Initial unemployment claims have moved back down again after spiking up the week before, indicating continued job growth. President Obama has predicted 700,000 jobs will be lost if the Republicans are able to get away with taking the sequester meat ax to the budget.
The problem with simply cutting spending is that most of what the government does is write checks for things Congress has purchased and this has to be done. There is then no alternative but to cut deep into the small segment of the budget devoted to actually doing things. Border patrols cut, FBI agents moved to part time, aircraft carriers parked. In short, run the government badly in order to 'save' money even though many of these moves will cost even more to deal with in the long run. Of course the Republicans want the government to be run badly because it makes it easier for them to steal from the rest of us.
Italy soundly rejected austerity in their Parliamentary elections. That will still need to be translated into walking away from the Euro for them to get out from the clutches of the predatory bankers. Simply put austerity is a negative growth plan, it isn't that hard to figure out that destroying the economy isn't good for anybody who isn't a disaster capitalist.
The right's retort to the obvious is that all jobs are created by the 'job creators' and they just need their confidence built up by the people being willing to destroy their economy to show the job creators how grateful we are. Econ 101: jobs are created by 'demand' for goods and services by people or government spending the money for them. Government is the only entity that can spend money no matter how bad things are otherwise. However, if you don't print your own currency like Eurozone countries (such as Italy), you're screwed. The US doesn't have that problem.
The right constantly chants that we have a spending problem. Yeah, too little spending. Neglected infrastructure, not enough education, too low wages, money hoarding by the rich, and billionaires controlling the dimwits in the Republican Party. Those are the problems.
From the ascendancy of the People's Republic of China stack: their military has embarked on program to build large numbers of 'heavy lifters'. These include cargo aircraft similar in size to the Boeing C17 Globemaster but with 21st century technology. They are also building high speed fleet re-supply vessels capable of keeping their Navy at sea anywhere in the world that they care to 'project power'. Make sure your kids sign up for those Mandarin language courses that our overlords are providing free in US schools. If you can speak the language it's easier to beg for food. www.prairie2.com