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Showing blog posts tagged with debt

No Change is Good

The Federal Open Market Committee (FOMC) of the Federal Reserve Board met this week; it's the policy-making body of the Federal Reserve System. The members include the Federal Reserve Board of Governors, appointed by the president and confirmed by the Senate, and five of the regional Federal Reserve bank presidents, hired by regional boards whose majority of members are chosen by commercial banks in that region. There are two vacancies on the Board of Governors, so currently the FOMC is equally split between the Board of Governors and the regional bank presidents, giving a huge voice to the banking industry on the course of monetary policy.

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An Economics Lesson on the Deficit and Debt

This week, Republicans in the House caved and allowed a simple vote on raising the debt limit of the United States. Their hand-wringing about the debt is disingenuous, but more importantly, it is part of a campaign to confuse America's workers about the real deficit, which must be addressed urgently—the deficit in jobs, which according to the non-partisan Congressional Budget Office cost the economy about $730 billion in lost production.

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Fiscal Follies: Watch the Conversation on Budget Surplus

Last week, the White House announced changes in projections for fiscal health. In June, the government will have a surplus and the projected deficit for this year will be $214 billion less than originally projected. That means the deficit will be 4.7% of GDP (the nation’s total income), down from the original forecast of 6%.  Moreover, the deficit will be below 3% of GDP by 2017. Now it is time for the follies to begin.

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Kuttner: Debt Double Standard A Drag on the Economy

Photo courtesy UofSLibrary

Economist Robert Kuttner visited AFL-CIO's book club earlier this week to discuss his forthcoming book, Debtors' Prison: The Politics of Austerity Versus Possibility. In the book, Kuttner argues that policymakers are focused on the wrong kind of debt in making laws and attempting to fix the economy. Rather than a heavy emphasis on reducing the public debt, which leads to misguided policies of austerity, Kuttner says, reducing personal debt would go much further toward improving the economy and spurring job growth.

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Republicans Move in Right Direction on Debt Ceiling but Avoid the Important Issues

Photo courtesy Talk Radio News Service

Speaker of the House John Boehner (R-Ohio) and Majority Leader Eric Cantor (R-Va.) seemingly have rallied enough of their House allies to push the battle over causing a U.S. government default down the road, with a temporary three-month extension of the government's borrowing authority (or "debt ceiling"). But House Republicans have not changed their ransom demands. They've simply chosen a different hostage. For now.

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Avoid Post-Holiday Spender's Remorse

Union Plus: Avoid Post-Holiday Spender's Remorse

"Avoid Post-Holiday Spender's Remorse" is a cross-post from Union Plus

Opening gifts each December is a ton of fun. Opening the resulting bills in January is not. Yet every holiday season millions of consumers use their credit cards to finance gifts they don’t have the cash to pay for. Consider the following before you start shopping this holiday season.

There are only two legal ways out of debt – cutting expenses or increasing your income. Decide which works for you and commit to it before you start shopping.

Prioritize.  What’s more important?  Paying your mortgage and buying food or giving gifts you can’t afford?  Consider shortening your gift list or giving smaller gifts to adults.  In times like these, friends and family understand.

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'Fix the Debt' Group Would Receive Huge Tax Windfalls by Cutting Social Security and Medicare

'Fix the Debt' Group Would Receive Huge Tax Windfalls by Cutting Social Security and Medicare

Fix the Debt, the unserious coalition of CEOs and corporations who are lobbying to cut Social Security, Medicare and Medicaid while increasing tax breaks for their companies to send jobs overseas, have spent nearly $1 billion in lobbying and campaign contributions during the past four years, according to a new Public Campaign study

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