Maybe Washington can start paying invoices with $3 bills — because the “dramatic” agreement to “reduce the national debt” is as phony as a three dollar bill.
In 2003, the United States invaded Iraq citing two justifications: to depose Saddam Hussein and to destroy Iraq’s banned weapons program. Within a year, Hussein and his accomplices were imprisoned, and it had been discovered there was no Iraqi banned weapons program. Having achieved its goals, why didn’t the United States leave? Seven years later, this question haunts the U.S. occupation of Iraq.
President Barack Obama wants to increase taxes on the wealthy, and surely is correct that this must be part of any serious plan to control the national debt. Consider the case of a wealthy couple who made $1.7 million in 2010, yet paid only 26.2 percent in federal income taxes — though the top rate supposedly is 35 percent, and the president says that figure should rise to 39.6 percent. The well-off couple in question is Barack and Michelle Obama, whose tax returns, just released, show they paid substantially less than the president says others should pay.
The budget compromise that averted a federal government shutdown nearly foundered upon the rocks of Republican riders, one of which would have stripped the Environmental Protection Agency of authority to regulate greenhouse gases. Speaking as someone who favors greenhouse restrictions, I wish the Republican rider — dropped just before the clock struck midnight — had succeeded.
U.S. forces are fighting three costly, inconclusive wars; unemployment is 8.8 percent and the president’s new budget proposal would double the national debt in a mere 10 years. What a great moment for Barack Obama to declare for reelection.
Once again, Western bombs are falling on the sand-blown weapons testing range that is north Africa, the Middle East and the landscape of the old Great Game. The area stretching roughly from Morocco to Afghanistan west to east, and Syria to the Persian Gulf north to south — let’s call this region Deathistan — long has been contested. But in the last century, the region has been treated as a plaything by Western capitals.
With another federal spending controversy brewing on Capitol Hill, recall that in his 2010 State of the Union Address, President Barack Obama said, “We’ve already identified $20 billion in savings for next year.” Now it’s next year — so what happened to the $20 billion in savings? Let’s follow the bouncing budget cut.
Raymond Davis, an American who shot and killed two men in Lahore, Pakistan, under disputed circumstances, has just been revealed to be a CIA contractor. What a mess. And it’s a mess that makes me reflect on when I lived in Lahore, in the late 1980s.
In all respects save employment numbers, the United States economy is back to normal. Real growth in 2010 was 2.9 percent — not spectacular, but any developed nation would take that figure. The adjusted U.S. GDP just rose back above its prior peak of late 2007 — meaning U.S. economic output has never been higher than right now. Sales numbers are good across most industries, corporations are sitting on ample cash, banking and equity liquidity is fine, no primary resource is scarce and the index of Standard & Poor’s 500 earnings per share is at an all-time high.