Hedge fund icon Stanley Druckenmiller sat down for a rare one-on-one interview with Bloomberg Television’s Stephanie Ruhle, saying that he’s decided to speak out now because he sees “a storm coming, maybe bigger than the storm we had in 2008, 2010.”
Druckenmiller said that the mushrooming costs of Social Security, Medicare and Medicaid, with unfunded liabilities as high as $211 trillion, will bankrupt the nation’s youth an pose a much greater [...]
Brace yourself. In coming weeks you’ll hear there’s no serious alternative to cutting Social Security and Medicare, raising taxes on middle class, and decimating what’s left of the federal government’s discretionary spending on everything from education and job training to highways and basic research.
“We” must make these sacrifices, it will be said, in order to deal with our mushrooming budget deficit and cumulative debt.
But most of the people who are making this [...]
Speaker John Boehner’s decision to pursue a fallback strategy has made it even more difficult to reach a comprehensive deficit reduction deal and raised the chances of going off the fiscal cliff, senior administration officials said.
Substantive talks have grinded to a halt since Boehner’s announcement Tuesday to pursue a Plan B bill that would raise taxes on income above $1 million, but does nothing to deal with across-the-board spending cuts [...]
from CNBC:
Talks to avoid the “fiscal cliff” showed little progress on Wednesday, with Republicans publicly rebuking the Obama administration and one House member saying “it’s getting worse, not better.”
At a morning press briefing, House Majority Leader Eric Cantor lashed out at President Barack Obama, saying “let’s stop playing games” and present a proposal to cut entitlement spending.
“We ask the president to please sit down with us and be specific and [...]
In his plans for jobs and the budget, the president is striking a more partisan tone
FOR a few days in July Barack Obama and John Boehner, the Republican speaker of the House of Representatives, flirted with the idea of a “grand bargain” to hold down entitlement spending while increasing tax revenue. This, they briefly hoped, might unite their parties behind a durable solution to America’s [...]
From HuffPost:
Boehner has also ruled out tax increases as part of a deal for grappling with the long-term deficit, despite appeals by Democrats to use revenue-increasing measures to avoid some program cuts.
On “Face the Nation,” Boehner invited President Barack Obama to join him in tackling entitlement spending, alluding to the House GOP budget that made major cuts to Medicare.
“Let’s lock arms and we’ll jump out of [...]
NEW YORK — Speaker John Boehner will call on Congress to offset a debt ceiling hike with spending cuts of a greater amount, an ambitious proposal that puts House Republicans on a collision course with Democrats who want much more modest spending restrictions attached to the vote.
“Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase,” Boehner plans to tell the Economic [...]
Via Pension Pulse.
On Sunday morning, I watched an interview on CNN’s State of the Union with Candy Crowley (see video below or click here to watch or click ). The interview was on the US economy and the guests were two two former directors of the Congressional Budget Office, Alice Rivlin who’s now a Brooking’s expert, and Doug Holz-Eakin, president of DHE Consulting, LLC.
Not surprisingly, both [...]
Worldwide governments have borrowed and spent huge percentages of their GDP in a puerile attempt to protect a criminal class that has looted the public and bribed the legislature – THE BANKS.
There was always a point where this would fail, but it is flatly impossible for anyone to know exactly where it was beforehand.
But mathematically, there was a point where it would fail.
The gamble that Bernanke, Trichet, Obama, Bush, Paulson, [...]
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