TV News LIES

Sunday, Nov 23rd

Last update06:52:34 AM GMT

You are here News Economy Welcome to the United States of Austerity

Welcome to the United States of Austerity

E-mail Print PDF

Welcome to the US of austerityThe 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.

The Obama-GOP plan cuts $917 billion in government spending over the next decade. Nearly $570 billion of that would come from what's called "nondefense discretionary spending." That's budget-speak for the pile of money the government invests in the nation's safety and future—education and job training, air traffic control, health research, border security, physical infrastructure, environmental and consumer protection, child care, nutrition, law enforcement, and more.

The White House's plan would slash this type of spending nearly in half, from about 3.3 percent of America's GDP to as low as 1.7 percent, the lowest in nearly half a century, says Ethan Pollack, a senior policy analyst at the left-leaning Economic Policy Institute. Pollack's calculations suggest the cuts in Obama's plan are almost as deep as those in Rep. Paul Ryan's slash-and-burn budget, which shrunk non-defense discretionary spending down to just 1.5 percent of GDP.

The president has claimed that the debt deal will allow America to continue making "job-creating investments in things like education and research." But on crucial public investment, Obama's and Ryan's plans are next-door neighbors. "There's no way to square this plan with the president's 'Winning the Future' agenda," Pollack says. "That agenda ends."

More...


Most Recent Related Stories...


How Executive Ended Up With $196 Million in an IRA

IRA investmentCorporate and private-equity executives can accumulate millions of dollars in tax-favored retirement accounts, taking advantage of...

JPMorgan Settles Claims It Cheated Shale-Rights Owners

JP MOrgan ChaseJPMorgan Chase & Co. (JPM) settled a lawsuit by mineral-rights owners who accused the bank of...

Seven big US corps pay CEOs more than they hand Uncle Sam in taxes

CiticorpSeven of the 30 largest American corporations paid more money to their chief executive officers last...

Regulators fine global banks in currency probe

Global banks finedU.S., British and Swiss regulators fined five global banks more than $3 billion for attempting to...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!