BRUSSELS — The International Monetary Fund, known throughout its history for urging governments to slash their budgets, is now worried that a global round of austerity may trigger a new recession and is urging countries to look for ways to boost growth.
On Monday, the agency warned the world’s leading economies that belt-tightening by governments, companies and consumers has been become so aggressive that the global economy could falter because of anemic demand.
“The immediate risk is that the global economy tips into a downward spiral. . . . Even in a less severe scenario, key advanced economies could suffer from a protracted period of low growth,” the IMF said. The agency report urged all but the most debt-strapped nations to boost growth through expansive government budget and spending policies or through central bank measures such as lowering interest rates to stimulate the economy.
Herman Cain used campaign funds to buy his own books from his motivational speaking company, Bloomberg reports.
Although Cain’s autobiography, This is Herman Cain!, was published by Simon & Schuster, Cain paid his Georgia-based company $36,511 for the books. In addition, his presidential campaign paid $64,000 to his company for airfare, lodging and supplies, as well as the books.
Friday, October 21 · 3:00pm – 6:00pm
City Hall Base Camp to Wharton School of Business
Eric Cantor, House GOP Minority Leader is giving a seminar about income inequality at the Wharton School of Business from 4:30-6:30. Occupy Philadelphia, it is up to you to make this your largest march yet!
Gee. Why are Republican pinheads talking about the 99% all of a sudden? It’s so cute when they paint themselves as the protectors of the working class, isn’t it?
The Virginia congressman, the most recent and prominent Republican whipping boy for Democrats, is heading to the Wharton School at the University of Pennsylvania to talk about income disparity and how Republicans believe the government could help fix it, an aide said. The speech will zero in on how Washington could help a “a single working mom…a small business owner…and how we make sure the people at the top stay there,” the aide said.
“He’ll talk about the various socioeconomic classes and how Washington should stop pushing different people down the economic ladder and instead can work together to ensure that all people have the ability move up,” the aide said.
It’s a political and substantive contrast with the Obama administration and congressional Democrats, the aide said. President Barack Obama is pushing for increased taxes on the rich, something Republicans have rejected. And the GOP has recently turned to attacking Democratic policies as pitting the nation’s top earners against the less fortunate — class warfare, they say. The frame of Cantor’s speech will be how the government can help all slices of American life.
But but but… government is the problem, isn’t it? I’m so confused!
Of course, I’m reading this article just as the Twitter informs me that the NYPD is at Liberty Park, trying to take down Occupy Wall Street’s medical tent while the Rev. Jesse Jackson tries to stop them. The occupiers are chanting: “Who do you serve? Who do you protect”? Good question!
Mayor Michael R. Bloomberg, speaking Monday as Occupy Wall Street protesters celebrated the passage of a month encamped in Zuccotti Park, said he was trying to strike a balance between protecting protesters’ right to free speech and the needs of Lower Manhattan residents.
“The Constitution doesn’t protect tents,” he said at a news conference in Queens. “It protects speech and assembly.”
Hmm. I wonder if it protects umbrellas? Which are, after all, a lot like small, short tents without bottoms.
The mayor expressed concern that those exercising a “right to be silent” might be getting drowned out amid the din of the protests.
“We can’t have a place where only one point of view is allowed,” he said. “There are places where I think it’s appropriate to express yourself, and there are other places that are appropriate to set up Tent City. They don’t necessarily have to be one and the same.”