concerned about same sex marriage, gun control, immigration reform (amnesty), pretty much anything but the economy. Or else it would be a front issue.
85 billion per month is not making new jobs?The government has been telling us the stimulus is creating employment but we know that they are just worried about the super rich on wall street.Time to pull the rug out and let the chips fall where they may.
JEEZ, What a surprise. First of all politicians care about Three things: Hollywood, Wall Street and getting reelected.
They don't care about (however much they say they do when campaigning) Ma & Pa middle America.
There is only stimulus or any sort of encouragement from GOV. when the market is down.
Dow at a RECORD HIGH, S & P at RECORD HIGH. That's all that matters to any of them I don't care what party you belong to it's all the same. Meanwhile nobody cares that my Used to be 18 oz. jar of Skippy Peanut Butter is now 15 ounces and cost .80 cents more. GET IT THROUGH YOUR HEADS Nobody cares about you.
Where is OUR ARAB SPRING ?? Now I understand the "OTHER 99%. NO, I'm Not some wacko (lord knows there are plenty) a former REAL Republican who is just frustrated with all of them and nothing will change and this really is the downfall of America.
"Why? Because there's no consequence from voters."
No consequence? Have We, the People gotten so lazy? Or have we just given in to hopelessness?? A majority of Americans agree that this country is heading down the wrong path, yet we do nothing. I regularly e-mail my state congressman. While I know full-well that he is one of Obama's buddies and doesn't give a tinker's damn about the people of this state, I will continue to write. I will continue to help organise the people of this city in an effort to overturn some of the terrible laws that have recently gone into effect. Nothing will change unless we work together, and throw the criminals and imbeciles in DC out.
Woodrow Wilson warned us first, of the dangers posed after a temporary need for a stronger, more secretive central government in times of threat (war), and Daniel Patrick Moynihan echoed the strain post Vietnam. Several Presidents attempted to "unwind" the trend, but none have succeeded. During the cold war we ramped up our military incredibly, took on debt, based on extremely inaccurate estimates of the strength of the USSR, provided to the Executive Branch by the CIA. The opportunity to strengthen the USA financially, morally, and socially was stonewalled by the military / industrial complex that Eisenhower told us to fear.
At least now most of our policing of the world for our own interests is under the banner of the U.N., but it is still the taxpayers of the USA footing the bill.
Reagan Triple the Debt.
Bush Doubled the Debt.
Obama is on pace to Double the Debt, just like Bush.
Obama serves the same Corporate Masters, that Bush and Reagan served. Some people just refuse to admit it.
The question is: "Has Washington given up on fixing the economy?"
Answer: No. The economy (the public) has given up on fixing Washington.
Hmmm, thats a tough one.
...Um, when did they start ?
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[BRIEFING.COM] The IMF expressed its concerns before the start of today's trading that "excessive risk taking may be building up" with valuations for just about every major asset class looking stretched.
As one can see from the standing of the major indices, that warning went in one of the market's ears and out the other. Actually, we're not even sure it went in one ear. The market started with a bullish bias and has maintained that bias throughout today's session.
The ... More
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