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blogsADVISORY: 'SHARE' - Brooklyn Party to Fight Gov.'s Budget Cuts***Media Advisory***Contact: Dan Levitan, 718-222-3796 x237
GRASSROOTS COALITION PLANS BROOKLYN PARTY Activists Mobilized by Obama Campaign 'Get Local' – Host 'SHARE' Party to
Brooklyn community ADVISORY: 'SHARE' - Brooklyn Party to Fight Gov.'s Budget Cuts<!-- ***Media Advisory*** (no subject)After reviewing the City Agency comments that downplay the situation for [Media] Local 375 City Hall Press Conference Jan 22.docThe Civil Service Technical Guild st1\:*{behavior:url(#default#ieooui) } The Cynthia McKinney joins The Empowerment Hour, Saturday at 6pm EST/5pm CSTTHIS WEEK ON THE EMPOWERMENT HOU Fed under new scrutiny – The Hill headlinesBODY{font:10pt Tahoma, Verdana, sans-serif;} Trillions in lending demands attention, Rep. Barney Frank seeks answers:http://thehill.com/leading-the-news/fed-under-new-scrutiny-2009-01-14.htmlSen. Durbin says 2010 is year of tax reckoning: PUBLIC SCHEDULE FOR GOVERNOR PATERSONState of New York | Executive Chamber For Immediate Release: January 14, 2009 Statement by Council Member Garodnick Re: Alleged Con Edison Kick-back Schemev\:* {behavior:url(#default#VML);} st1\:*{behavior:url(#default#ieooui) } THE OFFICE OF COMMUNICATIONS CQ Politics | For Illinois Republicans, a Botched Opportunity“Never interfere with your enemy while he’s in the process st1\:*{behavior:url(#default#ieooui) } CQ Politics guest columnist Bill Pascoe analyzes a botched ***MEDIA ADVISORY***Rally to Protest FDNY Elimination of Shifts in Lower Manhattanst1\:*{behavior:url(#default#ieooui) } MEDIA ADVISORY GOVERNOR PATERSON ANNOUNCES STATE TO APPEAL DENIAL OF FEDERAL DISASTER DECLARATION FOR DECEMBER ICE STORMState of New York | Executive Chamber For Immediate Release: January 14, 2009 Our Disappearing Federal Debt
All of a sudden, I read everywhere that the U.S. national debt is around 35% of GDP, although the massive deficits resulting from past fiscal recklessness are likely to increase it to 60% or more, a new post-war record, over the next few years. I’ve read the 35% of GDP figure in the Financial Times, Bloomberg News, Wall Street Journal, MSNBC, etc. Everywhere the national debt is discussed. Funny but until I few months ago I had been reading for years that the national debt was already around 60% of GDP. And that’s what I find in the Statistical Abstract of the United States. So what disappeared? Among other things, the Social Security Trust fund.
That trust fund is the result of all those extra payroll taxes low, moderate and middle-income workers have paying in, in excess of what Social Security has paid out, since the huge payroll tax increase of 1983, which was coupled with benefit reductions for younger generations of workers. The federal government spent the money on income tax cuts and extra senior citizen health care for the generations in charge, and left IOUs. But now the federal government needs to borrow $trillions more over and above the amount it is diverting from Social Security, and our foreign creditors are beginning to worry (as well they should) that the United States could never pay both them and Social Security back. And all of a sudden -- poof! -- the trust funds are no longer part of the national debt. Get the picture?  |
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