“All six Democrats that have been assigned to the special joint congressional committee that will recommend means for cutting the nation’s anticipated spending by $1.5 trillion over the next ten years compiled voting records last year that earned them grades of “F” from the National Taxpayers Union (NTU).
House Minority Leader Nancy Pelosi (Calif.) announced today that she has assigned Assistant Democratic Leader James E. Clyburn (S.C.), Democratic Caucus Vice Chairman Xavier Becerra (Calif.) and Budget Committee Ranking Member Chris Van Hollen (Md.) to serve on the panel. Previously, Senate Majority Leader Harry Reid had named Sen. Patty Murray (Wash.), Sen. John Kerry (Mass.) and Senate Finance Chairman Max Baucus (Mont.) to serve on the committee.”
Via CNS News
“So this is a taste of what it will be like when the American superpower starts shrinking. Enjoying it yet?
After the humiliation of the United States losing its AAA credit rating; after watching the American stock market descend into chaos; after living for two years in a $15 trillion economy unable to grow beyond 2%, with unemployment rates rarely experienced in the U.S., Americans have their first whiff of inhabiting an empire in decline.
You could divide the country between those who think that it wouldn’t be the worst thing for the U.S. to enter the long, falling autumn of its life, as has Western Europe; and those who refuse to go down, who’d do whatever they must to hold the world’s No. 1 ranking. “
WARNING: GRAPHIC LANGUAGE
Hilarious: Obama Tells Republicans To “Put Country Ahead Of Party” Before Flying To NYC For Two Reelection Fundraisers…
“After telling Congress to “Put Country before Party” Obama is scheduled to fly to New York City where he will raise money for the Democratic Party at the Ritz Carlton.”
Via Weasel Zippers
“How far does the stock market have to go down before we officially call it a crash? The Dow is now down more than 2,000 points in just the last 14 trading days. So can we now call this “The Stock Market Crash of 2011″? Today the Dow was down 519 points. Yesterday, an announcement by the Federal Reserve indicating that the Fed would keep interest rates near zero until mid-2013 helped the Dow surge more than 400 points, but all of those gains were wiped out today. It turns out that the Federal Reserve was only able to stabilize the financial markets for a single day. Fears about the European sovereign debt crisis and the crumbling U.S. economy continue to dominate the marketplace. With each passing day, things are looking more and more like 2008 all over again. So what is going to happen if “The Stock Market Crash of 2011″ pushes the U.S. economy into “The Recession of 2012″?’
“Update: According to Stone McCarthy the pain will be even worse: “we suspect GDP will be revised downward to around 0.5% from the 1.3% advance estimate.”
Prepare for two consecutive quarters of sub 1% GDP. The culprit: the surge in the June trade deficit which came earlier at $53.1 billion, far, far higher than expectations of $48 billion, and much worse than the May $50.8 billion which also was a major downside miss. So following the revised 0.4% GDP in Q1, we are about to get a second revision to Q2 GDP that will bring it below 0.9%. And Obama bitches at the S&P for not believing (as neither does his former budget chief Orszag) that America will grow at a rate of 5% for the next decade. Sigh.”
Via Zero Hedge
“In an attempt to stem its financial hemorrhaging, the U.S. Postal Service is seeking to reduce its workforce by 20 percent, including through layoffs now prohibited by union contracts. USPS also wants to withdraw its employees from the health and retirement plans that cover federal staffers and create its own benefit programs for postal employees.
This major restructuring of the Postal Service’s relationship with its workforce would need congressional approval and would face fierce opposition from postal unions. But if approved, eliminating contract provisions that prevent layoffs and quitting the federal employee health and retirement programs could have ramifications for workers across the government and throughout the national’s labor movement.
In a notice to employees informing them of its proposals, with the headline “Financial crisis calls for significant actions,” the Postal Service said “we will be insolvent next month due to significant declines in mail volume and retiree health benefit prefunding costs imposed by Congress.””
Via Washington Post
“The U.S. trade deficit unexpectedly increased in June to the highest level since October 2008 as a slump in exports exceeded a decline in shipments from overseas.
The gap widened 4.4 percent to $53.1 billion from $50.8 billion in the prior month, Commerce Department figures showed today in Washington. The deficit exceeded all estimates in a Bloomberg News survey of economists in which the median was $48 billion. Exports declined the most since January 2009.
U.S. shipments of capital equipment and industrial supplies fell in June, which may reflect the start of a cooling in the global economy. Some companies like Caterpillar Inc. (CAT) remain optimistic that demand for American-made goods will be sustained, helped in part by a weaker dollar. “