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August 5, 2011
Good News Bad News
Topics: Political News and commentariesFirst some good news:
The AP reports that hiring picked up slightly in July and the unemployment rate dipped to 9.1 percent, an optimistic sign after the worst day on Wall Street in nearly three years.
However, there is a bit of a damper on the good news: When you look beneath the jobs report surface there are some ugly truths that you need to know that aren't being talked about so much.
Now some really bad news:
The Washington Times reports that U.S. debt shot up $239 billion on Tuesday -- the largest one-day bump in history.
On which Andy McCarthy points out:
With the Obama administration's rapid-fire tapping of Congress's nearly $1 trillion expansion of its credit line, the debt zoomed by $239 billion on Tuesday. That's about five times the real "cuts" scheduled to occur over the next decade under the bipartisan debt deal. To draw a comparison, we are supposed to get about $900 billion in "cuts" -- but they are spread out over a decade, meaning most of them are unlikely ever to happen since they are scheduled for "out years" and cannot be enforced on future Congresses. The Obama administration, however, was given $400 billion in new borrowing authority for this week, and promptly ate up 60 percent of it in a single day.Net take: Good news far outweighed by bad news ... and the way our economy is going now it's hard to get the feeling that things are going to have a happy ending as long as we have the current administration running things in Washington.That's dollar-for-dollar debt and cuts, Washington style.
Related: Congress Can't Bind Congress
Posted by Richard at August 5, 2011 9:11 AM
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