But only $1 for every $10 cut. Let’s not get too crazy: The brother of George W. Bush isn’t afraid to break from his party on some issues, and one of those appears to be the hard stance that taxes could not raise in any circumstances whatsoever. “If you could bring to me a majority of people to say that we’re going to have $10 in spending cuts for $1 of revenue enhancement — put me in, coach,” he told the House Budget Committee Friday. In fact, Bush is one of those rare beasts who turned down Grover Norquist’s infamous pledge against all tax increases, at any time, ever. Whoa, this guy sounds like a moderate. Get him! source
The job market has improved only slowly. … This gain was barely sufficient to accommodate the inflow of recent graduates and other new entrants into the labor force and, therefore, not enough to significantly erode the wide margin of slack that remains in our labor market.Federal Reserve Chair Ben Bernanke • Explaining, in front of the House Budget Committee, the issues he and others are having with the slow pace of the economic recovery. While things are recovering, job growth is way too slow for his comfort. In other news, Bernanke says that inflation is likely to stay low for the foreseeable future, and that the government needs to get the budget situation dealt with. “Creditors would never be willing to lend to a government with debt, relative to national income, that is rising without limit,” he says, suggesting that we could face an actual fiscal crisis if we don’t take heed. Great. source (via • follow)
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