Posts Tagged ‘deficit
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Brett Logiurato: The Budget Deficit Just Fell To Its Lowest Level Under Obama
The US budget deficit fell to about $483 billion in fiscal year 2014, almost a $200 billion drop from the previous year and the lowest level of President Barack Obama’s six years in office. The US Treasury Department released the official figures on Wednesday, generally confirming figures released by the nonpartisan Congressional Budget Office last week. It’s the smallest deficit recorded since 2008.
FY2014 was the fifth consecutive year the deficit declined as a percentage of GDP. It is now an estimated 2.8% of GDP, a percentage that puts it below the average of the past 40 years. The Treasury’s figures chalked up the shrinking deficit to increased revenues from taxes and slowed growth in government spending. “It’s really a rise in revenues because of economic growth, because of the policies the president pursued, that we’ve made progress on the deficit,” said Shaun Donovan, the director of the Office of Management and Budget.
Kennett Area Dems (@KennettDems) October 16, 2014
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Rolling Stone: The Obama Hope And Change Index: 6 Years Of Progress, By The Numbers
Peak unemployment, October 2009: 10 percent
Unemployment rate now: 5.9 percent
Consecutive private sector job growth: 55 months
Private sector jobs created: 10.3 million
Federal deficit, 2009: 9.8 percent of GDP
Deficit in 2013: 4.1 percent of GDP
Average tax rate for highest earners 2008: 28.1 percent
Average tax rate for highest earners 2013: 33.6 percent
Banks regulated as too big to fail, 2009: 0
Banks regulated as “systemically important financial institutions” — a.k.a. too big to fail — 2014: 29
Billions returned to consumers by Consumer Financial Protection Bureau enforcement: $4.6 billion
Americans compensated for being swindled by banks, lenders and credit card companies: 15 million
Dow Jones close, inauguration day 2009: 7,949
Dow Jones yesterday: 16,719
Required MPG (miles per gallon) for cars when Obama took office: 27.5
Required MPG for light trucks/SUVs when Obama took office: 23
MPG requirement by 2016 for cars, light trucks/SUVs: 35.5
MPG required by 2025: 54.5
Gigawatts of wind power installed when Obama took office: 25
Gigawatts of wind power installed through end of 2013: 61
Peak summertime solar power generation June 2008: 128 gigawatt hours
Peak summertime solar power generation June 2014: 2,061 gigawatt hours
Coal burned in electrical generation 2008: 1 billion short tons
Coal burned in electrical generation 2013: 858 million short tons
Reduction: 14.2 percent
EPA-proposed CO2 reductions for power sector by 2030: 30 percent
Pell grant funding 2008-2009: $18 billion
Pell grant funding 2013-2014: $33 billion
Adults gaining insurance under first year of Obamacare: 10.3 million
As a percentage of the uninsured: 26
Annual cost for birth control prior to Obamacare: Up to $600
Annual cost for birth control under Obamacare-compliant policies: $0
Prescriptions now required to obtain emergency contraception: 0
2009 projection for Medicare going broke: 2017
2014 projection for Medicare going broke: 2030
Troops in Iraq, inauguration day 2009: 144,000
Troops in Iraq today: 1,600
Osama bin Ladens alive 2009: 1
Osama bin Ladens alive 2014: 0
Troops in Afghanistan, day, 2009: 34,400
Troops pledged in Afghanistan by end of 2014: 9,800
Guantánamo detainees inauguration day 2009: 242
Gitmo detainees today: 149
Crack vs. Powder cocaine-crime sentencing disparity when Obama took office: 100:1
Crack vs. Powder disparity today: 18:1
Drug offenders eligible to seek early release under new sentencing guidelines: 46,000
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On This Day: President Obama hikes along the coastline in Acadia National Park, Maine, July 17, 2010 (Photo by Pete Souza)
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Today (All Times Eastern)
11:20: President Obama departs the White House
12:15: Arrives Delaware
2:10: Delivers remarks on Infrastructure, Port of Wilmington, Wilmington
3:15: Departs Delaware
4:0: Arrives New York City
5:45: Attends a DNC fundraiser, private residence, New York City
7:30: Attends a fundraiser for House Democrats, private residence, New York City
9:15: Departs New York
10:30: Arrives White House
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Jelani Cobb: Talking Openly About Obama And Race
In September, 2009, just eight months into Barack Obama’s first term, when it was still possible for unsentimental observers to perceive the Tea Party’s riotous fulminations as a passing blip, Jimmy Carter remarked that opposition to the President’s agenda was driven, largely, by one thing: race. “I think an overwhelming portion of the intensely demonstrated animosity toward President Barack Obama is based on the fact that he is a black man, that he’s African-American,” Carter said. One hears it in the questioning of Obama’s American birth and legitimacy—the idea that he couldn’t really be President without trickery, that he has stolen something—and his presence in rooms where someone like him shouldn’t be.
Carter’s words are, if not conventional wisdom, then certainly one of those truths that most of us know but few are willing to admit. That reticence, along with a large dose of cynicism, explains the reaction to Eric Holder’s statement, in an interview with ABC News, that the opposition to the Administration (“You know, people talking about taking their country back”) is partly driven by racism. Holder’s assessment that “I don’t think this is the thing that is a main driver, but for some there’s a racial animus” is, on the whole, more tempered than Carter’s words, and far less incendiary than Charlie Rangel’s dismissal of the Tea Party, in 2013, as “the same crackers who fought against civil rights.”
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Thank you Nath, for this perfect summation of America’s history
You know what, Kathleen, President Carter was spot on! For some of us with a little knowledge of history, the reaction to the election of President Obama was reminiscent of the reaction to the election of Black people to local, state and national offices, during the Reconstruction period after the Civil War. Whites made sure that Reconstruction State governments, with substantial Black participation, failed. Black elected officials were routinely accused of ignorance and corruption. Even though those accusations were false. Eventually whites resorted to violence to finally force Blacks from political office. But they were able to accomplish that with the complicity of the media, the Congress and the two political parties. Beginning with the 1877 “Hayes Compromise” the Republican party–the party of Abraham Lincoln– began abandoning Black people. By the beginning of the 20th Century Black folks, especially in the South, had no where to go politically. Lilly white Republicans shunned them and Dixiecrat Democrats were hostile against them. The migration of Blacks from the South to Northern cities during the World War I era began to change the racial demographics of many of those cities. Blacks in Northern cities slowly gained political clout. In 1928, South side Chicago elected the firs black to Congress from the North. In the 1950s Chicago would be joined by other Northern cities like Detroit and New York in electing Blacks to the House of Representatives. Still, two or three members of House of Representatives were never considered a threat to white supremacy.
Pretty Foot (@PrettyFootWoman) July 16, 2014
The situation changed dramatically when Blacks were able to form coalitions to elect mayors to some of the biggest cities in America. White supremacist reaction to the election of Black Mayors in major cities during the late 1960s to 1980s was comparable to white supremacist reaction during Reconstruction, and white supremacist reaction following the election of President Obama. White supremacists on city councils made absolutely sure to obstruct everything the Black Mayors proposed to do. In some cities, major businesses relocated to suburbs or other states so as to deprive cities ruled by Black mayors of tax revenues. The goal: to make cities ruled by black mayors so dysfunctional, and thus to consequently discredit the wisdom of electing Black mayors. This is exactly the playbook the GOP in Congress decided to follow from day one of President Obama’s presidency. Thankfully, in his first two years, the GOP playbook was thwarted by Democrats who controlled both houses of Congress. Then came the 2010 and Republicans gained a majority in the House of Representatives, and enough votes to use the filibuster to paralyze the U.S. Senate.
Basically, the GOP’s goal is the same as the white supremacists’ goal, advocated by Rush Limbaugh: Make sure that President Obama fails! GOP and Rush could care less if President Obama’s failure translates into a failure that affects the vast majority of Americans. Other than their idiotic followers who stand to suffer if President Obama’s policies are defeated, people like Rush Limbaugh, Glenn Beck, Rupert Murdoch and Fox, GOP members of Congress, and the billionaire Koch brothers, wouldn’t experience that much suffering and hardship. They are, however, certain that if President Obama fails, America will never again make a mistake of electing another Black person President.
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IDF wants Gazans to leave Gaza and thus not suffer from their bombings. REALLY??? Where do they go? Their summer homes in Southern France?—
Jeff Gauvin (@JeffersonObama) July 16, 2014
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NYT graphic outlines it starkly: Deaths in Gaza: 214. Deaths in Israel: 1. The Toll in Gaza and Israel, Day by Day nyti.ms/1rfKnnB—
Anne Barnard (@ABarnardNYT) July 16, 2014
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Emily Hauser: Incompetence Or Indifference?
As a peace advocate, I am forever confronted by Israeli and/or American Jews (and the occasional gentile) who take one look at any exchange of fire between Israel and Palestinian militants and say: “Yes, sure, all civilian deaths are terrible — but for Israelis, they’re unintentional. The Palestinians actually target civilians.” And as one of those civilians who used to be targeted on the streets of Tel Aviv and Jerusalem, I have no problem saying that intentionally targeting civilians is wrong — is, in fact, a war crime…. But I weary of the desperate clinging to the word “unintentional” on my side of this decades-long war.
From the end of September 2000 through the end of September 2012, Israel was responsible for the deaths of 3,034 Palestinian noncombatants, of whom well more than a third were minors: 1,338. And that’s not counting the noncombatants and children (including several toddlers and at least one pregnant woman) killed in the last week alone. But when I look at those numbers, when I see the pictures of tiny, broken bodies pulled from utter destruction, when I see the wailing of fathers and mothers, their dead children wrapped in white shrouds, never to feel their parents’ arms around them again—I no longer care. Incompetence or indifference, neither can be an excuse anymore. And in the meantime, more children die.
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Michael Grunwald: Lower Health Care Costs Brighten America’s Debt Outlook
Fiscal doom will be delayed thanks to lower health care inflation in recent years. But will Congress take notice? For years, America’s health care costs grew at an unsustainable rate. That was the main reason America’s long-term fiscal position looked unsustainable as well; Medicare, Medicaid, and other health programs were spiraling out of control. But our health care cost inflation is no longer unsustainable. That’s huge news, because it means our long-term deficits should be manageable, too.
Republicans have spent the last five-and-a-half years griping about the budget deficit, and most of their gripes have been absurd. They were wrong to accuse President Obama of creating a record trillion-dollar deficit, which he actually inherited from President Bush. They were wrong to criticize Obama for increasing the deficit with his 2009 stimulus bill, which was an amazingly effective Keynesian response to an economic crisis; the budget-balancing austerity approach the GOP was advocating led to much slower recoveries and double-dip recessions in Europe. And they were wrong to accuse Obama of turning the U.S. into Greece; the deficit has shrunk by more than half during his presidency, dropping from 10 percent of GDP to less than 4 percent as the recovery has progressed.
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Edwin Lyngar: I was Poor, but A GOP Die-Hard: How I Finally Left The Politics Of Shame
I hated government – even as it was the only thing trying to save me. Here’s how, one day, I finally saw the light I was a 20-year-old college dropout with no more than $100 in the bank the day my son was born in 1994. I’d been in the Coast Guard just over six months. Joining the service was my solution to a lot of problems, not the least of which was being married to a pregnant, 19-year-old fellow dropout. We were poor, and my overwhelming response to poverty was a profound shame that drove me into the arms of the people least willing to help — conservatives. Looking around, I saw no other young servicemen. Coming from the white working class, I’d always been taught that food stamps were for the “others” — failures, drug addicts or immigrants, maybe — not for real Americans like me.
I felt my own poverty was a moral failure. To make up for my own failures, I voted to give rich people tax cuts, because somewhere deep inside, I knew they were better than me. They earned it. My support for conservative politics was atonement for the original sin of being white trash. I finally “got it.” In 2012, I shunned my self-destructive voting habits and supported Obama. The people who most support the Republicans and the Tea Party carry a secret burden. Many know that they are one medical emergency or broken down car away from ruin, and they blame the government. They vote against their own interests, often hurting themselves in concrete ways, in a vain attempt to deal with their own, misguided shame about being poor. They believe “freedom” is the answer, even though they live a form of wage indenture in a rigged system. I wish I could take the poorest, struggling conservatives and shake them. I would scream that their circumstances or failures or joblessness are not all their fault. They should wise up and vote themselves a break. Rich people vote their self-interest in every single election. Why don’t poor people?
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Variety: Michelle Obama Calls For Focus On The Arts In Grammy Museum Speech
First Lady Michelle Obama appeared in Los Angeles before a crowd of music professionals, educators and students on Wednesday, as she called for greater recognition of the value of arts education. “We cannot be satisfied until every child in America has some exposure to the arts,” Obama said. Obama’s address was part of the Grammy Museum’s Jane Ortner Education Award Luncheon, named in honor of the late public school teacher Jane Ortner, who promoted music education.Obama said that some 6 million school children have no music or arts classes in their schools, a problem exacerbated by cuts in public education.
She said that for many young people, “the arts are a way to channel that pain and frustration into something meaningful and productive and beautiful.” “For many young people and arts education is the only reason they get out of bed in the morning,” she said, her voice often passionate as she delivered her remarks. She also called on arts organizations across the country to adopt programs that include activities for students, as the Grammy Museum does. The museum participates in an educational component of the White House’s concert series, which airs on PBS as “In Performance at the White House.”
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Tom Joyner (@TJMShow) July 17, 2014
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Mark Thompson: Lawyer: Bergdahl ‘Deeply Grateful’ To Obama
No one’s heard anything yet from Army Sgt. Bowe Bergdahl, the former prisoner-of-war freed in a May 31 swap for five Taliban leaders after nearly five years as a Taliban prisoner. He hasn’t spoken to the press—by all accounts, he hasn’t even spoken to his parents. But, in typical American fashion, he has retained—and spoken to—an attorney. “Sergeant Bergdahl is deeply grateful to President Obama for having saved his life,” Eugene Fidell, retained a week ago by the soldier, told TIME on Wednesday.
Fidell has traveled to Texas—where Bergdahl has returned to active duty at a desk job in San Antonio following his “re-integration” back into the service—to discuss with his client the investigation into the circumstances leading up to Bergdahl’s abduction in 2009. The attorney declined to offer any insights into Bergdahl’s mood, legal defense, or relationship with his family. Bergdahl also has an Army lawyer.
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Should be noted that strike that killed the kids on beach came after a strike they were running away from. In other words, someone aimed.—
Yousef Munayyer (@YousefMunayyer) July 16, 2014
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Jenan Moussa (@jenanmoussa) July 16, 2014
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Anne Barnard: Boys Drawn to Gaza Beach, And Into Center Of Mideast Strife
The four Bakr boys were young cousins, the children of Gaza fishermen who had ordered them to stay indoors — and especially away from the beach. But cooped up for nine days during Israeli bombardments, the children defied their parents and went out Wednesday afternoon, the eldest shooing away his little brother, telling him it was too dangerous. As they played on and around a jetty in the late-afternoon sun, a blast hit a nearby shack. One boy was killed instantly. The others ran. There was a second blast, and three more bodies littered the sand. One was charred, missing a leg, and another lay motionless, his curly head intact, his legs splayed at unnatural angles.
The Israeli military acknowledged later that it had launched the strike, which it said was aimed at Hamas militants, and called the civilian deaths “a tragic outcome.” The four dead boys came quickly to symbolize how the Israeli aerial assaults in Gaza are inevitably killing innocents in this crowded, impoverished sliver of land along the Mediterranean Sea. They stood out because they were inarguably blameless, children who simply wanted to play on their favorite beach, near the fishing port where their large extended family keeps its boats.
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L.A. Times: Federal Judge Rules California Death Penalty Is Unconstitutional
A federal judge in Orange County ruled Wednesday that California’s death penalty violates the U.S. Constitution’s ban on cruel and unusual punishment. U.S. District Judge Cormac J. Carney, ruled on a petition by death row inmate Ernest Dewayne Jones, who was sentenced to die nearly two decades ago. Carney said the state’s death penalty has created long delays and uncertainty for inmates, most of whom will never be executed. He noted that more than 900 people have been sentenced to death in California since 1978 but only 13 have been executed. “For the rest, the dysfunctional administration of California’s death penalty system has resulted, and will continue to result, in an inordinate and unpredictable period of delay preceding their actual execution,” Carney wrote.
Carney’s ruling can be appealed to the U.S. 9th Circuit Court of Appeals. Carney, an appointee of former President George W. Bush, said the delays have created a “system in which arbitrary factors, rather than legitimate ones like the nature of the crime or the date of the death sentence, determine whether an individual will actually be executed,” Carney said. A Los Angeles County Superior Court judge in 1995 sentenced Jones to death for the 1992 rape and killing of Julia Miller, his girlfriend’s mother. Jones killed Miller 10 months after being paroled for a previous rape.
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Reuters: U.S. Retail Sales, Manufacturing Data Point At Firming Economy
A gauge of U.S. consumer spending rose solidly in June, in the latest indication that the economy ended the second quarter on a stronger footing. That momentum appeared to have carried into the third quarter, with another report on Tuesday showing factory activity in New York state expanded sharply in July. “This is not a fragile economy,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York. “The consumer continues to play their part in moving the economy forward.”
Core sales, which strip out automobiles, gasoline, building materials and food services, increased 0.6 percent last month after rising an upwardly revised 0.2 percent in May, the Commerce Department said. Core sales, which correspond most closely with the consumer spending component of gross domestic product, were previously reported as being flat in May. Economists had expected them to rise 0.5 percent in June. The report added to signs of the economy’s strengthening fundamentals, which could buoy optimism the recovery is on a self-sustaining path, after output contracted sharply in the first quarter.
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First Lady Michelle Obama hugs six-time Grammy nominee singer Janelle Monae as they attend the Grammy Museum’s Jane Ortner Education Award luncheon honoring Monae and Southern California-based educator Sunshine Cavalluzzi July 16, 2014 in Los Angeles
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The First Lady (@FLOTUS) July 16, 2014
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On This Day
President Barack Obama attends a bipartisan meeting of freshman House members in the Roosevelt Room of the White House on July 17, 2009 (Photo by Pete Souza)
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On a weekend trip to Acadia National Park in Maine, the President showed his daughters, Malia and Sasha, how to skip stones during a hike in the park.” July 17, 2010 (Photo by Pete Souza)
President Obama greets tourists and hikers in Acadia National Park, Maine, July 17, 2010 (Photo by Pete Souza)
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President Obama, First Lady Michelle Obama, and their daughters Sasha and Malia watch the World Cup soccer game between the U.S. and Japan, from the Treaty Room office in the residence of the White House, Sunday, July 17, 2011 (Photo by Pete Souza)