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...better reason for the lack of attention paid to the disappearance of Social Security's surplus may be that it's starting to seem like small change. My earlier worry about 2017 was that the country was going to have to find a way - through raising taxes or cutting spending - to make up for the $100 billion or so that Social Security had been handing over to the rest of the Federal Government annually. Now, with a budget deficit projected at $1.8 trillion this year, we've got far bigger fiscal issues to worry about...
Over the short term, this can seem like a positive; we can get away with running a federal deficit that could hit $2 trillion this year only because of the dollar's status as global reserve currency. But borrowing trillions isn't really a ticket to long-run prosperity. In fact, the current economic crisis may have been spawned by huge imbalances in global trade and capital flows that are in part the product of the dollar's special status. Global demand for dollars supplanted demand for U.S. products and services, argues Columbia University economist and longtime SDR fan Joseph...
Nevertheless, they seem to be telling us something about the zeitgeist. Once you start looking, you see them everywhere. Who hasn't had a high school acquaintance come back from the dead as a Facebook friend or a follower on Twitter? And what monster could be better suited to our current level of ecological anxiety? Zombies are biodegradable, locally sourced and sustainable - they're made of 100% recycled human. And look out for those zombie banks, President Obama...
...Keep up the good work," Paula said. "You really seem at home in front of the camera...
Since the new administration took office, Republicans have been seemingly bereft of ideas for fixing the economy. House Speaker Nancy Pelosi may not have been as nurturing of bipartisanship as some would have wanted in finalizing the stimulus bill in the House, but the final product included enough tax breaks to warrant support from a significant portion of the Republican caucus. That only three Republicans between the House and Senate voted in favor of the bill only made them seem like obstructionists in the eyes of the American people...