The Cause and Importance of the Deficit

When George Bush took office at the beginning of 2001, the federal government was running a substantial budget surplus and projected rising surpluses "as far as the eye could see." Now, the United States is facing massive current deficits -- as a share of the economy, the largest since World War II -- and an increasingly dire and unsustainable outlook over the next 10 years and beyond.

How did we get into this fiscal mess? To quote a character in Ernest Hemingway's classic novel, "The Sun Also Rises," when asked by another how he lost his wealth, "Two ways. Gradually and then suddenly."

The gradual part was a series of policy actions adopted during the Bush administration. In 2001, the Congressional Budget Office projected that the 2008 budget would show a surplus equal to 4.5% of gross domestic product. The actual 2008 budget ran a deficit of 3.2% of GDP. Almost all of the reversal was the result of policy changes -- tax cuts and spending increases.

Then, in 2009, the bottom fell out.

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Kelis Gets Paid Big-Time

Now last week I told you all about Nas not paying the $5,000 a month in child support to Kelis and that she was complaining that he only gave her a gift certificate for a few thousand dollars.  Well now the baby is here and the entire situation has changed.  Kelis has been awarded $55,000 a month in child support from Nas and in addition to this he must pay for the baby’s nurse, prenatal expenses, medical insurance and $35,000 to Kelis’ lawyer.  DAMN who would of ever thought that Nas had bank like that???  I see him filing for bankruptcy some time in the near future.

Posted by LadyBaby at 6:05 PM 0 comments

Labels: baby mama drama, black celebrity gossip, couples, Kelis, Nas

Free and Dr. Boyce Watkins Show You How to Make Financial Love

Dr. Boyce Watkins of Syracuse University speaks with Free on Power 105.1 about Financial Lovemaking.  Click here to listen to the interview!

Delores Jones: Does Bill Cosby Have as Much Personal Responsibility as we Think?

by Delores Jones

Recently, I listened to yet another radio debate about the manner in which Bill Cosby talked about the plight of some black people at least 5 years ago.  Economically speaking, I too would be considered one of the working poor in the African American community mentioned, however, some of the words used to describe the behavior associated with this class of people did not fit me or others that I personally know.  In fact, I am a highly, educated single mother with a master’s degree in social work.  I also hold a bachelor’s of  broadcast journalism from the University of Missouri School of Journalism in Columbia, arguably one of the finest J-Schools in the nation.  I’ve been employed, unemployed, underemployed, upset, bewildered, disappointed, depressed and even disgusted.

Interestingly, none of the books I’ve read about “lower economic people” who are believed to be “failing the civil rights movement by not holding up their end of this deal,” invited me or others to the table to discuss individual situations or the people I encounter as a social worker who are simply trying to make this thing called life work the best way he or she knows how.  Just because a school is open does not mean what is being taught is adequate.  Just because there is a hosptial near by doesn’t mean I am welcome there or can afford to be seen there.  In fact, recently I learned that I need a major operation but I don’t have insurance to cover the projected $20,000 cost.  Did I mention, I work full-time?

 

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