The White House is expected to announce a new deficit reduction plan today. The bulk of it appears to be, end the wars and let’s get the class warfare on to try and position the GOP badly for 2012. That’s not governing, it’s politicking, while adding more downward pressure on the economy in already dangerous economic times. This is what change looks like. Obama’s plan is half tax increases and ending wars is not reducing the size of government.
WASHINGTON — President Obama will unveil a deficit-reduction plan on Monday that uses entitlement cuts, tax increases and war savings to reduce government spending by more than $3 trillion over the next 10 years, administration officials said.
First, a word of caution, never underestimate the power of incumbency when it comes to elections – especially when talking about the Presidency. That said, some Democrats are especially worried about Obama’s standing in the polls right now.
One Nevada Democratic Party insider offered this tip for candidates running for public office in 2012: “Don’t get your picture taken with President Obama,” he said. At least not while Barack Obama’s approval ratings remain in the tank, in the high 30 percent to low 40 percent range, according to recent opinion polls.
Steve Chapman-in the pages of the Chicago Tribune, no less-thinks it might be time for Obama to pack it in and not run for reelection.
While Rep. Emanuel Cleaver of the Congressional Black Caucus admits; if anyone else were President, they’d be marching on the White House.
Part of Obama’s problem could be that, as observed by Michael Barone, he sees his job as Shop-Steward-in-Chief. Most of his proposals seemed squarely aimed at the 7% of the workforce who is unionized.
Hmmm…Instead of paying back taxpayers, Obama’s GM is giving union workers a cash bonus for signing a new contract. Looks like Barone is right again.
Currently, stock futures are signaling sharp losses.
Looks like the Fed is going to prime the pump again. Get ready for another round of “easing”, i.e. throwing torrents of newly created money into the economic abyss.
Recovery Bummer. Technically, the recession ended in June 2009. 2010 was the first full year of recovery following the recession. Yet, household income was lower in 2010 than 2009. Maybe we should take another look at how we define recession.
DOOM: When you gaze into the abyss…
Patterico offers a stunning chart, tracking economic output and lives lived in each century since 1 AD.
So, almost a quarter of all goods and services produced by the world since 1 AD were produced in the last 10 years. Almost 80% of the worlds total economic output for the last 2 thousand years were produced after 1900. Think on that for a spell.
An important showdown is in the works. As Abbas begins his movve for Palestinian statehood, the U.S. Congress is threatening to withold aid. I suspect many Americans are not big on foreign aid in general at this point.
Now, faced with Abbas’ pronouncement that he will ask the U.N. Security Council on Friday to back his statehood bid, angry lawmakers may exercise power the one way Congress can — by withholding Palestinian aid.
BigPeace’s World View: September 19, China Warns on Arms Sales to Taiwan.
Hollywood got together last night to give itself more awards. BigHollywood has the rundown of winners of last night’s Emmys.
In other news, Google is loading up on lobbyists ahead of Congressional anti-trust hearings.
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