Reminder

We're neither winning the war on terror, nor is Iraq looking any better.

SS Plan Explained

You knew Bush was lying through his teeth, didn't you?

DeLong explains.

Pozen's Plan

A summary:

Under the proposal, first developed by Robert C. Pozen, an investment executive, benefit cuts would be imposed gradually on future retirees. The cuts would fall most heavily on people at upper income levels. The cuts would be less, but still substantial, for middle-income workers. Low- income people would suffer no benefit cut at all. Politically, the plan has the advantage, in the White House's view, of being attractive to moderate Democrats by making the system more progressive.

Here's the problem with this. If you make social security a program that only benefits the poor, public support for it will rapidly decrease (like medicaid) and eventually you'd see the entire program phased out. This aggression will not stand.

No Surrender?

Liar.

Senator Bill Frist, Republican of Tennessee, the majority leader, proposed a compromise that would allow the minority party to block lower-court appointees if Democrats agreed to give up the power to block nominees for appeals courts and the Supreme Court.

Senator Harry Reid, of Nevada, the minority leader, promptly rejected its terms as "a big wet kiss to the far right."

Suck it, Frist.

Bush to Reporters

"Thank you for your answers."

I'm not kidding.

Be Wary

The Dems have won a victory in returning the ethics rule to their former state. I only hope they harp on this as much as possible in the public sphere. The rule changes were used to get DeLay out of hot water, and facing mounting public pressure, they've now been changed back, meaning DeLay will be the subject of an investigation. But I don't think we're in the clear yet. Hastert's quoted as saying

"There is a member, especially on our side, who needs to have the process move forward, so he can clear his name," the speaker said. "Right now, he can't clear his name."

and from Delay

"I look forward to providing the facts to the committee once it is up and running,"

What does this mean? We already have the facts and they all point to massive corruption, But DeLay seems confident. I'm just worried that he's got even more sleaze up his sleeve that'll enable him to wriggle out of all the charges, or that they'll insist on going after Democrats first.

Link.

Housing Market

This is sort of in line with what I posted yesterday, but yes, the first sector that will most noticeably be hit by the current account corrections is the housing market.

Read up. And read the quoted Roach article.

Interesting

Apparently there are multiple days on which Gannon attended WH press briefings, but there are no records of him being there. Hmm.

The Current Account

In honor of finishing my last paper at college, a macroecon seminar paper on the current account deficit, take a look at this wonderful website by Nouriel Roubini that takes care of everything concerning the current account.

RGE Monitor.

It Begins

From NYT:

The Bush administration is in the final week of a 60-day push to sell its Social Security plan, warning of the consequences of inaction and the political costs for lawmakers who drag their feet, even though much of the public remains decidedly skeptical.

and therefore,

After months of political maneuvering, presidential campaigning, advertising and ultimatums, the 20-member Senate Finance Committee started grappling today with overhauling the Social Security system.

Face it, Bush is dead in the water on this issue. We all know it, we just have to hold him there long enough to drown him in it. SS overhaul is nothing more than a farce. Bush's plans would bankrupt every middle and lower class citizen in this country, and we're not going to let him get away with it. Oh, by the way, Bush's situation has gotten so bad that

Bush was traveling here to discuss his proposal to add private investment accounts to Social Security and included DeLay in the event being held near his district to show that "the president appreciates his leadership in the House,"

Braindead, I swear. For more: There Is No Crisis.