Robert Reich: Government should extend unemployment benefits, and not cut spending until the nation’s rate of unemployment is down to 5 percent. Then, and only then, should we move toward budget austerity.
Robert Reich: The more irresponsible his bomb-throwing, the more attractive Gringrich becomes to a sizable portion of Americans so fed up they feel like throwing bombs.
Ellen Brown: Either way the super committee goes, the economy will wind up with $1.2 trillion less in the way purchasing power. The result will be to reduce demand, kill jobs, and put more people on the streets.
Robert Reich: So the best of all worlds is to have a big jobs plan now, and also commit to automatic cuts triggered when unemployment falls to 5 percent.
Carl Bloice: Obviously, there is nothing demographically representative of the Gang of 12. It’s hardly democratic; but then, there is nothing particularly democratic about the whole setup.
Ivan Eland: The good news is that if the committee can’t reach an agreement on the fiscal changes, or if Congress rejects its work, defense (including homeland security) and domestic programs have to take equal cuts.
Robert Reich: We are slouching toward a double dip because we’re getting the problem wrong. Despite what Standard & Poor’s says, notwithstanding what’s occurring in Europe, and regardless of U.S. budget projections years from now — our current crisis is jobs, wages, and growth. We do not now have a debt crisis.
Sherwood Ross: All the Federal welfare checks, food stamps, and unemployment benefits don’t begin to add up to the more than $1 trillion in indirect tax breaks awarded annually to America’s middle- and upper-classes.
Rebecca Griffin: Depending on whom you ask, the Pentagon either got a free ride or the deal decimates the military budget. Given the leverage that Republicans had in this debate, it’s not surprising that the Pentagon got off easy in the first round of cuts.
Carl Bloice: If the people who set the Tea Party in motion and sustain it want a mandatory “balanced budget” there is a democratic way of going about getting one; introduce specific legislation. They wouldn’t take that route.
Robert Reich: The nation and Oba,ma remain hostage to the ideology of right-wing Republicans who won’t let the government spend more money. Yet if the government can’t spend more – at least this year and next, until the pump is primed and the economy is growing again – we won’t see job growth. And without job growth, the economy will remain anemic.
Denis Campbell: Many economists predict a failure to act before Asia markets open Sunday or Monday night could see an immediate stock market loss of up to 5% and wipe out 10% of US GDP by Tuesday night. It’s that serious.
Robert Reich: Republicans are using what would otherwise be a routine, legally technical vote to raise the debt limit as a means of holding the nation hostage to their own political goal of shrinking the size of the federal government.