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Tag Archives: debt ceiling

America In Decline | Noam Chomsky, In These Times (update)

Corporate power’s ascendancy over politics and society—by now mostly financial—has reached the point that both political organizations, which at this stage barely resemble traditional parties, are far to the right of the population on the major issues under debate. For the public, the primary domestic concern is unemployment. Under current circumstances, that crisis can be overcome only by a significant ...

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‘A Declaration of War on the Poor’: Cornel West and Tavis Smiley on the Debt Ceiling Agreement | Democracy Now

The veteran broadcaster Tavis Smiley and the author and Princeton University Professor Cornel West are in the midst of a 15-city, cross-country trek they have dubbed “The Poverty Tour: A Call to Conscience.” The tour comes on the heels of last week’s deficit agreement, which has been widely criticized for excluding a tax hike on the wealthy, as well as ...

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Paul Craig Roberts: The S&P Downgrade | CounterPunch

On Friday, August 5, the credit rating agency, Standard & Poors, downgraded US debt from AAA to AA+. Gerald Celente’s view that S&P’s downgrade of the US Treasury’s credit rating reflects a loss of confidence in the political system was confirmed by the rating agency itself. S&P explained the downgrade as the result of heightened political risks, not economic ones. ...

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America’s Real Job Creators are Broke | Jim Hightower via OtherWords

Despite the GOP’s ideological claptrap about corporate executives being “job creators,” it’s ordinary Americans who actually create jobs by spending from their paychecks. This is why our obtuse policymakers need to quit pampering the rich and fussing over budgets. Instead, they should launch a national, FDR-style jobs program that will immediately increase paychecks, perk up consumer spending, and generate grassroots ...

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Barbara Ehrenreich: America’s Tragic Decline — Resistance Bursts Out All Over the World, While We Do Nothing to Fight Corporate Takeover | AlterNet

Standard & Poor’s announced Friday it’s downgraded the U.S. credit rating for the first time in history. The move by S&P, one of three leading credit rating agencies, came just days after Congress approved a $2.1 trillion deficit-reduction plan. S&P called the outlook “negative,” indicating that another downgrade is possible in the next 12 to 18 months. Lowering the nation’s ...

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A GOP attack on the environment | latimes.com

House Republicans, especially those of the “tea party” ilk, think they know the cause of our country’s economic woes: environmental regulations. As a result, they loaded up the appropriations bill that funds the Interior Department and the Environmental Protection Agency with dozens of riders that would encourage deadly pollution of the air and water, set back efforts to reduce greenhouse ...

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Michael Hudson: War and Debt: The Debt Ceiling Debate That Didn’t Happen | CounterPunch

To begin with the most obvious question: If governments run up their debt in the process of carrying out programs that Congress already approved, why would Congress have yet another option to stop the government from following through on these authorized expenditures, by refusing to raise the debt ceiling? The answer is obvious when one looks at why this fail-safe ...

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US of Austerity: What $570 Billion Cuts Will Do to Our Water, Air, the Jobless, Children, the Elderly, and the Poor | AlterNet

The debt ceiling deal hammered out by President Barack Obama and congressional leaders and passed in the House on Monday afternoon makes deep, painful, and lasting cuts throughout the federal government’s budget. What’s on the chopping block? The numbers tell the tale. … What’s not in the deal could hurt too. In particular, EPI’s analysis estimates that not extending federal ...

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Amy Goodman: War, Debt and the President | Truthdig

President Barack Obama touted his debt ceiling deal Tuesday, saying, “We can’t balance the budget on the backs of the very people who have borne the biggest brunt of this recession.” Yet that is what he and his coterie of Wall Street advisers have done. In the affairs of nations, Alexander Hamilton wrote in January 1790, “loans in times of ...

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20 Protesters Arrested after Disrupting House Debt Debate | National People’s Action via Common Dreams

Demanding Speaker Boehner and GOP Stop Holding America Hostage and Start Creating Jobs WASHINGTON – August 2 – Expressing outrage over a debt ceiling deal that does not raise revenue, relies solely on spending cuts, including the potential for significant cuts to Medicare later this year, a group of 20 community leaders were arrested at the Republican House caucus meeting ...

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Sanders Votes No on ‘An Extremely Unfair Agreement’ | Common Dreams

WASHINGTON – August 2 – Sen. Bernie Sanders (I-Vt.) issued the following statement today after voting against what he called “an extremely unfair” deficit-reduction package: “I believe that Vermonters and people across the country are extremely dismayed that all of the burden for deficit reduction will fall on the backs of working families, the elderly, the children, the sick and ...

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