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CNSNews.com – Chief Treasury Economist Says White House Economic Forecast is ‘Smoother’ than Can Be Expected in Reality.

(entire article reposted here – please comment!)

Alan B. Krueger, U.S. Assistant Secretary of the Treasury for Economic Policy

Tuesday, September 08, 2009
By Matt Cover

(CNSNews.com) – Alan Krueger, assistant secretary for economic policy and chief economist at the Treasury Department, told reporters that the economic projections used by the White House–which foresee a decade of uninterrupted economic growth ahead–are “smoother” than what can be expected in reality.

Even with this smoother-than-reality economic forecast, the administration is predicting that the federal government will run up an additional $905 billion in deficit spending over the next decade, almost doubling the national debt.

Krueger, speaking to reporters at a Friday briefing, said that while the administration’s Gross Domestic Product (GDP) growth forecasts were largely in line with private estimates, numerous factors could affect and alter those estimates.

“It’s the nature of forecasting that forecasts typically are smoother than the realizations,” he said. “Your hope is that the ups and downs balance out and, on average, are on the forecasted path.”

What Krueger did not mention is that, while the administration’s projections are close to those of private economists, known as the Blue Chip Consensus, those private forecasts only extend through 2010, while the White House’s extend through 2019.

When asked by CNSNews.com if the fragility of the administration’s projections meant higher budget deficits in the future, Krueger said that deficits were inevitable during bad economic times.

“Deficits are inevitable when you’re trying to recover from such a steep recession,” he said.

Krueger also said that, because of that steep recession, it was impossible for the administration to produce a balanced budget in the short term, saying such an idea was not “advisable” for Obama.

“In fact, it wouldn’t be advisable to have a balanced budget at this point or anything close to a balanced budget at this point,” he said.

In the longer run, however, Krueger said that the administration planned to put the budget back on a path toward fiscal responsibility, saying that the country relies far too much on borrowing and not enough on public investment.

“One has to draw a distinction between the short run and the long run,” he said. “Certainly in the longer run the administration plans to put the budget on a path that’s fiscally responsible.”

“In the U.S., I think that we rely too much on borrowing and short-term consumption at the expense of longer-run investment, public infrastructure,” he said. “The president has said that it’s very important that when we emerge from this recession that we build a stronger foundation, one that’s less susceptible to these kinds of boom-and-bust cycles.”

However, the Obama administration’s projected budgets rely on what Krueger criticizes: borrowing to finance short-term consumption.

For example, the Obama administration projects that, as a result of its 2010 budget, the federal government will run a cumulative deficit of $9.05 trillion by the year 2019. In total, the government plans to spend $43 trillion during the next decade while taking in only $34 trillion in tax revenue.

In no year between now and 2019 does the administration plan to balance the budget. In fact, the smallest single-year deficit Obama plans to incur is $739 billion in 2015, after which time the deficit will begin climbing again until it hits nearly $1 trillion ($917 billion) in 2019.

However, Krueger claimed that it was a “very important” part of Obama’s budget to move the country toward “responsible budgeting” and a “more sustainable” path.

“That’s why it’s very important, in the administration’s budget, that we make the critical investments in human capital and physical infrastructure, responsible budgeting, health care reform, clean energy, to move the U.S. to a more sustainable economic path,” he said.

The Five Financial Shockwaves to Expect When China’s Yuan Swaps Places with the U.S. Dollar | Overseas Stock Markets. | Overseas Stock Markets.

This article is from Australia, for goodness sake!  It’s written more for the viewpoint of investors, but will apply to everyone.  Obviously Australians can see past the brainwashing better than we Americans!

Due to the continuing increases in the debt, now beyond any ability of America to pay, our vaunted dollar will most surely collapse.  This article says it will be replaced by the yuan of China; well maybe, maybe something else, but which doesn’t really matter.

The USA Fed and Treasury will be unable to maintain the charade forever.  Adding to the debt will absolutely result in severe inflation or hyperinflation of our dollar, and America will be forced to admit bankruptcy.  That will mean that all the funding for defense, collectivist shams, … everything, will cease.

The government and it’s welfare system will be unable to pay itself to send you more checks, because it is out of “real” money.  This will be the economic collapse, far worse than the Great Depression.

It will be plain hell falling into that abyss.  The many who have never learned to be self-sustaining. who have survived only via the welfare system, will have no means of buying food or services, no reserves, and will resort to being the thieving criminals they have always been.  There will be severe shortages of everything as producers fail and their goods and services disappear.

The bright light at the end of that tunnel can be the opportunity for, either Anarchy (NO RULER) or a new constitution, which severely and absolutely limits the powers of government and it’s force upon the people.

We must return to Reason and assert our true Right to Life.  Either we get it together at that time, or humanity, if it survives at all, will return to the Stone Age.  All the alternative scenarios are too horrible to even think about.

This article, while oriented to investors, holds much which must be grasped by we everyday folk.  Understanding it will not be enough, for each of us must act to prepare for the events ahead.

Failure to use your mind and your Reason may well mean that you cannot survive.

ONLY LIBERTY IS MORAL.  Force and Sacrifice of collectivism is the immoral cause of this collapse, and if one fails to choose liberty, humanity can well disappear.  The leftist brain-dead altruists are not your friends, they are your mortal enemy.

See it now, or you’ll see it later the hard way. Ditch them!

Where is Liberty?

Given that every instance of collectivism…

Requires the Force of Government to initiate, regulate and administer; and

Eliiminates all rights of all individuals to determine and act in whatever they perceive as being in their individual best interest, and steals from the citizens whatever monies government, not the individual, deems necessary and appropriate, and

Eliminates the natural benefits of competition and choices always best provided by a truly free market, and

Sacrifices and removes all individual alternatives and incentives toward maximizing one’s life, then

Insist on an answer to this one Question:

How does this enhance or preserve our natural rights to
Life, Liberty and the Pursuit of Happiness?

The above was my reply to a TownHall post in Digg this morning, listing 10 questions to ask those who are pushing for, in this instance, Obamacare.  The questions were great, designed to show any collectivist all the fallacies in this ruse but, as usual, missed the main point.

I have become simply exhausted and exasperated with every debate over so-called health-care or any other collectivist program deteriorating into a debate over

• whether it’s fascism or socialism or communism or….,  and
• The pro’s and con’s of each and every item in a 14-pound 1,500-page new proposal which is intended to distract everyone from the real truth, which is that…
  
• every word within such “debate” is naught but a different approach to enacting still another, still more, intrusion upon our liberty.
• This is exactly the same distraction as the “numbers game” of yore, which was ‘don’t address the issue, instead, declare that a challenged number renders the entire point void.
  

For many moons now, I have been writing about Morality, and more lately expanding to discussion of the Force and Sacrifice, as these are the basis of all governments, which have nothing to “give” except that which they steal from their citizens.  This morality is not about some high-faluting worship of some lord or allah.  It is simply our natural rights to Life, Liberty and the Pursuit of Happiness.

This is clear and concise in our Declaration of Independence, yet so dispised and distorted and shredded within our Constitution.  Over these 230 years, the collectivist / communist set have diligently set out to subvert these basic principles into a pity-pity society in which moral free market capitalism is said to be the villan, and that individual heights are to be subordinated to some nebulous “greater good”, productivity and self-reliance are less important than sloth, and the supreme “moral” value is to sacrifice one’s own life to anyone from anywhere merely because they hold out their hands and say “oh, pity me”.

According to the collectivists, each man, having his own mind and the unique human characteristic of being able to THINK, is now somehow to be denied that treasured characteristic and his mind deferred to any unknown other, who cannot prove and is not required to prove any superiority of Mind over You, the individual.

The brainless immoral collectivist “ethic” has now gained the foothold sought for at least the last century, and has set America on it’s long winding path to economic and moral devastation.  America is leading the path to worldwide self-destruction, to such extent that we must question now whether humanity can survive.

You wonder why life has become poorer and holds little but nonsense and drudgery?  You wonder why “Atlas Shrugged”?  Well, at least we’ve got you wondering — the rest us up to You!

Principled Perspectives.

A is A, and Socialism by any Other Name…

that Obamacare isn’t socialism ignores socialism’s essential nature. Technical definitions aside, socialism is a form of collectivism, the doctrine that holds that the standard of value is the group, to which the individual is subordinate and can be sacrificed on any group whim, as represented by the state. Communism, Nazism, welfare statism, fascism, democracy, and socialism are all manifestations of collectivism. The sacrifice of individual rights under a statist regime is the political essence of collectivism, and that is exactly the nature of Obama’s health care plan.

But to advocate socialism openly and honestly is and always has been a loser in America. After the tyranny, wars, and unprecedented mass murder wrought by the socialist regimes of Soviet Russia, Nazi Germany, Red China, and the many smaller variants of the 20th century, socialism is dead as an intellectual force. That is why the champions of socialized medicine run from the socialist label as from the plague.

As the great Aristotle said; A is A. And socialism is socialism. We are headed toward totalitarian socialism in America, and have been for the past century. Under Obama, the trend is accelerating. But he is an empty suit, simply cashing in on the trend…the collectivists preferred method of American socialization…the back door of fascism. Step by step, through programs such as the Veterans Administration, Medicare, a myriad of government controls and taxes, etc., total government control of medicine (and, in fact, the entire economy) is and has been advancing in America…long before Bush-Obama socialism appeared on the American scene.

The fascist method was explained by a former leader of a major Western nation some time ago:

“The party is all-embracing…” said Adolf Hitler upon taking power, “Each activity and each need of the individual will thereby be regulated by the party as the representative of the general good…This is Socialism- not such trifles as the private possession of the means of production. Of what importance is that if I range men firmly within a discipline they cannot escape. Let them own land or factories as much as they please. The decisive factor is that the State, through the party, is supreme over all, regardless of whether they are owners or workers…Our Socialism goes far deeper…[the people] have entered a new relation…What are ownership and income to that? Why need we trouble to socialize banks and factories? We socialize human beings.” (From Herman Rauschning’s The Voice of Destruction, as quoted in The Ominous Parallels, by Leonard Peikoff, page 231-232.)

We will maintain our illusion of privacy, while the state, through the medical bureaucracy, exercises total control over the medical and business decisions of patients, insurers, and providers alike. Doctors won’t be technical employees of the state (the communist brand of collectivism), at least not initially. But, fascism is socialism…and so is Obamacare…whether Mr. Schwalb, President Obama, or Bill O’Reilly want to call it that or not. Obamacare will “range men firmly within a [health care] discipline they cannot escape.” The medical bureaucracy will be “all-embracing”, and the people will be socialized…sooner (if the democrats have their way) or later (if the current GOP has its way).

The only antipode to collectivism/socialism is individualism/free market capitalism…the system based upon America’s founding principles of unalienable individual rights and textconstitution republican government…long absent from American health care.

continue reading…

The complete ignorance of collectivists who constantly promote Force and Sacrifice on Digg has finally gotten my goat.  I’m mad as hell and I’m not gonna TAKE IT anymore!

powerlineblog.com — The Democrats aretrying to rush their health care “reform” bill through Congress before anyone understands what is in it. The bill is intended to be the precursor of socialized medicine, the “single payer,” national health system that Great Britain, Canada and many other countries have tried, with uniformly awful results.  [entire Digg thread}

Extracted from 53 Comments, the communists/collectivists are in pinko:

tasine

…the issue for many of us truly isn’t solely about “health care” though we do defend the fine system we have in the states. What I believe is a bigger issue is that we want smaller, less intrusive government. Our government has grown FAR too large, dealing with things not in their realm of responsibility, things that belong to the private sector or state. The more it grows, the less efficient it is, and the less control we as a free people have. Many of us believe that is true in all countries that usurp private enterprise, including Canada. Many of us in the states resent creeping socialism, communism, marxism, and all other isms that eventually lead to tyranny. Why keep adding to that when there is no need whatsoever?

@tasine

“we do defend the fine system we have in the states.”

You mean the fine system that left my mother with no way to buy health insurance after she had cancer because my family had lost our health insurance plan due to a life threatening latex allergy that forced my father to stop practicing dentistry? The fine system that will allow a child to die if his parents make too much money to qualify for assistance (which I’m guessing you don’t want tax dollars to pay for anyway), but not enough money to pay for life saving treatment? The system that causes my grandparents endless worry about being a burden to the family when they can’t afford necessary medications?

If it’s worked well for you, that’s great. Despite my family’s problems, it has worked well for me, too, though I’ve only had one hospitalization and surgery. There are plenty of people who are doing everything right, but who get thrown off a cliff. Not that I’d expect you to show much compassion for them. You know, you can be a ridiculously partisan republican who will hate any health plan that comes out of a democratic administration, and yet still admit that we’ve got a problem with health care in this country.

tasine

EIR, I’m sorry for your family’s difficulties. Yes, people do fall through the cracks with our system and with all systems and I’m sure all of us regret that. I would never make light of your family’s problems. I’m not trying to be nasty, but what makes you believe that had we had universal health care the same things wouldn’t have happened – or worse?

“You know, you can be a ridiculously partisan republican who will hate any health plan that comes out of a democratic administration, and yet still admit that we’ve got a problem with health care in this country.”

That would be a funny comment were it not so silly. I WILL HATE ANY HEALTH PLAN THAT COMES OUT OF ANY US ADMINISTRATION BECAUSE HEALTH CARE IS NONE OF THEIR BUSINESS AND THEY KNOW NOTHING ABOUT IT. I do NOT WANT socialized medical care. I do not want anything socialized. Am I partisan? Yes, to the same degree most on Digg are. However, just so you know, I have resigned the Republican Party because they are so wimpy. I will carefully follow everything Obama does because I don’t trust him, I don’t like him, I don’t like his policies, I don’t like his philosophies – and it has nothing to do with the fact I was a Republican and he is a socialist. It has to do with my understanding what socialism is and what it will become eventually, NOT because I am smart, but because I know some history, I have a healthy skepticism, I follow no guru whatsoever, and I am a realist – NO health care system is perfect, and what we have as we speak, is the best in the world and I don’t want politicians trying to get votes by pandering mucking around with it. The primary problem we have in the health care industry is not a health care problem – it is a legal problem and for that reason will NEVER be solved. That problem is runaway lawsuits with no merit. What we NEED is NOT health care reform, but TORT REFORM. Know any lawyers or “legislators” willing to take a knife to that monster called ambulance chasing lotto? No, you don’t, and neither do I.

eir574

“I’m not trying to be nasty, but what makes you believe that had we had universal health care the same things wouldn’t have happened – or worse?”

Being entitled to health care is a big step forward for someone who couldn’t afford it at all. People complain about having the government decide what care you can and cannot receive, but this seems to be no worse, and perhaps better, than having an insurance company whose only motivation is profit decide what care you can and cannot receive. At least the government is technically responsible to the people. The insurance company is responsible to its shareholders. I have a better sense of what goes on in those companies since the only thing my father could do after losing his dental practice was to work in insurance.

“NO health care system is perfect, and what we have as we speak, is the best in the world”

It may be the best in the world for those who have access. If you don’t have much access to it, then it’s most certainly not the best in the world. Some like to paint those who don’t have access to good health care as lazy fools who aren’t motivated enough to provide for themselves. I wouldn’t call my parents lazy, though — just victims of circumstances that occur all the time in this country.

Did you know that a 2007 study showed that we rank 41st in maternal mortality among 171 nations studied (http://www.seattlepi.com/national/335391_maternal1 … )? One in 4800 women die from pregnancy complications, which ties us with Belarus and just barely edges out Serbia. Ireland came in first, with only one death in 47,6000. And that doesn’t even include other types of bad outcomes. Is that really such a fine health care system? Perhaps for the women who don’t die in childbirth.

The cost of lawsuits is a problem, of course, but you can’t get rid of them completely as some of them are quite valid. My sister once had complications after a surgical procedure to place a metal plate in her head, and the surgeon who went in to fix things up said he would support a malpractice claim. There were muscles that had been cut and hadn’t been sutured properly, there was a thumb print on the plate (??), and there were various other problems. Some claims are indeed valid. But, even if tort reform lowers the cost of health care, there will always be people who can’t afford the care they need for themselves and their families, and it will not always be the case that they’re simply lazy fools who would prefer to do nothing while someone else supports them.

Striker101

Everyone, that is, who works and can write a check, can choose to buy health care.

Those who don’t work are not entitled to have someone else pay for it. That is what our private property rights are all about. Survival of the fittest is supreme natural law.

eir574

“Everyone, that is, who works and can write a check, can choose to buy health care. ”

Patently untrue. Did you not read my post above? After my mother had cancer, insurance companies no longer wanted her business. But, you’d probably say she deserves to die after having had cancer.

_____________.

Oh, maybe I get it. You think that once my mother became virtually uninsurable at nearly any price, she should just have become a high powered CEO or something so that she could afford health care out of pocket. Does the same go for children?

i cannot believe that people can be so easily duped into thinking that they don’t want free health care…I realize a lot of money is being spent to confuse people but seriously, how feeble minded do you have to be to believe that we are better off with out the same health care system that every other civilized nation gives to their citizens? Meanwhile we have the highest mortality rate of any of the first world nations…go figure.

Hate to tell you, sweetie, but there is no such thing as free health care. Even if it is a free clinic, a free ward, a free health fair, etc. IT IS NOT FREE. SOMEONE pays for it. If you work you will pay for it with taxes. If you don’t work you probably get your health care ‘free’ anyway, courtesy of the taxpayers.

Don’t believe for one second that any nation “gives” free health care to their citizens. Governments do not have any money except that which they extract from people’s pockets which they can then give to others and that buys them votes in the next election.

Is there some particular reason you believe it is more fair for me to pay for your health care than it is for you to pay for your health care? Inquiring minds want to know why so many Americans feel no responsibility for themselves. Have we wimped out this far? Maybe our wimpiness is what has resulted in what you call the “highest mortality rate of any of the first world nations.”

BillE3

Considering how poorly the government has done with running its own affairs, I can not fathom how congress is going to do a better job of running healthcare. What I can fore see is how the bureaucracy will eat up a lot of the money allotted for healthcare. Government payroll will take precedent over actual medical treatment. A government run system is going to be top heavy with administrations and administrators which will be paid for before any money goes to patient care. The same amount of care and quality of care are a matter of time and the government is going to make it go so slow, it will not be good. I guess to offset the problems of providing care, congress can pass a national suicide assist law and give us all an option.

Striker101

Not to be buried in 3rd-level response where most of my effort would be lost in the fog.

@eir574 “Oh, maybe I get it. You think…” You have no clue what I think, and you cannot frame any argument based upon whatever you think that I think.

Other than that you are “A 31 year-old person who joined Digg on May 21st, 2007″, who looks like a cat in a box, and who has written 6322 comments to date but has never submitted an article. Your comments are rarely if ever on top-level, your “thing” is stalking and attacking others for your Collectivist cause — a reactionary, IOW don’t act, react.

So next you move to “oh pity me” “…my mother became virtually uninsurable…” which is to be blamed on the fact that you don’t qualify to be some “high powered CEO”? What really happened — your folks didn’t read the policy, or didn’t pay the premiums, and became “virtually uninsurable”? So that justifies shifting the blame and responsibility shifts to that “fine system”, which would mean that millions of other citizens (including myself and everyone else here on Digg) should be FORCED to SACRIFICE their property, and thus perhaps their lives, for your family, while letting their own family go without or even die? Are your parents somehow more important than mine, or your neighbor’s, or your mechanic’s?

Now I will TELL you what I think — I think that all of your whining is disgustingly immoral and evil. So before you start sticking labels on me, know that I am not Republican or Democrat, left or right, conservative nor liberal, because such labels cannot be clearly defined. I was not poured from a mold; I am ME; I insist upon individual sanctity. I think for myself and I am responsible for my own life and for the results of my own mistakes. I have no health insurance, but that’s not your problem. I refuse to be responsible for you, make that your problem.

http://morality101.net/blog/morality

Okay, that’s all for this one, you either get it or you don’t!

This just hit my inbox. Could this be any more obvious and heavy handed? I am actually a little nauseated.
“Share your story (or the story of a friend, neighbor, or family member) below
…”
Here’s the thing. We’ll hear plenty from people who want government to give them a handout. Lots of people will respond to this call like cats to the …

Striker: The so-called-prez never quits campaigning for communism. This example probably used taxpayer dollars illegally. It’s not about morality, it’s about sacrifice using immoral government force. When are YOU going to resist?

read more | digg story

This brief presents the original ten planks within the Communist Manifesto written by Karl Marx in 1848, along with the American adopted counterpart for each of the planks. From comparison it’s clear MOST Americans have by myths, fraud and deception under the color of law by their own politicians in both the Republican and Democrat

read more | digg story

Like the Old Hag, socialism has a number of different faces, none of which are very pretty, but all of which have something vital in common: the face of death.

If you find perplexing the purported distinctions between socialism, Marxism, communism, and fascism, know, first of all, that you’re not alone.

All are collectivism, and all offer only the Face of Death.

read more | digg story

You have probably seen me comment about Obama being socialist right on the edge of communism, and this is clear, simple and easy to read. I have read here on Digg that Obama is a member of the The Socialist Workers, a communist alternate to the main Party. Here ’tis.

read more | digg story