Tag: Peter Orszag

Senate’s Conrad Cashes Out

North Dakota “Democratic” Senator Kent Conrad, 62, has announced he is not going to run for re election in 2012. He is the current majority Chairman of the Senate Budget Committee.   He is also on Agriculture Nutrition Forestry, Finance, and Indian Affairs committees.  Kent Conrad


Conrad said he would serve out his term.

“Although I will not seek re-election, my work is not done,” Conrad said in his statement. “I will continue to do my level best for both North Dakota and the nation.”

http://www.huffingtonpost.com/…

He says he’s going to spend his remaining time and energy trying to reduce the national debt and dependence on foreign oil.  And working on a Farm Bill.  http://www.valleynewslive.com/…

Senator Kent Conrad’s legacy will include recommending former OMB head Peter Orszag for his White House position early in the Obama administration (Orszag sharing Conrad’s curious blind spot on what drives the deficit, see more of that here: https://docudharma.com/diar…    ) , being a phony “deficit hawk,”  who couldn’t see anything wrong with increased military budgets and decreasing domestic needs being met, and opposing the Public Option during the Health Care reform legislative battle. Voting for reducing the payroll tax that funds Social Security, and for continuing the Bush Tax Cuts for the wealthiest in Dec of 2010 during the Lame Duck Session.  http://www.thestate.com/2010/1…    Oh, and being part of that Democratic Senate Supermajority of 2009 That Didn’t Do Any Energy Policy, Global Climate Change,  or Tax Code Changes.  Other than a lot of stimulus money got earmarked for “research.”

Kent Conrad was also on the President Obama Deficit (“Catfood Commision”) Committee of 2010, which called for cuts in Medicare and Social Security.


“You know, a certain amount of this is shock therapy,” Conrad said. “There are different options and, of course, what everybody has fastened on is the most extreme of the options. But, look, the important thing for people to know is that we are borrowing 40 cents of every dollar we spend. That’s utterly unsustainable. It can’t continue much longer, so it’s got to be dealt with.”



“Fundamentally, if we’re going to raise revenue, I don’t think the way to do it is to raise rates. I think the way to do it is to eliminate some of the loopholes that exist in the system,” the senator said.  

November 14, 2010.  Kent Conrad in an interview with Christiane Amanpour on “This Week” about the Deficit Commission

http://abcnews.go.com/ThisWeek…

Gibbs: Prez could do Bush Tax Cut for Rich. Orszag: “Save” SocSec by Cutting It

More post election incompetence.

They forgot.  In the good cop, bad cop routine, one of them is supposed to be the “good cop.”  

White House Press Secretary Robert Gibbs starts off the Lame Duck post election session:


http://www.huffingtonpost.com/…

“He would be open to having that discussion and open to listening to what the debate is on both sides of that,” said Gibbs, during an off-camera gaggle with reporters. “Obviously… making those tax cuts for the upper end permanent is something the president does not believe is a good idea.”

The issue, Gibbs said, will be a topic of discussion when the president convenes a bipartisan meeting of lawmakers at the White House in two weeks. Included in that meeting (and working dinner) will be Speaker Nancy Pelosi (D-Cali.), incoming Speaker John Boehner (R-Ohio), Majority Leader Steny Hoyer (D-MD), incoming Majority Leader Eric Cantor (R-Va.), Senate Majority Leader Harry Reid (D-Nev.), Majority Whip Dick Durbin (D-Ill.), Senate Minority Leader Mitch McConnell (R-Ky), and Minority Whip Jon Kyl (R-Ariz.).

At his press conference on Wednesday, the president expressed his first openness to date with the process of negotiating on the Bush tax cuts, which are set to expire at the end of the year.

Meanwhile, Peter Orszag, right wing neocon, concern troll “deficit spending hawk,” Wall Street mouthpiece, and former Obama Administration head of Office of Budget and Management (OMB)  writes in the New York Times the day after the election, November 3, that the harvest of the last of the middle and working class entitlement programs can’t begin fast enough for his new right wing think tank benefactors at the Council on Foreign Relations.  

Orszag & Gibbs Have A Bridge In Brooklyn They’d Like To Sell You- On Spec

Peter Orszag, the former White House Director of the Office of Management and Budget (OMB), now a “Distinguished Visiting Fellow” at the   “Council of Foreign Relations,” launched his debut in the New York Times yesterday.  

Orszag’s found a cure for his personal employment prospects:  put himself out for hire to continue the Bush Years deficit spending.

In typical neocon- liberal fashion, he admits there is a problem, and them offers a “compromise” which is supposed to be a concession, which actually does not nothing but continue the current status quo, because it doesn’t really happen.  Orszag writes:


http://www.nytimes.com/2010/09…

” Yet no one wants to make an already stagnating jobs market worse over the next year or two, which is exactly what would happen if the cuts expire as planned.  Higher taxes now would crimp consumer spending, further depressing the already inadequate demand for what firms are capable of producing at full tilt. ”

_____

” …. extend the tax cuts for two years, and then end them altogether.  Ideally, only the middle class tax cuts would be continued for now.

Getting a deal in Congress, though, may require keeping the the high income tax cuts, too. And that would still be worth it. ”

On consumer demand, they spend on shelter/utilities and food and then transportation, clothes, and finally luxury goods.  Shelter- we have a housing glut, and don’t need to produce any in the immediate future.  Food- no shortages yet, thankfully, only HUNGER, aka “food insecurity,” whereby the millions of jobless and underemployed are relying on food stamps, food banks, and charities to feed themselves and the school lunch program to feed the kids.  Transportation, ie gasoline prices, are not spiking, but public transportation maintenance is lagging, and even the interstates are literally crumbling in hard hit states, such as CA.  Manufacturing for clothing and consumer goods for things like appliances and electronics, we outsourced overseas in the name of stockholder’s profits.  

WH Budget Muppet Peter Orszag About to Deploy Parachute

Oh, fvucking Hallelujah – maybe.

Another one who’s going to get his life back from what the London School of Economics taught him. https://docudharma.com/diar…

Of course, the announcement was made Annonrahmously so they can then poll furiously to see if this pre election maneuver stokes the proper response from the 50% of the electorate which doesn’t know who he is nor what he does.


WASHINGTON – White House Budget Director Peter Orszag plans to resign, a Democratic official said Monday night, positioning him to be the first high-profile member of President Barack Obama’s team to depart the administration.

Orszag is expected to leave in the coming months. The exact timing is not known.

http://www.huffingtonpost.com/…

The New York Times Blog claims he is out of there by July and is getting married in September.

Keyboard Spew Alert:


http://thecaucus.blogs.nytimes…

Mr. Orszag argued inside the White House that his successor should be in place to put the next budget together from the start.

In recent months, Mr. Orszag, 41, espoused deficit reduction strategies in administration debates against those who pressed for more stimulus spending and tax cuts to keep the economy from slipping back into recession. He will leave before the bipartisan debt-reduction commission that Mr. Obama formed earlier this year – and which Mr. Orszag championed – is due to report its recommendations by Dec. 1.

A longtime scholar of health policy economics, Mr. Orszag also helped devise and sell the president’s signature initiative overhauling the health insurance system. He privately has told associates that having worked on two budgets, a stimulus plan and the health care law, it is time to leave while he is ahead.

From Reuters, we receive hints that we aren’t going to get much of a policy change,  


http://www.reuters.com/article…

Potential successors include Laura Tyson, an economist of the University of California at Berkeley, and Gene Sperling, counselor to Treasury Secretary Tim Geithner. Both are former White House economic advisers who served in President Bill Clinton’s administration.  

Another candidate is Robert Greenstein, executive director of the Center on Budget and Policy Priorities.

Orszag announced in a speech earlier this month that government agencies were being asked to plan for 5 percent cuts in an array of domestic programs.

Peter Orszag Ready to Cash Out of Obama Cabinet ?

Say it ain’t so, Peter!

Bloomberg News and HuffPo reporting that the White House’s Budget director and bonne vivant “deficit hawk” (sic) Peter Orszag may be considering taking the first lifeboat off the Titanic  leaving President Barack Obama’s cabinet soon.

http://www.huffingtonpost.com/…


Orszag will make his decision soon, according to a person familiar with the matter, Bloomberg BusinessWeek will report in its April 26 issue. The 41-year-old budget director had been signaling to White House officials that he didn’t plan to remain for the next budget cycle, the person said.

“Signaling ?”  

Per Reuters, a spokesperson for the Office of Budget and Management, Kenneth Baer, said that it was merely “idle speculation” and that he was “focused on his job.”

http://www.reuters.com/article…

The Obama Bipartisan “Debt Commission” is scheduled to meet at the White House next Tuesday the 27th.  

http://www.reuters.com/article…

The President is scheduled to speak, followed by remarks from Orszag and Ben Bernanke, the chairman of the Federal Reserve, who was roasted yesterday in a House hearing before the Financial Services Committee. Most inspiring video and transcript here: https://docudharma.com/diar…

No doubt Orszag, who has been following North Dakota Senator Kent Conrad’s conservative views on freezing the domestic budget (and blaming it for deficits)  while expanding the military one, is not really looking forward to it as much as the Republicans are.

My earlier diary, on just “Who is Peter Orszag ? ”   https://docudharma.com/diar…


Officially called the Bipartisan Commission on Fiscal Responsibility and Reform, the new fiscal watchdog grouping is intended to find ways to bring public spending in line with revenues and slim down massive government borrowing.

It is to offer recommendations to the White House by December 1 to get spending and income back into better balance so deficits fall to 3 percent of total national output by 2015.

Dont forget that War Supplemental Budget for FY 2011 is still pending before Congress and needs to be approved soon-  what’s another $33 Billion for Afghanistan, and $159 billion for the rest of the mid eastern occupation,  off the regular budget, between friends ?

Kewl. No wonder Arizona is leading the way on the plan to deport 20 million American residents who weren’t able to obtain legal status because of our border paranoia and chintzy, racist immigration laws.  Because there is nothing like pandering to the mythology that if you just remove your scapegoat enemies from the territory, you’re going to solve all your own self made problems.  

Who is Peter Orszag?

why the fuck is Peter Orszag of OMB even commenting on this ?  

asked Compound F, earlier today.

https://docudharma.com/diar…

I picked this off of google cache, written post election, Nov 18 2008, marcambinder.theatlantic.com/archives


Obama Wants Orszag At OMB

18 Nov 2008 03:05 pm

Barack Obama has tapped CBO director Peter Orszag to be director of the Office of Management and Budget, my collegues at National Journal report today.

He’s a youngish overachiever, just 40, and subscribes to the theory of what he once called “cool-headed, warm-hearted” economic policy. Judging by his blog, Orszag has smart and interesting things to say about the intersection of psychology and economics, the long-term vs. short-term effects of climate change legislation, honest budgeting and accounting, and lots more.

OMB is the executive branch’s budgetary arm and management oversight evaluator. The director serves as a key presidential adviser on the economy and is responsible for projecting the fiscal consequences of any presidential decision. OMB would figure out how much Barack Obama’s health care plan will cost, for example, as it gets introduced in Congress. It’ll score every bill that Congress sends to Obama. It’s the repository of policy, responsible for official statements. More to the point, though, is that OMB will administer Obama’s transparency agenda. Regulatory reform will originate at OMB.

HuffPo has been following Orszag’s love life, the love child with the Greek tycoon heiress, and the engagement to the drop dead gorgeous young Russian born ABC news “financial reporter.”

http://www.huffingtonpost.com/…

http://www.huffingtonpost.com/…

Follow the money

 

President-elect Barack Obama’s adminstration will inherit a $1.2 trillion budget deficit for 2009 according to the forecast by the Congressional Budget Office.

Unfortunately for the United States, despite owning more than $1 trillion of American debt, China has hinted that enough is enough. Rather than continuing to spend “as much as one-seventh of its entire economic output buying foreign debt”, Beijing now plans to pay for its own $600 billion economic stimulus plan.

China’s timing is unfortunate for the American economy, since the federal budget deficit is likely to swell past $2 trillion in 2009 when Congress passes a further economic stimulus measure. The CBO forecast also does not include the ongoing spending for the occupations of Iraq and Afghanistan.

Where is Obama going to find the money to restart the U.S. economy?

CBO: “The nation is on an unsustainable fiscal course.”

“The nation is on an unsustainable fiscal course.”

That is the prognosis of Peter Orszag, the director of the nonpartisan Congressional Budget Office, which he gave in a press briefing coinciding with the release of a CBO report today on The Budget and Economic Outlook: An Update.

The Congressional Budget Office (CBO) estimates that the deficit for 2008 will be substantially higher than it was in 2007, rising from $161 billion last year to $407 billion this year.

The CBO’s report was written before the government announcd the takeover of Fannie Mae and Freddie Mac, so the impact of the cost of their bailout — a cost of up to $100 billion each — was not factored into the report.

The budget deficit projection gets worse.