- Budget negotiations likely to determine AAA rating and outlook
- If budget talks do not produce downward trend in debt-to-GDP ratio, rating likely to be lowered to AA1
- Assumes “relatively orderly” process for increasing debt limit
- The full Moody’s statement is here
http://www.forexlive.com/blog/2012/09/11/moodys-expects-to-cut-us-rating-without-deal-to-lower-debtgdp-ratio/
Well, Obama and Dingy Harry sure have made this country strong economically again haven't they?
No Budget passed in the Senate three years running. A "stimulus" that produced so few jobs it cost "us" $45,450 per job
http://www.recovery.gov/Transparency/RecoveryData/Pages/JobSummary.aspx
$7,000,000,000/154,0159jobs) = 45,450 spent per by we the people per job.
MOST FUNDS PAID OUT BY AGENCY
| Rank | State | Amount |
|---|---|---|
| 1. | Department of Health and Human Services | $123,902,917,427 |
| 2. | Department of Education | $91,159,202,618 |
| 3. | Department of Labor | $65,999,412,061 |
| 4. | Department of Agriculture | $40,234,175,302 |
| 5. | Department of Transportation | $36,735,119,637 |
| 6. | Department of Energy | $27,323,553,884 |
| 7. | Department of the Treasury | $19,931,594,612 |
| 8. | Social Security Administration | $13,791,600,471 |
| 9. | Department of Housing and Urban Development | $12,851,119,451 |
| 10. | Environmental Protection Agency | $6,845,027,188 |
Total Funds Allocated:
$840 Billion
Estimated American Recovery and Reinvestment Act tax, entitlement, and contract, grant, and loan expenditures have been increased from $787B to $840B to be consistent with the President's 2012 budget and with scoring changes made by the Congressional Budget Office
since the enactment of the Recovery Act in February 2009.
since the enactment of the Recovery Act in February 2009.
Contracts
Grants
Loans
Contracts
| Recipient | State | Amount Awarded |
|---|---|---|
| 1. SAVANNAH RIVER NUCLEAR SOLUTIONS LLC | SC | $720,201,615 |
| 2. CH2M HILL PLATEAU REMEDIATION COMPANY | WA | $600,418,168 |
| 3. BALFOUR BEATTY/MCCARTHY A JOINT VENTURE | TX | $539,032,415 |
| 4. SAVANNAH RIVER NUCLEAR SOLUTIONS LLC | SC | $416,711,472 |
| 5. CLARK/MCCARTHY, A JOINT VENTURE | CA | $401,438,378 |
| 6. WASHINGTON RIVER PROTECTION SOLUTIONS LLC | WA | $323,855,000 |
| 7. CH2M HILL PLATEAU REMEDIATION COMPANY | WA | $315,663,000 |
| 8. CH2M HILL PLATEAU REMEDIATION COMPANY | WA | $272,414,000 |
| 9. SAVANNAH RIVER NUCLEAR SOLUTIONS LLC | SC | $235,738,870 |
| 10. CLARK CONSTRUCTION GROUP, LLC | DC | $206,947,093 |
So, there have some data and some links relative to the "Stimulus"
Have fun tracking down how many of the "Contracts" went to Democratic financial backers...
Investigate Obama! Who is cashing the checks at these cos.? Where's Issa?
ReplyDeleteUS government is starting to look like Greece in the administration of its affairs. Buying time... Just buying time.
ReplyDeletehttp://www.bloomberg.com/news/2012-06-25/congress-said-to-delay-automatic-budget-cuts-until-march.html
First of all, the economy is much better off than it was 4 years ago, although not better off than it was a month ago. Second of all, the Dow closed today at its highest level since 2007.
ReplyDeleteMick,
DeleteWhere ever do you get your wonderful Pollyana stories???
4 years ago 111 million people were working in the public sector.
Today 111.3 million work in the Public sector. That doesn't reflect the people laid off in the public sector, the people added to the workforce.
4 years ago 35 million people were on food stamps, today 45 million are on food stamps.
The economy is in the toilet and unlikely to recover in the next 4 years should Obama be re-elected with the current policies.
By the way, how about that 4.00 a gallon gas and the 30%+ higher food prices.
The market is being pumped by the Federal reserve's monitary easing hence the inflation today, not by Obama's mismanagement of the economy.
The Euro is up against the Dollar even though the fundamentals of both economies haven't changed a bit. The stock market seems to rise and fall regardless of any fundamental changes in the outlook of economies. It gives the casual observer the impression that the whole thing is rigged by the big investors in the market.
ReplyDeleteAll the other components of the global situation are in fact pointed in a negative, even catastrophic, direction. Here again, the main media are starting to echo a long-standing situation anticipated by our team for summer 2012. Indeed, in one form or another, more often on the inside pages than in big headlines (monopolized for months by Greece and the Euro (4)), one now finds the following 13 topics:
ReplyDelete1. Global recession (no engine of growth anywhere / end of the myth of the “US recovery”) (5)
2. Growing insolvency of the Western banking and financial system and henceforth partially recognized as such
3. Growing frailty of key financial assets such as sovereign debts, real estate and CDSs underpinning the world’s major banks’ balance sheets
4. Fall off in international trade (6)
5. Geopolitical tensions (in particular in the Middle East) approaching the point of a regional explosion
6. Lasting global geopolitical blockage at the UN
7. Rapid collapse of the whole of the Western asset-backed retirement system (7)
8. Growing political divisions within the world’s “monolithic” powers (USA, China, Russia)
9. Lack of “miracle” solutions as in 2008 /2009, because of the growing impotence of many of the major Western central banks (Fed, BoE, BoJ) and States’ indebtedness
10. Credibility in freefall for all countries having to assume the double load of public and excessive private debt (8)
11. Inability to control/slow down the advance of mass and long-term unemployment
12. Failure of monetarist and financial stimulus policies such as “pure” austerity policies
13. Quasi-systematic ineffectiveness henceforth of the alternative or recent international closed groups, G20, G8, Rio+20, WTO,… on all the key topics of what is no longer in fact a world agenda absent any consensus: economy, finances, environment, conflict resolution, fight against poverty
Gee Rojo---------you just made my day! Even though all those things are true, its tough to look at them all in one place in your excellent summation.
DeleteIf Moody's downgrades us any further, what will happen that is not already happening -------- set into motion by the last couple of decades? China gonna call in our debt?
Re #9--------Virginia will never go broke as long as New York City pays to send us their sludge and garbage. New York gets rid of it, the Mafia gets rich hauling it and Virginia farmers get free fertilizer. Nah----this state will never go broke as long as we can import garbage. We are just plain blessed.
No one seems to listen-- nonsense has become common sense.
ReplyDeleteFrom the St Louis Fed
“As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e., unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational. Moreover, there will always be a market for U.S. government debt at home because the U.S. government has the only means of creating risk-free dollar-denominated assets."
The Fed and certain economist have for years and years tried to get people to understand our monetary system but none seem to graps the abstract concept. Thus stupid people listen to stupid politicians has they both focus on something that is not the problem.
Nohelp.....Thus stupid people listen to stupid politicians has they both focus on something that is not the problem.
DeleteNow ....If We(The United States)Were not part of the World Economy.................................................
rojo,
DeleteBeing part of the world economy is not the issue we face, spending more than we collect in taxes is the issue at hand. Add to that the social safety net that encourages people to stay at home and watch Judge Judy and you have the perfect storm waiting to take the final toll on the economy and the US.
Probably too late for me to comment as the attention span of 24 hours since the last post is now past.
DeleteNo Help is making points he believes to be accurate and if nothing else he has been consistent in this argument for some years.
I contend however that the views of No Help would indeed be accurate and the American currency would be self sustaining if, and only if, America existed in a closed economic loop with the Fed at both the beginning and at the end of the loop.
No Help fails to identify the prime reason that fiat finance can exist globally. The very definition of the term means "on the word of the government" and this of course means that every other country in the trading bloc has to take the government of the issuing currency on trust to honour its commitments.
The current situation is that many nations are failing because their trading partners or bond holders have lost confidence. Bond issues can only be filled at premium terms and the nation is then unable to service the debit. I must ask, how long before the nations of the world begin to doubt the worth of the US unit? It is no use putting the head between the legs and hollering help. The help you need must come from within and a good start would perhaps be a significant cut back in the military budget and a determination not to further engage in wars unless on American soil.
Cheers from Aussie