Democracy or Finance?

If you still wonder what speculation is and how it works, and if you're curious about the origins of Europe's recent nationalistic uprisings, this article from Robert Skidelsky on Project Syndicate is for you!

That ratings agency downgrade meeting

INT. DAYTIME: High above the capital city of a major country two credit rating executives, their sleeves rolled up, their Blackberries switched to silent, stare at each other over a desk:

"Hey boss we got another one o' those countries getting close to our proprietory benchmark for too much debt!"

"Bring it on! What's the deficit?"

"9.5% of GDP"

"Debt?"

"97%"

Read the rest of the dialogue on the BBC website here.

The grand compromise

The most serious charge against Rep. Paul Ryan’s budget is not the risible claim, made most prominently by President Obama in his George Washington University address, that it would “sacrifice the America we believe in.” The serious charge is that the Ryan plan fails by its own standards: Because it only cuts spending without raising taxes, it accumulates trillions in debt and doesn’t balance the budget until the 2030s. If the debt is such a national emergency, the critics say, Ryan never really gets you there from here. Read Krauthammer's column in The Washington Post here.

The Austerity Delusion

Paul Krugman Op-Ed column scores austerity advocates in Washington who profess allegiance to same doctrine of spending cuts that is failing so dismally in Europe; warns slashing budget deficits immediately will depress economy further, worsening unemployment. Read the complete column in the NYTimes here.

President Obama's Statement on Budget Negotiations

America Needs A Great Deal Less CLASS

Short for Community Living Assistance Services and Supports, the CLASS Act would establish a national long-term care insurance program. Republicans on the Committee wondered why the administration was seeking $120 million to implement CLASS if they knew it couldn't survive (even Kathleen Sebelius--acknowledges is "totally unsustainable") as currently structured. Read the complete article on Forbes here.

The Story of Spending

Stop Spending Our Future - The Crisis

The end of progressive government?

This week, Rep. Paul Ryan (R-Wis.) will announce the House Republicans’ budget plan, which is expected to include cuts in many programs for the neediest Americans. Read the complete column in The Washington Post here.