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National Commission on Fiscal Responsibility and Reform

letsgetitdone's picture

The Fiscal Summit Counter-Narrative: Part Two, Defining Fiscal Sustainability

One of the most irritating things about the deficit hawk/austerity literature, is that it uses the ideas of “fiscal sustainability” and “fiscal responsibility” in an ideological way, without ever really analyzing or explaining these labels. It's almost as if the austerians know that if they clearly and directly stated what they meant by these terms, and how their meanings were actually related to the ideas of “sustainability” and “responsibility”, then flaws in their whole ideological and policy framework would be very clear to everyone else.

Of course, if you read any of the austerian literature you soon learn that they think fiscal sustainability and responsibility both relate to the impact of government spending on the federal deficit, the public debt subject to the limit, and the debt-to-GDP ratio, and to no other impacts of fiscal policy.” But the austerians never really explain why these three numbers are relevant for fiscal sustainability and responsibility. Instead, they take the relationship as obvious to all, and start evaluating fiscal policies on the basis of past and projected deficit, debt, and debt-to-GDP ratios. Invariably, regardless of the nation in which you find them, they end up advocating for lower taxes for the wealthy, less regulation for corporations, and sacrifices of Government programs and the social safety net; all this based on the ideas of fiscal sustainability and fiscal responsibility that they've never even explained to an incurious and uncritical media, but very bought media, or to the public.

Because of the very great importance of the fiscal sustainability/fiscal responsibility/fiscal crisis/solvency rhetoric, the first session of the Fiscal Sustainability Teach-In Counter-Conference covered the topic “What Is Fiscal Sustainability?” and the primary speaker was Professor Bill Mitchell of the University of Newcastle. Audios, videos, presentation slides, and transcripts for the presentation are available at selise's site and a slightly different version of the transcripts is available from Corrente as well. Read below the fold...

letsgetitdone's picture

The Fiscal Summit Counter-Narrative: Part One

[I'm leaving this sticky because our enemies don't sleep. If you end up eating Grand Bargain™ cat food because Robama concocts some sleazy deal in the lame duck session due to a Shock Doctrine-style manufactured crisis, the people who engineered the crisis will be the same people who organized this shindig. Know them, and know their lies! --lambert]

Well, it's Springtime in DC. Time for the Peter G. Peterson Foundation's annual event. The Fiscal Summit, to be held on May 15, better named the Fiscal Cesspool of distortions, half-truths and lies, is a propaganda extravaganza designed to maintain and strengthen the Washington and national elite consensuses on the existence of a debt crisis, the long-term ravages of entitlement spending on America's fiscal well-being, and the need for long-term deficit reductions plans to combat this truly phantom menace. The purpose of maintaining that consensus is to keep an impenetrable screen of fantasy intact in order to justify policies of economic austerity. that have been impoverishing people and transferring financial and real wealth to the globalizing elite comprised of the 1% or far less of the population, depending on which nation one is talking about.

The 2010 Fiscal Summit

The first “Fiscal Summit” was held in Washington, DC on April 28, 2010. It was lavishly funded by the Peter G. Peterson Foundation, and included many “big names” associated with “fiscal sustainability” and “fiscal responsibility,” including Bill Clinton, who appeared along with personalities from Peterson's stable of deficit hawks such as David Walker, Alice Rivlin. Robert Rubin, Alan Simpson, Erskine Bowles, and Paul Ryan. Its purpose was to spread the deficit hawk message of Peter G. Peterson, including various myths of the world-wide austerity movement: Read below the fold...

letsgetitdone's picture

Declare War On the Dems: Make The President Dismiss the Catfood Commission


I urge all Real Democrats to declare war on the Democratic Party and this Administration by

-- refusing all appeals for financial contributions to Democratic candidates,

-- refusing to do any work at all for the Party,

-- refusing to go to Party functions,

-- going to meetings held by Congresspersons and Senators and

-- demonstrating at the meetings against the President's Catfood Commission,

until he dismisses that Commission. Read below the fold...

letsgetitdone's picture

Which Would You Rather Cut: Social Security, or Interest for Foreign Governments and Rich Bondholders?


Alan Simpson and Erskine Bowles, the Co-Chairs of “the National Commission on Fiscal Responsibility and Reform,” would have us believe that a deficit and debt crisis threatening the fiscal future of the United States is upon us, that "This debt is like a cancer,” and that unless we begin to make across the board cuts in expenditures, and also raise taxes in a way that distributes the pain across all segments of the population, there is no way we will return to fiscal sustainability. This view is false and also alarmist for many reasons. One is that Bowles's view that: "We could have decades of double-digit growth and not grow our way out of this enormous debt problem”, is ridiculous, even if one thinks there is “a debt problem.” I've shown elsewhere, that all the US needs to do to “grow our way out of the problem” is to return to the historical average decade-long growth rate we experienced between 1940 and 2000 to begin producing surpluses by 2017 and bring the public debt-to-GDP ratio down to 37% by 2020. Read below the fold...

letsgetitdone's picture

The Mythological Narrative of AmericaSpeaks: Part Two

In Part One, I addressed the question of whether the AmericaSpeaks argument showing that increasing deficits, debts, and public debt-to-GDP ratios is a real problem America needs to solve make sense. Read below the fold...

DCblogger's picture

Pelosi appoints 3 Democrats to the Steal Our Retirement Commission


Pelosi Appoints Three House Democrats to President's National Commission on Fiscal Responsibility and Reform

WASHINGTON, March 24 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi today announced that she has appointed three House Democrats to President Obama's National Commission on Fiscal Responsibility and Reform. This commission will be responsible for working in a bipartisan way to propose steps to address our long-term debt, bring down the deficit, and ensure that the federal government returns to fiscal discipline.

Read below the fold...
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