Is this the key to a Perdue comeback? | newsobserver.com projects

Give Perdue the same consideration she gives the new Republican legislature, show me the savings!

Reorgs don't save money, particulary in the short term. Is this another case of kicking the can down the road 6 months to wait out the feds rescue of technically bankrupt states?

The state budget is 90% payroll and 50% of state employees are due to retire within the next 5 years with better benefits than that of many private sector employees. The reality of the current economy, and national economic outlook for the next 20 years dictates the state implement payroll and retiree cost savings measures now. One immediate benefit to the state would be forcing the retirement of all retirement eligible employees not in a mission critical role, and replacing them with entry level hires, not contractors. This accomplishes two goals. It reduces the budget by moving retirement eligible employees to a comparatively well funded pension fund. Secondly, it nominally reduces the unemployment rate and prepares the state for a post boomer work force.

The state should also increase copays for state retirees with less than 20 years of service. The state has already ended providing health care at retirement for any employee with more than 5 years of service, an extraordinarily generous benefit. Steps are needed to mitigate the disruptive impact this benefit is already incurring.

Surely there are bright minds in elected office to navigate a course through what is being referred to as the Greater Depression. Whether the state continues in it's current form or another round of carpet baggers dictate reform to us depends on the state remaining solvent. It's in everyone's best interest.

Is this the key to a Perdue comeback? | newsobserver.com projects

THE HAVES ARE HAPPY « The Burning Platform

Novista, good point. The little guys are going to get knocked around pretty good. But those at the top of the food chain, Muck About, RE, and Admin, and it sounds like, you, too, are going to be ok.

For the rest of us, there's the basics, water, food, shelter, personal defense, and finances. I'm ok with paying off my house with precious metals, should it come to that. In the meantime, I'll continue to show up for work as long as the paychecks keep coming, and paying my bills.

Unfortunately, for many Americans this isn't the case, through no fault of their own. For them, I would be mad as hell. As a society, we can't continue to pay these people to not work. Similar to Novista's point about paying farmers not to farm, and continue to do so, btw. As long as people's basic needs are met, things can continue to perk along. However, this is a false prosperity, propped up by deficit spending. How long the status quo can continue is anyone's guess. A lot longer if wealth disparities can be addressed, which isn't likely, and doesn't bode well for the vibrancy of our society, if indeed, there's any left.

THE HAVES ARE HAPPY « The Burning Platform

Guest Post: Underneath the Happy Talk, Is This As Bad as the Great Depression? « naked capitalism

In the 1930's, the federal government wasn't on the leading vertical edge of accelerating deficit spending. If the declining housing market is the signal of a double dip recession, there isn't much anyone can do about it, and Bernanke can take his academic credentials and go packing with the rest of Washington, DC.

As long as basic needs are being met, the distribution of wealth can continue to stratify, and the wealth gap continue to grow. It's when basic needs aren't met that people will revolt.

There won't be any Great Society legislation that will appease the masses this time around, because the feds won't have any means at their disposal with which to provide it. Thus a restructuring of society will be necessary, or a police state. We didn't choose one in the sixties, and I don't see us choosing one this time around, God willing.

God bless and happy household holidays!

Guest Post: Underneath the Happy Talk, Is This As Bad as the Great Depression? « naked capitalism

The Progressive Pulse – Media seems to have forgotten keeping temporary sales, wealthy income tax as budget crisis option

The health cost issue was kicked down the road in the 60’s when medicare and medicaid were enacted, thereby hiding the real cost of health care in the federal deficit.SS, Medicare, and tax reform are long needed. A wealth tax and national sales tax could be instituted, thereby spreading the tax burden across the spectrum of activity, instead of placing it squarely on the shoulders of income producers It’s one course of action, another being to eliminate the income tax, which begins another debate about the constitutionally of it. So, yes, let’s discuss health care as part of the larger issues. The failure of Congress to reform itself and the major social institutions is exacerbating the issues, including the cost of health care.

Someone mentioned to me that 50% of state workers are due to retire in the next five years. I would suggest that all retirement eligible employees should retire now, indeed many will rather than suffer through Bev’s reorganization. Another statistic for you is fully 80 – 90% of the state budget is payroll. Private industry regularly purges it’s ranks, yet state employees have enjoyed 20 years or more of relative stability and prosperity. The quick and easy budget fix is to shed all retirement eligible state employees not working in mission critical positions, and replace these with entry level positions, not contractors.

Boomers will be retiring at the rate of 10,000 a day for the next 20 years. Reorganizing state government is a start, however it’s meaningless without addressing the demographics of health care, as you mentioned, as well as state employment and pensions.

The Progressive Pulse – Media seems to have forgotten keeping temporary sales, wealthy income tax as budget crisis option

The Progressive Pulse – Media seems to have forgotten keeping temporary sales, wealthy income tax as budget crisis option

Once again, the left conveniently ignores the fact that state spending has outstripped inflation and population growth over the past 20 years, that current levels of spending are unsustainable given the current economy, and that the economic outlook is rather bearish due to the high level of debt incurred at the federal level.

The next 2-3 years are going to require a serious wind down of public spending. 11 of 50 states are technically bankrupt, and will run out of money before the end of the fiscal year. Care to be the recipient of a CA IOU? Which is where we're headed unless spending is cut. The feds can't bail out everyone, and they chose Wall Street over Main Street, from which the state receives it's tax revenue. The writing is on the wall.

The governor would do well to present her own plans, instead of poo-pooing the new legislature's plans to decentralize government regulation. It's a little early for taking anything off the table. Besides a plan to reorganize, and outsourcing ITS, what are her plans? Reorgs don't provide an immediate cost benefit. However, let's give her the same benefit of the doubt she gives the legislature. Show us the savings, Bev. I'm more than willing to apply the same benefit of the doubt to you, as well Adam, run the numbers.

The Progressive Pulse – Media seems to have forgotten keeping temporary sales, wealthy income tax as budget crisis option

Christmas Musings on Money « The Burning Platform

The world's population has risen to a level unsustainable without the highest level of efficiency. If the supply chain is disrupted, or when resources inevitably deplete, the population will return to sustainable levels by war, disease, or starvation. Because resources tend to be regionally consumed, a depletion of resources necessary for survival would inevitable lead to war.

A population can be sustained through a system of distribution, but when that distribution system is overwhelmed, civil order breaks down until an equilibrium is reached between supply and demand.

What will be the black swan event that erupts our world order into chaos. As long as basic needs are being met, the distribution of wealth can continue to stratify, and the wealth gap continue to grow. It's when basic needs aren't met that people will take to the streets.

There won't be any Great Society legislation that will appease the masses, because the feds won't have any means at their disposal with which to provide it. Thus a restructuring of society will be necessary, or a police state. We didn't choose one in the sixties, and I honestly don't see us choosing one this time around, God willing.

God bless and happy household holidays to all!

Christmas Musings on Money « The Burning Platform

10 REASONS TO WORRY « The Burning Platform

Wow, this is what it must have felt like on Christmas in the trenches during WWI, without the cold, rats and foot rot, depending on your situation.

Not all state and local governments are broke. But enough are that something will have to be done. If contracts can be broken, where does it end?

In the meantime, it's a good time to attend to the basics, food, water, shelter, personal safety, and finances.

If the social contract breaks down, what replaces it? The feds are going to have their hands full maintaining global interests, unless it sees domestic forces as a greater threat.

What is the big reset going to look like, if indeed it even happens. We were done when Congress figured out they can borrow money and use it to buy votes. Since the end of WWII, deficit spending has increased at an accelerating pace.

My step father in law looked me straight in the eye, and said he "paid in to social security" and that's why he's entitled to draw benefits, even though SS benefits should have been means tested long ago. But no one is interested in saving money at the federal level. When inflation out paces his monthly check, it will be too late to do the right thing.

10 REASONS TO WORRY « The Burning Platform

30 YEAR ITCH

While the neoconservatives may have been busy in the years after Nixon, the socialists were just as busy bringing the West to the brink of insolvency, and the jihadists just as busy increasing their control in foreign countries. Some might say these are all part of the same one world conspiracy, except the jihadists, they're screwed either way. Just look at Palestine, which is what the rest of the world will look like under the satanic illuminati.

Even if you don't subscribe to the conspiracy theorists, there is a world wide conspiracy against man by Satan. If you don't believe that, you're one of them, unwittingly or not.

I could almost go along with a one world government, after all, what's one tyrannical dictatorial government to another, except the correct response is to fight against tyranny and dictators.

30 YEAR ITCH

GREEKS REALLY REALLY LIKE THEIR FREE SHIT

American politicians have been piling on debt and giving away free shit since the end of WWII, when they figured out they could borrow money and use it to buy votes. Getting elected was more important than doing the right thing, because the day of reckoning was a day in the future. Who can blame the other countries of the world for following suit, especially when money seemingly grows on trees.

The GI Bill was the first government give away program, which I have no problem with, unless it's with borrowed money. Therein lies the problem. So, instead of means tested Social Security, as should have happened in the fifties, when Corporate America went global, we get senior citizens claiming their entitled to a monthly stipend from the government, simply because they've paid into it. Well, I've got news for senior citizens, and every other taxpayer. We don't pay enough in taxes! Because the federal government takes every dime we pay in taxes and spends twice as much! We got Medicare because it was cheaper for insurance companies to buy Congress than it was to pay the real cost of a person's health care, thereby hiding the cost in the federal deficit.

Here we are 50 years later and bank deregulation has allowed wall street to walk off with the national treasury, at the same time the bill is coming due for all of governments largess at all levels of government. Yes, we are a free people, and there are those who don't like it. The battle of this century will be against global corporatism, and a sixties style protest, which is all the europeans are accomplishing, may not be enough to persuade the powers that be of the ill considered method of their madness. The europeans are being provoked by anarchists, or so the media would have us to believe. Nothing short of reparations in the form of debt forgiveness will head off the inevitable consequences of a half century of delusional governance.

http://www.theburningplatform.com/?p=8504

CONTEST � The Burning Platform

The more likely scenario is that the US maintains its position as the worlds strongest economy and military power, by any means necessary. While conditions continue to deteriorate globally and domestically to the benefit of the super wealthy. That is, unless a way is found to break the grip of the devil on the throat of the world. With $50T plus or minus in unfunded federal entitlements, the writing is on the wall. When that collapse occurs is difficult to predict, but the most rational analysis is 10 yrs from now, when the tsunami of boomers begin to leave the workforce. Ten years, if you still like your job, but I don't know where you go after Toll Bros and public sector grand poobah. You've ridden the wave, better repatriate to Canada or somewhere else without the debt of the world on their shoulders.

CONTEST � The Burning Platform

CRIMINAL BANKS CAUGHT IN THEIR WEB OF LIES � The Burning Platform

"Those challenges [...] could then be used to investigate the documentation practices that occurred [...]. Inflated income levels, fake home appraisals and other lies inserted into mortgage documents [...] could [...] force big banks to buy back the garbage they peddled in the first place to unwitting investors."

Let's recap, in 2008 the financial markets froze, requiring $T's in bailouts and more $T's to appease the socialists, in 2010 the unraveling begins, in 2012 the world ends, so who gives a shit anyway.

No actually, the MBS problem is anywhere from $135T to $175T, which throwing $1T or $2T either way isn't going to amount to more than a drop in the bucket.

These sleaze bags in the deregulated banking industry, investment firms, secondary mortgage market, and US Congress and Administration should all be rounded up and shot. The only unanswered question is what will fill the void created by their demise? A one world government set up to save the day, or a return to minimal government interference in the lives of individuals as envisioned by the framers of the US Constitution. You can't have it both ways. If banks are going to fail anyway, what was the point of adding $2.4T to the national debt and sustaining annual deficits of $1T? If the banking industry must be restructured in order to write off bad debt, which Ireland is doing now, what does the taxpayer receive in return for all of this deficit spending? I know the answer, the taxpayer and future generations of Americans will forfeit their livlihoods. The US economy has been raided and American wealth looted and paid out to investment firms. The curious part of all this has been why the US taxpayer must foot the bill, and not require Wall Street and Banking to make it right, in the form of lowest cost services to the consumer. Given the sheer magnitude of the fraud, it will be a miracle if all hell doesn't break loose.

CRIMINAL BANKS CAUGHT IN THEIR WEB OF LIES � The Burning Platform

German Premier Calls Multiculturism A Total Failure | AHN

And so, under Geithner and Bernanke, students of the Depression of the 1930's and the Japanese two decades of zero growth, the US and it's allies are set to pursue the policies of protectionism which protracted the depression, and quantitative easing which has doomed the productivity of two generations of young Japanese. How many generations will it take to recover from the orgy of federal spending embarked upon at the end of WWII. Will it take a third world war to clean out the rot that has taken over our society, the transfer of payments from those who work to those who don't in the form of public sector retirement packages and and various and asundry other entitlements including SS, SSI, Medicaid and Medicare.

The US is in a unique position of being the printer of the world's reserve currency and the strongest country both economically and militarily. The current deficit spending curve cannot be maintained without subjecting the entire world to US rule. There will be pressures to consolidate power in a one world government. Yet, this is exactly the wrong solution brought about as a fix for a wrong policy. The correct policy is to reduce deficit spending and cut taxes on the middle class, while maintaining a check on the private sector. Corporations find it cheaper to buy votes in congress than pay their fair share of taxes.

Without cutting spending and taxes, the US has no other choice than to pursue an expansionist policy of appropriating of the resources of other countries. The level of resistance to the acceptance of fiat currency in return for hard goods will determine the length of time the US deficit spending curve can continue to rise. Is there a limit? I believe the ultimate result will be inflation, which will mean the value of goods and services will float with respect to one another. This is basically how the US economy operates today, then the only obstacle is the willingness of the rest of the world to becoming vassal states of the US.

German Premier Calls Multiculturism A Total Failure | AHN

THE SURGE IS WORKING � The Burning Platform

"No improvement"? How about a complete and total disaster. $20T in the can, and the economy hasn’t budged, which proves the system has gotten so skewed that trickle down only goes into some very down pockets. Only by breaking the system can the real economy be restored.

The US outsourced jobs to jurisdictions that allow exploitation of the proletariat, and the US worker and our economy have been left holding the bag. After strip mining the US economy of jobs and raiding the national treasury, what is left besides record bonuses on wall street? I’m not so much interested in what is left, than what can be clawed back or otherwise reappropriated from these thieves.

The high crimes and treason couldn’t have been perpetrated without the collusion of the US Congress, and it may very well require an all out war to exact retribution. With no hope in sight, how long will it be before civil unrest becomes the order of the day. Let’s hope against hope the remedy isn’t a restriction of liberty, but a restoration of such as guaranteed by the US Constitution and a return to providing the common defense and promoting the general weal, instead of providing a safe harbor for terrorists and voting themselves raises and other perks and benefits every other day.

THE SURGE IS WORKING � The Burning Platform

AMERICA – LAND OF THE LAZY � The Burning Platform

China graduates that many math and science grads because they don’t waste their time trying to educate everyone, and forcing people to go to school who don’t want to be there.

They also have an atrocious human rights record.

Their schools are also vastly inferior to the western world. Let them make their place in the world. I enjoy global competition. In fact, if I could live on what a Ukranian, Indian, or Chinese can live on, I could work for the pay they work for. I can’t, but I can also out work any them, and so can any American.

Bill Gates is dead wrong when he says the US needs to bring more H1B Visa holders to the US. Notice, he wants them here, and he wants a cheap labor force. Notice he doesn’t want less money for himself, just everybody else.

I stand by my initial premise that we have an advantage over the rest of the world, that of having won all modern wars, including the cold war. Being the world’s most powerful country, economically and militarily, and the printer of the world’s reserve currency has allowed the US to get away with murder. What remains to be seen is how long it continues and whether the domestic economy can survive once the inevitable public spending contraction occurs.

The ongoing GFC spawned the ongoing SDC and the emerging Domestic Forclosure Crisis (DFC). If there’s no qualified buyers of foreclosed properties, which there doesn’t appear to be, then Banks can foreclose all they like, there assets are going to plummet along with everyone else’s.

AMERICA – LAND OF THE LAZY � The Burning Platform

EconBlog Review: We Are All Speculators Now

"Head in the sand" is the result of failing to make and instead deferring tough and potentially politically unpopular decisions.

The real cost of health care was hidden in the federal deficit back in the 60's when the Medicare bill was passed, effectively putting off tough decisions about health care rationing for 50 years.

Now we're twenty years away from being insolvent as a nation and unable to pay the tens of trillions of dollars of unfunded federal entitlements, and I believe the American people deserve an explanation, as you've well stated in your article. Another good question is, what have you done with the money we've already given you? The answer is, it's gone to pay the salaries of a lot of baby boomers. Are we now expected to fund their retirement? If the answer is yes, see item number 1, unfunded federal entitlements. Your government has promised more than it can deliver. How do we reconcile the two? More to come after the mid-term elections, the most recent period of deferred tough and potentially politically damaging decisions.

The dems have to be asking themselves, why not let the repubs have Congress, then they can be blamed for the fallout over the next two years. Gridlock may be the lesser of two evils. The larger question of how to address fiscal insolvency may well be deferred until the 2012 presidential campaign coming to a whistle stop near you.

EconBlog Review: We Are All Speculators Now

“Truth and Consequences: When the Music’s Over?” � naked capitalism

It's a fair question. For the most part, people are aware transgressions are committed everyday for a variety of motivations. So, the "forthcoming panic" may be a bit hyperbolic, at least up to the point food becomes a scarcity. I was in the same place as this individual 25 years ago, except I wasn't making 11/hr, but half that as a college grad earning minimum wage. Certainly, a percentage of grads got starting salaries at 50k, but that was a small percentage and one must understand we are in a protracted recession that will require the resources and ingenuity of all to overcome.

The correct answer is both. Educate and prepare. I'm occasionally reminded of Peter's exhoratation to the people gathered in Jerusalem on the day of Pentecost,

"And with many other words he bore witness and continued to exhort them, saying, "Save yourselves from this crooked generation." (Acts 2:40)

Ignorance is the enemy and the more educated people are, the better prepared they will be. The real question is, what is truth? And the answer in that regard, God has already told us, is his Word, the Word of Truth.

Everyone must have a frame of reference outside of themselves in order to learn. When your reference is the standard for truth, then your paths will be set straight. Certainly the paths of this world are not straight. Thankfully, we have the truth available to us, the truth which sets men free. The alternative is darkness and enslavement. Which will you choose?

"Confess with your mouth that Jesus is Lord and believe in your heart that God raised him from the dead, you will be saved. For with the heart one believes and is justified, and with the mouth one confesses and is saved." (Romans 10:9-10).

Saved from what? Saved from the wrath that is to come (Romans 5:9; Ephesians 5:6; Colossians 3:6; 1 Thessalonians 1:10). Whether the end times are upon us or not (Matthew 24:36), it should be readily apparant that there is much that is not right in the world, Thankfully, the truth is available, and we need not be decieved.

And, since you brought it up, Yves, if we continue down the stimulus path, the situation in Japan will be a precursor to our own, . Wasn't Geithner supposed to the the student of the Japanese recession, and Bernanke a student of the Depression? After global stimulus fails, and protectionist policies set in, it seems we'll have the worst of both worlds.

How bad will it have to get, before the dawn breaks on a new day? I'm reminded of the American national anthem, and the circumstances of Sir Frances Scott Key in penning the lyrics, because our freedom as individuals and as a nation are most certainly under attack. Although, the enemies of state aren't external, but of our own doing. Since the end of WWII, the national debt has grown in disproportion to the rate of inflation, and we're on the leading vertical edge of debt accumulation. This rate of spending cannot be sustained. The very fundementals of which the post war economy is based must be examined. Corporate American has routinely purged it's ranks of less producing members while the public sector has only gotten larger. Society cannot afford everything the Federal Government has promised, with tens of trillions of dollars in unfunded federal entitlements. Every budget hawk has known talk of reducing the deficit is meaningless without addressing entitlements, yet there has been no political will. Will the suffering of millions upon millions be enough to bring about a day of reckoning?

Public sector spending is crowding out private investment, investment that creates jobs. The longer it takes for the Federal Government to get spending under control, the longer it will be before our economy begins to recover, if ever.

“Truth and Consequences: When the Music’s Over?” � naked capitalism

What's Holding Back Small Businesses? - NYTimes.com

We've heard for years how our economy is consumer driven, and the combination of depressed wages and high unemployment has and will prove to be it's undoing. Depressed wages are the result of the widening wealth gap, and unemployment is a result of burdensome taxes and regulation on small businesses. Public spending is funneled to the oligarchy while the rest of the economy is left to suffer.

If I'm not mistaken, "let them eat cake" was uttered prior to the French Revolution. The American Revolution was fought to gain Independence, not to become subordinate to the rich and privileged, no matter their preference. While we are in a global financial crisis, the mechanisms exist through election to turn back this tide of abhorrent greed. What remains to be seen is whether this occurs soon enough to avoid the inevitable civil unrest.

What's Holding Back Small Businesses? - NYTimes.com

The Progressive Pulse – DHHS Secretary Sebelius to Insurers: Stop misleading about premium increases

And so it begins, the socialization of health care and the decline of the best health care system in the world. Because as a society, we can't afford to pay for health care for all.

Socialist rationing will insure a two tiered system, one for the elite, and a substandard one for everyone else. Instead of free market rationing, where goods and services are priced based on supply and demand. Which do you think is more efficient?

Good luck trying to get seen at a doctor's office. These Lenin-Marxists neo-liberals may start singing a different tune when they get lumped in with everyone else. By then it will be too late.

The Progressive Pulse – DHHS Secretary Sebelius to Insurers: Stop misleading about premium increases

REAL WORLD IMPACT OF OBAMACARE � The Burning Platform

"We believe consumers will see through this," she (Nancy-Ann DeParle, the White House’s top health official) said.

And do what? Pay up or drop coverage. And if you drop coverage, you pay a fine. Seems to me the only answer is to pay up.

The revolutionary was was fought over this kind of heavy handed treatment, and we fought a bloody civil war over states rights. What’s the Fed going to do when all 50 states secede, especially when NG troops are under State control?

The District of Columbia is looking smaller and smaller on the map these days.

REAL WORLD IMPACT OF OBAMACARE � The Burning Platform

U.S. Government Prepares for 'Crisis' | Opinion News | Print Financial & Investing Articles | TheStreet

If I understand the premise of this article correctly, the financiers which were bailed out by the Bush administration are the very ones killing the economic recovery by "choking off" credit. And where is the outrage!

U.S. Government Prepares for 'Crisis' | Opinion News | Print Financial & Investing Articles | TheStreet

Asia Times Online :: Asian news and current affairs

Optimists agree, Mr. Obama, cut taxes and cut spending now, so that the private sector can begin to dig itself out of the hell hole created by Investment Banking, Congress, and the current and previous Administrations.

Pessimists agree, failure to cut taxes and cut spending now will result in a prolonged recessionary cycle lasting a decade or more.

"Policy will determine how long this utterly miserable period lasts. Optimists can imagine a near-term correction in US fiscal and monetary policy, producing interest rates high enough to stem inflation's rise and a public sector deficit shrinking rapidly back to normal levels. That would allow the US capital base to rebuild while avoiding burdening the economy with excessive public sector bloat. In that case, the natural competitiveness and capability of the US workforce would reassert itself within a few years and growth would resume.

For pessimists, the Fed will keep interest rates far too low because of the recession, allowing inflation to soar and shrinking the real value of the US capital base, while mammoth public sector deficits crowd out private sector investment. In that case, apart from the very real possibility of a US Treasury default, the US downturn would intensify, as its capital endowment was hollowed out by inflation and public borrowing, while its competitiveness was reduced by a bloated public sector. We might then see a downturn lasting a decade and a reduction of 30% or even 40% in median real US wages. The US might also, like Argentina, suffer a period of hyperinflation."

Asia Times Online :: Asian news and current affairs:

Top economists: The second Great Depression has arrived - by Terrence Aym - Helium

Holy shit, Batman!

Top economists: The second Great Depression has arrived - by Terrence Aym - Helium

Inside Job - Trailers, Videos, and Reviews ComingSoon.net Movie Database

Sign me up!

Inside Job - Trailers, Videos, and Reviews ComingSoon.net Movie Database

Policy Options Dwindle as Economic Fears Grow - NYTimes.com

An ounce of prevention. Where were all of these Nobel laureates before the Great Recession when banks were giving away money, selling the notes to investors and derivatives grew to a $600T market?

Policy Options Dwindle as Economic Fears Grow - NYTimes.com

TOP 10 NECESSITIES WHEN TSHTF � The Burning Platform

Don’t forget the TP. Seriously, ordinary items you buy every day at the grocery store have expiration dates months out. There’s no excuse for anyone not having a 2 -3 weeks supply of food in the house, 2-3 months would be better, or even a 6 mos supply.

For dairy and other items, powdered milk, eggs, and cheese can be stored for many years.

Emergency and evacuation kits can contain MRE’s, enough for 2 -3 days for car emergency kits, and 2 – 3 weeks for evacuation kits. Include blankets, light sticks, ponchos, etc.

Water is extremely important, the stainless steel Big Berkey is a good choice.

Add guns, ammo, and firearms training, and your chances of surviving a SHTF scenario have increased significantly.

For an extended TEOTWAWKI, you will need the means and ability to produce food, essentially hunting and gathering. Small farms will be the primary food source, not the grocery store. Better to prepare now, than find out how unprepared you are after SHTF.

BTW, can’t disagree with the whimper, not a bang argument. But, if a whimper continues long enough, it can grow to a roar, which is, basically a recovery. It’s when the whimpering stops that you have cause for concern.

Also, I agree with the “Say good-bye to the middle class” sentiment. There is no recovery without jobs. Jobs that have been sent overseas over the past two decades, and outsourced to immigrants. Stimulus spending and unemployment benefits won’t bring back the jobs without an investment in infrastructure. Investment occurs when taxes are cut.

Mr. Obama, cut taxes and cut spending now, so that the private sector can begin to dig itself out of the hell hole Investment Banking, Congress, and the current and previous Administration have created.

TOP 10 NECESSITIES WHEN TSHTF � The Burning Platform

S&P Says US Should Act to Protect AAA-Rating: Report - CNBC

Where were these geniuses when CDO's hit the securities market and investment banks began betting against themselves with derivatives? Politicians and Wall Street firms make strange bedfellows, except to maintain the status quo in order to secure their own retirement and posterity.

S&P Says US Should Act to Protect AAA-Rating: Report - CNBC

Stimulus? Who Said Anything About a Stimulus? | Foxnews.com

Apparently, not Romer.

Stimulus? Who Said Anything About a Stimulus? | Foxnews.com

SAUDI OIL PRODUCTION � The Burning Platform

It's not too late for our Nation or we as individuals to turn to God and be saved from the wrath that is to come, for with the mouth, confession is made to salvation, and with the heart, man believes unto righteousness (Rom 10:10) and blessed is the nation whose god is the lord (Psalm 33:12)

The Devil doesn't know when Christ will return, so he keeps the world teeter tottering, ready to push it over at a moments notice. He knows his end, and will take as many of us with him as he can. Save yourself, accept Jesus as Lord and Saviour in your life, and you will have eternal life, the gift of holy spirit, and all hell will not prevent you from entering heaven.

SAUDI OIL PRODUCTION � The Burning Platform

Second Round of Stimulus?

There seems to be no doubt that a second round of stimulus is needed. States budget gaps are near the breaking point and unemployment is not improving, which is no wonder when you pay people to not work. Stimulating the economy to provide jobs is the correct course of action, jobs which corporate America was allowed to send overseas, or hire immigrants who will work for less than their American counterparts, and send the bulk of what they make back home to feed their families there.

Jobs will not magically appear until a concerted effort is made to employ people. Corporations should be held accountable for their actions, but instead are deemed "too big to fail" while American families are the ones left to suffer.

"Never have so few, done so little, and made so much, while screwing so many."

THE AGE OF MAMMON (Featured Article) � The Burning Platform

interfluidity � Monetary policy for the 21st century

I appreciate your article. Almost any proposal is better than the chaos that could ensue if the downward spiral of unemployment and depressed demand isn’t contained. It’s a shame the powerful and the elite have acted so recklessly in the pursuit of gain, that the average person may be potentially left with nothing. It isn’t too far removed from feudalism, and the peasantry may well rise against the elite if things get bad enough. The history of civilization is one of conquest and man’s rising against oppression.

You stated that “central bankers understood very well the importance of wage suppression, and emphasized their willingness, their “credibility”, to push back hard against any increase in the share of income accruing to labor.” Given the three inputs of production are capital, labor, and material and assuming $1 of input from each, we can dismiss the cost of material as a form of rent. The laborer is paid their $1 of wages and told, thank you very much, but the capitalist assumes more than $1 in return. This is in effect the flaw in capitalism that can be easily corrected by profit sharing.

I was an undergraduate in Economics in the mid 80’s, the fall of the Soviet Union and the stock market crash of 1987 were the prominent events of the decade. Businesses had suffered during the 1970’s with peak oil and tight credit. The crash of 1987 was merely a hiccup during the highest period of prosperity of the 20th century. Stocks gained ten-fold in value and the tech bubble of 2000 came near the end of the period. When stocks weren’t making two digit returns, the baby boomers saw real estate as a natural avenue for their accumulated wealth, and we saw the gentrification of urban areas and vacation retreats. It was around this time that Congress, for whatever misguided reason, felt it their duty to increase housing ownership for those unable to afford it. Mortgage lenders saw an opportunity to generate commissions, passing the obligation on to the secondary mortgage market, and investment firms made commissions selling packaged mortgages to the clients. When it became apparent the investments were sour, the problem became compounded by the derivatives market, which had become unduly highly leveraged by the manipulation of a few firms and the lack of regulation and oversight by the institutions in place to prevent such practices.

If the US economy recovers within the next ten years, it will be due to the resiliency and to the credit of the man and woman on the street, the average citizen. New York has long been the financial capital of the world, but it has not been without the protection afforded by the borders of this nation, and indeed the league of nations, which aren’t ruled by the few, but by the many who have put their faith in a system of government with checks and balances. The enemy is the same enemy of old, rule by the few. Wall Street and the central bankers must be stood up to and forced to capitulate by any means necessary. Please read my article at Politics and Economics for a discussion of the spiritual nature of the conflict in which we are engaged.

interfluidity � Monetary policy for the 21st century

MASS DELUSION – AMERICAN STYLE (Featured Article) � The Burning Platform

It's curious why Jim is such a contrarian when there's so much to focus on that's positive. Where Jim's attitude belies him is he gets so wound up about all that's wrong that he conveniently omits proposing any solution. It's one thing to whine about everything, but entirely another to be part of the solution. Jim is perfectly within his right to be part of the problem. I continue to read him because I have nothing better to do, but when you make statements like, "The sociopathic powers .. need to be brought to justice" and "The criminals ... must be routed out" without proposing by what mechanism, and what laws beyond those of common decency have been broken then this post is much ado about nothing.

Americans aren't deluded, a con has been perpetrated with the complicity of their elected representatives. The proper response is to throw the bums out. If that doesn't fix the problem, a proper general revolt may be in the making. And we're not talking about malcontents burning a few city blocks of downtown LA, but more along the lines of the 60's civil rights riots.

On another note, It's heartening to read about God in the comments, and make no mistake, the leaders of the synagogue in time of Jesus Christ were a pit of vipers, as Jesus told them to their faces, "You are of your father the devil, and your will is to do your father’s desires." (John 8:44, ESV). There is no doubt in my mind the top levels of government and finance are similarly corrupt today.

To Jim's last pessimistic point, "before it's too late". Too late for what? And, of course, Jim offers no solution. The simple matter is that with $52T in unfunded federal entitlements, it's already too late, yet the seeds were sown in the 1960's with Medicare and Welfare. Medicare hid the real cost of health care in the federal deficit, Insurance companies must have paid a pretty dime for that one. Welfare effectively paid recipients to procreate, so they procreated. Fast forward 50 years to today, and when you pay people to not work, they don't work. America is on a road where the bridge ahead is out. There are a number of scenarios that could play out, but I have faith in the indomitable spirit of man, and in the goodness of God to preserve his remnant. Call it delusion if you will, but as surely as the sun will rise, God Almighty, the God and Father of the Lord, Jesus Christ, will not forsake his own. The devil doesn't take a day off, and neither should anyone who cares about the future of our country, and our children.

MASS DELUSION – AMERICAN STYLE (Featured Article) � The Burning Platform

Florida – Much Worse Problems Than the Oil Spill � The Burning Platform

First of all, normal has been redefined. Secondly, the tourism business most likely will return, just as it has in New Orleans. To say otherwise, is conveniently ignoring the fact we're all in the same boat, and Florida is in no worse shape than the rest of us, they just got there quicker.

Except we're not all in the same boat, as Jim Quincy full well knows. Our society is stratifying into the haves and the wants, and the haves will return to the panhandle of Florida, maybe with a few less T-shirt stands, but who goes for the souvenirs anyway?

This blog is about on par with the MSM, with it's "only bad news is good news" philosophy.

Florida – Much Worse Problems Than the Oil Spill � The Burning Platform

AIN’T NO REST FOR THE WICKED (Oldie but Goodie) � The Burning Platform

The leaders of the synagogues during the time Jesus Christ was on the earth were Evil, as Jesus told them to their faces, "You are of your father the devil, and your will is to do your father’s desires." (John 8:44, ESV). The synagogue was more than a place of worship in the Hebrew culture, it was the center of commerce. There is no question the Devil has shifted his focus to the secular world of national governments and global finance, and would desire a one world government.

See my response to DEBT TRAIN IN THE TUNNEL for further discussion.

AIN’T NO REST FOR THE WICKED (Oldie but Goodie) � The Burning Platform

DEBT TRAIN IN THE TUNNEL

Steve, a fire sale is precisely what is needed. The larger the government entity, the more pruning needs to done. Look at the city councils in California making hundreds of thousands of dollars a year in salary. New York City has been on the verge of bankruptcy more than once, and 11 of 50 states are effectively bankrupt. Exponentially worse is the Federal Government, which employees the largest unionized work force in the world, with Obama expanding the number of those employees at a record pace.

The Constitutional role of the US federal government is to provide for the common defense and promote the general welfare. Welfare is a word derived from the old English, "weal", meaning "wealth", and promote doesn't mean redistribute. Just as I am a first century Christian, and refuse to accept tenets based on Roman compromise with paganism in order to establish a state religion, an analogy can be made that our federal government has become as corrupt and vile as the leadership of the synagogue had become in Jesus's day.

Jesus Christ exposed the kingdom of the devil, yet the devil did not go away to quietly await his fate and has conspired to wreak as much havoc and mayhem upon this earth in the short time he has left. Romans 10:10 tells us "The thief comes only to steal and kill and destroy". While the appointed time of the Lord is known only to God, the devil is gearing up for Armageddon. It's not too late to save ourselves, individually and as a nation, "because if you confess with your mouth that Jesus is Lord and believe with your heart that God raised him from the dead, you will be saved" (John 10:9) and "Blessed is the nation whose God is the Lord" (Psalm 33:12). If all else fails, there's always Hope, even in death, Hope for the Return of the Lord God Almighty, which may be all we have left after the devil and his minions are done sucking the last vestiges of wealth out of this nation and the world. Who will oppose the devil? Who can withstand him? Now we see why it will take the return of the Lord. It's shaping up as a replay of War of the Worlds, except the aliens are Wall Street, the Fed, and their willing accomplices in the Congress and Administration.

Who, indeed! Surely not all at the helm of power in this country are corrupt. Surely there is a remnant who believe the truth of God's word. Are we to descend into a pit of chaos for lack of leadership in our government. Now is the time to stand up and be counted. Tell your elected representatives to stand up to the leadership in the House and stop the lame duck session in Congress. Pelosi and Company got us into this mess with sub-prime lending, and it cascaded from there due to poor regulatory oversight and greed. Throw out the leadership in the House of Representatives. Stop the insanity of government giveaways, cut taxes to put money back in the private sector and cut spending to stop competing with the private sector for goods and services. The alternative is capitulation and defeat, a totalitarian government and new world order, which can be only exponentially worse.

DEBT TRAIN IN THE TUNNEL � The Burning Platform

THE BERNANKE PUT

@Whippet, why blame apathy, what could 98 out 100, or an even more infinitesimal number in reality, possibly do in response to the rape and looting of the national treasury? One doesn't hear too much from the likes of Pelosi, Frank and Reid these days, except sound bites of their rants to insiders. They have to recognize the gig is up, their days of pulling the levers of power at the behest of the highest bidder are coming to an end. Yet, who will replace them. A good first step is to vote against any incumbent who can be connected to Wall Street Gate. I noted that the US Congress's interest in maintaining the viability of the dollar in order to maintain status quo and thus their own retirement in perpetuity made strange bedfellows with Wall Street Financiers, who are complicit in the smoke and mirrors game being run by the Fed and Treasury to prop up the dollar. It would have been better to let the banks fail and deal with the aftermath, than to sell off the assets of the American People to keep the Banks and Investment Bankers alive. Either way, the end result is going to be the same, the people of these United States will still be here to pick up the pieces, what remains to be seen is whether our federal government will be the enemy.

@Gaffer, almost the same response as to @Whippet, what could the average person possibly do, or even why should they care. It's up to their elected representatives in government to represent them as constituents, instead we have a failed system of government. What could anyone possibly do except fight against that system by any means necessary, and to what end? If you can't answer these questions, then you're just blowing smoke. The average American isn't to blame. Answer the question, what can they do? We learned during the Vietnam War that the MSM is not to be trusted. Even if the Internet had been available, it would have taken a ground swell of public disapproval to have changed anything. I think we're seeing the same thing. Our government is acting independently of the interests of the American People, and there isn't a damn thing anyone CAN do about it, except to communicate and share information. It's an uphill battle, and we may have already lost the war. Peace, out.

THE BERNANKE PUT

oftwominds: Why Japan Is Doomed (and the U.S. and E.U., too): Demographics, Low Savings, Ballooning Debt

Interestingly enough, if not appallingly frightening, is the three largest economies in the world are all on the same path.

oftwominds: Why Japan Is Doomed (and the U.S. and E.U., too): Demographics, Low Savings, Ballooning Debt

Wake schools can cope with state cuts - Local - NewsObserver.com

"I thought the state was going to hurt us more." The state is in denial and has deferred any tough spending decisions until after November elections. With the economy slipping back into a recession, I expect furloughs and layoffs. No doubt the senior administrators are eligible for retirement, and I applaud and commend Mr. Margiotta for making the best of a very difficult budget cycle.

Make no mistake, though, leading economic indicators show the economy slipping, and the low hanging spending fruit has picked. It's time to prune the trees.

Wake schools can cope with state cuts - Local - NewsObserver.com

billy blog � Blog Archive � The old line back to free market ideology still intact

billy blog � Blog Archive � The old line back to free market ideology still intact

Thank you for the graduate level education in what has been going on in the halls of high finance over the course of the past 10 years, bringing about the collapse of western civilization as we know it, but having it's roots, no doubt, in the likes of Alexander Hamilton, The Federalist. It's astounding that less than 60 years after the end of the civil war, and the consolidation of power in the US Government, that the world slid into a global depression, and here we are 70 years after the war to end all wars having slid into a second global depression.

If I understand the article's conclusion correctly, then the sovereign debt of the US is insignificant compared to the consequences without increased federal spending. Even so, there's a tipping point at which public sector spending crowds out private spending. And, to whom does the benefit of all of this spending accrue? I would prefer to teach a man to fish so that he might have to provide for himself and his family, than to dole out unemployment benefits. Has the pendulum swung so far in preserving the financial institutions which caused the collapse, along with the complicity of the federal government, that equilibrium with the private sector cannot be re-attained?

The important thing, I think, is to reduce federal spending and reduce taxes to return the American economy back to the private sector. Aside from the Fed and Treasury's unfailing errancy and inability to acknowledge the failure of their collective world view, our federal government is still operating in a vacuum of denial. They figure as long as they can print and spend, the barbarian hordes will be kept at bay. The defense of the dollars they count on to fund their own retirement is their only motivation, which makes peculiar bedfellows of politicians and financiers. In the meantime, state governments are struggling to balance their budgets. with 11 states meeting the definition of bankrupt, and federal deficit spending continues it's upward trajectory. This imbalance and lack of parity between Washington and the rest of the country could very well lead to a second American Revolution. The economy can not be centrally managed, this has been proven time and again. The longer the delay in returning the economy to the people, by cutting spending and taxes, i.e. shrink the federal government by any means necessary, the longer it will be before a recovery begins, and the more severe will be the consequences.

I guess it's official

Life in America is no longer about working hard and living the American Dream. It's about working hard so someone else can live it.

Perdue asks for study of taking state IT private | newsobserver.com projects

Perdue asks for study of taking state IT private | newsobserver.com projects

First the state consolidates IT functions under ITS because of the lack of cohesiveness between the state's agencies computer systems, now the State wants to privatize ITS. But will there be any real cost savings, except in transferring State workers with benefits to contractor status with no benefits. I suspect privatization of State functions will be the least of Perdue's concerns as the Legislature grapples with a $3B shortfall in the coming biennial budget year. The Progressive Pulse whines that state spending is currently at 1996 levels. The last time I checked, the state's economy was booming in 1996, and the State Legislature was busy trying to spend a $2.4B surplus.

When spending returns to WWII levels, adjusted for population and rate of inflation, and before our federal government began their 70 year piling on of debt, of which we are now on the leading vertical edge, then we can start discussing how the money should be spent. All but essential services should be cut. What are essential services? That is a good question. Privatization of government operations is not the answer to the State's current budget plight, and indeed that of the nation. PRIORITIZATION is the key, and that is what the Governor is trying to avoid, shedding the generation of patronage in her Administration. Can't blame her for firing the budgetary warning shot across the bow to all State workers, but can't sympathize, either.


In fact, if the Governor is serious about streamlining government and reducing the budget, the surest way to do it is to require all retirement eligible employee to retire. Then backfill all essential position with lateral transfers. This serves two purposes, eliminating non-essential positions, and reducing the overall budget.

Either way, this will be the topic of discussion next Spring when revenues fall short of projections, again. All the low hanging fruit has been picked. It's time to start pruning, not chopping down the orchard
.

Fat, idle, stoned? No way! - Saunders - NewsObserver.com

Fat, idle, stoned? No way! - Saunders - NewsObserver.com

That must have been the reason for the "Too Big to Fail" bailouts, to keep all those Wall Street bankers from jumping, leaving the taxpayer to foot the bill. However, I don't blame the Obama Administration, it's both parties, spending borrowed money on an accelerating pace since the end of WWII, and there's no winding back the clock, not with $52T in unfunded entitlements. Perhaps one chance left, reform entitlement spending, but with the possibility of spending reform being next to nothing, we're in for a fiscal shock wave of epic proportions.

Stimulus spending put off the inevitable for maybe two years. 11 of 50 States are essentially bankrupt, even though the problem isn't state spending, it's the federal deficit, $278B in states budget shortfalls compared with $2.4T in projected federal deficit spending over the next three years.

Even a gradual economic contraction persisted over time, which is what we're seeing now, reaches a critical mass. The Second Great Depression could lead to the Second American Revolution. The printing press brought about the Protestant Reformation by putting God's Word into the hands of every man. Newspapers have been all but marginalized since the advent of the Internet. It remains to be seen what will be the outcome of the unleashing of unfettered information upon the masses. Whether we, as a people, will be able to undo the damage or whether this experiment in democracy fails, to be replaced by a police state.

EconBlog Review: U. S. Involvement in the Afghanistan War Expands into Pakistan

EconBlog Review: U. S. Involvement in the Afghanistan War Expands into Pakistan

An indian co-worker of mine once said, "if we had kicked the muslims out of india when india gained independence, we wouldn't be having terrorist problems today." Muslims cause problems everywhere they migrate, but George Bush could have learned from Hitler's mistake of fighting a war on two fronts. Americas aims to fight terrorism were too ambitious, but that is in hindsight.

Backing down however, is not an option. The war on terror could very well be the war to end all wars. Allowing muslim extremists a moments rest would be a mistake. The cold war was about countering the red threat, lasted 50 years and ended with the collapse of the soviet union.

With the world about to spiral into a second great depression, bringing the troops home would only mean facing an even stronger enemy in 10 - 20 years. May not even matter if Christ returns first, but either way, this isn't about winning the hearts and minds of the muslims, it's about countering the treat of global terrorism, which is predominately muslim extremism.

Debunking the Myths about Unemployment

The Progressive Pulse – Debunking the Myths about Unemployment

Investment in job creation should be in the form of tax cuts for businesses and indviduals, even as we reform a tax code that should be thrown in a waste lagoon. The US Tax Code is 2000 pages at last count, more pages than the Bible! Is it really that hard to determine a percentage of your income? Apparently, the largest corporations in the country feel it's cheaper to buy congressman and hire the smartest corporate tax attorney's in the world, than to pay their fair share of the tax burden, which goes right into the pockets of the top 1% of the wealthiest of Americans.

Face it America, your jobs were sold overseas to the countries with the cheapest labor force, and given to millions of undocumented workers who will work cheaper than you. Even while Congress, Fannie Mae and Freddy Mac greased the skids for Mortgage Companies and Wall Street to earn $B's selling $T's of worthless securities, and compounding the damage by betting against their scheme in the form of credit swaps.

The total of bad assets worldwide is between $135 - $175T. A few $T here and there in stimulus spending isn't going to fix the problem, not when federal spending has grown out of control and there is a projected $52T in unfunded entitlements in addition to the current federal deficit. If deficits don't matter, then why doesn't the federal government write a check for the projected $278B in revenue shortfalls for the States? Is it because 11 of 50 states are literally bankrupt, owing more than they're worth? When does that become true for the federal government.

We have a $14T GDP in the US, the largest in the world. What needs to happen is for the US Government to get out of the way, and the surest and best way for that to happen is cut taxes and cut spending. Legislators in Washington need to take a hard look at themselves and the Executive Branch and begin to reform entitlement spending.

In the 1960's, government largess brought about Medicare and Welfare. Medicare hid the real cost of health care in the federal deficit. Why, when a person has paid insurance premiums their entire life, should the federal government assume responsibility for your care at age 65? Welfare was reformed in 1996, why are we re-instituting it now in the form of Unemployment Insurance. When you pay people to have babies, they have babies. When you pay people not to work, they don't work. Instead of welfare insurance, implement public works projects, where is the Great Community Organizer in all of this? At least then the government will have something to show for the 10's of $B's, instead of just more debt.

Employment figures are a lagging indicator of the health of the economy, which is pitiful, mostly as a result of our federal government, whether it be lack of oversight or improper incentivisation. The quickest and surest way to bring stability and equilibrium to our economy is for government to get out of the way, by cutting taxes for the middle class Americans, which, by the way, are going up, and begin the process of reforming entitlement spending, without which every budget hawk knows is paramount to having any meaningful dialogue about addressing federal deficits. In the meantime, the average American citizen trying to earn a living and make their way in world, will have to work a little harder to make ends meet, and enjoy a lower standard of living, while Federal beneficiaries enjoy a COLA adjustment every year.

Burr’s position on unemployment renewal gets national attention

http://pulse.ncpolicywatch.org/2010/07/19/burr’s-position-on-unemployment-renewal-gets-national-attention/

Extending unemployment benefits would be one thing, if the federal government wasn’t borrowing money to pay it! Or asking north carolina families and businesses to foot the bill.

I didn’t know you liberals have so much money that you can afford to give it away, except it isn’t really you’re money, is it?

What are you going to tell the future generations of US Taxpayers why they aren’t able to accumulate anything to their own name, because their government was more intent on paying people not to work, than rewarding those who do.

High unemployment is a symptom of a much larger problem, which began by sending textile jobs overseas and continued with hiring millions of illegals to work in the housing construction industry. Government should be working to restore balance to our economy. Instead, they’re printing money to maintain solvency for the very institutions that got us into this mess, with the collusion of our elected representatives in the US Congress, and at the direction of an unaccountable Federal Reserve. Do you think financiers or the US Congress care one whit about the unemployment rate? Only as it pertains to reelection. Otherwise, our jobs wouldn’t have gone overseas and to illegals. It’s laughable that they care now, except it’s not their money, it’s future generations who will be paying it. I’ll be interested to see how you explain that one to your grandchildren. I know how the financiers will be explaining it to theirs.

Think Progress � Will Richard Burr Vote To Help Thousands Of Suffering Unemployed North Carolinians?

The Burning Platform, financial collapse, depression, war

The Burning Platform, financial collapse, depression, war

This has been the case in the US since we embarked on the "Great Society" of the 1960's, and is indeed the case in every socialized country. Retaining wealth may be equally difficult given the climate of crisis enveloping the world. Who and what will remain in the aftermath is just about the only thing left undiscussed and unknown.

The Burning Platform, financial collapse, depression, war

The Burning Platform, financial collapse, depression, war

A statistics professor once said, "figures don't lie, but liars sure can figure". It's obvious to anyone who's paying attention there's a MSM campaign underway making the media manipulation of the Vietnam War era appear as child's play. A campaign to delude the American public and indeed the entire world there's no untowardness in the global financial markets. I read an article yesterday that the Fed and the Treasury are down to two options, austerity and inflation.

It's also interesting to note there's one constant in all the turmoil, the influence of Satan. This would be a good time to pick a side. It's likely most of your readers love truth and hate ignorance. The ultimate influence of the Internet in this drama may be the removal of the veil of ignorance, or at least making the information available. Will the people be stirred to rise up against the indignation and oppression being perpetrated to cast aside the chains of bondage, or will we go silently into that dark night?

The Progressive Pulse – A new argument for helping the long-term jobless

The Progressive Pulse – A new argument for helping the long-term jobless

The problem during the Great Depression was high unemployment, because no one had any money to hire anyone else.

Attempts to balance the budget made things worse in 1937.

Different era, different circumstances. The problem this time around is out of control federal spending. Businesses will hire people and the economy will begin to recover when taxes and spending are cut.

Major companies are sitting on $B's riding out this structural recession brought about by the same people who are spending your tax dollars.

Banks and Investment firms didn't deserve a bail out for causing this recession, and future generations of tax payers don't deserve to get saddled with the debt.

Reform entitlement spending and the problem is licked. Make people work for a living and quit paying them not to work. The longer we put off cuts in spending and taxes, the more painful this recession is going to become, but spending and taxes will be cut, one way or the other, either by choice, or dire necessity.

Once spending is under control, we'll still have the cost of the bailout to address, which is why it should be restrained. Make too much sense? I know!

Unfunded US Liabilities Total $52T

Having known that SS taxes were never trust funded, in the 70's this was the "smoke and mirrors" euphemism. Carter was the last president to take on the bureaucratic establishment in DC and was made a laughing stock. The current deficit run up was started by Reagan and a democratically controlled congress, and federal spending has run completely out of control in the succeeding three decades, to the point where the Fed will have to bail out the Fed. It's nice to see a number attached to the unfunded liabilities. I believe I've seen it in print a couple of times at $52T. Of course, that's over the lifetime of current payees into the system, but the reality is that cost can not be covered in one generation, can not be sustained, will be reduced or eliminated for future generations that will be paying off the $52T debt.

Another alternative is default on the unfunded liabilities a strategic default. This includes federal retirement, social security, medicaid and medicare, and major pension funds backed by the full faith and credit of the United States. Given a US Senate that approved Y2K funding for it's own payroll system, but not that of it's staff, it's not hard to see where the chips will fall, essentially on the backs of the taxpaying middle class. When there is no more middle class, which it appears where we're headed, and entitlement spending is threatened, civil unrest will follow, that is, if no distraction appears on the horizon in the form of a foreign threat. Even so, in the inspiring words of Reverend Jeremiah Wright, "the chickens have [will] come home to roost".

The simple fact of the matter is this, either the federal government reduces deficit spending and reforms entitlement spending, or the end of the federal government will be as violent as it's beginning.

The Burning Platform, financial collapse, depression, war

The Internet and Freedom

The advent of the printing press brought about the Protestant Reformation, putting the bible into the hands of the common man, whereas prior to being able to read God’s word for themselves, the Church in Rome was the sole disseminator and arbiter of truth. The Catholic Church didn’t give up quietly, but reacted violently with the with the Inquisitions to quell unrest and uprising.

It remains to be seen what will be the result of the freedom and wealth of information brought about by the Internet. What hasn’t changed between 15th century Europe and today is human nature and the influence of Satan in the world. His methods change, but his motives never do; to kill, to steal, and to destroy (John 10:10)

The Burning Platform, financial collapse, depression, war

Recession Continues to Batter State Budgets; State Responses Could Slow Recovery — Center on Budget and Policy Priorities

The Center on Budget and Policy Priorities projects an aggregate states budgets gap of $375B through 2012. The projected federal deficit for the time period is $3T, or 8 times the states projected budgets gap.

Recession Continues to Batter State Budgets; State Responses Could Slow Recovery — Center on Budget and Policy Priorities

Wealth Disparities in U.S. Approaching 1920s Levels -- Seeking Alpha

And so it continues...

Wealth Disparities in U.S. Approaching 1920s Levels -- Seeking Alpha