Tuesday, March 30, 2010
Obama has sown the seeds.
When historians recount the momentous events of recent weeks, they will note a curious coincidence. On March 15, Moody's Investors Service -- the bond rating agency -- published a paper warning that the exploding U.S. government debt could cause a downgrade of Treasury bonds. Just six days later, the House of Representatives passed President Obama's health-care legislation costing $900 billion or so over a decade and worsening an already-bleak budget outlook. Should the United States someday suffer a budget crisis, it will be hard not to conclude that Obama and his allies sowed the seeds, because they ignored conspicuous warnings. A further irony will not escape historians...Link
Gov't to give $600M in housing aid............
The Obama administration on Monday announced $600 million in financial support for five more states with high unemployment that have been slammed by the housing bust. Ohio got the largest share of funding, at $172 million, followed by North Carolina at $159 million and South Carolina at $138 million. Oregon and Rhode Island are due to receive $88 million and $43 million respectively. The money will be given to state housing finance agencies. They will design mortgage assistance programs that meet broad criteria provided by the Treasury Department...link
Is Social Security doomed?.........
In a sign of a looming retirement crisis, the Congressional Budget Office is forecasting that the Social Security system will pay more in benefits than it collects in payroll taxes this year. This watershed moment wasn't expected for another six years, but the recession has accelerated the timetable by putting millions of Americans out of work — meaning they've stopped paying into the system — and nudging many others into early retirement. What does the program's deficit mean for the financial security of the nation, and for retirees? Here are five key consequences...Link
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