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By Robert B. Reich | December 5, 2012
I wish President Barack Obama would explain to the nation that the federal budget deficit isn't the nation's major economic problem and deficit reduction shouldn't be our major goal. Our biggest problem is lack of good jobs and sufficient growth. And our goal must be to revive both. Deficit reduction leads us in the opposite direction -- away from jobs and growth. The reason the "fiscal cliff" is dangerous (and it's not really a "cliff" but more like a hill, because we won't fall off it immediately on Jan. 1)
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NEWS
March 13, 2013
In case anyone has missed the dueling budget proposals out this week from Rep. Paul Ryan on the Republican side and Sen. Patty Murray for the Democrats, don't fret. You could easily have slept through the last four months and missed nothing. They are pretty much where the two sides have been for even longer than that. And that pretty well sums up where Washington stands on the issue of federal spending, taxes and the deficit. Both parties have won approval to some degree from voters for taking these stands, and so the incentive for actually coming up with a compromise is clearly too small for either to go out on a limb — at least for the moment.
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NEWS
By Molly Hennessy-Fiske and Molly Hennessy-Fiske,LOS ANGELES TIMES | October 12, 2006
WASHINGTON -- President Bush got some welcome news yesterday as the federal deficit for last fiscal year fell to $247.7 billion - a four-year low - helped by a nearly 12 percent jump in tax revenue. Bush said the numbers were more evidence that the economy is booming as he credited tax cuts that he wants to see extended. With less than a month before the midterm congressional elections, Bush seized on the news to reassure voters that the economy is in good shape, with more new jobs and investment leading to greater tax revenues.
NEWS
By Robert B. Reich | December 5, 2012
I wish President Barack Obama would explain to the nation that the federal budget deficit isn't the nation's major economic problem and deficit reduction shouldn't be our major goal. Our biggest problem is lack of good jobs and sufficient growth. And our goal must be to revive both. Deficit reduction leads us in the opposite direction -- away from jobs and growth. The reason the "fiscal cliff" is dangerous (and it's not really a "cliff" but more like a hill, because we won't fall off it immediately on Jan. 1)
NEWS
By Daniel P. Clemens Jr. and Daniel P. Clemens Jr.,Staff writer | August 25, 1991
Something old and something new characterize the concerns residents have about national issues, as measured by an annual survey of constituents by U.S. Representative Beverly B. Byron, D-6th.The federalbudget deficit again topped the list of concerns on constituents' minds, said Beau Wright, a Byron spokesman.The survey also generates comments on more recent issues, and with the rise of the savings and loan debacle during the past year, residents conveyed reluctance about allowing banks to enter the securities and insurance businesses.
NEWS
By John B. O'Donnell and John B. O'Donnell,SUN STAFF | February 3, 2004
Maryland got largely grim news yesterday from President Bush's budget plan, including a wide range of cuts in important programs and a slim pay raise for the several hundred thousand federal employees who live in the state. Maryland Democrats were quick to criticize the plan, focusing largely on Bush's proposal to make tax cuts permanent as the federal deficit grows. "He presses on," said Sen. Paul S. Sarbanes. "He's going to give these big tax cuts, and he's not going to fund a number of very important programs.
BUSINESS
By Lorene Yue | March 14, 2004
To hear it from federal budget watchers, your golden years are on the verge of tarnishing. Reacting to the combination of the largest U.S. population group nearing retirement and a hefty deficit, Federal Reserve Chairman Alan Greenspan on Feb. 25 recommended cuts to Social Security and Medicare benefits for future retirees. It wasn't a popular suggestion, but it spotlighted the problems of government overspending. The White House has said the deficit in fiscal 2004, which ends Sept. 30, will total $521 billion.
NEWS
November 15, 2010
The outline of a proposal to drastically scale back the federal deficit unveiled Wednesday offers a real challenge to President Obama. The ambitious plan, which sends a whole herd of sacred cows to the slaughterhouse, is exactly the kind of thing he came to Washington promising to champion — a real solution to the nation's problems that have been perpetuated by partisan gamesmanship for years. This is something that can't be done without changing the culture of Washington. But the proposal is, just as significantly, a test for the tea party and its newly elected champions in Congress.
NEWS
By Dan Berger | January 11, 1999
Governor Glen can do the right thing. He isn't running for re-election ever again.You provide exculpatory evidence for Clinton, and Starr will indict you! Got that? Now, let the fair trial proceed.It is entirely appropriate that the Chief Justice preside over this case in a robe designed for farcical operetta.There's no point ending the federal deficit if they don't reduce the debt first.Pub Date: 1/11/99
NEWS
February 20, 1994
Man wielding knife robs convenience storeA man armed with a knife robbed a Keymar convenience store of an undisclosed amount of money about 5:15 a.m. Friday, state police reported.The store clerk, whom police did not identify, said a man walked into the High's store brandishing a knife and demanded the cash. The store is at the intersection of Routes 77 and 194 in a sparsely populated area of Carroll County.The robber took the money and fled, apparently on foot, the employee told police.The employee was working alone when the robbery occurred, police said.
EXPLORE
November 1, 2012
I am not a Democrat nor Republican. I'm what my voter registration calls "unaffiliated. " I like to think that it allows me to accept and consider anything political, from all sides. In addition, I have a very pragmatic outlook on all things. Plus, my wife considers me a "rigger," one who has the attitude that any problem at home can be solved with whatever works. With this I am able, in my mind, to digest problems without any agenda, by looking at what works and what doesn't.
NEWS
By Robert L. Ehrlich Jr | August 12, 2012
Unidentified woman: "Well, doctor, what have we got - a Republic or a Monarchy?" Ben Franklin: "A Republic, if you can keep it. " My periodic public speeches around the country usually end with an extended question and answer period. I enjoy these sessions because the tone and tenor of the questions provides me insight into the public mood. One question that pops up with increasing frequency is a modern day adaptation of Franklin's historic dare: whether our Constitutional Republic and free-market capitalism are salvageable.
NEWS
By John Fritze, The Baltimore Sun | November 6, 2011
For Rep. Chris Van Hollen, brokering a bipartisan deal to trim the federal deficit is about more than dodging draconian across-the-board cuts or protecting a fragile economic recovery. It's also about proving that a bitterly divided Congress can still get something done. As a member of the congressional "supercommittee" charged with slashing U.S. budget deficits by $1.2 trillion, the Montgomery County Democrat is again at the center of the most pressing question facing Washington: how to balance spending cuts, taxes and the increasingly partisan politics of Capitol Hill.
NEWS
By Peter Morici | November 1, 2011
Whether the Joint Select Committee on Deficit Reduction - the so-called supercommittee - reaches a deal to reduce the federal deficit by at least $1.2 trillion or stalemates on Nov. 23, Democrats appear intent on handicapping the national economy with higher taxes and imperiling national security by cutting defense. Those are the wrong places to solve the nation's budget woes. In 2007, just prior to the financial crisis and when Democrats took control of Congress, the deficit was a manageable $161 billion.
NEWS
September 9, 2011
Republican leaders in Congress have so far given a tepid reaction to President Barack Obama's jobs bill, a modest $447 billion mix of tax cuts and spending intended to spur hiring across the country. Washington has become such a hyper-partisan place of late that anything less than a categorical rejection of his proposal by the opposing party is seen as a positive. But let's make no mistake, the GOP response sounded suspiciously like the kind of "thanks for the offer and we'll take a look" that a lot of unemployed Americans have heard before.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 29, 2011
Few states have as good a reason as Maryland to be nervous about cuts in federal spending. The U.S. government employs more than 280,000 Marylanders directly and many indirectly, thanks to the billions of dollars in federal contracts that businesses in the state have pulled in every year. Federal spending per person in Maryland outpaces that in all but three other states and the District of Columbia. As Congress and the White House battle over plans to attack the looming budget deficit, a Maryland banker has launched a nonprofit effort to help the state thrive in a future likely to see less cash from Uncle Sam. Blueprint Maryland's first move was to release an economic analysis by Baltimore's Sage Policy Group this week that says Maryland could lose nearly 150,000 jobs over the next 25 years if all the deficit-reduction recommendations from the bipartisan National Commission on Fiscal Responsibility and Reform are enacted.
BUSINESS
By BLOOMBERG NEWS | December 9, 1997
WASHINGTON -- The U.S. economy is the strongest it's been in several generations, thanks in part to an expansion that has relied on investment, exports and a commitment to reducing the federal deficit, Deputy Treasury Secretary Lawrence Summers said yesterday."
NEWS
By Ron Smith | May 12, 2011
Uncharacteristically, I want to begin this column with some good news on the economic front, though it will be brief: Across the country, state tax revenues are rising substantially, indicating there is a real recovery going on. For the spendthrift federal government, tax receipts rose by $110 billion, or 9.1 percent, in the first seven months of fiscal 2011. In telling us this, The Wall Street Journal says the bad news is that the federal deficit increased a record $871 billion, a $71 billion dollar bump, because spending went up $181 billion, or 6.4 percent.
NEWS
April 7, 2011
In Tom Schaller's recent Op-Ed article ("Taxing the rich: good policy, good politics," April 6), he makes the case that the cure for our economic ills is more taxes on the rich. Tom argues that (1) increasing government spending stimulates the economy, (2) reducing income taxes retards economic growth, (3) the tax burden in the US too low, and (4) increasing taxes on the wealthy is justified because it's popular. Let's see, Obama and the governments of Greece, Ireland, and now Portugal have all spent trillions with little or no economic growth to show.
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