By Dave Patterson, Ramona
This is a wakeup call for everyone that assumes that our jobs and pensions are secure, and that we will be taken care of in our elder years. The fact is that our leadership has bankrupted the nation and we are mostly to blame because of our apathy.
Starting in 1990 I was waving the red flag regarding the National Debt, then $2,000 per capita. No one was worried because it was such a small percentage of gross domestic product (GDP), and besides Ronald Reagan had said, “Deficits don’t matter.”
The crooks and liars gave the green light to the banks and investment firms that proceeded to gamble our wealth and lose it. Now the debt is almost as large as the debt accumulated after WWII, and we have a government that is so big no one wants to deal with it. Our politicians have failed us and now they are saying that Social Security is on the chopping block. Like our other pensions, they have spent it all into oblivion.
By Miriam Raftery and Nadin Abbott
October 16, 2013 (San Diego’s East County) – If Congress and the President don’t pass a spending bill and raise the debt ceiling, tomorrow the United States will default on its debts for the first time in our nation’s history.
The heads of the U.S. Chamber of Commerce representing businesses, the AFL-CIO representing labor unions, and the nonprofit United Way have all urged Congress to end the shutdown and avoid a default.
If the nation defaults on its debts, economists warn this could trigger a stock market crash, soaring interest rates, and a global recession. The U.S. would be unable to borrow money and would be able to spend only cash on hand creating an uncertain future for all who rely on federal money, including Social Security and Medicare recipients. Foreign creditors could seek to cash out their U.S. bond holdings, leaving the government unable to pay its debts. Standard and Poors has downgraded the U.S. credit rating in reaction to the stalemate in Washington, CCN.
By Nadin Abbott
October 9, 2013 (San Diego) As things go, this is not precisely the best of news. Fidelity has sold a lot of its government debt. So reports the Journal Sentinel. Money market portfolio managers at Fidelity Investments have been selling off their government debt holdings over the last couple of weeks, said Nancy Prior, president of Fidelity’s Money Market Group. While Fidelity expects the debt ceiling issue to be resolved, the Boston-based asset manager said it is taking steps to protect investors.
Prior said that Fidelity no longer holds any U.S. debt that comes due in late October or early November, the window considered by many investors to be the most exposed if the government runs out of money and defaults on its obligations.
Now this is very dangerous news, since it means Fidelity is getting ready for the other shoe to fall. As we have been speaking here of the effects of this Constitutional Crisis, and how a minority of the minority does not believe this is actually serious. How could this affect you and me? We could see a crash, quite brutally honest. This is not good news. In fact, this is very scary news.
February 28, 2013 (San Diego’s East County)--ECM World Watch helps you be an informed citizen about important issues globally and nationally. As part of our commitment to reflect all voices and views, we include links to a wide variety of news sources representing a broad spectrum of political, religious, and social views. Top world and U.S. headlines include:
- Supreme Court Makes It Harder To Challenge Foreign Intelligence Surveillance Act (NPR)
- Cap Cod community considers taking down wind turbines after illness, noise (Fox)
- Needy families can apply for pet food stamps through donation-based program(ABC News 5)
- Threat of sequestration looms as deadline approaches (CBS)
- Justices asked to void marriage law provision (U-T San Diego)
- Cash-Strapped Postal Service To Launch A New Clothing Line (NPR)
- The true size of the National Debt (Washington Post)
- Mom takes on smart meters over privacy, security and health (Jewish World Health)
- Those terrible first few minutes: Revisiting active shooter protocols for schools (FBI Bulletin)
- iDoctor: Could a smart phone be the future of medicine? (NBC)
- Mexico's 'Crisis Of Disappearance': Families Seek Answers (NPR)
- UK convicts 3 Islamists for plotting another 9/11 (Jerusalem Post)
- Heritage sites of national significance under threat from wind farms (British Telegraph)
- For Taliban victims, Pakistani peace talks feel like betrayal (Christian Science Monitor)
- Bulgarian government resigns amid growing protests (Reuters)
- Sunspots: Huge and growing fast, says NASA (Christian Science Monitor)
- 'Gazans seek elections as Hamas support declines' (Jerusalem Post)
Read more for excerpts and links to full stories.
Tax reforms including “plenty of loopholes to close” should be on the table, Hunter aide suggests
September 12, 2011 (Washington D.C.)—Congressman Duncan D. Hunter (R-El Cajon) has issued a press release urging the “Super Committee” tackling debt reduction to reach a timely agreement in order to avoid a trigger clause that would spark massive cuts to U.S. national security.
By Miriam Raftery
August 1, 2011 (Washington D.C.) – President Barack Obama and Congressional leaders from both parties reached a last-minute deal last night aimed at forestalling the U.S. from defaulting on the national debt by tomorrow’s deadline. But the agreement hinges on getting both sides of Congress to pass it swiftly.
Who wins, who loses? The most detailed and impartial analysis we’ve seen, including an easy-to-read chart, is in the Washington Post article titled “Who Got What?” http://www.washingtonpost.com/politics/who-got-what/2011/07/31/gIQAZDDUm...
WITH 1 WEEK LEFT TO STOP DEBT DEFAULT, OBAMA TAKES CASE TO PEOPLE: URGES VOTERS TO ASK REPRESENTATIVES TO HAVE WEALTHY PAY THEIR “FAIR SHARE”
“Would you rather reduce deficits and interest rates by raising revenue from those who are not now paying their fair share, or would you rather accept larger budget deficits, higher interest rates, and higher unemployment? And I think I know your answer.” – Ronald Reagan
Protests planned nationwide at Congressional offices over deficit issue
View video and read full text of President Obama’s speech and full text of President Obama’s speech
View full text of Republican Speaker John Boehmer’s response
July 26, 2011 (Washington D.C.) – In a special address to the nation last night, President Barack Obama invoked the words of Ronald Reagan and urged the American people to let their representatives know if they support a balanced approach to resolving the deficit that would include a combination of deep spending cuts but also ask “millionaires and billionaires” to make some sacrifices to avoid cuts that would hurt senior citizens, students and working people.
Thus far, Republicans have insisted on a cuts-only plan as a condition of raising the debt ceiling to prevent the nation from defaulting for the first time in history on its debts. Republican Speaker John Boehmer insists Congress and the nation must "live within their means" as small businesses and families must do.
By Miriam Raftery
July 22, 2011 (San Diego) –Just how tough is it to balance the federal budget? While Congress wrestles with the issue on Capitol Hill, a roomful of ordinary citizens got the chance to find out on Tuesday, when Congresswoman Susan Davis’ office sponsored a workshop at San Diego State University to get constituents’ inputs on budgetary priorities.
I planned to go as a neutral observer. But since our table was short one participant, i found myself recruited for a lively and enlightening session. Creative minds proved adept at thinking outside the box—challenging conventional wisdoms, expanding the choices presented for cutting costs and raising revenues, plus citizens came up with some innovative ideas of their own.
By Suellis Kelly
September 18, 2010 (San Diego’s East County) -- Although elections happened in many states last Tuesday, there has been no focus or even updates about the good news that was delivered Monday (see links to U.S. Treasury reports below.) I admit that I did spend considerable time watching a few of the most trustworthy news correspondents, yet the fact that President Obama has reduced the United States deficit eight percent was not mentioned.
Why can I flip through the 24/7 hour news channels and not hear about the reduction of our deficit on every station? Shouldn't this be front-page headline news? Where is the ticker-tape parade?