Moral Outrage
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Archive for July 2011

What happens if Congress does not raise the US debt ceiling?

July 25, 2011

What happens if lawmakers fail to act by the Aug. 2 deadline? A failure to raise the debt ceiling would send shockwaves through the underpinnings of the financial system — and possibly ripple out to individual investors and consumers. If the debt ceiling isn’t raised, the federal government won’t be able to pay 44% of […]

Standard & Poor’s to downgrade United States?

July 25, 2011

Federal Reserve Chairman Ben Bernanke said the fallout from a failure to raise the US debt ceiling could be “catastrophic” and “self defeating.” On an annualized basis, it’s the rough equivalent of cutting spending by $1.6 trillion — which is nearly all of so-called discretionary spending, including defense. The United States doesn’t bring in enough […]

What the Military Budget has to do with the US Federal Budget Deficit and Debt Ceiling

July 24, 2011

The bond rating agencies that gave junk derivatives triple-A ratings threatened to downgrade US Treasury bonds if the White House and Congress do not reach a deficit reduction deal and debt ceiling increase. Meanwhile, the total military/security budget is in the vicinity of $1.1-$1.2 trillion, or 70% -75% of the federal budget deficit. [Yet another […]

Balancing the US Budget Deficit in 3 Easy Steps

July 18, 2011

No one in Washington can agree on how to narrow the budget deficit. With only partial seriousness, I’m going to balance next year’s $1.1 trillion budget deficit in three easy steps. Step one: Return real (inflation-adjusted) defense spending to average 1990s levels Current projections show that $738 billion will go toward defense spending in 2012. […]

The 15 countries most buried under debt

July 17, 2011

Soaring sovereign debt has called into question the existence of a number of major European countries. But many other countries also have serious debt to GDP ratios: #15 Portugal Debt as percent of GDP: 93 #14 France Debt as percent of GDP: 83.5 #13 Sri Lanka Debt as percent of GDP: 86.7 #12 Sudan Debt […]

CIA asset bodyguard killed Karzai’s brother

July 17, 2011

The bodyguard who assassinated President Hamid Karzai’s brother had been working closely with US Special Forces and the CIA before he was recruited by the Taliban, raising fears over the Islamist movement’s increasingly sophisticated intelligence apparatus which has managed to threaten the inner circles of power in Afghanistan. Sardar Mohammad, who shot Ahmed Wali Karzai […]

Debt Ceiling Dilemma

July 15, 2011

The debt ceiling discussion is in a real crisis moment. Our economy and much of what has been fought for over the last 60 years is at risk. In about 2 weeks, Republicans could force America into default and crash our whole economy in order to protect tax breaks for corporations and millionaires. Additionally, it […]

Half of the World’s refugees are running from US Wars

July 7, 2011

America’s wars are forcing Afghans and Iraqis to flee their homes in greater numbers. According to a recent U.N. High Commission for Refugees study, nearly one half of the world’s refugees are from Afghanistan and Iraq, 3.05 million and 1.68 million, respectively. But neither the United States nor much of the developed world bears the […]

Dennis Kucinich pushing US to end War in Libya

July 6, 2011

US congressman Dennis Kucinich is sponsoring legislation in the United States Congress to end US military involvement in Libya for the following reasons: First, the war is illegal under the United States constitution and our War Powers Act, because only the US Congress has the authority to declare war and the president has been unable […]

US Justice Department covered ATF Operation Fast and Furious botched gun sales

July 6, 2011

Members of Congress investigating the ATF’s botched gun-tracking operation say it now appears that the Justice Department “obstructed” their attempts to find out what happened. They also expressed deep concern about the possibility that the FBI and the Drug Enforcement Agency already knew about — and may even have been working with — the people […]