July Announced Job Cuts Jumped 59 percent, Third consecutive increase, Consumers retrenching manufacturing cooling and confidence waning

July Announced Job Cuts Jumped 59 percent, Third consecutive increase, Consumers retrenching manufacturing cooling and confidence waning

From Bloomberg Auigust 3, 2011.

“Announced U.S. Job Cuts Jumped 59% in July”

“Employers in the U.S. announced the largest number of job cuts in July in 16 months, signaling a labor market that’s struggling to improve.

Planned firings climbed 59 percent from July 2010 to 66,414, according to figures released today by Chicago-based Challenger, Gray & Christmas Inc. Job-cut announcements were led by the pharmaceutical industry, which included drugmaker Merck & Co.’s plans to eliminate as many as 13,000 jobs.

The figures follow other data showing consumers retrenching, manufacturing cooling and confidence waning. Employers in July probably boosted payrolls at a pace that failed to reduce the jobless rate, according to a Bloomberg News survey before a report in two days.

“July marks the third consecutive increase we have seen in monthly job-cut announcements, which certainly seems to provide additional evidence that the recovery has stalled,” John A. Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement. “It has been a couple of years since we have seen this level of private-sector job cuts coming in a single month.”

Compared with June, job-cut announcements increased 60 percent. Because the figures aren’t adjusted for seasonal effects, economists prefer to focus on year-over-year changes rather than monthly numbers.

The pharmaceutical industry led the firings with 13,493 job cut announcements in July.”

Read more:

http://www.bloomberg.com/news/2011-08-03/announced-u-s-job-cuts-jumped-59-in-july.html

26 responses to “July Announced Job Cuts Jumped 59 percent, Third consecutive increase, Consumers retrenching manufacturing cooling and confidence waning

  1. Mr. Bill(ms. helga)

    rminnc | August 3, 2011 at 8:08 am |
    _________________________________________

    Good comment – Sad but true.
    And why did the USURPER sign the Debt Bill in PRIVATE?

    http://americanandproud.net/2011/08/obama-signs-debt-deal-into-law-in-private/

  2. Mr. Bill(ms. helga)

    Don’t forget – tomorrow(???) is the USURPER’S birthday.

    THE BIRTHDAY CARD PROJECT
    Here is the plan –
    1. Go to your nearest grocery store and buy an inexpensive Birthday card.
    2. Go home and write a little note saying “I hope this is your correct Birthday”
    3. This is important – Address as follows –
    Mr. Barry Soetoro
    1600 Kendonesia Ave. NW
    Usurperville, D.C. 20500
    4. This is doubly important .
    Place on the front top corner or back the following return address-
    1600 Pa. Ave.,N.W.
    Washington, D.C. 20500
    Either Way it get’s there.
    PS – I forgot that you don’t put any postage on it and they will return to sender. HAHAHAHA

  3. One Georgia County’s Republican Party Stands Up to the Probable Usurpation of the Presidency

    RESOLUTION AND DEMAND LETTER HAVE BEEN SENT TO U.S. CONGRESSMEN WITH OTHERS TO FOLLOW

    by Sharon Rondeau

    Clayton County is located within the greater Atlanta metropolitan area

    (Aug. 2, 2011) — Mr. Carl Swensson, chairman of the Clayton County, GA Republican Party, has reported that a Resolution and cover letter have been sent to three members of the U.S. House of Representatives contending that Barack Hussein Obama is not a “natural born Citizen” as required by the U.S. Constitution to serve as president and demanding “unfettered access” to Obama’s records purportedly held by various state and federal agencies.

    The Resolution is dated March 12, 2011, while the letters to the congressmen were dated and sent on August 2, 2011. Swensson reported that there are approximately 40 members of the Clayton County Republican Party, and the Resolution was passed by a “vast majority” in March.
    http://www.thepostemail.com/2011/08/02/one-georgia-countys-republican-party-stands-up-to-the-probable-usurpation-of-the-presidency/

  4. Democracy – The Most Costly Lie in American History

    “NOTHING MORE THAN MOB RULE”

    by JB Williams, ©2011

    Thomas Jefferson was a founding father and the third President of the United States

    (Aug. 2, 2011) — Democracy is exactly what we have in America today and it’s even worse than Thomas Jefferson warned when he said – “A democracy is nothing more than mob rule, where fifty-one percent of the people may take away the rights of the other forty-nine.”

    It’s really much worse than Jefferson indicated… it’s what Karl Marx said it was, “the road to socialism.”

    Thomas Jefferson was a well-traveled and studied individual, commissioned to write our Declaration of Independence at the founding of our country and a significant player in the formation of our Constitutional Representative Republic. He was also one of our nation’s most prolific writers of the time, quoted more than any other Founding Father.
    http://www.thepostemail.com/2011/08/02/democracy-the-most-costly-lie-in-american-history/

  5. Hotlanta Mike

    New NRSC Ad Skewers Obama and the Democrats for their “Recovery Summer” Claim a Year Ago – Video 8/3/11

    http://freedomslighthouse.net/2011/08/03/new-nrsc-ad-skewers-obama-and-the-democrats-for-their-recovery-summer-claim-a-year-ago-video-8311/

  6. Hotlanta Mike

    New Mitt Romney Ad Released in Time for Obama’s Extravagant Birthday Bash in Chicago: “Obama Isn’t Working” – Video 8/3/11

    http://freedomslighthouse.net/2011/08/03/new-mitt-romney-ad-released-in-time-for-obamas-extravagant-birthday-bash-in-chicago-obama-isnt-working-video-8311/

  7. Here are 5 sentences that cannot be questioned:

    1. You cannot legislate the poor into prosperity, by legislating the wealthy out of prosperity.

    2. What one person receives without working for, another person must work for without receiving.

    3. The government cannot give to anybody anything that the government does not first take from someone else.

    4. You cannot multiply wealth by dividing it.

    5. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half get the idea that it does no good to work because someone else is going to get what they have worked for….

    Well folks, THAT’S THE BEGINNING OF THE END OF A GREAT NATION !

  8. Philo-Publius

    “Jobs Bash” Party Planned Across Street From Obama’s Chicago Birthday Bash

    The first “Jobs Bash” is planned to counter President Obama’s Birthday Bash tomorrow across from the Aragon Ballroom.

    To that end, Kelly is helping to organize the first Tea Party “Jobs Bash: 2011.” He is calling on the unemployed and the underemployed to come out and bring their resumes and business cards to “Job Bash 2011” and call on the President to own up to the high U.S. unemployment figures – currently at 9.2 %.

    WHERE: The Green Mill (across from the Aragon Ballroom)
    4802 North Broadway Street
    Chicago, Illinois

    WHEN: Wednesday, August 3, 2011 — Jobs Bash” reception begins at 3pm.
    http://preview.tinyurl.com/3qskk9b

  9. Fiscal Conservatives Barred from Supercommittee
    Will Senate Republicans be able to prevent tax hikes?

    http://www.weeklystandard.com/blogs/fiscal-conservatives-barred-supercommittee_581921.html

  10. Confirmed: GOP & Dem Leaders Both Asked President Wonderful to Leave Room… At White House Meeting

    “We’d really get more done without you here.”

    Congressional leaders were forced to ask President Wonderful and his aides to leave the White House meeting so that they could get something done. The Hill reported:…………
    http://www.thegatewaypundit.com/2011/08/confirmed-at-white-house-meeting-gop-and-dem-leaders-asked-president-wonderful-his-aides-to-leave-room-so-they-could-negotiate/

  11. Philo-Publius

    Cabby – AZ | August 3, 2011 at 11:45 am |

    Fiscal Conservatives Barred from Supercommittee
    Will Senate Republicans be able to prevent tax hikes?
    —————————————

    Cabby that information was reported as incorrect after it came out.

    UPDATE – McConnell spokesman Don Stewart: “The story is wrong.
    http://preview.tinyurl.com/3zzlkmf

    The answer’s no, but whether it was no all along or whether things quickly changed after Steve Hayes pulled the pin on this grenade at the Standard this morning, only McConnell knows.
    http://hotair.com/archives/2011/08/02/report-republicans-who-voted-no-on-deal-to-be-barred-from-super-committee/

  12. posting stuff is cool. but men of action will get more done. for 3 years people blog here and their opinions but nothing gets done. biden calls tea party people terrorists and the media complies!!!!!!!! we have been taken over and no election is gonna change anything till the media is held accountable and politicians for yelling fire in public or yelling debt crisis. its all a game and they have the guns and power. we the people need to march again on washington and take back our country.

  13. “BACK TO [OUT-OF-CONTROL & COMPLETELY INSANE] BIG GOVERNMENT
    -SPENDING AS USUAL”

    By Michelle Malkin
    August 3, 2011

    Excerpt:

    “The American Age of Austerity lasted approximately three minutes, give or take a nanosecond. Immediately after the Senate approved the bipartisan “Budget Control Act of 2011” on Tuesday afternoon, President Obama hustled over to the Rose Garden — to crow about the renewed opportunity to make “key investments.”

    Yes, the pitched battle to force government to live within its means has preserved the failed stimulator-in-chief’s ability to keep spending like there’s no tomorrow. As the curtains closed on D.C.’s debt-ceiling theater, Obama wasted no time putting his new “investment” priorities on the table: higher taxes, more funding for endless unemployment benefits and a “national infrastructure bank.”

    I don’t need to bet you a super-sized bowl of peas that pushover Republicans will be ready to toss their tea party costumes under the bus and rejoin the spending parade faster than you can say “Fitch.” Take that government-sponsored infrastructure bank idea. Undaunted by his spectacular porkulus bust and unemployment numbers still hovering near double-digits, Obama peddled this latest shovel-unready scheme last week:

    “We’ve got the potential to create an infrastructure bank that could put construction workers to work right now,” he asserted at a press conference, “rebuilding our roads and our bridges and our vital infrastructure all across the country. So those are still areas where I think we can make enormous progress.”

    How about some progress on the nearly $230 billion already allocated in the original trillion-dollar stimulus law for infrastructure, or the $73 billion in regular infrastructure appropriations spent every year by the feds? Ah, silly me. The government definition of “living within their means” requires politicians to blather, spend and repeat without regard to the consequences.

    Sponsored by Massachusetts Democratic Sen. John Kerry, the fantasyland infrastructure slush fund has support from Texas GOP Sen. Kay Bailey Hutchison and the corporate welfare-friendly U.S. Chamber of Commerce. How would it work, and who would pay? Unveiled at the radical leftist Center for American Progress in January, Kerry and Company’s pipe dream would somehow leverage $10 billion in unidentified public funds into $640 billion in government loans and loan guarantees for union-exclusive construction and bogus green jobs projects. As I’ve summarized before, the infrastructure banks would borrow more money the government doesn’t have to dole out grants that wouldn’t be paid back and don’t require interest payments.”

    Read More Here: http://townhall.com/columnists/michellemalkin/2011/08/03/back_to_big_government-spending_as_usual

  14. truthbetold11….I agree 100%. All of us terrorists (?) or is it racists (?) need to form a human TEA Bag chain surrounding the Capitol building. We can do what all those currently controlling DC did in the 60’s. Have a massive sit-in and watch them try to FORCE us to leave. I just might have to swat them with my U.S. flag, ….. or has that been banned from Federal lands???

  15. “BACHMAN TOUTS ‘NO’ VOTE ON DEBT CEILING HIKE AHEAD OF IOWA STRAW POLL”

    By Katie Pavlich
    8/3/2011

    Excerpt:

    “Presidential candidate Michele Bachmann is touting her ‘no’ vote on raising the debt ceiling in a new video released a week ahead of the Ames Iowa straw poll.

    Yesterday after President Obama signed the debt deal into law, Bachmann released a statement slamming the deal and Obama, saying Americans will continue to be subjected his failed economic policies.

    “Mr. President, the real losers in the budget deal were the American people who will continue to be subjected to your failed economic policies. The President got what he wanted — a blank check, debt ceiling increase of at least $2.1 trillion to continue his wasteful spending next year, while in exchange the American people got $21 billion of spending cuts. It should be noted that $21 billion is 1/2 of one percent of total spending for the year; only in Washington does a 1/2 percent cut in spending count as ‘austerity.’ That’s not the kind of deal that makes government live within its means, like American families and businesses have had to do during this recession. We needed real cuts and a fundamental restructuring in the way Washington spends taxpayer dollars to solve the spending crisis we are in. What’s worse is that this deal puts our national security at risk because of the severe cuts to defense that kick in should the President not do his job in the next few months. But it’s hard for the President to understand the importance of national security when he’s ‘leading from behind.’

    “And it took less than an hour after the deal passed the Senate for the President to pledge to raise taxes on the American people and on American job creators through his insistence on a ‘balanced approach.’ After two-and-half years of a failed trillion dollar stimulus, bank and auto bailouts, the President still believes that government can create jobs and turn the economy around. Tell that to the millions of people who have lost their jobs while Washington continues to grow with its wasteful spending. Mr. President, it’s time for you to take responsibility for this failed economy and stop blaming the American people, earthquakes, the previous administration and the wind. It’s time to stop the ‘hot air’ in Washington and let the winds of true change, economic growth and job creation spurred by the private market sweep through this country. Someone has to say NO to more spending. I will.”

    […] Most voters disapprove of the debt ceiling agreement reached by the president and Congress earlier this week and most doubt it will actually reduce government spending.”

    MICHELLE BACHMAN: BELIEVE IT

    Read More Here: http://townhall.com/tipsheet/katiepavlich/2011/08/03/bachmann_touts_no_vote_on_debt_ceiling_hike_ahead_of_iowa_straw_poll

  16. “OBAMA IS OUT OF OPTIONS”

    By Jonah Goldberg
    8/3/2011

    Excerpt:

    “But the bad economy isn’t the only hurdle. Clinton’s race to the center was a return to form. He beat George H.W. Bush by running as a centrist Southern Democrat who supported the death penalty, wanted to “end welfare as we know it” and was eager to zing his own base if it would earn him a second look from Reagan Democrats and others disillusioned with the party of McGovern, Mondale and Dukakis. His was a restoration, not a transformation.

    I’m writing this before the final votes on the debt-limit deal, and I have no desire to tempt fate. But it seems that no matter how Obama gets out of this, he’s left in a double bind. He desperately needs to make a new first impression because he cannot successfully run on a terrible economy, an unpopular health-care plan and a very confusing foreign policy at a time when most Americans are burned out on foreign policy.

    But absent external events he cannot plan on, there’s no way to credibly reinvent himself or even reintroduce himself as the guy who ran in 2008.

    He can’t revive his claim to be a post-partisan bridge-builder, can he? His first two years were as partisan as any we’ve seen in a generation. He certainly can’t run on “Yes We Can!” optimism, particularly not after he’s shown his willingness to force a “sugar-coated Satan sandwich,” in the words of Congressional Black Caucus Chairman Emanuel Cleaver, down the throats of his base. He cannot run as a gung-ho fiscal hawk, not when he contributed so much to the deficit. And he will never outbid the GOP nominee on shrinking government. If he tries, his base stays home.

    Barring some tragic event outside his control, it’s very hard to see what the man can do. He’s got no place he can go, but he can’t stay where he is.”

    Read More Here: http://townhall.com/columnists/jonahgoldberg/2011/08/03/obama_is_out_of_options

    * * * *

    “FORGET RECESSION, THINK DEPRESSION”

    By Bill Tatro

    Excerpt:

    “The European Union is imploding as CDS spreads tell the tale of a strategy in crisis. Finally, the charade in Washington, D.C. …well, enough said. Everything seems to be getting worse, and the facts bear this conclusion.

    Let’s examine the trend, in Newton’s law.

    Third quarter 2010 GDP revised downward from 2.6% to 2.5%. Fourth quarter 2010 GDP changed from 3.1% to 2.3%, and first quarter 2011 GDP adjusted from 1.9% to 0.4%.

    So the revised numbers show that each quarter was worse than the last, now a body in slower motion.

    However, what confuses me is the most recent 2011 GDP report for the second quarter, which was reported at 1.3%.

    While most economists were shocked, exclaiming this was a very low number, I was shocked it was that high.

    What could have happened to make the GDP 225% better in the second quarter than in the first quarter of this year? Absolutely nothing, and that’s where revision comes into play over the next several months.

    Look for the second quarter of 2011 to be revised down, down, down. If not ultimately adjusted to a negative number, it will be very close. This sets the stage for a collapsing third and fourth quarter of this year.

    Everyone is worried about the double-dip, and some even think recession. If we only get away with a recession, we’ll be lucky.

    I think Newton has it right.”

    Read More Here: http://finance.townhall.com/columnists/billtatro/2011/08/03/forget_recession,_think_depression

  17. Reposted From Previous Post:

    “rminnc | August 3, 2011 at 8:08 am |

    Good morning all….

    Sorry I didn’t get back to you late last night Old Salt with a response to your blog….I will try to do that now. This may be a long blog, bare with me.

    There was once a time in America when employment was good. We made things and sold them to the rest of the world. Life was great and we all had a dream.

    Then along came G.H.W. Bush (the first new order guy), then Bill Clinton who introduced us to NAFTA then followed Dubbwa Bush (in his daddy’s footsteps), and now O’bummer with plans to finish off America and make us a third-world bananna republic. He has almost accomplished the mission.

    America’s problem is these TRAITORS have made WAR the only business America has to participate in now. The last four presidents have allowed BIG BUSINESS to ship all the machinery and industry in our country to China, India, or Mexico. In return they gave us WALMART.

    You are also right, we send off the cream of our youth to foreign countries to fight OTHER PEOPLES WARS, while the American taxpayer is footing the bill for the bullets. Our country is bankrupt because of this military/industrial complex stranglehold. There is never a payback from war.

    Over a TRILLION dollars was poured into the Iraq war and not a damn penny of revenue has been returned. We are still pouring BILLIONS into that slim hole.

    Then there’s AFGHANISTAN, LIBYA, YEMEN, and PAKISTAN sucking up BILLIONS of taxpayers dollars trying to defeat goat herders in caves. What great logic our leaders in Washington are showing!

    I do not fault the common soldier. My heart goes out to him. I was one for a long, long time. But back then, I felt our cause was worthy, and our fight was just, but even then it was a heavy load to carry. I felt we were trying to defeat Communism before it defeated us. The American people felt otherwise and we gave Vietnam up. Although we were winning that war from the military point of view, that slim-ball Henry Kissinger and others were behind closed doors closing the deal to give up.

    Today, our soldiers really don’t know who, or what they are fighting, or why they are fighting. They are following orders from a higher chain of command, that won’t question the legal rights of their C-in-C, and jails a fellow officer who is brave enough to step forward and raise the question that is on 70% of American minds. What kind of General officers do we have today? Let me answer my own question. Their not military officers, their politicians in uniform. There’s a hell of a lot of difference in those two terms.

    No, Old Salt my friend, I’m afraid the only business America has today is WAR, and we are not doing very good at that. We have now passed 14.5 TRILLION in debt , just added 2.8 TRILLION more and there’s no end in sight.

    Our country is being destroyed from within by idiots, while our youth are fighting and dying in foreign countries to protect the interest of big business.

    Fifty years from now, our grandchildren will spit on our graves for allowing those who would destroy the “American Dream” to put them into bondage forever.

    Those who set by idly now and do nothing will have deserved it.”

  18. “AMERICAN LAKE TURNS BLOOD-RED, SPARKING END-TIMES WONDER” -“THE BIBLE PROPHECIES ARE SLOWLY FULFILLING THEMSELVES IN THE MIDST OF A REVELATION”

    By Dave Tombers
    © 2011 WND
    August 03, 2011

    This Article & Three Videos Are Here:

    http://www.wnd.com/?pageId=329421#ixzz1U02HzqaW

    * * * *

    “MISPRISION OF FELONY: REPORT THE CRIME!”

    “HOW MANY PEOPLE WILL CONTACT PUBLIC OFFICIALS ABOUT OBAMA’S FAKE BIRTH CERTIFICATE?”

    by Dr. Kate, ©2011, blogging at Dr. Kate’s View
    May 28, 2011

    Read More Here: http://www.thepostemail.com/2011/05/28/misprision-of-felony-report-the-crime/

    * * * *

    The US government builds 35 or 40 border patrol stations at the NORTHERN border! Not the southern border.

    Chuck Baldwin: ‘Super Congress’, Continuing The Continuity of Government – Alex Jones Tv 1/4

  19. Chuck Baldwin: ‘Super Congress’, Continuing The Continuity of Government – Alex Jones Tv 2/4

    * * * *

    Chuck Baldwin: ‘Super Congress’, Continuing The Continuity of Government – Alex Jones Tv 3/4

    * * * *

    Chuck Baldwin: ‘Super Congress’, Continuing The Continuity of Government – Alex Jones Tv 4/4

    * * * *

  20. “THREE OBAMA OFFICIALS IMPLICATED IN SEDITIOUS PLOT TO DISMANTLE US CONSTITUTION”

    ~~ “URGENT UPDATE: NEW EVIDENCE COMES OUT OF OBAMA ADMINISTRATION OFFICIALS’ INVOLVEMENT IN PLAN TO EFFECTUALLY REWRITE THE U.S. CONSTITUTION AND BILL OF RIGHTS. SOROS-FUNDED EFFORT TO FORCE AMERICA INTO ACCEPTING A MARXIST MANIFESTO BY 2012 UNDERWAY IN OBAMA FACTION, LED BY KEY EXECUTIVE BRANCH APPOINTEES” ~~

    “DEMAND CONGRESSIONAL HEARINGS TO STOP THE DISMANTLING OF
    AMERICA!”

    Excerpt:

    “Just days after Marxist Free Market Saboteur Steve Lerner’s plans for mass May Day national economic disruptions have become known via secretly caught exposure of a taped meeting with other extremists, now new evidence implicates the Obama White House in sedition. Regulatory Czar Cass Sunstein; his wife Samantha Power, Senior Director of the National Security Council; and Department of Justice Attorney General Eric Holder are key players in a related plot to dismantle and destroy America’s Constitutional republic.

    In April 2005, Sunstein opened a conference at Yale Law School sponsored by George Soros’ Open Society Institute entitled, “The Constitution in 2020.” The event was designed as a forum to craft the agenda and assign the tasks for changing the nature and interpretation of the Constitution into a fully “progressive” Marxist Manifesto by the year 2020. Sunstein was a natural fit for the conference, as his 2004 book, “The Second Bill of Rights: FDR’S Unfinished Revolution and Why We Need It More than Ever” proposed a radical new document to replace America’s traditional Bill of Rights.

    The conference was co-sponsored by the American Constitution Society, another hard Left Marxist organization which seeks to rewrite the Constitution. Attorney General Eric Holder not only previously served on the ACS Board of Directors, but is keynote speaker for their 2011 Convention.

    The Obama faction onslaught against America is coming from all sides. A union thug with White House connections plots to crash the American economy while high ranking Obama officials seek to subvert the Constitution and Bill of Rights. We MUST compel Congress to open investigations and HALT the Obama wrecking crew that is daily dismantling America!

    Recent audio outlined a very real plan to collapse the American economy — including crashing the stock market and “bring down the banks” — in an effort to finally and irrevocably bring about the fundamental change, radical change, Obama promised. The sinister plan was set to take place the first week of May… and evidence suggests the plan may go all the way to the White House. Analysis shows a dip in the market the first week of May, partially due to the efforts of this Marxist “celebration” and partially due to George Soros’ Quantum Hedge Fund literally dumping their silver holdings, causing one of the largest silver price crashes in history. The market began following suit, and large scale dumps of most precious metals continued throughout the week, further depressing the already weakened market numbers.”

    Read More Here: http://us2.campaign-archive1.com/?u=0c63abc741fff5c4813d80e0a&id=42232e5dbe&e=98e93d4d48
    * * * *

  21. Philo-Publius | August 3, 2011 at 12:33 pm |
    Cabby that information was reported as incorrect after it came out.
    ********************
    Thanks for the info, but after reading the references I think this is a case of deniability in the way of damage control. Steve Hayes is very responsible, and I’m sorry, but I believe he reported correctly according to his sources whom he trusted. This type of thing happens frequently. Time will tell.

    Perhaps this “leak” will jack up McConnell and Boehner. BTW, the entire concept of a supercommittee is very questionable, and there are experts who contend that this is probably unconstitutional.

  22. Lyndon LaRouche Discusses ‘The Secret Economy’

  23. “CONSTITUENT TO CONGRESSMAN: “A REAL PRESIDENT LEADS HIS NATION TO PROSPERITY – NOT TO COLLAPSE”

    “DOES ANYONE IN CONGRESS REALLY REPRESENT THE PEOPLE ANYMORE?”

    August 3, 2011

    Read More Here: http://www.thepostemail.com/2011/08/03/constituent-to-congressman-a-real-president-leads-his-nation-to-prosperity-not-to-collapse/

    * * * *

  24. “WHERE’S YOUR BUDGET, MR. pRESIDENT?”

    ~~ “Ever since they fudged the numbers to pass ObamaCare, Democrats have abandoned credible spending plans” ~~

    By Paul Ryan
    August 3, 2011

    Excerpt:

    “Yesterday, Mr. Obama signed this bill into law. He was, as he said, bluffing.

    House majority leader Eric Cantor and Wall Street Journal columnist Peggy Noonan discuss the debt ceiling deal and the political fallout.
    ..Nevertheless, the president still hasn’t shown us his cards. He still hasn’t put forward a credible plan to tackle the threat of ever-rising spending and debt, and his evasiveness is emblematic of the party he leads.

    Ever since they abused the budget process to jam their health-care takeover through Congress last year, the Democrats have simply done away with serious budgeting altogether. The simplest explanation—and the president’s real bluff—is that they don’t want to commit publicly to the kind of tax increases and health-care rationing that would be required to sustain their archaic vision of government.

    The president’s February budget deliberately dodged the tough choices necessary to confront the threat of runaway federal spending. It was rejected unanimously in a Senate controlled by his own party.

    View Full Image
    ..Since then he has offered a lot of rhetoric but no real plan to avoid a spending-driven debt crisis. His speeches and press conferences are no substitutes for actual budgets with specific numbers and independently verified projections of future deficits and debt. Meanwhile, it has been over two years since the Democrat-controlled Senate passed any budget at all. This is a historic failure to fulfill one of the most basic responsibilities of governing.

    This leadership deficit has thrown the federal budget process into chaos at the worst possible time. Even though Congress has cut spending by a significant amount, it still hasn’t dealt with the drivers of our debt—primarily federal spending on health care.

    The math is scary, yet simple: In the years ahead, spending on programs such as Medicare, Medicaid and the Democrats’ new health-care entitlements is projected to skyrocket relative to the size of the economy, even as federal spending on everything else is projected to decline (see the nearby chart).”

    Read More Here: http://online.wsj.com/article/SB10001424053111903341404576484124282885188.html?mod=WSJ_Opinion_LEADTop#printMode

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s