Video: Paul Ryan unveils budget ~ Gen X is ready to take some pain, are you?
Vodpod videos no longer available.
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.
1st collector for Video~ Paul Ryan unveils budget~ Gen X is ready…
Follow my videos on vodpod
Update 5: Senate makes a deal, UE extension for all for 14 weeks; UE extension held up: Senate debates how many workers should be eligible; Schumer says UE extension vote to come this week; WSJ: WH & Congress negotiating to extend portions of stimulus, including unemployment extension and Employer subsidies of COBRA coverage…
10/23 See Update https://moderateinthemiddle.wordpress.com/2009/10/23/unemployment-update-senate-cloture-vote-on-unemployment-extension-next-tuesday/
Update 6: WSJ covers the Senate proposal:
Senate Democrats on Thursday introduced legislation that would extend by 14 weeks unemployment insurance benefits for jobless Americans in all 50 states.
It would offer an additional six weeks of federal assistance for unemployed people in the hardest-hit states with unemployment rates above 8.5% over a three month period….
Update 5: Okay the Senate has cut a deal to extend UE for everyone not just states over 8.5% UE rate, for 14 weeks, but when will they pass the bill and git r done?. Also, still on the table:
Senate Democrats reached a deal Thursday to extend the benefits an additional 14 weeks in every state. Both proposals are paid for by extending a federal unemployment tax.
Also on the table: extending subsidies for laid-off workers to help them keep the health insurance their former employers provided, known as COBRA. The current program, which covers workers laid off through the end of the year, costs nearly $25 billion.
Congressional leaders haven’t settled on the length of an extension, or how to pay for it.
They are trying to buy off Seniors with a check by increasing..SS PAYROLL TAXES!!!!!
Several bills would issue extra payments to the more than 50 million Social Security recipients, to make up for the lack of a cost-of-living increase next year. One bill would set the one-time payments at $250, matching the amount paid to Social Security recipients and railroad retirees as part of the stimulus package enacted in February.
The payments would cost about $14 billion and would be paid for by applying the Social Security payroll tax to incomes between $250,000 and $359,000 in 2010. Currently, payroll taxes apply only to the first $106,800 of a worker’s income.
Now the Senate is holding up the UE extension arguing over how many people to cover. What new madness is this! But they are fine pushing through a bazillion dollar health care bill? And now they worry about cost on UE extensions??
Man let’s just bark at the moon, it’s probably as effective as calling these whackadoodles on the Hill but here is the linky to look up your Senator if you need a UE extension, call them..
*Ozzy courtesy of jman19428
MiM meets Congressman Mitchell…
Rep. Harry Mitchell (D-AZ) School Flag Raising Ceremony
Congressman Harry Mitchell made an appearance at the flag raising ceremony for our elementary school this morning. Rep. Mitchell has not held any townhalls. He had 2 telephone townhalls but they were prescreened questions. We took the opportunity today to meet with the Congressman, express our opinions and objections to HR 3200. We made sure Rep. Mitchell knew we were 22 and 24 yr Dems most unhappy with the current trajectory of this Congress and WH and sick of the out of control spending.
Update: TOTUS throws Larry Summers unda da bus; will reappoint Ben Bernanke head of Fed manyana…
Update 2: Rally fizzled but we stayed positive, DOW closes up 30+…
Update: TOTUS just made the announcement. Ben thanked his colleagues at the FED and thanked TOTUS for backing a STRONG and INDEPENDENT FED.
BWAAAAHAAAA!!!!! Another TOTUS promise broken, Larry Summers must be eating his liver..you KNOW the ONLY reason he wasn’t named Sec of Trez was because head of the FED was promised to him….
…As the nation’s top financial authority, Geithner will inherit oversight of the Bush administration’s $700 billion bailout for Wall Street and a U.S. economy struggling with recession.
He will be flanked by former Treasury chief Lawrence Summers, who will head Obama’s National Economic Council. Analysts say this appointment puts Summers in line to succeed Ben S. Bernanke as chairman of the U.S. Federal Reserve in 2010….
WSJ –Several options were on the table, including naming Mr. Obama’s top economic adviser, Lawrence Summers, as Fed chief. Mr. Summers, the gruff, brilliant economist, would likely have run up against resistance on Capitol Hill, too.
Privately, many economists including Fed officials worried that Mr. Summers’ sharp-tongued style could undermine the collegial halls of the Fed…
IMO TOTUS was informed that in light of the new deficit projections to be released tomorrow, the ONLY way China would feel comfortable continuing to purchase our ENDLESS debt issuance was under Bernanke going forward. Ben being seen as a non-political appointment, having gained his position under GWB, and having earned his chops these past 9 months…
Oct 2008 Economic Club: Tim and Ben (Reuters Photo / Lucas Jackson) Tim demonstrates Paper Beats Rock economic plan..
And that is because Bernanke WILL IMO take the steps necessary to tighten when recovery is imminent, thus avoiding the HYPERinflationary Carteresque scenario…
Thanks China! Are you having fava beans and a nice Chianti with that liver Larry?
Larry Summers was SHOCKED to learn of Bernanke's reappointment, as he had slept through the team meeting...
We should have a killer rally tomorrow! I may have to get out my DOW 10,000 hat if Gentle Ben will be in that chair for another term…it was the idea of Summers calling the shots at the Fed when we needed to tighten that really freaked me out….still a double dip IMO but one we can correct with Ben at the helm…
President Barack Obama will announce Tuesday that he is nominating Ben Bernanke for a second four-year term as chairman of the Federal Reserve, White House Chief of Staff Rahm Emanuel said.
Mr. Emanuel said Mr. Obama will make the announcement from Martha’s Vineyard Tuesday. He said the president credits Mr. Bernanke for “pulling the economy back from the brink of depression.”…
The amazing Snowball (TM) courtesy of BirdLoversOnly rescue organization
Obama Economic Team 'Vogues' last November
WH-OMB releases budget forecast adds another 2 TRILLION to deficit- from 7 T to 9 Trillion
Breaking on FOX: A-HA!!!! This is EXACTLY what we figured, they were holding back the damn GINORMOUS DEFICIT HIT hoping to ram through Healthcare in July before this data came out. Here is our post from July 20th outlining exactly this scenario. Frakkers. J’accuse!!!! They KNEW this was coming and were going full steam ahead (and still are) trying to add ANOTHER MASSIVE spending plan on TOP of this?? WTF?? Recall CBO said the BIG COSTS in the HR3200 health care bill are AFTER the 10 year mark…(deliberately built that way to try and escape notice of the general public, since the WH has to report a 10 yr window)…
Breaking on FOX NOW….
So much for the crystal ball.
In a report next week, the Obama administration will increase its 10-year budget deficit projection to roughly $9 trillion, an increase of about $2 trillion from the previous projection, a senior administration official told Reuters on Friday.
The 2010-2019 cumulative deficit projection replaces the administration’s previous estimate of $7.108 trillion, said the official, who is familiar with the plans.
“The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year,” Reuters quoted the unnamed official as saying….
The media did a lot of hyping ahead of this release about how THIS YEARS deficit is actually lower than forecast. O-yay o-Yay. Sadly that is due to them not giving as many bailouts as projected (ie housing plan funds of 50 billion are still sitting, and Fannie and Freddie are waiting to ask for 30 billion more until after this deficit number was released (their last money grab was a mere 8 months ago), wouldn’t want to frak up all the projections in the same report would we? Might lead the public to think we are up a stream with a madman at the helm….
We get the CBO numbers next week, no wonder TOTUS is off the tv and going on vacation….
UPDATE: WH Issues Stmt…New Taxes on the Middle Class? Whatever it takes says Turbo Tax Timmeh…
Update: 8/3 1:34 pm EST: CNBC has statement from the WH: “would not make sense to raise taxes on middle class, the President’s commitment is pretty clear on that…” (no word on the commitment of Timmeh, Summers and China who is buying our debt as TOTUS spends…)
Gee maybe they should get the memo to Geithner and Summers then….maroons…particularly since Geithner just told China we would reduce the deficit…As we noted in our discussion of UE extension this morning:
Larry Summers and Tim Geithner were chattering about MIDDLE CLASS TAX HIKES, ‘well the money has to come from somewhere for health reform’ Summers says...
…Rather, Mr. Summers told CBS News’s “Face the Nation” that key to controlling the deficit were elements of the Obama economic program, “the first and more important” one being “substantial reform of the health-care system.” But he said the proposed health overhaul needs funding from somewhere…”
One more time, we CANNOT spend like this without raising taxes. SO STOP SPENDING CRITTERS! We CANNOT afford the health care bill now…or cap and trade…or rainbow unity ponies and kickbacks for all and sundry…stop spending..
Original post after the break:
ALERT: Blue Dogs roll AGAIN say they have a deal on health care…..per Fox…
frakkers.
Courtesy of Paintblob
Politico has it up:
Energy and Commerce Committee Chairman Henry Waxman (D-Calif.) has cut a deal to reconvene his committee and vote on the Democrats’ sweeping health care bill, with a goal of completing work by the time lawmakers leave town for the summer on Friday.
There won’t be a vote before the full House before the August recess, but the committee breakthrough – after tense negotiations with Blue Dog Democrats – is a significant step for the Democrats. …As a result of the deal, party leaders have agreed to put off a House vote until the fall, giving members more time to digest the legislation — and opponents more time to attack it.
The Blue Dogs also succeeded in cutting $100 billion from the overall cost of the bill, bringing the total price tag under $1 trillion. The legislation will now exempt small businesses with a payroll greater than $500,000 from paying for any government-sponsored health coverage – double the $250,000 in the initial draft. And finally, under the terms of the deal Ross announced, doctors and other health care providers will be allowed to negotiate their payment rates with the government-sponsored health care arm.
Moderate in the Middle 