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July 29, 2011

$10 trillion (Updated)

Topics: Political News and commentaries

$10 trillion is the amount in cuts that the rating agency Standard & Poor says is needed over time to bring the nation's finances under control.

Yeah, lots of luck with that ... like the politicians we now have in Washington are really going to not only stop spending but also reduce our debt. They can't even agree on $2 trillion in real cuts in present and future spending.

Meanwhile, as though today wasn't going to be hectic enough with everyone sorting out where we are on the debt ceiling, expect another interesting "wrinkle" about 8:30 this morning: An ugly GDP report. The economy is likely to have grown in the first half of the year at the slowest pace since the recession ended, and the second half isn't looking much better.

Update: Q2 GDP report is out - GDP has fallen to 1.3%, essentially coming to a screeching halt. As Ed Morrissey points out, we can expect this to make employers even more leery about adding jobs in the next couple of months, regardless of the debt ceiling resolution.

This will show further the damaging effects of Obamanomics and the expansion of the regulatory state, especially at a time of high unemployment.
And yes, are indeed governed by a bunch of selfish, incompetent wack-jobs on both sides of the aisle who put their careers and politics ahead of the country's interests. This especially applies to the incompetent clown in the WH.

Related: They may have just wounded their own Republican leadership, but the Tea Party deficit strategy still makes sense

Posted by Richard at July 29, 2011 7:30 AM



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