Relevance....... Us Does Austerity?

[Panda]

http://money.cnn.com/2010/11/10/news/economy/fiscal_commission_prelim_report/index.htm

?

$4 trillion in deficit cuts proposed..............................

P

Edited November 10, 2010 by Panda

[Executive Sadman]

Say they will, anyway.

OTOH there does seem to be genuine anger in the US over spending levels - more so than most of europe where people want the party to keep on going, shielded from everything by the warm embrace of printy printy. (until a tin of beans costs a weeks wages, then people might finally 'get it')

[General Congreve]

That's $4 Trillion cuts off the total deficit over the next decade.

The US deficit in 2009 alone was $1.42Tn, 2010 is likely to be something similar I believe. Essentially $4Tn over 10 years is p1ssing in the wind.

If they do make the cuts of the level necessary to bring budget spending under control, the US will crash into a deflationary spiral. There is no easy way out. The dollar will be trash within the decade, whatever path they choose, the monster debt monster is out of the cage and cannot be tamed and put back.

Edited November 10, 2010 by General Congreve

[Panda]

That's $4 Trillion cuts off the total deficit over the next decade.

The US deficit in 2009 alone was $1.42Tn, 2010 is likely to be something similar I believe. Essentially $4Tn over 10 years is p1ssing in the wind.

If they do make the cuts of the level necessary to bring budget spending under control, the US will crash into a deflationary spiral. There is no easy way out. The dollar will be trash within the decade, whatever path they choose, the monster debt monster is out of the cage and cannot be tamed and put back.

A run to the dollar, is not in your portfolio, a trashed dollar is in your portfolio....................Nuggets are on your dinner plate, your posts are un-balanced?

[South Lorne]

...sounds familiar......

Change Social Security: The report aims to make Social Security solvent over 75 years through a number of measures, including smaller benefits for wealthier recipients, a less generous cost-of-living adjustment for benefits, and a very slow rise in the retirement age (from 67 to 68 by 2050; rising to 69 by 2075). It also would expand over 40 years the amount of workers' income subject to the payroll tax.