Obama's Proposed Budget

[bk1998]

Then: Congress tries to pass the mess from the above by Oct 1. If it's anything like last year, we'll be riding more continuing resolutions... which we are still doing. This is ridiculous.


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The CR aspect isn't really that wild. Seems to happen every year to us in DoD.

Heading to the hill to brief brand new HAC and SAC staffers in the next few weeks on our 12 submission is going to be interesting. FY 11 being in flux makes any kind of analysis on 12 that much harder. I expect quite a laundry list of due outs.

[conviction]

Reading comperhension is a great tool. Let's revisit:

"Doesn't matter, it is one of many that have a significant $$ when looked at as a whole. "

Read what i said, not what you want me to say. First you ask for an example - i provide one. Then you ask me to expalin its significance - and i do.

It's all about the big picture. And this has been 10 years in the making.

Please understand, I'm considered one of the box-labeled liberals on this forum but I understand that the problems we have right now are not going to be fixed without some serious cuts in spending. Many of those cuts have to be entitlement programs that are vital to many people.

Hopefully there will be some private sector help for those who are affected. Lord knows we love to help victims of eathquakes and hurricanes in other countries... maybe we can start helping out our own. You down to contribute $1,000 to a fund to help those who need help with their heating bill?


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Do you concede that we must cut entitlements, maybe defense? Or are you under the fallacy that we can fix our spending with heating bills and environmental protection agencies, etc?

[conviction]

Neither the Democrats nor Republicans have the balls to cut what is really going to bring us down, which is the entitlements.

I suppose the one good thing out of it is that we can once and for all put the nail in the coffin for the failure that is Keynesian economics. Trillions spent and no jobs created.

Tell that to those in the great depression

[Nevada_Ballin]

Do you concede that we must cut entitlements, maybe defense? Or are you under the fallacy that we can fix our spending with heating bills and environmental protection agencies, etc?

I'm not for cutting defense for the sake of making cuts, like i explained earlier. As for entitlements, depends on what it is, UI benefits? No. Stuff like LIHEA, yes.

A little concerned about the possibility of cutting 100% of funding to Planned Parenthood. They need to think a little more about that - do we really want all of those people not having a legal option and seeing THEM end up on the welfare rolls too because they had no other trusted means to have the counseling and, if decided upon, an abortion? Whether you like it or not, it IS still legal in this country.

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[theanalogkid]

Tell that to those in the great depression

I would, I mean it was the first time we had a 15 year depression when ever single depression before that in the US did not last more than 5 years with little to no government intervention. I mean hell the 20-21 Depression lasted 1 year, and no Keynesian economist would tell you why since there was no massive government stimulus and the Fed was passive.

[conviction]

I would, I mean it was the first time we had a 15 year depression when ever single depression before that in the US did not last more than 5 years with little to no government intervention. I mean hell the 20-21 Depression lasted 1 year, and no Keynesian economist would tell you why since there was no massive government stimulus and the Fed was passive.

20-25% unemployment rate. Our recessions don't last nearly as long as 5 years, granted other factors may be present but the track record doesn't display well at all for your argument. Our latest recession wasn't 15 years was it now? We recovered a lot faster if we would have let our whole industries collapse. We put money out their, promote growth, promote transactions, and business in a dull period. If we sat in a ditch bottomed out with everyone holding on their money perhaps we would sat here for 15 years waiting for investors to grow some balls, but instead we gave them balls.

[theanalogkid]

20-25% unemployment rate. Our recessions don't last nearly as long as 5 years, granted other factors may be present but the track record doesn't display well at all for your argument. Our latest recession wasn't 15 years was it now? We recovered a lot faster if we would have let our whole industries collapse. We put money out their, promote growth, promote transactions, and business in a dull period. If we sat in a ditch bottomed out with everyone holding on their money perhaps we would sat here for 15 years waiting for investors to grow some balls, but instead we gave them balls.

So then explain how the 20-21 Depression lasted about a year with a government that actually shrank their budget, and a Federal Reserve which sat on the sidelines?

Are you actually sure this recession is really over? It is measured by GDP, which is a manipulated statistic, and includes government spending. So regardless of a contraction, the government could just spend a lot of money and make it seem like the economy is growing. I mean the government could just build missiles and blow them up or higher people to dig a whole and then fill it, and the GDP would increase, but no wealth generated by doing that. Even now they are doing things like draining the reflection pond at the Lincoln Memorial, to higher some people to fill it back up. No wealth is being created by this either, and in fact is destroying wealth since that money could have been used by the private sector for better purposes.

No one keeps their money under a mattress, even money kept in the bank is productive for an economy, because businesses can take out lower interest loans and invest in their business and create jobs.

You're being fooled by an inflated stock market thanks to the Fed pumping trillions into the economy, and a cooked GDP. Kicking the can farther down the road doesn't mean our economy is in better shape, the worst is yet to come, and the next crash will make 2008 look like a walk in the park.

[RicoVacilon]

20-25% unemployment rate. Our recessions don't last nearly as long as 5 years, granted other factors may be present but the track record doesn't display well at all for your argument. Our latest recession wasn't 15 years was it now? We recovered a lot faster if we would have let our whole industries collapse. We put money out their, promote growth, promote transactions, and business in a dull period. If we sat in a ditch bottomed out with everyone holding on their money perhaps we would sat here for 15 years waiting for investors to grow some balls, but instead we gave them balls.

Not only did a Keynesian model help us OUT of the recession, but the Austrian model got us INTO it! Of course, TAK will argue that it wasn't really an Austrian model yadda yadda. But in the real world, there are no ideal types. That's why they're ideal types.

[theanalogkid]

Not only did a Keynesian model help us OUT of the recession, but the Austrian model got us INTO it! Of course, TAK will argue that it wasn't really an Austrian model yadda yadda. But in the real world, there are no ideal types. That's why they're ideal types.

Unfortunately you are wrong on both ends. It was a Keynesian model which got us into the mess, and a Friedman model from the Fed/Keynesian model from the government which well hasn't really done much. Bernanke is a follower of Friedman, not Keynes.

Bush is a follower of Keynes, remember those government stimulus checks in the mail, $300 for singles, $600 for married? Remember those two wars under Bush, it's just Keynesian economics in another form, remember all the spending under Bush? The same stuff Obama is doing but 2x as much? So what you are arguing is that Bush's spending got us into the recession, and some how Obama's greater spending got us out. Oh but because the Glass-Steagal Act was repealed under Clinton that makes how the economy was run up until the crash Austrian? Do you see how foolish that argument you've made is?

I'd like to know how much you've convoluted the events that took place leading to 2008 to make it fit into a Austrian model. In what Austrian model does a central bank, government sponsored enterprises, moral hazard more than the eye can see, and a government pushing people into buying houses they clearly could not afford at all even closely resembling anything Austrian? Not to mention the Austrian economists have been criticizing what the government's been doing long before the 2000s. You'd have a pretty difficult time convincing anyone that even knows what Austrian economics is (though by your above post, you clearly lack even the basic knowledge of the Austrian school), of that. I'd like to see you try though, I need a good laugh, but I'm sure you'll just hurl some insult like "you're a hack" and not explain yourself at all like normal.

[RicoVacilon]

blablablablabla

Exactly as I predicted.

[conviction]

So then explain how the 20-21 Depression lasted about a year with a government that actually shrank their budget, and a Federal Reserve which sat on the sidelines?

Are you actually sure this recession is really over? It is measured by GDP, which is a manipulated statistic, and includes government spending. So regardless of a contraction, the government could just spend a lot of money and make it seem like the economy is growing. I mean the government could just build missiles and blow them up or higher people to dig a whole and then fill it, and the GDP would increase, but no wealth generated by doing that. Even now they are doing things like draining the reflection pond at the Lincoln Memorial, to higher some people to fill it back up. No wealth is being created by this either, and in fact is destroying wealth since that money could have been used by the private sector for better purposes.

No one keeps their money under a mattress, even money kept in the bank is productive for an economy, because businesses can take out lower interest loans and invest in their business and create jobs.

You're being fooled by an inflated stock market thanks to the Fed pumping trillions into the economy, and a cooked GDP. Kicking the can farther down the road doesn't mean our economy is in better shape, the worst is yet to come, and the next crash will make 2008 look like a walk in the park.

Perhaps if we continue to let our debt rise in relation to our GDP then we will be in bad shape. Which is why we are now having the deficit debate. However I refuse to believe that a government with its hands tied behind its back would allow completely decimated market to all of a sudden gain steam. Are you aware that spending in our economy is absolutely essential or are you blind?

Would you like to explain how Austrian policies allowed a 15 year depression of 20-25% unemployment. Your arguments are absolutely silly. Our latest recession, and all the recessions since look like a walk in the park compared to the disaster that Austrian economics gave us.

[theanalogkid]

Would you like to explain how Austrian policies allowed a 15 year depression of 20-25% unemployment. Your arguments are absolutely silly. Our latest recession, and all the recessions since look like a walk in the park compared to the disaster that Austrian economics gave us.

Care to explain what you are talking about? There's never been a period where Austrian economics has been in the mainstream, so I really don't know what you are talking about. It's really only gaining momentum now because of the extreme deficits the government is generating and the failure of a Keynesian policy to generate jobs.

I suppose you are referring to the biased history account of Herbert Hoover found in history textbooks. I don't think a person that raised taxes, started a lot of public works projects, and was called by FDR "the greatest spender in history" a follower of Austrian economics. You might want to do some research into what truly occurred during the Hoover Administration, because you'll find out he was hardly a champion of laissez-faire that the history textbooks berate him for.