Debeo Summa Credo: Got to pay our bills sometime.
"Now, what's important to understand is that not everyone will feel the pain of these cuts right away. ...So economists are estimating that as a consequence of this sequester, that we could see growth cut by over one-half of 1 percent. It will cost about 750,000 jobs at a time when we should be growing jobs more quickly. So every time that we get a piece of economic news, over the next month, next two months, next six months, as long as the sequester is in place, we'll know that that economic news could have been better if Congress had not failed to act....And, in the meantime, just to make the final point about the sequester, we will get through this. This is not going to be a apocalypse, I think as some people have said. It's just dumb. And it's going to hurt. It's going to hurt individual people and it's going to hurt the economy overall."
cman: Dusk-You-n-Me: cman: The sequester was pushed as something that would slide us back into a recession. That was the big talking point.Whose talking point? The CBO said it would cut GDP growth by about 1.5%. Nothing about a recession.Are you serious? I know that Americans have short attention spans, but Jesus. It was the biggest talking point in the media.
cman: The sequester was pushed as something that would slide us back into a recession. That was the big talking point.
Lionel Mandrake: Unless you've been effected by the sequester, you haven't been effected by the sequester.Got it.
Dr Dreidel: Pocket Ninja: As for the rest...well, we all know that if you get stabbed with a knife in the belly and don't die instantly on that spot, you're going to be totally fine.With growth at just under 2% for the 2nd quarter, it's looking less like a knife to the gut and more like pricking your finger. The bigger threat is the Fed quitting bond-buys by Labor Day.
Debeo Summa Credo: When you are in debt and spending more than you earn, do you borrow more to maintain your unsustainable lifestyle?
lunogled: Yes, well, science in the US is experiencing a disaster but who needs them learned people?http://www.nature.com/nature/journal/v498/n7455/full/nj7455-527a.html
VoodooTaco: /good ol' liberal//wants to cut the military budget///but not via horizontal cuts across the board
MattStafford: make me some tea: 3) it is preventable, if we agree to prevent it4) it is manageable to some degreeI would argue that those two points are mutually exclusive. In order to manage this situation, there have to be budget cuts (or at least a slowdown in budget increases). If we fail to do that, we will reach a situation that truly is unmanageable. If you want to manage it, you have to have some sort of sequestration. If you want to prevent it, you will create an unmanageable situation./unless your "preventable" is referring to something else, in which case I apologize.
MattStafford: Mercutio74: Not all deficit spending is created equal. Pretty much every country in the world is a deficit spender, it's how you do it that matters.Yeah, deficit spending on productive things (like infrastructure and education) is good. Deficit spending on non productive things (like a safety net and the military) is a bad thing.
MattStafford: A Dark Evil Omen: Tell us about the coconuts, George.Suppose the government borrows one trillion dollars tomorrow, and distributes it to all people below a certain income level. One year later, the government raises taxes by one trillion dollars (plus interest). You believe that the economy is stronger after these two actions take place than before these two actions take place?
MattStafford: Mercutio74: I mostly agree. A well-run safety net actually does supply a positive ROI to the gov't and the nation. For example, you don't want to lose a skilled worker because he or she will be faced with a temporary inability to work (due to either illness/injury or something more macroeconomic like Wall St. deciding to defraud the globe).I would disagree on the safety net being a positive ROI. Would a Sub-Saharan country have a stronger economy if they borrowed a bunch of money and instituted a safety net? I would argue no.
palelizard: I don't know about other Federal programs, but the Navy just started the furlough this period. They pushed the cuts to the money they'd be spending at the end of the year, so the wife's getting a 20% pay cut starting for work done this week. It's not the end of the world, but it still stinks.
PanicMan: Deficit spending is how every country in the world works. Our "lifestyle" is still perfectly sustainable.
The_Gallant_Gallstone: PanicMan: Deficit spending is how every country in the world works. Our "lifestyle" is still perfectly sustainableIf deficit spending is rational, its advocates have to put forth a strong formulation for it, given that it runs counter to sensible economic management at the household level.The prudent voter may be wrong to think that the government should function like a household (income should exceed expenses), but that mistake is forgiveable if a strong explanation to the contrary is not provided.
vernonFL: I had plans to see the Blue Angels. That was cancelled.I had plans to go to Fleet week. Cancelled.
Smidge204: So I skimmed trough the story and here's my takeaway:"The sequester has been bad so far, but not as bad as predicted mostly because some of the cuts were undone, and it's too soon to tell just how bad it will ultimately be."That about sum it up?=Smidge=
vpb: Unless you're poor and rely on community health centers or one of the other health programs cut, but I guess subby didn't include them in "we".
Soup4Bonnie: Debeo Summa Credo: Got to pay our bills sometime.I think we should pay our bills after some huge infrastructure improvements around this gigantic farking country of ours reduce the unemployment so that we have more revenue attack that debt. Another option is to keep coddling the quivering job creators, whoever they are.
Dr Dreidel: Would it not have been easier to cut $85B from programs and projects the Pentagon doesn't want?
SwordBuddha: Furloughs for DOD civilian employees start next week. Political fallout should follow closely.
cman: The sequester was pushed as something that would slide us back into a recession. That was the big talking point. It didnt happen.
BMFPitt: PanicMan: palelizard: I don't know about other Federal programs, but the Navy just started the furlough this period. They pushed the cuts to the money they'd be spending at the end of the year, so the wife's getting a 20% pay cut starting for work done this week. It's not the end of the world, but it still stinks.Yep, mine starts next week./ArmyMine got "suspended" indefinitely because I work for an agency that was able to slightly inconvenience Congress during their vacations.
DON.MAC: So the best congress is an ineffective congress?
Philip Francis Queeg: cman: Dusk-You-n-Me: cman: The sequester was pushed as something that would slide us back into a recession. That was the big talking point.Whose talking point? The CBO said it would cut GDP growth by about 1.5%. Nothing about a recession.Are you serious? I know that Americans have short attention spans, but Jesus. It was the biggest talking point in the media.From your link...The latest warning about the dangers of the "sequester" -- the $85 billion in -- comes from Bank of America chief economist Ethan Harris. In a research note on Friday, Harris writes that he expects this painful shot of austerity to slow GDP growth to just 1 percent in the second quarter, with job growth averaging less than 100,000 per month for those three months.That is not exactly recession territory, but it is dangerously close. Harris's numbers match up pretty well with those of other private-sector economists, including Macroeconomic Advisers. The the sequester would gouge about 1.25 percent from GDP growth in the second quarter, leaving growth at a paltry 1.2 percent. Macro Advisers said the sequester could cost the economy 700,000 jobs through 2014.You might want to start reading more than the headline of the articles you link to.
cman: Are you serious?
Pocket Ninja: There would be one-hour waits at airport security....but none of those things happened.That did happen, you pair of miscreants. It was only undone because the gutless yambags in Congress decided they didn't want to deal with their own fallout as they were leaving for a recess.As for the rest...well, we all know that if you get stabbed with a knife in the belly and don't die instantly on that spot, you're going to be totally fine.
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