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KoKo

(84,711 posts)
Wed Apr 10, 2013, 07:08 PM Apr 2013

Obama Fully Embraces Austerity with Cuts to Social Security and Medicare

Obama Fully Embraces Austerity with Cuts to Social Security and Medicare

Bob Pollin: Costs of Social Security and Medicare have nothing to do with rise in fiscal deficit - April 10, 13



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POLLIN: Well, it was a major week in terms of economic news, because on Friday we got the latest report from the Labor Department on unemployment, showing that the unemployment rate had eked down from 7.7 percent to 7.6 percent, the official rate. But the only reason that the rate went down was because 496,000 people, about half a million people, dropped out of the labor force. If those people had stayed in the labor force, the unemployment rate would have actually gone up to 7.9 percent. So the news on the job market is terrible.Now, at the same time, on the same day, Friday, the White House put out the news that President Obama is about to propose his budget for the coming year, in which he supports the idea of cuts to Social Security and Medicare, the two most basic programs that represented what we have in our very, very modest welfare state in this country.So Obama is affirming his support for the idea of fiscal austerity, for the idea that the overriding problem in the economy today is the fiscal deficit at the same time that the unemployment rate, the unemployment situation is actually getting worse. And then one other thing, which is equally important. Only the day before, the news out of the White House: Obama was giving a speech to supporters, actually, in which he indicated that he was about to support the construction of the Keystone pipeline through the middle west of the U.S. And his argument as to why he would support the Keystone pipeline was that we need it in terms of jobs. So on the one hand, he's supporting austerity policies which are destroying jobs, which have no way through which they will create jobs. On the other hand, he's making the false argument that supporting the Keystone pipeline is going to help create jobs. In fact, it is not going to help create any jobs.



BIO:
Robert Pollin is Professor of Economics at the University of Massachusetts in Amherst. He is the founding co-Director of the Political Economy Research Institute (PERI). His research centers on macroeconomics, conditions for low-wage workers in the US and globally, the analysis of financial markets, and the economics of building a clean-energy economy in the US. His latest book is Back to Full Employment. Other books include: A Measure of Fairness: the Economics of Living Wages and Minimum Wages in the United States, and Contours of Descent: US Economic Fractures and the Landscape of Global Austerity.

13 replies = new reply since forum marked as read
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Obama Fully Embraces Austerity with Cuts to Social Security and Medicare (Original Post) KoKo Apr 2013 OP
My disappointment and disillusionment grow by the hour with this administration of Eunuchs (n/t) Moostache Apr 2013 #1
Ugh, and the Keystone will not create long term jobs - construction yes -short term lunasun Apr 2013 #2
Dear Lord Iwillnevergiveup Apr 2013 #3
No, he does not. Jamaal510 Apr 2013 #4
Are you a "Professor of Economics" anywhere? Robert Pollin is! KoKo Apr 2013 #5
Agreed, Jamaal510. Iliyah Apr 2013 #7
"he has had over FOUR years to cut these programs" dflprincess Apr 2013 #8
Romney's 47% comment...... NCarolinawoman Apr 2013 #6
Holy Crap..... Grassy Knoll Apr 2013 #9
Message auto-removed Name removed Apr 2013 #10
Obama is about to find out... jjewell Apr 2013 #11
Unfortunately, this is Spot On drynberg Apr 2013 #12
No cuts and no talk of cuts..... midnight Apr 2013 #13

Jamaal510

(10,893 posts)
4. No, he does not.
Wed Apr 10, 2013, 07:42 PM
Apr 2013

He even said himself that this is not his ideal budget. It's funny how people are saying that he "embraces austerity with cuts to SS and Medicare", even though he has had over FOUR years to cut these programs. It's as if every other week, there is some manufactured crisis about him just proposing cuts to various services. And for such a raging believer in austerity, people never want to acknowledge how he eliminated the Bush tax cuts for the top earners and is pushing for more revenue. The President has made it clear repeatedly that there will be no deal at all if the Republicans don't budge on tax hikes for top income earners.

KoKo

(84,711 posts)
5. Are you a "Professor of Economics" anywhere? Robert Pollin is!
Wed Apr 10, 2013, 08:13 PM
Apr 2013

I'd give him a listen here...unless you'd like to share your own BIO so I could judge your creds as opposed to his... Just saying...


BIO:
Robert Pollin is Professor of Economics at the University of Massachusetts in Amherst. He is the founding co-Director of the Political Economy Research Institute (PERI). His research centers on macroeconomics, conditions for low-wage workers in the US and globally, the analysis of financial markets, and the economics of building a clean-energy economy in the US. His latest book is Back to Full Employment. Other books include: A Measure of Fairness: the Economics of Living Wages and Minimum Wages in the United States, and Contours of Descent: US Economic Fractures and the Landscape of Global Austerity.

Iliyah

(25,111 posts)
7. Agreed, Jamaal510.
Wed Apr 10, 2013, 09:59 PM
Apr 2013

He knows this will never pass, also, putting SSI and Medicare on the table and of course the attacks coming forth, it appears that Dems will vote against it cuts to SSI and Medicare, and the GOPers will vote against it because of the 600 billion revenue. Since the GOPers are rejoicing in attacking Pres O for cuts to SSI and Medicare, how in the hell can they include it in their own budget? Revenue is geared towards the 1-2%. Therefore, by putting SSI and Medicare on the table he may have save them. He will get his tax revenues tho.

In dealing with deal breakers such as the GOPers who advised that they would in good faith discuss ways for the sequester not to go forward, they reneged.

dflprincess

(28,057 posts)
8. "he has had over FOUR years to cut these programs"
Wed Apr 10, 2013, 10:08 PM
Apr 2013

No - he had to be reelected before he could attack them.

NCarolinawoman

(2,825 posts)
6. Romney's 47% comment......
Wed Apr 10, 2013, 09:59 PM
Apr 2013

All along, Obama must have been embracing that as well.


I'm getting whiplash here.

Response to KoKo (Original post)

jjewell

(618 posts)
11. Obama is about to find out...
Thu Apr 11, 2013, 07:35 AM
Apr 2013

why Social Security is called the "third rail of politics". He is standing on a live wire.

He's just given "the finger" to his entire Democratic base, saying, in essence, "Screw you Progressives, what the hell are you gonna do about it? Vote Republican??"

I'd love to hear about the concessions he got from the GOP for putting Social Security "on the table"...

Oh... that's right. He's NEVER gotten a concession from the GOP for all of his "compromising"...

drynberg

(1,648 posts)
12. Unfortunately, this is Spot On
Thu Apr 11, 2013, 07:55 AM
Apr 2013

And therefore, highly recommended. Tell me it ain't so, Barack! What a friggin' nightmare!!

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