Republican Budget Fail?

A satirical clip from "The Late Show with David Letterman" titled "Republican Budget Cut Ideas" illustrates that the budget proposed by Republican Congressman Paul Ryan that recently passed the GOP controlled House of Representatives not only ends Medicare as we know it and gives big tax breaks to the rich, but also engages in the kind of mindless draconian cuts that makes it more extremist than serious, as I show in this video.

The clip I use of David Letterman comes from a longer segment of CBS' April 12, 2011, broadcast of "The Late Show with David Letterman" available online at http://bit.ly/gPxHFY

The images I use of the Congressional Budget Office's analysis of Paul Ryan's proposed budget comes from the document available online at http://1.usa.gov/eFSH1D

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[pdoylemi]

I don't believe that most congressional Republicans CARE what gets cut. They are pushing for unrestrained social Darwinism, knowing that their position at or near the top of the economic strata nearly guarantees that they and their families will do well. The propaganda that they have disseminated so well says that the power of the vote to enrich the fortunes of the poor and working class is wrong, but the use of money power to enrich the rich is OK. Both forms of power must be legitimized.

[cupcakePLUR]

If you are afraid of "class war" don't cut social services. Look at our violent labor history. . .

[durhamdf]

@override367 Why? If countries are willing to pick up u.s. treasuries with 0 interest (when you figure in inflation) then why wouldn't we take advantage of this? The world buys U.S. treasuries because they are still essentially 0 risk which is huge in a global recession. We HAVE been imposing austerity for the past year...look how well that has worked. We are cutting the same number of public sector jobs as we are creating in the private sector giving us this lovely stagnation and GDP gap

[override367]

@durhamdf At current rates unless inflation stops, countries are paying the united states to take their money

9% unemployment, free money, boy sure sounds like the time for austerity amirite

[JTurner427]

They need to specify because it looks like a ploy just to make Conservatives look smart..... & tax cuts on the rich just don't make sense.

[durhamdf]

@Nightsblood192 thanks, but it seems that article said basically what I just said, which is that demand for U.S. treasuries and u.s. corporate bonds is still high, largely because the situation in Europe is even worse. If investors thought that inflation was imminent in the U.S. there is no way they would continue to invest in U.S. treasuries.

[Nightsblood192]

@durhamdf Yeah here you go, it's not the same article because I can't remember the site I read it from, came across it on a random google search. This one pretty much explains it well though: It's on the bloomberg website the article is titled "Global Demand for U.S. Assets Rose $23.6B in May." Still trying to find the original article though.

[durhamdf]

@Nightsblood192 Actually look it up, demand for U.S. treasuries is still pretty damn high considering the political theatrics with the debt ceiling. And I would like to read that article if you could throw me a link. And yes, gold will always go through the roof in recessions, the bigger the recession, the bigger the spike. A lot of that is caused by alarmists preaching a collapse of the dollar when inflation is currently very mild. I will be shorting gold the second I see good jobs numbers.

[Nightsblood192]

@durhamdf The fact its zero risk is the reason why any foreign country in possession of US assets are betting against those who say the value will go down, since by 2020 our assets are estimated to nearly double or so in value due to our expanding economy, it's an article I read a few days ago actually. Also you see all these cash 4 gold people on the TV, during times like these when inflation seems like an imminent probability, gold will always find its place as the "go to guy."