**Fiscal Discipline da 2
*UQ Spending/Cuts* UQ Cuts/Discipline Now
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- Spending cuts are coming in the status quo
- Fiscal discipline—Obama has reigned in spending
*UQ Spending/Cuts*UQ Cuts/Discipline NowUS is pushing fiscal discipline, OECD provesABC June 28, 2012 (Australian Broadcast Corporation , June 28, 2012, “Tax reviewing sending US towards ‘collision with reality’”, LexisNexis, Accessed: 7-2-2012) ADJ TICKY FULLERTON, PRESENTER: This week the OECD published its biannual report on the United States finding that recovery might be gaining momentum but that there were concerns about stagnant wages growth and inequality which has led in turn to controversial calls for the for higher taxes on the rich. The US remained vulnerable to Europe's fate but the advice given by the OECD's Deputy Secretary General was worry about Europe but fix American's problems. Joining me live from London is Ken Courtis, financial adviser and co-founder of Thames Investment Management. Ken welcome to the program. KEN COURTIS, GLOBAL ECONOMIST: Thank you Ticky. TICKY FULLERTON: There was a lot in the OECD report which it had said two years ago, was there much difference? KEN COURTIS: It's almost as if the report this year was written by the Obama administration.  It sort of said the US is on the right course, the economy is moving ahead, it's fragile but moving ahead. The US has the right fiscal policy, that is from here to slowly reduce the deficit. It has aggressive monetary policy and it should keep that and then it moved into a number of structural issues. Complicated politically but on the whole, which are the way they are posed in the report in favour of the what the Obama administration has been proposing in the election campaign.
Spending cuts are coming in the status quoWashington Post, 2012 [“Top Senate Democrat Reid Stands Behind Automatic Defense Cuts to Pressure GOP on Budget,” http://www.washingtonpost.com/business/economy/top-senate-democrat-reid-stands-behind-automatic-defense-cuts-to-pressure-gop-on-budget/2012/05/09/gIQArAcMDU_story.html]bg President Barack Obama’s top Democratic ally in the Senate said Wednesday that he won’t block much-feared automatic spending cuts to the Pentagon and Medicare providers from taking effect unless Republicans show more flexibility on cutting the budget deficit. Majority Leader Harry Reid, D-Nev., said that $110 billion in automatic cuts coming due in January were designed to force both Republicans and Democrats to bargain over a “balanced approach” — including tax increases — to tackling trillion dollar-plus deficits. That hasn’t happened yet, Reid said, and he’s unwilling to let lawmakers off the hook. Fiscal discipline—Obama has reigned in spendingNutting, WSJ contributor, 12 [Ray, “Obama spending binge never happened,” 5-22-12, http://articles.marketwatch.com/2012-05-22/commentary/31802270_1_spending-federal-budget-drunken-sailor]bg WASHINGTON (MarketWatch) — Of all the falsehoods told about President Barack Obama, the biggest whopper is the one about his reckless spending spree. As would-be president Mitt Romney tells it: “I will lead us out of this debt and spending inferno.” Almost everyone believes that Obama has presided over a massive increase in federal spending, an “inferno” of spending that threatens our jobs, our businesses and our children’s future. Even Democrats seem to think it’s true. But it didn’t happen. Although there was a big stimulus bill under Obama, federal spending is rising at the slowest pace since Dwight Eisenhower brought the Korean War to an end in the 1950s. Even hapless Herbert Hoover managed to increase spending more than Obama has. Here are the facts, according to the official government statistics: • In the 2009 fiscal year — the last of George W. Bush’s presidency — federal spending rose by 17.9% from $2.98 trillion to $3.52 trillion. Check the official numbers at the Office of Management and Budget. • In fiscal 2010 — the first budget under Obama — spending fell 1.8% to $3.46 trillion. • In fiscal 2011, spending rose 4.3% to $3.60 trillion. • In fiscal 2012, spending is set to rise 0.7% to $3.63 trillion, according to the Congressional Budget Office’s estimate of the budget that was agreed to last August. • Finally in fiscal 2013 — the final budget of Obama’s term — spending is scheduled to fall 1.3% to $3.58 trillion. Read the CBO’s latest budget outlook. Over Obama’s four budget years, federal spending is on track to rise from $3.52 trillion to $3.58 trillion, an annualized increase of just 0.4%. There has been no huge increase in spending under the current president, despite what you hear. Why do people think Obama has spent like a drunken sailor? It’s in part because of a fundamental misunderstanding of the federal budget. What people forget (or never knew) is that the first year of every presidential term starts with a budget approved by the previous administration and Congress. The president only begins to shape the budget in his second year. It takes time to develop a budget and steer it through Congress — especially in these days of congressional gridlock. The 2009 fiscal year, which Republicans count as part of Obama’s legacy, began four months before Obama moved into the White House. The major spending decisions in the 2009 fiscal year were made by George W. Bush and the previous Congress. Like a relief pitcher who comes into the game with the bases loaded, Obama came in with a budget in place that called for spending to increase by hundreds of billions of dollars in response to the worst economic and financial calamity in generations Directory: files files -> Answer True False 2 points Question 2 files -> Integer programming and game theory files -> 4 Integer Programming files -> Bpa vehicle Window Repair Scenario #1 task: Procure vehicle window relacement. Objective files -> Pop Warner History files -> North Carolina Inclusion Initiative Mapping Where Children with ieps are Being Served Purpose files -> Fall 2013 Spring 2014 Program Data: Standard 1 Exhibit 4d files -> Hanban – asia society confucius classrooms network 2010 request for proposal files -> Northern England’s set-jetting locations Download 0.63 Mb. Share with your friends:
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