So Congress has an “agreement.” Is anyone surprised that it took until an artificially generated deadline for the most stubborn of politicians to sign a document that pleases no one? (Excuse me. The millionaires and billionaires and big corporations must be pleased.) Millions of low income Americans pay no income tax either, but they stand to lose a great deal when cuts are made over the next decade.
All of this is artificial, none of this is relevant to the economy; no other nation has a debt ceiling except Denmark and it isn’t strict like the one we have. More relevant are jobs and cutting the safety net. We always seem to be chasing after false issues. Who discussed the starvation in Somalia while this went on? Education, jobs, anyone? How many of you are confident that Congress and the Obama Administration will have great success in funding schools and generating jobs?
I think we would rather point fingers than lift them to help others–at least officially. It has fallen to non-profits and the goodness of strangers to provide a safety net that is full of holes for lack of funding.
“Banks and corporations are exhibiting a confidence reminiscent of pre-crisis days, even as the broader economy still sputters. Bank profits soared in the first three months of the year, and corporate profits likewise swelled last year. And executives saw ever fatter bonuses. But the amount of cash banks sent out into the economy as loans declined last quarter, and the pace at which companies are hiring new workers remains disappointing with the unemployment rate stuck around 9 percent.” (William Alden at the Huffington Post)
Even so, banks are shedding jobs, mostly contractors or employees involved with mortgage loans. Less money is available for mortgage loans even though banks own so many foreclosed properties they have trouble keeping the properties maintained.
The wrong people seem to make the big decisions! Speak your mind: call, write, email, network, or tweet. Don’t just stay in the back seat while someone else drives you over a cliff. It’s high time to become a back seat driver!