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http://www.nytimes.com/2009/01/07/us/politics/07obama.html?_r=1
WASHINGTON — President-elect Barack Obama on Tuesday braced Americans for the unparalleled prospect of “trillion-dollar deficits for years to come,” a stark assessment of the economic condition facing the country that he said would force his administration to impose tighter fiscal discipline on the government.
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Mr. Obama sought to draw a distinction between the need to run what would likely be record deficits by any measure for the next several years and the necessity to begin bringing them down substantially in following years. Even as he prepares a stimulus package that is likely to total in the range of $800 billion in new spending and tax cuts over the next two years, he said he would seek to make sure that money is used wisely and that he would work with Congress to implement spending controls and efficiency measures throughout the federal budget.
“I’m going to be willing to make some very difficult choices in how we get a handle on his deficit,” Mr. Obama said, speaking about the dire fiscal outlook as he met with his top economic advisers for a second straight day. “That’s what the American people are looking for and, you know, what we intended to do this year.”
Mr. Obama sought to reassure lawmakers, as well as the financial markets, that he is aware of the long-term dangers of running huge deficits. Big deficits force the government to borrow more money, saddling future generations with large financial burdens. The problem is especially acute now because credit markets, which at times in recent months have been all but frozen as the financial system has been buffeted, could be further strained by the need to finance the huge deficit.
The Congressional Budget Office will release its latest budget estimates on Wednesday, which will provide the first official predictions of the built-in shortfalls tied to the economic slowdown and the collapsing financial markets. Mr. Obama’s team of economic and budget advisers have spent nearly two months scouring the budget, preparing to submit their first budget.
“When the American people spoke last November, they were demanding change — change in policies that helped deliver the worst economic crisis that we’ve see since the Great Depression,” Mr. Obama said, speaking to reporters on Tuesday. He added, “They were demanding that we restore a sense of responsibility and prudence to how we run our government.”
Behind Mr. Obama’s reassuring message about fiscal discipline is the government’s need to borrow a staggering amount of money over the next two years without driving up interest rates in the process. Analysts predict that the federal deficit will hit a new record of at least $1 trillion this year, which would be not only be more than double the previous record in 2005, but would also overtake the previous record for deficit as a share of the gross domestic product.
Diane Rogers, chief economist at the Concord Coalition, a non-partisan organization that supports fiscal discipline, estimated that the deficit this year would hit 7 percent of GDP.
That deficit, which could easily be duplicated in 2010, will occur just as the government will have to grapple with the much bigger and more intractable long-term budget problems tied to soaring costs of Medicare, Social Security for retiring baby-boomers.
Most economists agree that Mr. Obama and the Congress have no choice except to ignore short-term deficits and place top priority on fighting the country’s worst economic downturn in at least a half-century. But the short-term budget short-falls are big enough to pose serious headaches in themselves, especially if bond investors start demanding higher interest rates.
In just the first three months of the 2009 fiscal year, which began on Oct. 1, the government spent $408 billion more than it took in. About one-third of that short-fall stemmed from the Treasury Department’s rescue program of injecting capital into banks, which the government will book as an “investment’“ rather than “spending.”
The recession itself will add hundreds of billions of dollars to the deficit. Even before Congress adds any new stimulus measures, higher outlays will climb for existing unemployment benefits, food stamps and other social programs. Tax revenues will fall because of rising unemployment, falling corporate profits and huge investment losses in the stock and bond markets. Mr. Obama’s stimulus program could add another $400 billion in each of the next two years.
As the latest budget estimates are released on Wednesday, the good news, at least for the moment, is that the Treasury’s borrowing costs are as almost as low as they have ever been. Short-term Treasury rates are hovering just above zero, but the rates on 10-year Treasury bonds are below 2 percent.
To some extent, the government can lock in those low rates by selling long-term securities. But it will still have to refinance hundreds of billions of dollars a year. As a result, its annual debt-service costs could be hit with a double-whammy: a big increase in total debt and an eventual increase in interest rates as they recover from their current rock-bottom lows.
Goldman Sachs recently estimated that government debt will balloon by $1.75 trillion in 2009. But Goldman analysts were optimistic that borrowing costs will remain low, partly because they predicted that the United States saving rate is likely to soar as both consumers and businesses hold back on spending. |
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mmmm Bacon...
http://www.bbqaddicts.com/blog/recipes/bacon-explosion/
Bacon Explosion: The BBQ Sausage Recipe of all Recipes
by Jason on December 23, 2008
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The other day the guys from BaconToday.com contacted me in search for some barbecue bacon recipes. Of course I have plenty of great uses for bacon in a barbecue pit, but the longer I thought about it, the more I wanted to step it up a notch and clog a few arteries for those guys. Behold, BACON EXPLOSION!!! Here’s what you’ll need…
2 pounds thick cut bacon
2 pounds Italian sausage
1 jar of your favorite barbeque sauce
1 jar of your favorite barbeque rub
To kick off the construction of this pork medley you’ll need to create a 5×5 bacon weave. If the strips you’re using aren’t as wide as the ones pictured, then you may need to use a few extra slices to fill out the pattern. Just make sure your weave is tight and that you end up with a nice square shape to work with.
The next step is to add some barbeque seasoning on top of your bacon weave. Being the barbeque addict that I am, I whipped up a batch of Burnt Finger BBQ’s competition pork rub for this special occasion. Seeing as not everyone has the time, or the expertise, to create a tasty rub of their own, I would recommend trying Bad Byron’s Butt Rub, Rendezvous Famous Seasoning, or Steven Raichlen’s All-Purpose Rub.
Now that you’re pork is well seasoned, it’s time to add more pork. Take two pounds of Italian sausage and layer it directly on top of your bacon weave. Be sure to press the sausage to the outer edges of the bacon creating a patty that is the same thickness all the way across. Most grocery stores carry loose sausage, so just pick out one you like. I chose to go with a mild sausage, but spicy would work just the same. If you really want to get crazy, take a stab at making your own homemade sausage.
Next up is bacon layer number two. Take the remaining bacon slices and fry them up the same way you would for breakfast (or lunch, or dinner, or a midnight snack). If you like soft bacon, make it soft. If you like crunchy bacon, make it crunchy. If you like your bacon burnt so the smoke detectors go off, then burn it till the smoke detectors go off. These pieces are going to be a major part of the inner flavor of our sausage fatty, so cook them your favorite way. Personally, I like my bacon right at the point when it starts to get crispy, but hasn’t quite lost all of the softness yet. Regardless of how well done you like yours, you’ll need to crumble or chop the cooked strips into bite size pieces and place on top of the sausage layer. (Note-It’s okay, and encouraged, to snack on these pieces while your chopping/crumbling. But keep in mind that once those bacon morsels touch the raw sausage, you’ll need to resist all temptations to nibble. This can and will be difficult, but hospital trips are no fun, so stay strong.)
Since this is a barbeque recipe, we need to add another layer of barbeque flavor. Take your favorite sauce and drizzle it all over the top of the bacon pieces. Personally, I prefer to use Burnt Finger BBQ’s homemade competition sauce, but if you’re torn on what brand to use I recommend Cowtown, Blues Hog, and Fiorella’s Jack Stack. Once you’ve sauced the bacon, sprinkle on some more of the barbeque seasoning you used on the bacon weave.
Now comes the fun part. Very carefully separate the front edge of the sausage layer from the bacon weave and begin rolling backwards. You want to include all layers EXCEPT the bacon weave in your roll. Try and keep the sausage as tight as possible and be sure to release any air pockets that may have formed. Once the sausage is fully rolled up, pinch together the seams and ends to seal all of the bacon goodness inside.
At this point we can start to see the final shape of our Bacon Explosion, but we’re missing one key item. To complte the constuction process, roll the sausage forward completely wrapping it in the bacon weave. Make sure it sits with the seam facing downward to help keep it all sealed up.
Sprinkle some barbeque seasoning on the outside of the bacon weave, and now this bad boy is ready for the smoker. Cook your Bacon Explosion at 225 degrees in a constant cloud of hickory smoke until your Thermapen gives an internal temperature reading of 165 degrees. Normally this will take about 1 hour for each inch of thickness, but that could vary depending on how well you maintain your fire and also how many times you open the smoker to take a peek. Mine took about 2.5 hours, which was right on target with its 2.5 inch diameter.
Now that our Bacon Explosion is fully cooked, we need to add some finishing flavors. Remember that barbecue sauce we used for inner flavor? We’ll be using that same sauce to glaze the cooked bacon weave. Using a basting brush, coat the entire surface with a thin layer of sauce. Sweet sauces are loaded with sugars, so they’ll give your fatty a nice glossy finish. Spicy and vinegar based sauces don’t contain as much, so they won’t set up as well. If you’re dead set on using those sauces, just cut them with a bit of honey and you’ll get the same effect.
Slice the Bacon Explosion into quarter to half inch rounds to serve. If your roll was good and tight, you should now see a nice bacon pinwheel pattern throughout the sausage. Obviously pork is best served by itself, but if you feel the need to make this meat monster into a sandwich, try placing a couple Bacon Explosion slices on a warm Pillsbury’s Grands Biscuit. You’ll reach pork Nirvana is no time flat!
Be sure to send us stories and photos of your Bacon Explosion experience. Who knows, you may see your ugly mug on BBQ Addicts!!!
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As some of you know my mom is suffering from alzhiemer's. Her condition has advanced fairly fast in the last 3 mos. My Dad (far more than I)& I have been busy with various matters helping her, but also dealing with the stress and changes that come along with that.
One thing we did recently was to help my dad start clearing out some stuff from the kitchen and 2 great finds were these recipes.
Timmions family Chili Recipe
"Philippino" - Chicken
both were childhood favorites of mine. these along with a number of other family recipes will get to be the prize holdings for Halle in years to come.
In other news Jesse is really enjoying his Cub Scouting. James is growing like crazy. We are hoping for some slow quiet time this winter, well I want some slow quiet time, maybe out in the woods, near a tree..... |
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 = Proficient, but I doubt I would say I have mastered any of these
Emergencies:
13. Escape a sinking car
It started with, hey watch this, (and then the pit was deeper than I thought, then the truck was under, and I was out.
Home
16. Put out a fire
grease fire, french fries.
18. Remove bloodstains from fabric
got to get that dear out somehow.
Teach Your Kids
70. Drive a stick shift
71. Parallel park
72. Tie a bowline
73. Tie a necktie
74. Whittle
75. Ride a bike
Jesse is free of the training wheels but still wobly, and though all three drive the ridelong, they have a bit to go.
I will be teaching Jesse to work some with Soap this winter to teach him some basic Whittling skills.
When I looked that list over, more than 60 of them were things I had done in the last 6mos.
and Kara, the is because I am: Radio Active. |
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= Proficient, but I doubt I would say I have mastered any of these
Automotive
1. Handle a blowout
2. Drive in snow
3. Check trouble codes
4. Replace fan belt
5. Wax a car
6. Conquer an off-road obstacle
7. Use a stick welder
8. Hitch up a trailer
9. Jump-start a car
Emergencies
10. Perform the Heimlich
11. Reverse hypothermia
12. Perform hands-only CPR
13. Escape a sinking car
Home
14. Carve a turkey
15. Use a sewing machine
16. Put out a fire
17. Home-brew beer
18. Remove bloodstains from fabric
19. Move heavy stuff
20. Grow food
21. Read an electric meter
22. Shovel the right way
23. Solder wire
24. Tape drywall
25. Split firewood
26. Replace a faucet washer
27. Mix concrete
28. Paint a straight line
29. Use a French knife
30. Prune bushes and small trees
31. Iron a shirt
32. Fix a toilet tank flapper
33. Change a single-pole switch
34. Fell a tree
35. Replace a broken windowpane
36. Set up a ladder, safely
37. Fix a faucet cartridge
38. Sweat copper tubing
39. Change a diaper
40. Grill with charcoal
41. Sew a button on a shirt
42. Fold a flag
Medical
43. Treat frostbite
44. Treat a burn
45. Help a seizure victim
46. Treat a snakebite
47. Remove a tick
Military Know-How
48. Shine shoes
49. Make a drum-tight bed
50. Drop and give the perfect pushup
Outdoors
51. Run rapids in a canoe
52. Hang food in the wild
53. Skipper a boat
54. Shoot straight
55. Tackle steep drops on a mountain bike
56. Escape a rip current
Survival
57. Build a fire in the wilderness
58. Build a shelter
59. Find potable water
Surviving Extremes
60. Floods
61. Tornados
62. Cold
63. Heat
64. Lightning
Teach Your Kids
65. Cast a line
66. Lend a hand
67. Change a tire
68. Throw a spiral
69. Fly a stunt kite
70. Drive a stick shift
71. Parallel park
72. Tie a bowline
73. Tie a necktie
74. Whittle
75. Ride a bike
Technology
76. Install a graphics card
77. Take the perfect portrait
78. Calibrate HDTV settings
79. Shoot a home movie
80. Ditch your hard drive
Master These Key Workshop Tools
81. Drill driver
82. Grease gun
83. Coolant hydrometer
84. Socket wrench
85. Test light
86. Brick trowel
87. Framing hammer
88. Wood chisel
89. Spade bit
90. Circular saw
91. Sledge hammer
92. Hacksaw
93. Torque wrench
94. Air wrench
95. Infrared thermometer
96. Sand blaster
97. Crosscut saw
98. Hand plane
99. Multimeter
100. Feeler gauges
My own bonus items:
0. Safely clear a building of "bad-guys"
1. Clearly express your views while not sounding like Keith Oberman (or what must be his twin sister)
2. Set up a proper "L" ambush
3. Plan the perfect date... Still working on this only a 1/2
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