From the Wall Street Journal
The International Monetary Fund (IMF) has cut its world growth forecast-again-amid deteriorating emerging market prospects, urging authorities to shore up their economies as the United States prepares to exit its easy money policies and wrestles with a budget impasse that threatens to derail the global recovery. In its sixth downward its revision, the IMF cut its growth forecast for this year by 0.3 percentage point to 2.9% and next year by 0.2 percentage point to 3.6% compared to the fund’s last assessment in July.
No progress yet on the government shutdown.
The House has proposed 8 bills aimed at funding such things as FEMA, veteran’s disability payments, the national parks etc. The White House promised to veto these bills and will negotiate on nothing. Members of the Democrat controlled senate and the liberal media are throwing names at the Republicans such as jihadists, terrorists, arsonist legislators etc. This is unbelievable rhetoric as the Democrats will not negotiate, which is the job of our elected officials.
The government continues to bring in around $250 billion per month in tax receipts, judgments etc.; the interest on our debt is around $24 billion per month. That leaves around $200 billion per month in available cash. What in the hell is the reason for the shutdown and why are the closures targeted to hurt as many American citizens as possible? Vets suffer from no disability payments, our children and their parents suffer as they cannot visit their White House or their national parks, those who have served are unable to visit the World War II memorial. Another question: if all those government employees currently not being paid will be made whole once this situation is resolved, why lay them off in the first place? This is all political theater and quite frankly-it’s bullcrap.
Next up is the debt ceiling on the 17th.
Hopefully the Republicans stand firm and allow further sequester cuts to take hold. The Dems want to increase the debt limit by $1 trillion! What gall. Where do they imagine this money will come from in a languishing economy in which our businesses and productive workers are already over taxed and over regulated? What we need is tax code reform, entitlement reform and a basket full of spending restraint….and a new cadre of Americans to serve in the House of Representatives and the United States senate, for a term or two, NOT as a career.
People continue to vote in the same people, they wrongly believe years of experience in Washington will make our legislators wise-but too many years in Washington are NOT good for this country or the people in it. For all the accumulated experience in Washington, look where we are as a country. It is a sad situation and apt to get worse before it gets better.
On Tuesday, the president, speaking from the White House, called on Republicans to vote to re-open the federal government. The president said he is willing to talk with Republicans but only after they pass legislation to fund the government and raise the debt limit. (Wall Street Journal) This is how they negotiate? Give me what I want….then we’ll talk, how pompous is that? Unbelievable statement from the president of the United States. This is not some ego game you are playing with your friends. You are the leader of the largest driver of economies around the world, the peacekeeper of the planet (by choice or not), the champion of human rights and yet you will extend an olive branch to a sworn enemy, Iran (who wants the United States and all free countries dead and destroyed) but not to your own legislators? What am I missing? Does this seem to be off kilter to me only? I think not. Informed American citizens are too wise for that to be true.
From the American Iron & Steel Institute:
US raw steel production rose 1.1 percent last week from the prior week as mills operated at an average capability utilization rate (ACUR) of 78.2 percent. In the corresponding week last year mills operated at an ACUR of 68.7 percent. Thus far this year mills have operated at an ACUR of 77.2 percent.
Back to politics-since I cannot get updated economic reports.
I understand that the Republican Party is taking most of the heat for the government shutdown. The question is why? Republicans, as mentioned earlier, have proposed several bills to fund shut down operations, Democrats and the president refuse to negotiate. They are trying to pull the reins in on the runaway spending. How can this be viewed as bad policy?? The fact is that 83% of government operations continue unaffected by the shutdown.
Last night, 20 Republican leaders met with the president to offer a 6 week spending extension. The president refused to negotiate. Could it be that the media portrayal of the situation leans very heavily to the views of the left and therefore easily sways the opinions of “low information” citizens? What other reason can there be?
Common sense tells me that the country cannot continue as the Founding Fathers intended for very much longer with growing and, might I add, unfunded, entitlement spending, swelling welfare rolls, more citizens not contributing but rather seeking to take from the hard workers who contribute their hard earned income to fund these follies. These citizens are taught to think and believe they are entitled to be cared for (and some truly are, no one takes issue with helping our neighbors who are in true need). It is wrong, it is stinking thinking. It appears I have been ranting again. This is so frustrating.
Anyway, we have enjoyed a beautiful week of Indian summer (can I say Indian summer or is that not politically correct anymore?) weather here in northeast Ohio, hopefully it will continue for awhile longer. I hope you enjoy your weekend.
Hug your kids and grandkids if you’ve got ‘em. Tell them you love them.
Buy American made products whenever you are able
God Bless America