primitives discuss cutting social programs

[franksolich]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5781630

Oh my.

But surely the primitives expected this?

It couldn't be any other way.

Hannah Bell  (1000+ posts)        Thu Jun-04-09 02:08 AM
Original message
 
US Fed Chairman demands plan to cut social programs 

Testifying Wednesday before the Budget Committee of the House of Representatives, Federal Reserve Board Chairman Ben Bernanke demanded that Congress and the Obama administration map out a program of austerity measures to bring down record budget deficits. Bernanke made clear that the heart of this program should be sharp cuts in social spending, including basic entitlement programs such as Social Security and Medicare.

“Maintaining the confidence of the financial markets,” Bernanke said in prepared remarks to the committee, “requires that we, as a nation, begin planning now for the restoration of fiscal balance.”

The phrase “confidence of the financial markets” is a euphemism for the interests of Wall Street and major international banks and investors. In demanding the preparation of austerity measures to be imposed on the American people, Bernanke was speaking in behalf of the financial elite whose massive taxpayer subsidies have been the major cause of the explosive growth over the past year of the federal deficit and the US national debt.

He made clear that his prescription for “fiscal balance” was dramatic cuts in what remains of social programs, rather than tax increases. He zeroed in on the basic programs upon which tens of millions of Americans depend—Social Security and Medicare.

This week, (Obama's) treasury secretary, Timothy Geithner...spoke of a permanent reduction in the “discretionary spending” of the American people.

At Wednesday’s Budget Committee hearing, the ranking Republican, Congressman Paul Ryan of Wisconsin, articulated even more openly than Bernanke the ruthless policy of the US ruling elite toward the working class. He...urged the Fed chairman to adhere to the central bank’s “commitment to price stability”—in other words, to pursue a deliberate policy of keeping unemployment high in order to bludgeon the working class into accepting wage cuts and other concessions.

House Majority Leader Steny Hoyer, speaking for the Democrats...said the Democratic-controlled House planned to pass legislation before its July 4 recess to establish “pay-as-you-go” rules, which, he said, would require that any increase in spending be offset by cuts in other programs.

In addition, he said, “We need to address entitlements.”

http://www.wsws.org/articles/2009/jun2009/fed-j04.shtml

The ****ers are going to kill people.

Doug's ex-wife, first up:

EFerrari  (1000+ posts)        Thu Jun-04-09 02:11 AM
Response to Original message
 
1. Yes, they are.

DJ13 (1000+ posts)      Thu Jun-04-09 02:11 AM
Response to Original message
 
2. Start with our most costly social programs

Corporate welfare, and the bloated military budget.

leftstreet  (1000+ posts)      Thu Jun-04-09 02:14 AM
Response to Original message

3. You know, in South America they used to have to do this by coup

Assassinate/remove the leadership.
Deregulate.
Privatize.
Gut social spending.

Now they just do it without firing a single shot.

This is ****ed up

Triana  (1000+ posts)        Thu Jun-04-09 02:16 AM
Response to Original message
 
4. Get out of Iraq, cut all military spending, make churches and corprats pay taxes...

...that'd take care of it.

But nope. Wall Street & corprat AmeriKKKa will not be happy until they have every last drop of blood and money from the American People. The DLC and Pigshits have been drooling to cut out Medicare and SS for eons. They see this is as a good excuse as any. MORE disaster capitalism!

If there's another drop of blood to squeeze from the American worker/taxpayer - they're gonna get it. Then, we can all just ****ing drop dead.

That's the plan.

anaxarchos (891 posts)      Thu Jun-04-09 02:24 AM
Response to Original message
 
8. Yup... here it comes.
 
A couple trillion of spending, demanded as bailout and stimulus just 6 months ago, is now going to be "inflationary" as they see "light at the end of the tunnel". Add to that, the wad of cash that was released as credit was declining, at twice the level of spending, and half of that by Bernanke himself, and it is austerity time in America. And this while unemployment continues to rise into next year, unemployment compensation runs out, and virtually no real "relief" comes out of the stimulus package or the budget.

What's it going to be? Social Security? Medicaid? Where else?

Just one small modification: they are already killing people... maybe as many as 90 million if the World Bank is to be believed. It just isn't happening extensively within the borders yet. You are right, though. That will come.

dkf  (1000+ posts)        Thu Jun-04-09 02:28 AM
Response to Original message
 
9. And why are we making it hard for the banks to pay back the TARP?

That money should be paid back as soon as possible.

Statistical  (1000+ posts)      Thu Jun-04-09 09:32 AM
Response to Reply #9

24. Same reason the banks want to pay it back.

Control.

If there is one thing Washington likes more than $$$$ it is control.

I am no big fan on Barney Frank on most things but in this instance he is right. If the banks want to pay back let them.

Others in Washington see it as revenue generated.

Most US federal debt is 10 year T-bond which recently were sold @ around 3.0% yield.

The TARP funds have a 5% dividend.

The govt can collect the worlds largest free float.

Sell $700B in debt @ 3%..... collect dividends @ 5%. 2% of $700B the govt never had, pretty sweet.

I only wish I had the credit rating to do that.

Lasher  (1000+ posts)      Thu Jun-04-09 02:52 AM
Response to Original message
 
11. All the last 8 years I kept hearing how we can't afford our social programs.

But we can afford massive tax cuts for billionaires. And Lord Vader's big adventure in Iraq. Then we pull a trillion dollars out of our asses and hand it to the bankers. WTF? How could we afford that if we couldn't afford Social Security?

'We need to address entitlements', you say? How about I address my foot right up your ass?

democracy1st  (1000+ posts)        Thu Jun-04-09 05:33 AM
Response to Original message
 
17. If this happens that will be Obama's downfall !

melm00se (1000+ posts)      Thu Jun-04-09 08:37 AM
Response to Original message
 
22. While his target may be objectionable from an ideology point of view, and his wording stilted, the fact of the matter is that the US government must develop, promulgate and stick to a plan to reduce spending and federal deficits.

One can not continue to spend money that you don't have by either continuing to borrow or by printing money without causing significant damage to the economic structure.

While some can say "take us back to the days of Ike and tax the 'rich' at a 90% level", they have to understand that the world and domestic economy as well as quality of life issues are so incredibly different that the impact of imposing a tax at the level might have some unintended and surprising consequences.

Back to Bernanke's sentiment: overspending the federal revenues by 20-30-50-100% is NOT sustainable for very much longer. Both "sides" of the budget will have to bear the brunt of the hard (and politically unpopular) choices that will have to be made and the sooner they are made, the less severe and painful that they will be.

You know, surely the primitives are being facetious, tongue-in-cheek, here.

Surely even the primitives knew this was coming.

I suggest we start the cuts with the mountain man primitive's social security retirement check.  Remember how he got all bent out of shape about that?  Nothing more amusing than watching a primitive confront the consequences of his voting.

[Carl]

 

[JohnnyReb]

Well, Mrs. Zero, wife of Hopey-Dopey, said that we'd all have to work. Since most conservatives already had a job, or was at least actively seeking one, I guess she was talking about you DUmmies....change is coming...change you can believe in.
....or maybe Hopey_Dopey has dyslexia and meant...I believe you gonna change.

[Chris_]

The ****ers are going to kill people.

Be patient, that will start when socialized medicine is in full swing....you DUmmies need to keep your programs straight..

[The Village Idiot]

I suggest we slash all welfare programs by 25%, SS by 15%, MediCaid, Medicare by 30%.

[Chris_]

Yeah, cut the "bloated military budget" you idiots....  That's the DUmmies' answer?  With China doubling their military spending and the towel heads threatening us daily from their caves abroad?  Brilliant!!

[delilahmused]

This from the people who were bragging about carrying around scads and wads of cash to purchase luxury items?

Cindie