August 15, 2009
I think it was during the Los Angeles Olympics that I read a story about a guy in Albuquerque, New Mexico, who had called the toll-free number to purchase tickets to some Olympic events. The seats were available and everything went fine, through the giving of the credit card number — until the woman asked him for his mailing address. [I'll keep searching for that story . . .]
When he gave his mailing address in Albuquerque, New Mexico, the woman said, “I’m sorry, we can’t sell tickets outside the United States,” or words to that effect.
Despite the man’s pleas that New Mexico is part of the U.S., the woman refused to complete the sale.
Now, Google has lost North Dakota.
Photo below, from Art Hunt’s recent cross country driving extravaganza.
Art Hunt said: "The trip was not without its glitches, such as when we discovered we had apparently reached the end of the world"
August 15, 2009
Matthew Yglesias made the chart from figures supplied by David Leonhardt in the New York Times.
Why is the Obama administration so constrained, and why is it so difficult to find ways to fund any change in health care?
Sources of our federal deficits, August 2009
The story of today’s deficits starts in January 2001, as President Bill Clinton was leaving office. The Congressional Budget Office estimated then that the government would run an average annual surplus of more than $800 billion a year from 2009 to 2012. Today, the government is expected to run a $1.2 trillion annual deficit in those years.
You can think of that roughly $2 trillion swing as coming from four broad categories: the business cycle, President George W. Bush’s policies, policies from the Bush years that are scheduled to expire but that Mr. Obama has chosen to extend, and new policies proposed by Mr. Obama.
The first category — the business cycle — accounts for 37 percent of the $2 trillion swing. It’s a reflection of the fact that both the 2001 recession and the current one reduced tax revenue, required more spending on safety-net programs and changed economists’ assumptions about how much in taxes the government would collect in future years.
Yglesias described the chart’s inputs:
— “The first category — the business cycle — accounts for 37 percent of the $2 trillion swing.”
— Second, Bush-era legislation “like his tax cuts and the Medicare prescription drug benefit, [that] not only continue to cost the government but have also increased interest payments on the national debt.”
— Third, “Obama’s main contribution to the deficit is his extension of several Bush policies, like the Iraq war and tax cuts for households making less than $250,000 [...] 20 percent of the swing.”
— Fourth, “About 7 percent comes from the stimulus bill that Mr. Obama signed in February.”
— Fifth, “only 3 percent comes from Mr. Obama’s agenda on health care, education, energy and other areas.”
Got any solutions for the deficits? Growing the economy may be the only way out — demonstrating, as if we needed to, the precarious situation we find ourselves in. It’s a tightrope walk.