AP - Warning of a "catastrophe" that would leave Greeks subsisting on food stamps and the country wallowing in bankruptcy, Greek leaders urged lawmakers Saturday to pass more painful spending cuts on the eve of a crucial vote to qualify for a massive bailout.
In a New York Times Op-Ed, Treasury Secretary Jacob Lew made a plea for more government and higher taxes. Of course, those words were not his title.
Instead, Lew disguised his message by labeling it Lessons From a Crisis.
Let's take a look at some details.
WASHINGTON — The International Monetary Fund said Thursday it will likely cut its growth forecasts for the United States and the global economy if automatic U.S. spending cuts take effect on Friday, and warned that the U.S.’s biggest trading partners would be hardest hit.
IMF spokesman William Murray said that if the cuts are fully implemented, the IMF would likely shave at least 0.5 percentage point off its current forecast of 2% growth for the U.S. in 2013.
Over the past week there has been some speculation whether the number of Americans who receive food assistance and/or are on disability, outnumber full-time employed workers in the US. Here is the answer:
Maneuvered into a political corner, House Republicans abandoned demands for changes in emergency legislation to prevent widespread tax increases and painful across-the-board spending cuts and cleared the way for a final, climactic New Year’s night vote.
Trader Mark submits:I could talk about the food stamp issue once a month, but as the "recovery" gains steam, I prefer to only speak about it when we hit important milestones. Believe it or not, when I began FMMF in 2007, "only" 1 in 11 of our citizens was on foodstamps.