US budget cuts come into effect.

[Osem]

US President Barack Obama has signed into effect a wave of steep spending cuts which he has warned could damage the US economy.

The cuts - known as the sequester and drawn up two years ago - will take $85bn (£56bn) from the US federal budget this year.

Last-ditch talks at the White House to avert the reductions before Friday's deadline broke up without agreement.

The IMF has warned the cuts could slow global economic growth.

The BBC's Mark Mardell in Washington says the cuts were designed to be so brutally painful that politicians would be forced to agree on a better way of balancing the books.

http://www.bbc.co.uk/news/world-us-canada-21638727

If that's true it appears to have backfired, for now at least...

[papa smurf]

capitalism at it worst a few people putting their own self interest first at the expense of an entire nation .

[mertle]

Originally Posted by papa smurf

capitalism at it worst a few people putting their own self interest first at the expense of an entire nation .

totally spot on did read my link Austerity is not the way. Will repost it here. Even some top well respected economist now saying its madness and wrong.

http://www.businessspectator.com.au/...rc=sph&src=rot

Why the capitalist so bloomin stupid to tank the USA who actually shown they coming out of it. Could abama told them to just take a hike refused.

I can only imagine how this going to hurt world.

Who runs governments leaders or these parasites.

By getting production working will only be way forward.

Think the mega rich of this world want a world war to kill the classless. I hope they go all broke for there crazy atitudes. Sadly they just getting stupidly richer from these austerity methods. PURE snorting Greedy lowlifes they are.

I starting believe governments should take the fight to them. If they want battle lets be as brave Abraham Lincoln take the fight to them.

I thought this was good article

http://www.guardian.co.uk/business/e...-myths-sustain

These money men got learn stop tanking the worlds economy.

What? Did either of you actually read the report? This has smeg all to do with capitalism and everything to do with the fractured political system in America which has given one party absolute control over the executive and the rival party effective control over the legislature, at a time when both parties are ideologically further apart than they have been at any time in decades.

This is all about politicians on both sides of the American system playing power games at the expense of people's livelihoods.

[papa smurf]

Originally Posted by Chris

What? Did either of you actually read the report? This has smeg all to do with capitalism and everything to do with the fractured political system in America which has given one party absolute control over the executive and the rival party effective control over the legislature, at a time when both parties are ideologically further apart than they have been at any time in decades.

This is all about politicians on both sides of the American system playing power games at the expense of people's livelihoods.

it was probably written by a capitalist ,blinded by the bling of their capitalist trappings aka the american way [look after no 1 first] and sod the rest .

capitalist swine that they are

---------- Post added at 14:10 ---------- Previous post was at 14:03 ----------

Originally Posted by Chris

This is all about politicians on both sides of the American system playing power games at the expense of people's livelihoods.

ask yourself are they capitalists ????

[mertle]

[QUOTE=papa smurf;35543398]it was probably written by a capitalist ,blinded by the bling of their capitalist trappings aka the american way [look after no 1 first] and sod the rest .

capitalist swine that they are

---------- Post added at 14:10 ---------- Previous post was at 14:03 ----------

Originally Posted by Chris

This is all about politicians on both sides of the American system playing power games at the expense of people's livelihoods.[/QUOTE]

ask yourself are they capitalists ????

Or Papa are those one side playing the piper tune like alot our politians pressured by lobbyist with sweatners.

I do wonder whats worse a capailists who pressures for self interests or a politian corrupt to be accepting favors for to vote for there masters sleezy ways.

[Taf]

The bankers won't like this.... the U.S.A. paying off some of their huge debts and therefore paying the banks less interest.

Clinton once took it to the brink and a shutdown. Obama needs to assert some control.

[papa smurf]

Originally Posted by Damien

Clinton once took it to the brink and a shutdown. Obama needs to assert some control.

he's not in control other peoples greed and self interest is

Originally Posted by Damien

Clinton once took it to the brink and a shutdown. Obama needs to assert some control.

He can't over-ride previously agreed legislation.

[Arthurgray50@blu]

From what l read, its similar to what David Cameron and the horrible Tories are doing to the UK.

Cameron wont give high taxes to the rich, similar to the USA, this is why Obama is annoyed as the country will be hit by severe cutbacks - does that ring a bell.

Again, in English, please?

[mertle]

Originally Posted by Hugh

He can't over-ride previously agreed legislation.

sadly nope but hope those who refusing close loopholes are named and shamed better investigated.

There seems alot dodgy going on with this repuplican move.

"It's happening because Republicans in Congress chose this outcome over closing a single, wasteful tax loophole that helps reduce the deficit. Only last week they decided that protecting special interest tax breaks for the well-off and well-connected is more important than protecting our military and middle-class families from these cuts," Obama said.

http://www.guardian.co.uk/world/2013...quester-crisis

According obama this will destroy 750,000 jobs all because these idiots.

"The pain will be real. Many middle-class families will have their lives disrupted in a significant way," Obama said in his weekly address. He added that up to 750,000 jobs could be lost and half a percentage point knocked off America's economic growth this year. "This will cause a ripple effect across the economy. Businesses will suffer because customers will have less money to spend ... These cuts are not smart. They will hurt our economy and cost us jobs," he said.

If the people got any sence they should demand removal many senators. Demonstrations and if Obama got sence he will call investigation. Any those who got tax havens resignation or jailed.

Its quite simply wrecking ball for the economy this ripple I am sure will be felt here.

Madness pure evil madness.

[nomadking]

Tax rises had already been previously agreed, spending hadn't. This aspect seems to have been 'censored' from 'The Guardian' article.

At the end of 2012 Congress and the White House struck a dramatic deal to avoid what was dubbed the "fiscal cliff", that included expiring tax breaks and the sequester.


Republicans agreed to Mr Obama's demand to raise taxes for the rich and Congress postponed the deadline for the budget cuts until 1 March.

[TheDaddy]

Originally Posted by Hugh

Again, in English, please?

The Tories Are horrible, hor-ri-ble

That better Hugh, I'm always happy to help out.