Posted on 10/28/2015 3:34:30 AM PDT by expat_panama
No wonder Nancy Pelosi and the White House are bursting with glee. The budget deal is the biggest spending blitz in years.
Let's start with an amazing and depressing statistic. Federal spending in 2016 was already expected to climb by more than $250 billion or close to $1 billion extra spending each day. This was to be a 6% rise in outlays in a year when inflation is running at slightly less than 2%.
But the budget deal adds to the orgy of spending. The plan raises spending by at least $100 billion over two years and busts through the spending caps for two years.
And it raises the debt ceiling by about $1 trillion for the next year and a half so that Washington doesn't have to deal with it anymore.
What a calamity.
The only victory Republicans have had in six years under Obama is the spending caps, and now they want to punt those away?
Obama dangled the bait of cuts in the long-term income-transfer programs like Medicare and Social Security.
Sure. These are the same Democrats who show TV ads of Republicans shoving grandma over the cliff with her wheelchair. Are Republicans really dumb enough to fall for that Lucy-and-the-football trick again?
Families Need A Raise
If the spending caps are blown open, federal spending may rise by more than $300 billion in 2016 and $500 billion over two years. In 2016 alone spending will rise by close to 8% in 2016. (See chart.)
(Excerpt) Read more at news.investors.com ...
Is this actually a budget, or an only slightly modified Continuing Resolution?
I see no exercise of spending restraint whatsoever.
Zero-based budgeting should be the model used, so the applicant for appropriations would have to PROVE the actual projections for the next year’s budget are both vital and provides some degree of measurable return for the funds appropriated.
But that may be a concept too large for Washington to accept.
Once again, what is the GOP for?
NOTHING except to help Communists, terrorists,
narcoterrorists, and Islamic murderers.
NOTHING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Stephen Moore is like the rest of the GOP - they preach fiscal prudence, yet welcome more uneducated, welfare-grabbing, Third World socialists. It is a big scam.
The old joke has always been that in DC, the Democrats propose to tear down the Washington Monument, and the Republicans respond with a plan to do it in three stages.
But any more it’s more like the Democrats propose to tear down the Washington Monument, and the Republicans immediately start bringing in truckloads of dynamite and putting up the barricades.
Happy mid-week on this beautiful rainy morning --as in "a little rain must fall" = the budget deal. Yesterday's stocks ended w/ .S&P 500, Nasdaq Edge Lower, But Small Caps Hit Hard and they're now moving forward with these futures traders mostly upbeat. Metals look good too as they continue their increasingly solid base having gold/silver still at $1,173.53/$16.03.
The report calender may appear sparse but remember that after the 10:30 AM Crude Inventories we get the 2:00 PM FOMC Rate Decision. Hmmmm..
Some more news links to screw up your browser:
One U.S. Warship Is Not Enough To Deter China From Aggression Investor's Business
Why The Market Is Partying Like It's '99 - Anthony Mirhaydari, Fiscal Times
The Main Reasons To Be Bullish On Stocks - Simon Constable, U.S. News
There Is No Free Lunch For the Investor - Barry Ritholtz, Washington Post
Why Investors Fear Another U.S. Downturn - Peter Spence, The Telegraph
Don't Go For Exacta: Odds Are You're Wrong - Cliff Asness, AQR Capital
Elizabeth Warren Just Declared War On Annuities - Helaine Olen, Slate
Is Insider Trading Legal Now? - Patrick Radden Keefe, The New Yorker
Preview of GOP Debate: It's the Economy, Stupid! - David McIntosh, RCM
At CNBC Debate, Please No Voodoo Economics - Brian Domitrovic, Forbes
Prosperity Is Simple: Do the GOP'ers Understand? - John Chapman, RCM
American Government Is Now Too Big To Succeed - Donald Trump, CNBC
Much Maligned Budget Deal Beats the Alternative - Editorial, USA Today
The CBO said that the President has submitted a 'budget'. I haven't a clue what that means either...
Aw come on, lots of good things Republicans have done. There's.... Or how about...
I can only think of 2 who might fit that bill...
Now for a short public service announcement to all on FR:
I prefer Cruz and my money goes to his campaign, hence the Cruz link. If you like someone else, donate to him/her (find your own link to do it) and if you use FR and don't donate, then please don't complain about the welfare leeches or those who have Obama Phones because, functionally, you are no different than any other FReeloader.....
GO CRUZ!! Keep it up Trump!!
Neither Trump, Carson or Cruz would be able to put this train wreck back on the track. The U.S. is circling the drain...
Someone that will come in and chop limbs and heads off and walk away not caring what blood is spilt
Because there is no easy way to put a stop to evil and murder except to KILL it !
THAT'S why Trump will be president ...
Like the cake bakers for instance;
Will you bake us a cake ?
no
why not ?
Just ... no
We'll sue
ok
(Judge)I order you to bake
no
NEVER AN EXPLANATION ..... THE MOMENT YOU OPEN YOUR MOUTH TO EXPLAIN, YOU'RE SCREWED BY THOSE THAT USE WORDS....
JUST SAY NO
Moore isn’t happy with this state of affairs. I think you are shooting the messenger.
I do agree that the GOPe is on the big scam; just not that Moore is happy about it.
Unreal.but wait, the depublicans are impeaching the irs guy! See, they do work for us. Look over there and ignore this giant sellout of republican fiscal constraint and the massive increased government spending!
We should use Clinton’s last budget as a baseline. Adjust it for inflation and population growth, and then argue skeptically from there over any added real spending. Even that would be a wasteful budget, but it would be a whole lot better than the monstrosity that the spineless GOP Congress agreed to.
After cutting to that level, we could then start cutting the worthless services that existed even back then.
To me this is just plain sense. What's really baffling is why soo many think it's impossible.
Or as I like to call it: the REAL hockey stick chart!
Even fools should support this. Sincere big government liberals should want government to do things well, the debate should only be over how much government does. If you're going to pay someone to wipe an adult's nose and tell him how big a soda he can drink, what kind of light bulb to use, and how much water he can flush per use, even a democrat should want to at least get the job done.
Sadly, too many democrats and too many republicans are corrupt big government liberals who make their money from the wasteful programs. They get big campaign donations (and no doubt other gifts) to reward their support for programs that don't work, since there is no point in bribing them to do their jobs correctly.
Coming to the rescue just in time with the resources the Dems will need to buy next year’s election.
Why not just institute a Five Year Plan and get it over with? When everything goes to hell (and it will) they can always blame the bad weather.
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