Video: Speaker Boehner’s Address to the Economic Club of New York on Jobs, Debt, Gas Prices
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Video: Paul Ryan unveils budget ~ Gen X is ready to take some pain, are you?
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Rep Ryan on Squawk Box this morning discussing his budget.
Gen X will be the first to hit the new Medicare Premium Assistance Program in 2022.
We always knew it would be us. At this point I am GLAD it is us. The Boomers don’t have the fortitude of their parents and all they do is consume.
Only the Thirteenth Generation aka Gen X, is prepared to sacrifice.
After all, we are used to it. We expected it. Hell, we have been waiting for the other shoe to drop on us since our first experience following Boomers, the Carter years, and then the pain of Volcker slaying inflation during Reagan’s recession. And don’t forget the FICA tax increase we got to pay for Boomers’ retirement, the $$ that is now-gone and which we will have to pay, again.
Fact is, we are a small enough generational cohort that the pols feel comfy shafting us, always have, always will.
Heaven forfend someone should ask the frakkin Boomers to share the pain. They still think they are God’s gift to the world.
So instead of righting the ship immediately, which we could do if the Boomers would give something up, we in Gen X will take the first hit.
So here we are, stepping up, ready to share the burden.
FIX IT NOW. CUT NOW. WE ARE READY.
We are the Eeyores of the current populace and we have always been ready to get the shaft, at least let us do it now so we feel we contributed something meaningful while we got screwed…
and PS-Thank you Rep. Ryan!
Andrew Stiles breaks out some numbers on NRO:
$6.2 trillion — Amount of spending cuts proposed relative to President Obama’s 2012 budget request.
$5.8 trillion — Amount of spending cuts proposed relative to the current CBO baseline.
2008 — Ryan’s plan would bring non-security discretionary spending to below 2008 levels (pre-stimulus, pre-bailout, pre-Obama).
20 percent — Target spending levels (as a percentage of GDP).
$4.4 trillion — Total deficit reduction over 10 years called for under the plan, compared to $4 trillion under Bowles-Simpson and just $1.1 trillion under Obama’s 2012 budget.
$4.7 trillion — Total debt reduction relative to Obama’s budget.
$178 billion — Amount of saving achieved in the Defense Department budget, per the recommendations of Defense Secretary Robert Gates, $100 billion of which would be reinvested, the rest used to reduce the deficit.
$750 billion — Total savings achieved through Medicaid reform, in the form of block grants to states, giving governors greater flexibility in their budgets.
2022 — Year that proposed Medicare reforms would take effect.
25 percent — The top tax rate proposed for both individuals and companies.
18-19 percent — Target revenue levels (as a percentage of GDP), in keeping with historic average levels.
$800 billion — Total amount of tax increases eliminated by repealing Obamacare.
1 million — Private-sector jobs created over the next year.
4 percent — Projected unemployment rate by 2015.
$1.5 trillion — Projected growth in real GDP over the next decade.
$1.1 trillion — Estimate increase in wages over 10 years, yielding an average increase in income of $1,000 per year for each American family.
10 percent — Proposed reduction to the federal workforce over the next three years.
$120 trillion — Total debt reduction by 2050 relative to Obama’s budget.
Update: Oh here we go, Boomers whining about not having enough to live in style in retirement. Cry me a frakkin river dudes, you spent it all and THEN some (and once again Gen X, following your shenanigans, got the 1st 10 yr run with no $$ in stocks) but dont worry your Berbanke is printing just as fast as he can so you can continue to take cruises every spring (until stagflation catches up to us).
Your idiotic brain trust picked out Obama to be POTUS! There are no more resources for you to consume! Jeebus, get a grip!
The 77 million-strong generation born between 1946 and 1964 has clung tenaciously to its youth. Now, boomers are getting nervous about retirement. Only 11 percent say they are strongly convinced they will be able to live in comfort.
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Weren’t we told Obama is our Spock? ST II WoK ‘The Needs of the Many’ FILK
Shout out to the brave souls who have stayed behind trying to stop the reactors from melting down~
Charlie Cook: health care reform is Obama’s Iraq War…
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The video of the interview we covered here. Everyone can see reality except the Democratic leadership. BUY A CLUE CRITTERS! No means No!
Update: Video added; Moderate Dems remove the beer goggles: Blanche Lincoln (D-AR) challenges Obama at Dem Q/A ‘No one in your administration knows how to make payroll”
Update: CSPAN has posted the Q/A, Boxer D-CA wants MORE liberal policy pushes, denial just ain’t a river in Egypt ya know?! and poor Blanche, (who is clearly forced to ‘rely on the kindness of strangers’ at this point) tries to tell Obama to push back against the lefties and get the party back on the middle path (h/t Buddha).
AWESOME!!! Look signs of life in the moderate Democrats! Coming out of their koolaide induced stupor waking up next to a neoprogressive, big government, tax and spend, trade war inducing, capital market killing leadership. Looking for video hope someone gets it up! Obama moseys on down to the Senate Dem conference and lectures them to walk on off that cliff! and ignore the American people cuz he knows best (he sure has some Daddy issues and IMO will patronizingly, condescendingly, arrogantly ‘father’ this country into a Depression if he continues to pursue these ass backwards economic plans)
The seminal moment of this morning’s q-and-a between Senate Democrats and President Obama was an extraordinary — and extraordinarily uncomfortable — exchange between Blanche Lincoln and Obama over the party’s left and right wings.
Obama, in professorial mode, had spent much of the first hour of today’s appearance instructing Democrats to stay his progressive course on health care and other key issues.
Lincoln, who faces serious competition in her ’10 re-elect — and a 27 percent approval rate in Arkansas — practically demanded Obama “push back in our own party… for people at the extremes.”
She added that “no one in your administration” understands how to make payroll.
Obama shot back hard, warning Lincoln, gently but firmly, that he had no intention of adopting the previous administration’s policies, cautioning, “I don’t know what would differentiate us from the other guys.” [quickie transcript]
“We should not be spooked,” he added.
Blanche Lincoln is the second canary in the Dem electoral coalmine (following MASS) and after polling miserably recently she is pushing back. Also on national security:
WH ‘Jobs Forum’ to feature ‘Green’ jobs sector leaders and labor, shockah!
Oh good gawd. Just CUT PAYROLL TAXES!! Just STOP THE HEALTH CARE BILL and Green regulations and taxing like crazy and small business will hire!
What will they do now, force Disney to paint their roofs white? Notice labor and green jobs are the focus here. And like 3 small business owners for good optics. Plus a bunch of academics, all of whom loved Obama in our primaries, like Stiglitz. Lord Help Us.
WHITE HOUSE ANNOUNCES JOBS FORUM HEADLINERS — An aide says Thursday’s forum “will have approximately 130 attendees for the jobs forum including small business owners, experts from green jobs sector, business leaders, academics, mayors and representatives from nonprofits.”
CONFIRMED ATTENDEES INCLUDE: Eric Schmidt, Google (MiM here-GOOG-the company has a 30% profit margin and uses more carbon than anyone else on the list but he is Obama’s buddy so there ya go); Randall Stevenson, AT&T; Surya Mohapatra, Qwest ; Frederick Smith, Fed Ex; Brian Roberts, Comcast; Bob Iger, Disney; James McNerney, Boeing; Andrew Livens, Dow; Peter Solmssen, Siemens; Stephanie Burns, Dow Corning;
Phaedra Ellis Lamkins, Green for All; Reed Hundt, Coalition for the Green Bank; Larry Mishel, EPI; Alan Blinder, Princeton; Paul Krugman, Princeton; Joe Stiglitz, Columbia; Bob Greenstein, Center on Budget and Policy Priorities; and Jeffrey Sachs, Columbia.
PLUS SMALL BUSINESS OWNERS, including David Ickert, Air Tractor; Woody Hall, Diversapack; and Rose Wang, Binary Group.
AND Anna Burger, Change to Win; Leo Gerard, United Steel Workers; Joe Hansen, United Food and Commercial Workers; Randi Weingarten, AFT; Mayor Frank Cownie, Des Moines; Mayor Julian Castro, San Antonio; and Mayor Ed Pawlowski, Allentown, Pa.
Update: Another blowout month for the Obama Budget- deficit bigger than forecast; Obama is no Big Dawg – deficit spending
Update: Ed at HotAir has the latest example of Obama’s utter failure as a fiscal moderate:
(…)The federal government kicked off fiscal year 2010 by posting its widest-ever October budget deficit, the Treasury Department said Thursday.
The $176.36 billion gap is more than $20 billion wider than the shortfall recorded in October 2008, driven up by lower tax receipts, stimulus-related revenue reductions and consistently high government outlays.
Treasury’s monthly budget statement shows receipts were $135.33 billion in October, down 18% from a year earlier and at the lowest level since October 2002. Meanwhile, outlays were $311.69 billion, down 3% from a year earlier and at their second-highest monthly level on record.
When revenues drop 18% and outlays only drop 3%, it’s not hard to hit record deficits. It’s roughly four times as large as September’s deficit, which closed out FY2009 with an annual deficit just under $1.4 trillion. September’s deficit of $46 billion will serve as a nostalgia point in the coming months of the FY2010 budget….
World Bank President gives markets reality check: ‘unemployment may cause loan defaults’ Gee ya think?!
Seriously. That is the CNBC headline: ‘Unemployment May Cause Loan Defaults in US’. Well that is a keeper for the No Shxt Sherlock files. In other news Water is Wet!
Since it is the World Bank President saying it and not we little people maybe the markets will BUY A FRAKKIN CLUE!
Stubbornly high joblessness threatens to trigger loan defaults and drag on consumption next year, hobbling a U.S. economy struggling to rebound from recession, World Bank President Robert Zoellick said Wednesday.
...”You’re going to have problems with delinquencies of credit card loans, consumer loans, people won’t be able to pay their mortgages,” Zoellick told reporters in Singapore. “Some banks are going to continue to be troubled by bad loans.”
Government stimulus spending will likely fuel economic growth through the middle of next year, Zoellick said. After that, consumer spending and business investment must take the baton to boost expansion, he said.
“If you’ve got large scale unemployment, if you’ve got consumers rebuilding savings and deleveraging, I don’t think the consumer is going to play that role,” he said. “What’s the other source of demand?”
Gee that sounds familiar! Cause we have been saying it here at MiM for OVER A YEAR!!
…Governments should execute existing stimulus packages, but hold off on implementing new ones, he said.
Asian authorities should consider ways to tighten monetary liquidity, such as raising interest rates, before asset price bubbles get out of hand, Zoellick said. Asian stock indexes and some property markets have soared since March….
Can you say China bubble? Hong Kong real estate bubble?
Moderate in the Middle 