Pew Report - We are in big, big trouble

calfoxwc

http://budgetreform.org/document/red-ink-rising

In Red Ink Rising: A Call to Action to Stem the Mounting Federal Debt,

The Peterson-Pew Commission on Budget Reform calls on policy makers to

stabilize the national debt through a six-step plan. Crafted over the past

year by former heads of the CBO, OMB, GAO, and the congressional budget

committees, the plan reflects a bipartisan approach to avoiding the tremendous

global risks of America's expanding debt, without destabilizing the economic recovery.

Red Ink Rising is the first of two major reports to be released by the commission.

osusev

more Political PR GARBAGE........

GDP loss due to massive bloated/credit based/plus escalating military costs on two fronts and unregulated securites pushed by the republicans in the face of monopolized health industry who has direct links to medicare expansion by Bush and the Republicans on government costs.........

Seriously why dont these groups cry about water damage due to flooding and than blame the ocean for having so much water...... dumb and than all of you can rally behind the guy who decided to tear down the water levys(who decided you dont need the protection from potential storms and hurricane causing flooding) Because the ocean and storms will regulate themselves.....

The best is when someone comes in to clean up the storm damage the side who caused it accuses those who are trying to repair the levys and storm damage of attempting to take over because they want to build the levy stronger so the storm waters dont come back and flood everything again.... Yea that guy is now "taking over" because they want to provide controls and checks........ makes sense he must be a dictator....

calfoxwc

eh... back to the point of the thread...

this was written before Obama took office.

Obamao has quadrupled the crisis in a economically devasting manner.

The crisis is four times worse.

osusev

@calfoxwc said:
eh... back to the point of the thread...
this was written before Obama took office.

Obamao has quadrupled the crisis in a economically devasting manner.

The crisis is four times worse.

The crisis is 4 times worse..... I see AIG and Fannie/Freddie and more major banks must be closing..... Wall street must be also near depression numbers..... the global economy must not be recovering either.....

calfoxwc

Here's what you SHOULD see, SEv:

******************************* WASHINGTON (Reuters) - The already gloomy conditions of states' economies are set to worsen, according to preliminary survey findings from the National Governors Association released on Saturday.

"The situation is fairly poor for a lot of states around the country. In fact, most states," Vermont Governor Jim Douglas, who is chairman of the association, said at a press conference at its annual meeting.

"What we're finding out from a fiscal standpoint is that the worst is yet to come," Douglas said.

In a survey conducted last week of 45 of the 50 states, the group found that states have $18.8 billion of budget gaps yet to be closed in fiscal 2010. This comes after they have already imposed measures to eliminate budget imbalances totaling $87 billion in the fiscal year, which for most started last summer.

In the budgets they are drafting for fiscal 2011, states foresee shortfalls of $53.6 billion and for fiscal 2012 $61.6 billion.

"Economists have declared the national recession over. But for those who are still unemployed, for those who have lost their homes, it's clear that as a nation we have a long way to go," said Douglas, who added that states' revenues have plummeted for four quarters in a row.

States' economic recoveries usually lag national recoveries because of state governments' increased spending on help for the unemployed and declines in tax payments.

All states except for one, Vermont, are required to balance their budgets, so during the recession they have drastically cut spending on basic programs, laid off workers and boosted revenue through raising taxes and fees.

The $787 billion stimulus plan the U.S. Congress passed a year ago included the largest transfer of money from the federal government to states in the nation's history. But for many states, most of its funding will run out by December.

New Jersey Governor Chris Christie, also at the press conference, said the stimulus had delayed problems but not solved them.

Douglas said the governors will press President Barack Obama for more help when they visit the White House on Monday.

The survey also found that this fiscal year 38 states are bringing in far less revenue than what they had estimated at the beginning of the year and 21 states had to cut their budgets by more than 5 percent.

Just as states are gasping for money, they are confronting a crisis in healthcare, said Montana Governor Brian Schweitzer.

Over the weekend the governors will discuss how to reduce healthcare costs as the federal push to reform the country's health insurance and medical treatment systems bogs down in Congress.

"I expected... we would be talking about implementing a new national health plan," Douglas said about preparing for the meeting. "Here we are. It hasn't happened."

The healthcare program for those with low incomes, Medicaid, is jointly administered by the states and the federal government and eats up large parts of most states' budgets. As people have lost their jobs and employee-sponsored health insurance during the longest and deepest recession since World War Two, they have turned to Medicaid and further strained the system.

(Reporting by Lisa Lambert, editing by Vicki Allen)