The International Monetary Fund has finally stated the obvious: the United States lacks any “credible strategy” to stabilize its mounting debt — and our lack of restraint is now posing a threat to the world economy. The IMF does not mention President Obama’s decision to launch a third war and spend billions in Libya.
In the meantime, Obama is reportedly about to call for higher taxes. The failure of the Democrats to deal with the debt crisis and the decision to go to war in Libya will undermine the credibility of the Administration on the issue. Because of their failure to control congressional spending for years, the Democrats will now go into the next election with a demand for higher taxes and record spending. This is not to forget the wasteful and wild spending of George W. Bush. However, the Democrats had an opportunity to show greater fiscal control and anti-pork policies. They did not.
The IMF rebuke is well deserved. What is astonishing is that we have political system that appears immune from the disaster caused by leaders of both parties.
Source: FT
erykah,
“So is the IMF suggesting that the U.S. will soon resemble Third World nations.”
Soon? You mean we aren’t there yet?
I guess the IMF should know. Their programs have caused countless under-developed countries to languish under enormous debt with no relief in site. So is the IMF suggesting that the U.S. will soon resemble Third World nations. Things that make you go hmmmmm.
Stamford Liberal,
And how about Joseph Stiglitz too?
I think people like Reich, Stiglitz, Krugman and some other economists/financial experts aren’t financial sociopaths like many of the folks who work on Wall Street, Ben Bernanke, Greenspan, and some others. Look who is Secretary of the Treasury–a man who wasn’t even paying his income taxes! I wonder where I’d be now if I failed to pay my income taxes–even for one year. Only some of us have to follow the rules…and have pay our own way. The “entitled” can do whatever the hell they want.
“Keep holding on
When my brain’s ticking like a bomb
Guess the black thoughts
Have come again to get me
Sweet bitter words
Unlike nothing I have heard
Sing along, mockingbird
You don’t affect me
That’s right
Deliver it to my heart
Please strike
Be deliberate
Wait, I’m coming undone
Unlaced, I’m coming undone
Too late, I’m coming undone
What looks so strong, so delicate
Wait, I’m starting to suffocate
And soon I anticipate
I’m coming undone
What looks so strong, so delicate
Choke, choke again
I find my demons were my friends
Getting me in the end
They’re out to get me
Since I was young
I tasted sorrow on my tongue
And this sweet sugar gun
Does not protect me
That’s right
Trigger between my eyes
Please strike
Make it quick now
Wait, I’m coming undone
Unlaced, I’m coming undone
Too late, I’m coming undone
What looks so strong, so delicate
Wait, I’m starting to suffocate
And soon I anticipate
I’m coming undone
What looks so strong, so delicate
I’m trying to hold it together
Head is lighter than a feather
Looks like I’m not getting better
Not getting better
Wait, I’m coming undone
Unlaced, I’m coming undone
Too late, I’m coming undone
What looks so strong, so delicate
Wait, I’m starting to suffocate
And soon I anticipate
I’m coming undone
What looks so strong, so delicate.”
– Korn, “Undone”
Blouise,
“Obama has no excuse as he was warned over and over again that failure to bring really smart people on board would result in failure.”
Robert Reich comes to mind …
I agree that the Citizens United contrivance was the straw that broke the back of our election system. With secret money coming in from corporations, foreign and domestic, without any required paper trail and limitations, allows the Corporate Monster to eat everything and everyone in its path. Until we get the money out of the system, we will be getting more and more bought and paid for politicians.
Buddha, You are right about that. My comment was an understatement.
Buddha Is Laughing 1, April 13, 2011 at 11:44 am
Smom,
I submit that Citizens United does far more than just hurt.
I submit that it was the wound that completely undid democracy in this country.
==========
And from where I’m sitting, it’s painfully clear that our democracy has, in fact, come undone…
Smom,
I submit that Citizens United does far more than just hurt.
I submit that it was the wound that completely undid democracy in this country.
smallguvguy I can’t afford to vote for minor third parties as I will need Medicare in the future.
Obama is dependent on the Wall Street people because he does not get the Koch brothers money. I think Wall Street would much rather have Romney this time. The system is corrupt but is not changing as there is no movement toward campaign finance reform. The Citizens United decision hurts also.
Elaine,
You’re absolutely correct. (I retract my first “true”, in an earlier comment.)
anon nurse,
“Well said. ‘Downhill’ we go… and where we’ll stop, nobody knows…”
Some French chick named “Marie” just called.
Said she might have an answer for you.
OS wrote:
“It is time to fix things, not abandon them.”
—–
Yes.
==============
Blouise wrote:
“…in my opinion Ford’s pardon of Nixon stated loudly and clearly that we were no longer a nation with principles or ideals.”
Well said. “Downhill” we go… and where we’ll stop, nobody knows…
Blouise,
“Obama kept all the ol’ boys and those numb-nuts lacked the intellectual vision needed to solve the problems. Obama has no excuse as he was warned over and over again that failure to bring really smart people on board would result in failure. He is now reaping that which he sowed.”
**********
I don’t think those people are numb nuts. I think they are smart people with a perverted view of how our economy should work and who it should enrich. They are/were just taking care of their own kind. In addition, I think President Obama wants to get re-elected–and he knows where the money is. Think of how much money his 2008 campaign got from Wall Streeters.
smallguvguy,
Sorry … I haven’t seen a minor party express the vision needed to set this country on the right path. They are all too caught up in me-ism.
smallguvguy, when my car breaks down or needs a part, I get it fixed. I do NOT have it hauled off to the junk yard. That is an analogy to what you are advocating.
If it ain’t broke, don’t fix it. If it is broke, then is the time to fix it.
It is time to fix things, not abandon them.
anon nurse,
Yep … we haven’t been in good shape since Nixon … that pardon opened the door for all kinds of changes. All for the worse.
I’m not trying to be simplistic … in my opinion Ford’s pardon of Nixon stated loudly and clearly that we were no longer a nation with principles or ideals. Reagan’s Administration set that statement in concrete and it’s been all downhill since … trickle-down and down and down …
http://fivethirtyeight.blogs.nytimes.com/2011/04/13/trumps-rise-highlights-a-flawed-field/ Here is a good rundown of the republican field and their chances.
smallguvguy, If we do that, the Tea Party Express will win everything.