Subj : As the economy turns... down.
To   : ALL
From : BOB KLAHN
Date : Fri Feb 25 2011 15:37:48



 The National Debt

 Defense budget cuts: The split within the GOP

 Best Column

 Did Obama 'trap' Republicans on Social Security? The president
 has been criticized for failing to cut entitlement spending in
 his new budget, says Glenn Thrush at Politico, but it may have
 been a smart political move...

 www.tinyurl.com/4goj6r4


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    Financial Times FT.com

  Goldman sees danger in US budget cuts

 By James Politi and Stephanie Kirchgaessner in Washington

 Published: February 23 2011 18:08 | Last updated: February 23
 2011 18:08

 The Republican plan to slash government spending by $61bn in
 2011 could reduce US economic growth by 1.5 to 2 percentage
 points in the second and third quarters of the year, a Goldman
 Sachs economist has warned.
 ...

 Chuck Schumer, the Democratic senator from New York, said:
 "This nonpartisan study proves that the House Republicans'
 proposal is a recipe for a double-dip recession. Just as the
 economy is beginning to pick up a little steam, the Republican
 budget would snuff out any chance of recovery. This analysis
 puts a dagger through the heart of their 'cut-and-grow'
 fantasy".
 ...
 Goldman, which is currently forecasting US gross domestic
 product growth of 4 per cent in the second and third quarters
 of 2011, also pegged the cost of a government shutdown to the US
 economy at $8bn in reduced spending per week, based on the
 experience of the federal closures of 1995 and 1996.
....
 www.tinyurl.com/4qval8x


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 Washington's Deficit-Hawk Pretenders

 We are live at The Week: Even if Republicans outdo Obama's
 spending cuts, they'll fritter it away on tax cuts and
 repealing health care reform:

 The Obama administration's proposed spending freeze promises to
 reduce certain categories of government spending over the next
 decade by $400 billion. This is a bad idea. It will cut not

 ...

 The Obama proposal looks to reduce debt 10 years from now, by
 $400 million billion. This theoretical House Republican
 proposal looks to increase the debt 10 years from now, by $150
 billion.

 And over the past 30 years, Democratic budget proposals have by
 and large delivered what they promised. Republican proposals,
 by contrast, have all turned out to produce much bigger
 deficits than were pledged at the start.
 ...
 www.tinyurl.com/4l9eml9



 www.tinyurl.com/6djqqkm

BOB KLAHN bob.klahn@sev.org   http://home.toltbbs.com/bobklahn

.... The Innocent, the Eager, and the Doomed.
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