How Do You “Invest” When You’re Broke?

Hey Obama, what part of “we don’t have any money” don’t you understand?

CBO: Federal deficit to hit $1.5T this year

Last month’s bipartisan tax cuts and spending deal has deepened the federal deficit dramatically this year, putting the government on track for a nearly $1.5 trillion shortfall — the largest in history — the Congressional Budget Office said Wednesday.

The sobering check on the country’s finances was announced a day after President Obama‘s address to Congress and underscored the country’s tenuous fiscal standing, which could doom many of Mr. Obama‘s initiatives to boost government spending on education, roads and other infrastructure.

The CBO did say the economy appears to be improving, albeit slowly, from a deep recession that drove the unemployment rate to more than 10 percent. The rate is still above 9 percent, despite efforts by Mr. Obama and Congress to pump money into the economy.

“It’s been a slow recovery by the standards of our past. The labor market in particular has been coming back slowly; income has been coming back slowly,” said CBO Director Douglas Elmendorf.

Social Security Will Post Shortfall This Year, CBO Says

Social Security will post a $45 billion shortfall in fiscal 2011 and will pay out more in benefits than it accepts in payroll taxes through at least 2021 without legislative changes, the Congressional Budget office said on Wednesday.

See also:
The Budget and Economic Outlook: Fiscal Years 2011 to 2021
CBO projects record-high $1.5 trillion budget deficit this year
As deficits, debt soar, Obama, Congress fail to confront them
Deficit Outlook Darkens
CBO forecast: frightening fodder for both parties
It’s official: The debt is ballooning. Now can we think clearly?
Social Security to Run Deficits for Foreseeable Future, CBO Says
Social Security fund now seen to be empty by 2037
Social Security to Operate in the Red for the Next 10+ Years: CBO
Social Security to run permanent deficits, says CBO
CBO: Social Security Will Run Permanent Deficits
A Roadmap for America’s Future

I swear, Is Paul Ryan the only adult in Washington? When are these moron politicians going pay attention, grow some spines, and start taking this fiscal crisis seriously. Every day that goes by, we dig ourselves deeper into the national debt hole and it becomes ever so much more difficult and painful to try and climb out of our self inflicted, bottomless deficit pit.

/we’d better just forget about pie in the sky choo choo trains and go straight to the required austerity budget measures

Prices Double, Will There Be Trouble?

Will the sticker shock of these whopping price increases on life’s basic commodities be the final straw in Iran that breaks the back of Mahmoud Ahmadinejad and the Mullahs’ theocratic regime? Are international economic sanctions finally working?

Prices in Iran rise after lifting of subsidies

The Iranian government’s removal of decades-old subsidies for food and energy in an attempt to boost its troubled economy has spurred price increases on everything from fruit and vegetables to gasoline, generated work stoppages and emboldened the political opposition.

In Tehran, the nation’s capital, taxi fares that officially were to rise by 10% shot much higher as drivers imposed their own price increases. Some truckers across the country refused to work, complaining of government threats to revoke their permits if they raised their prices to offset higher fuel costs.

Crews on ferry boats operating between Bandar Abbas port and Qeshm island in the Persian Gulf temporarily stopped working, complaining that the ticket prices set by the government had not gone up despite a four-fold increase in the price of fuel, the Mehr news agency reported.

The austerity measures, though long anticipated, have brought mounting public anger since they began Sunday. Government critics contend that they will hurt people with modest incomes while leaving the wealthy unscathed.

. . .

Already, the prices of produce, diesel, gasoline, cooking oil, water and bread have risen dramatically. In downtown Tehran, the price of a loaf of brick-oven bread doubled overnight to 40 cents. Security forces have been deployed around the country in case public frustration boils over into civil unrest.

See also:
Iran Braces for Backlash as Subsidies Nixed
Iran deploys police as gas, food prices go up
Police in Iran streets as subsidies are cut
Subsidy reforms threaten legitimacy of Ahmadinejad
Iran opposition: ‘Dark future’ awaits the economy
Iran doubles price of bread with subsidy cut
Fuel prices in Iran rise as latest subsidy reforms begin
Ahmadinejad cuts Iranian subsidies, quadrupling the price of gas
Prices to soar as Iran cuts subsidies

Now, if your food prices doubled and your gas prices quadrupled overnight by order of your government, wouldn’t you be a bit upset? Of course, the big question is whether the Iranian opposition can harness all this public frustration and whip it up into the overthrow of the Iranian regime, or will the Iranian regime, once again, crush the opposition and brutally repress the public anger?

You know, it would be nice if the Obama administration was paying attention here and seized this opportunity to support the Iranian opposition, unlike the last time there was a popular uprising in Iran, after the last Iranian elections, when Obama and the rest of his foreign policy Clown Posse basically ignored the Iranian opposition’s pleas for help.

/then again, Obama’s on vacation and heaven forbid that Lord Slacker should have to interrupt his vacation to help some peons in another country, far far way, it’s golfing time!