60 DAYS SINCE DEFICITS DECLARED UNSUSTAINABLE

[RDANGELO]

On March 2nd, Federal Reserve Chairman Alan Greenspan declared that the current deficits were unsustainable. He also stated that the cost of making ****'s tax cuts permanent would add 1,8 trillion dollars to the federal debt. To this date , **** and the republican congress have proposed nothing substantial to reduce the deficits.
Currently , the cost of the operations in Iraq are not being included in the budget. The cost of this is estimated at 207 Bil. by the end of this fiscal year. Also off the budget is the cost of transition for ****'s Social Security privatization plan ,which is estimated at 104.5 bil. for the first year and 2.2 trill over the decade.

Running these deficits has resulted in the US compiling 7 trillion dollars of debt. This means that as our country produces wealth,we have to use some of that wealth to pay off the debt instead of create jobs or provide for services.

The **** propaganda machine has portrayed him as strong and resolute leader, but the only people he has asked to make sacrifices in Iraq are the men and women he has ordered to put their lives on the line.If he believed the operation in Iraq is as important to the future of our country and the world as he says it is , he ought to have the guts to ask the American people to pay for it instead of wrecking our economic future buy running up the national debt.


www.nytimes.com/2005/03/02/business/02cnd-deficit.html?...

The US trade deficit for February hit a recored 61.04 in February.Like Frankensteins monster,the free trade at any cost deficits are now out of control. Nothing the *administration does seems to do any good.

http://ap.tbo.com/ap/breaking/MGBIDBM3G7E.html

The stock market plunges. Is this the beginning of the end for the Bushco insane economic policies?


April 20th, Greenspan repeats his warnings.
http://www.nytimes.com/2005/03/02/business/02cnd-defici ...


April 28th: The republican congress passes a budget ,cutting Medicaid, but the debt will continue to rise.

[EFerrari]

1. I can't shake my head any more, my spine will snap. Consider

joining this action: www.missionnotaccomplished.us

[teryang]

2. With the unprecedent massive debt financing of everything

...the pentagon, the war, the budget deficit, the current accounts deficit, and the huge amount of American IOUs owned by foreign central banks, American interest rates appear to be very range bound. This suggests a break out one way or the other.

What will happen to Ford, GM etc., if rates go higher? What will happen to the housing bubble? The locomotive pulling the train is running out of steam. There is an implied extortion of foreign central banks to take losses on their reserves to maintain liquidity. How long will this pretension be tolerated? It can continue only as long as the monetary printing presses pour out more dollars for consumer loans at no money down, money back, (virtual) zero percent interest.

Savers are getting screwed royally. Production has virtually left the country. When will the other shoe drop? I have a friend who would never get in or out of the market based on short term volatility. His net worth recently decreased a few hundred thousand dollars as his blue chip portfolio has taken a serious dive. Try saving for the future by "investing" in the market or bank accounts, I dare you.

The proposed conversion of social security revenues is really only a defacto recognition of what has already happened, its surplus over the years built up by the boomers and younger population, has already been confiscated (mostly for the shareholders of the defense, aerospace and energy sectors). The elites are creating a post hoc ponzi scheme to legalize the conversion of social security revenues. Any other disposition, such as maintaining the status quo would necessitate a massive reduction in Pentagon spending and the termination of all war plans, plans for imperial expansion (to secure resources by force), and the dismantling of the new centrally controlled national security state (typified by the so called war on terror, the patriot act, homeland security regime, etc.)

There is a way to reduce the obligation of social security. It is inflation without price correction. This is exactly what is proposed by the elites in the so called social security reform. The social security benefits of the well to do however will be corrected for price inflation and the immense government debt burden will not require any restoration of taxes on corporations or the corporate rich.

What is the justification for not correcting social security for price inflation? It is the absurd notion that wages increase faster than prices. The notion hasn't been challenged once by the press that I can tell. The notion that wages increase faster than prices is no longer true. It hasn't been true for a few years.

The joke is that nothing is more fun to a republican than stealing pension money. 401Ks have been destroyed. Defined benefit plans are virtually a thing of the past. Social security is the final target.