IMF urges repeal of 'ill-designed' U.S. fiscal cuts
Source: Reuters
The International Monetary Fund urged the United States on Friday to repeal sweeping government spending cuts and recommended that the Federal Reserve continue a bond-buying program through at least the end of the year.
In its annual check of the health of the U.S. economy, the IMF forecast economic growth would be a sluggish 1.9 percent this year. The IMF estimates growth would be as much as 1.75 percentage points higher if not for a rush to cut the government's budget deficit.
The IMF cut its outlook for economic growth in 2014 to 2.7 percent, below its 3 percent forecast published in April.
...
The IMF said the United States should reverse the spending cuts and instead adopt a plan to slow the growth in spending on government-funded health care and pensions, known as "entitlements." The Fund would also like the United States to collect more in taxes.
Read more: http://www.reuters.com/article/2013/06/14/us-imf-usa-idUSBRE95D0M620130614
KamaAina
(78,249 posts)The IMF is all up in our business.
Laelth
(32,017 posts)-Laelth
bvar22
(39,909 posts)ALL by design.
These guys are GOOD!
The Sequester was a brilliant strategy that gives BOTH Parties involved Plausible Deniability,
just like the perfect timing of the Wall Street Bailout, the heist that was committed
during the narrow window between administrations.
New Rule (Passed by Congress and signed by President Obama) signals Kiss of Death for Pensions
http://www.cnbc.com/id/100694955
Wealthy win lion's share of major tax breaks
http://www.boston.com/business/news/2013/05/29/wealthy-win-lion-share-major-tax-breaks/Ua0UyYle21EUXub7g1suCI/story.html
Half of America is in poverty, and its creeping toward 75%
http://www.alternet.org/economy/real-numbers-half-america-poverty-and-its-creeping-toward-75-0
Wealth gap widens as labor's share of income falls
http://www.nbcnews.com/business/wealth-gap-widens-labors-share-income-falls-1B6097385
As the Economy Recovers, the Wealth Gap Widens
http://www.usnews.com/news/blogs/rick-newman/2013/03/11/as-the-economy-recovers-the-wealth-gap-widens
Top One Percent Captured 121 Percent Of All Income Gains
http://www.huffingtonpost.com/2013/02/12/top-one-percent-income-gains_n_2670455.html
Corporate Profits Hit Record High While Worker Wages Hit Record Low
http://thinkprogress.org/economy/2012/12/03/1270541/corporate-profits-wages-record/?mobile=nc
These things ^ do NOT happen by accident.
They take careful planning, preparation, marketing, and buying the right politicians and Political Parties.
This trend is ALSO Unsustainable.
The RICH KNOW that,
and are hastily grabbing up everything of value still remaining in the hands of the Working Class,
and pulling up the ladders.
...because something is gonna break,
and when it does, it won't be pretty.
THAT is WHY the 1% is busy militarizing the local Police Forces,
and building a mammoth Security/Surveillance State.
Lindsey Graham and Dianne Feinstien were on TV yesterday saying they are just fine with the NSA Spying on Americans.
I thought to myself,
"Well, they would be."
Any Old, Extra White, Extra RICH 1%er WOULD be.
"They" are going to need Militarized Police and the Homeland Security State to protect themselves and their loot when the peasants realize how badly they've been screwed.
But it is not all Doom & Gloom.
There IS "hope".
Our neighbors in Latin America have given us the Blue Print for "change".
VIVA Democracy!
I pray we get some here soon.