Tag Archives: fiscal deficit

Bush Tax Cuts: Party like its 2001-2003

By Andrew Busch | Published: December 7, 2010

Last night, President Barack Obama announced the following potential deal with Republicans and released this information:

Extending the Bush Income-Tax Rates for Two Years. The potential deal includes a mutually agreed upon solution to the impasse over taxes by extending the Bush income tax rates for two years and reforming the AMT to ensure that an additional 21 million households will not be hit with a tax increase. These measures will provide relief to more than 100 million middle-class families and prevent a tax increase of over $2,000 for the typical family.
Additional Provisions Designed to Promote Vigorous Economic Growth. … …READ MORE

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Ultimate Economic Mixed Metaphor: The Obama Budget

By Andrew Busch | Published: February 1, 2010

Today, President Obama holds a press conference to discuss the details of his 2011 budget. According to the press release, here are the key facts:
Overall 2011 Spending: $3.834 trillion.
2011 Discretionary Spending: $1.415 trillion.
2011 Projected Deficit: $1.267 trillion or 8.3 percent of GDP (down from $1.556 trillion or 10.6 percent of GDP in 2010).
10-year Deficit Reduction: $1.2 trillion, excluding war savings.
Tax Cuts: More than $300 billion in the next 10 years for individuals, families, and businesses.
The White House fact sheet also contains these highlights: “The Budget includes $100 billion for immediate job-creating investments in small … …READ MORE

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SOTU: Devil's in the Details

By Andrew Busch | Published: January 28, 2010

President Obama’s state of the union address had something in it for everyone last night. The loudest bipartisan cheer occurred when President Obama said, “And tonight, I’d like to talk about how together, we can deliver on that promise. It begins with our economy.” For the markets, the most critical component came next.

“So I supported the last administration’s efforts to create the financial rescue program. And when we took the program over, we made it more transparent and accountable. As a result, the markets are now stabilized, and we have recovered most of the money we spent on the … …READ MORE

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Simpsons Decision Making Time:

By Andrew Busch | Published: January 26, 2010

Today at 11:10 AM ET, I’ll be appearing on CNBC’s The Call discussing the negative impact on the markets due to the political uncertainty in the United States.

Last night, the White House leaked out a portion of their State of the Union platform and it was a good start. Actually at this point with spending, the markets want any start, hope, action on reigning in government spending that doesn’t contribute to job growth. Why is Obama shifting/morphing in this direction?

The NYT writes, “With his poll numbers down and Democrats fearing disaster in this year’s midterm elections, Mr. Obama … …READ MORE

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No Jobs=More Spending, More Deficits

By Andrew Busch | Published: January 11, 2010

President Obama announced Friday that he would be pushing for more spending on job-creation programs. Many in the media are circling that fact that had the participation rate in the US stayed the same as last month, the unemployment rate would’ve jumped to 10.4%.

Obama has urged Congress to pass a jobs package that includes new infrastructure spending, aid to small businesses, funding for state and local governments struggling to keep workers and incentives for green investments according to the Hill. “On Friday, he also called on them to include $5 billion to expand a tax credit for manufacturers who … …READ MORE

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Why Politics Matters For the US Dollar

By Andrew Busch | Published: January 7, 2010

As a reformed currency trader, I often can asked why I spend my time following what happens in politics. Does the resignation of Sen. Dodd really matter? Why should we care if Congress fights over health care or regulatory reform? What difference does it make if there’s an estate tax or not? These are all questions that seem to have very little on the surface to do with currencies and the value of the dollar.

The best answer to all of this is that it all matters. Since the 1930s and the seismic shift of US governmental intervention into the … …READ MORE

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Xmas and Health Care

By Andrew Busch | Published: December 21, 2009

If you have had the misfortune to follow this debate as it grinds through the Senate, several thoughts come to mind.

1. I’m glad a snowstorm hit the area.

2. I’m stunned that all the Senators can actually stand up to voice vote.

3. Politicians have now made a new inalienable right that the framers of the US constitution forgot: life, liberty, the pursuit of happiness, and government subsidized health care.

3. The extent of pandering to garner the last and critical 60th vote was a new low.

Hey rest of the 49 states, did you know that you will … …READ MORE

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Obama's Speech: FDR VS JFK

By Andrew Busch | Published: December 8, 2009

“It is the habit of the unthinking to turn in times like this to the illusions of economic magic. People suggest that a huge expenditure of public funds by the Federal Government and by State and local governments will completely solve the unemployment problem. But it is clear that even if we could raise many billions of dollars and find definitely useful public works to spend these billions on, even all that money would not give employment to the seven million or ten million people who are out of work. Let us admit frankly that it would be only a … …READ MORE

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