What will it take to change things in Washington?
(PHOTO CREDIT: JEWEL SAMAD/AFP/GETTY IMAGES)
FROM CNN's Jack Cafferty:
I guess we should all send Congress thank-you notes. Don't know where to send them, though. They're on vacation ... for five weeks.
Before they rushed through that phony bill on deficit reduction and the debt ceiling, they were told by the ratings agencies that a minimum of $4 trillion in cuts would be necessary to preserve this country's AAA credit rating.
They passed, and the president signed, less than $1 trillion in cuts. We may or may not get an additional trillion or so in cuts from the "special commission"; that remains to be seen. Whichever happens, it's not nearly enough.
In the meantime, while President Obama is celebrating his birthday and Congress is partying it up on vacation, the country has lost its triple-A credit rating for the first time in our history.
Standard and Poor's, one of the ratings agencies, says there's a one-in-three chance the United States’ credit will be downgraded again in the next six months to two years if the government doesn't come up with the cuts necessary to satisfy the current AA+ rating.
Meanwhile, the rest of the world is in shock. Markets around the world are selling off as trillions of dollars in valuation are being wiped out. Our stock market is headed straight south, and our citizens are watching as their savings and retirement plans are becoming worth less and less by the hour; a lifetime of hard work and sacrifice disappearing before their eyes. And the president parties and Congress is on vacation.
No one deserves a government that treats its people this way. And none of these people who voted for this deserves to be re-elected. None of them. But sadly, a lot of them will be. The Reids and Pelosis will still be there after the 2012 election, along with many of the rest of the incumbents.
And that's the real problem. The country is being destroyed, and we continue to send the destroyers back to Washington.
I guess in the end, we get what we deserve.
Here’s my question to you: What will it take to change things in Washington?
Interested to know which ones made it on air?
Is U.S. economic leadership at an end
FROM CNN's Jack Cafferty:
There's a saying that "When America sneezes, the rest of the world catches a cold."
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And that's why the ripple effect of the debt ceiling crisis in Washington reaches far beyond our borders.
The whole world has been watching - and worrying - as Congress carried on like children the past few weeks, threatening to send the U.S. into default.
A piece in The Daily Beast suggests that the debt ceiling debate was "the most disturbing sign to date that a global economic system that hinges on the United States is a system waiting to crash."
A growing number of experts suggest it's past time to come up with an alternative to the dollar and to U.S. Treasuries in the global market.
One of the first signs that America's economic leadership was unraveling came with the financial meltdown of 2008. And since then, the situation has only become more dire.
Russia's Prime Minister Vladimir Putin is accusing the U.S. of living beyond its means "like a parasite" on the global economy.
Putin says if there's a "systemic malfunction" in the U.S., it will affect everyone. And he's right about that.
So it's no surprise everyone from Saudi Arabia to China to Canada has questioned the antics in Washington surrounding the debt ceiling.
And - even though President Obama has now signed the debt bill into law raising our borrowing limit, there are still jitters in international markets that the U.S. credit rating could be downgraded.
For countries that hold billions - or trillions - of dollars of U.S. Treasuries that's not good news.
Interested to know which ones made it on air?
When it comes to federal govt., what will stop the madness?
The plaza on the east side of the U.S. Capitol. (PHOTO CREDIT: GETTY IMAGES)
FROM CNN's Jack Cafferty:
The debt ceiling crisis proves once again that it doesn't matter who's in charge in Washington. Democrats and Republicans both treat the public with the same disregard and lack of respect.
The hasty vote in the House to raise the debt ceiling by as much as $2.4 trillion breaks the Republican pledge to post bills online for three days before voting.
The complicated 75-page bill was written Sunday night and posted around 2 a.m. Monday morning. The House voted on it Monday night.
This means - yet again - members were voting on something that many of them hadn't even read. It's a bill that includes complex structures for raising the debt ceiling. there's also the possibility of amending the constitution by creating a new "super committee" with special powers and changing the historic strength of the senate filibuster.
But that didn't seem to stop them.
Remember back when the Democrats shoved health care reform through Congress - a 2,200 page monstrosity?
Then-House Speaker Nancy Pelosi said, "we have to pass the bill so that you can find out what is in it." Republicans were outraged at the lack of transparency and the closed door dealings. And they were right.
Yet here we are. Again.
Members of Congress, up against a hard deadline, have no time to let this bill go through the regular process of hearings, getting outside opinions, etc. instead - we're getting another bill crafted by a handful of members of Congress, under a cloak of secrecy, with party leaders and the White House.
It's disgraceful - and no wonder a new CNN-ORC poll shows congress with a measly 14% approval rating.
Here’s my question to you: When it comes to the federal government, what will stop the madness?
Interested to know which ones made it on air?
Do you buy government's so-called solution to debt ceiling crisis?
The Capitol building was illuminated last night as President Obama announced congressional leaders had reached a tentative agreement to extend the federal debt limit while enacting spending cuts. (PHOTO CREDIT: GETTY IMAGES)
FROM CNN's Jack Cafferty:
The government is selling snake oil - again.
Look closely and this so-called "deal" on the debt ceiling crisis is a triumph of sleight-of-hand over substance.
Sunday night it was, "We will cut a trillion dollars in the first 10 years." By this morning a trillion had become $917 billion, which means we lost $83 billion in cuts overnight. Makes you afraid to go to bed.
In the first three years of the Obama presidency, the deficits will total about $4.2 trillion. Cutting $917 billion over 10 years, or $91 billion a year, is chump change.
Then there's the commission, another one. Remember the commission President Obama ordered to come up with answers to this stuff last year?
They did. Their report was full of a lot of good ideas. It was ignored by the president and Congress. But they want us to believe this commission will be different.
Baloney. There has been no attempt to address tax reform or entitlement reform. That will be left for "The Commission." My guess is they won't touch it anymore than the current crop of folks tackled it. And without those two things, we are doomed.
Supposedly there will be triggers in the legislation that will require additional cuts totaling $1.4 trillion across the board if the committee and Congress cannot agree. Color me skeptical.
We are facing more than $61 trillion of unfunded liabilities from Medicare, Medicaid, Social Security and other obligations - $61 trillion.
There is no money to meet those obligations and our government knows it. But they have the unmitigated gall to march out Sunday night as though they had found a cure for cancer and expect us to break down in uncontrolled adulation. They make me ill.
Here’s my question to you: Do you buy the government's so-called solution to the debt ceiling crisis?
Interested to know which ones made it on air?
Has debt ceiling crisis altered your perception of Pres. Obama?
FROM CNN's Jack Cafferty:
While the U.S. may avert a debt ceiling crisis - and that's still very much an open question - the president might not be so lucky when it comes to a political crisis of his own making.
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Critics on the left and the right are slamming President Obama for how he has handled the debt ceiling crisis.
An article in the Daily Beast called "Obama Gives it All Away" suggests this is the lowest moment of Mr. Obama's presidency. It claims he's "ushering in a Conservative era" by simply handing over the keys to the Republicans.
The debt deal has also complicated the president's liberal support - you know, the people he'll be relying on to vote for him next year. Many in his own base believe President Obama has given up on one issue after another and ditched his supposed priorities.
As one Democratic Senator tells Maureen Dowd of the New York Times, "We are watching Obama turn into Jimmy Carter right before our eyes." Doesn't get much tougher than that.
Singer and activist harry belafonte says that President Obama and his mission have "failed" because he lacked "a certain kind of moral courage."
And in the Wall Street Journal, Peggy Noonan writes that President Obama is "A loser. and this is America, where nobody loves a loser." She's right. She points out that even at their lowest points - Presidents Clinton and George W. Bush had supporters who still "loved them," but not so for Mr. Obama.
It's no surprise that President Obama's poll numbers are headed down; and according to a new Gallup daily tracking poll, he's hit an all-time low approval rating of 40%.
Here’s my question to you: How has the debt ceiling crisis altered your perception of President Obama?
Interested to know which ones made it on air?
Who's winning the debt ceiling battle?
FROM CNN's Jack Cafferty:
It's pretty clear who is losing in the whole debt ceiling stalemate in Washington - the American people.
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They have a right to expect much more from the people they voted into office. Losers include those whose lives could be affected if a deal isn't reached in the next few days and their checks aren't put in the mail. Oh, and let's not forget the country's reputation as a whole. That's taking a helluva beating. Even if a deal is passed at the last minute, the U.S. credit rating could still be downgraded, leaving investors around the world wondering if the United States is still a good place to invest.
The folks on Capitol Hill don't seem to be too concerned with losers. So who exactly is winning here?
The House is expected to vote on Speaker John Boehner's plan in the next hour. Boehner told reporters on Thursday the measure will pass. Tea party conservatives have been whining and stomping their feet for days saying the Boehner bill doesn't do enough. But some last minute wrangling could sway enough votes.
That has House Republicans feeling pretty good about themselves. House Minority Leader Eric Cantor told the Senate on Thursday to accept the Boehner bill or the cut, cap and balance bill previously passed in the House or suffer the consequences of default. But Senate Majority Leader Harry Reid doesn't seem to care about that. He has already said that the Boehner measure will die when it reaches the Senate. And the clock keeps ticking.
Where is President Obama in all this? For the last several days he has had no public schedule and has remained behind closed doors inside the White House. So inquiring minds want to know.
Here’s my question to you: Who's winning the debt ceiling battle?
Interested to know which ones made it on air?
What's your view of the current state of the U.S. economy?
FROM CNN's Jack Cafferty:
The general feeling about the economy in this country hasn't been great for a long time. And the stalemate on Capitol Hill over raising the debt ceiling has only made Americans more nervous... not just about the current state of their own households but about the future of the U.S. economy as a whole.
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Unemployment's stuck at 9.2% and probably not improving much anytime soon. With all the uncertainty surrounding the debt ceiling, companies aren't exactly rushing to ramp up hiring. "Wait and see" is the prevailing game plan. Uncertainty is business investment's worst enemy.
Home prices are down 4.5% from one year ago. The housing crisis may not be over for several years. Bad news for a seller sometimes means good news for a buyer - but not right now. Even if you're lucky enough to get a mortgage, rates are going to be headed up - and if the U.S. defaults on its debt obligations, that will happen pretty fast.
Oh and your investments? If lawmakers don't raise the debt ceiling and the U.S. defaults on its payments for the first time in history, stocks could drop 30% over the following six months to a year. This is according to a new report from Credit Suisse.
Polls have shown Americans have been growing increasingly concerned with the economy, and the number of Americans feeling this way has been on the rise over the last few weeks. Nearly 3/4 of Americans in Gallup's Daily tracking poll say the U.S. economy is getting worse. That's up 11 percentage points since July 6. In a separate CNN-ORC poll, nearly six in 10 Americans now say that the economy will be in poor shape a year from now.
And in Washington the pathetic games continue.
Here’s my question to you: What's your view of the current state of the U.S. economy?
Interested to know which ones made it on air?
Debt ceiling crisis: Why won't gov't listen to the American people?
FROM CNN's Jack Cafferty:
The American people have had enough, but their feelings on the debt ceiling crisis continue to fall on deaf ears.
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Monday night, President Barack Obama called on the American people to "make your voices heard," and boy, did they. The calls and e-mails to Congress the next day almost shut down the phones and computers in Washington. Might not have been a bad idea. But no matter. Here it is Wednesday. Default is less than a week away. And still nothing. Americans want compromise, and they've made that very clear.
The polls - CNN-ORC, Pew, ABC News-Washington Post - have all been reflecting this for weeks. They do not want their government to default on its debt obligations. They know the rest of the world is watching, and they want leadership to fix this mess. But Washington is clueless. They don't seem to hear us or care much what we think.
They have their own agendas and, as a result, are playing games with the financial well-being of millions. According to two recent polls, two-thirds of Americans believe a failure to raise the debt ceiling would have a negative impact on their own financial situation.
Yesterday, the new chief of the International Monetary Fund, Christine Lagarde, said a default or even a downgrade of U.S. debt would be a "very, very, very serious event," not just for the U.S. economy but for the global economy. Meanwhile, Senate Majority Leader Harry Reid has a plan that won't pass, U.S. House Speaker John Boehner has a plan that won't pass and President Obama has no plan at all.
Maybe the voters will come up with a plan for these dysfunctional clowns in 2012.
Here’s my question to you: When it comes to the debt ceiling crisis, why won't the government listen to the American people?
Interested to know which ones made it on air?
Politically, who stands to win or lose most in debt ceiling Russian roulette?
Treasury Secretary Timothy Geithner's signature, as seen on a new $20 bill. (PHOTO CREDIT: GETTY IMAGES)
FROM CNN's Jack Cafferty:
With all the ugliness surrounding the debt ceiling debate and no end to it in sight, it's hard to see how anyone can come out of this mess on top. But politics are politics. And while it's a high-stakes game, and no one knows the outcome, there will be a huge price to pay for someone.
President Obama's re-election hangs in the balance of course, and he's all too aware of it. He wants a deal desperately, but his plans have fallen flat and he's been unable to accomplish any great compromise between the two parties.
House Majority Leader Eric Cantor has blamed President Obama's fixation on the 2012 election for holding up a deal. Treasury Secretary Tim Geithner said in an interview yesterday that the president's objective was to take the threat of default off the table through the election. That's pretty telling.
But it's not just the president who is worried about his future. Incumbent seats in both houses of Congress are in jeopardy; and as a result, so are the Democratic control of Senate and the Republican control of the House. There's a lot at stake today; and a lot at stake down the road. And the average American citizen doesn't even have a seat at the table in this debate.
Washington Post columnist Ezra Klein says so far the Republicans are winning because the debt ceiling can't be raised without their support but, he points out, that according to polls, they don't have popular support behind their position. Members of the Tea Party aren't budging on their promises of deep spending cuts and no new taxes. And that's preventing Republican leaders from compromising on a deal.
Democrats in the meantime are playing defense, hoping to strike a deal that avoids an economic disaster and doesn't rock the political boat too much. But with the clock ticking and the world watching, that's not likely to happen.
Here’s my question to you: Politically, who stands to win or lose most in debt ceiling Russian roulette?
Tune in to the Situation Room at 5pm to see if Jack reads your answer on air.
And, we love to know where you’re writing from, so please include your city and state with your comment.
What does it mean that federal workers are more likely to die than lose their jobs?
Federal Communications Commission Chairman Julius Genachowski speaks at FCC headquarters in Washington, DC. (PHOTO CREDIT: GETTY IMAGES)
FROM CNN's Jack Cafferty:
In an economy with 9.2% unemployment, job security is hard to come by. That is unless you work for the federal government.
An analysis by USA Today found the job security rate for government employees at many federal agencies last year was more than 99%. And these workers are more likely to die than to lose their jobs to a layoff or firing. The federal government only fired about one half of a percent of its workforce last year. The private sector in contrast fires about 3% of workers annually for performance.
Just to give you a few examples: At the Small Business Administration, which employs about 4,000, six people were fired last year but there were no layoffs. Seventeen employees died. Not a single federal attorney was laid off last year - there are about 35,000 of them. Just 27 were fired, 33 died. At both the Federal Trade Commission and the Federal Communications Commission, not a single employee was fired or laid off last year.
The USA Today analysis also found that nearly 3 out of 5 firings among federal workers occur within the first two years on the job, most commonly to the lowest paid workers. Meanwhile, the nearly half-million federal employees earning $100,000 a year or more had a job security rate of more than 99.8%. Nice work if you can get it.
Here’s my question to you: What does it mean that federal workers are more likely to die than lose their jobs?
Interested to know which ones made it on air?
@jackcafferty on Twitter
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