Exactly Who’s Driving Here?
Federal Default, Federal Deficit, Federal Spending, Media Bias, The Mainstream Media

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Category Archive 'Federal Deficit'
31 Jul 2011
Exactly Who’s Driving Here?Federal Default, Federal Deficit, Federal Spending, Media Bias, The Mainstream Media
30 Jul 2011
The President’s Approach to the Debt Ceiling Negotiations"Miller's Crossing" (1990), Barack Obama, Federal Default, Federal Deficit, Federal Spending, Politics
Michael Walsh explains the president’s game plan in the current negotiations over debt increases. The democrats are simply trying to blame Republicans for risking default, and doing everything possible to get a debt ceiling increase running past next year’s election in order to try to minimize their own vulerabilities on the issues of excessive spending and the deficit. I liked his metaphorical comparison to the double dealing and intrigue in the Coen Brothers’ gangster movie Miller’s Crossing (1990). I guess the contrived and systematic insincerity must make Obama Bernie Birnbaum.
29 Jul 2011
Conservative Civil War!Conservatism, Federal Deficit, Federal Spending, Marvel Comics, Rush Limbaugh, Thomas Sowell
As the deadline approaches and the complete annihilation of the entire world financial system as we’ve known it looms, or not, we spectators sitting on the sidelines far from the action are growing tired of the whole thing. Hearing second-hand reports of loud crashes and animal noises coming out of closed rooms gets boring after awhile. Doubtless Armageddon-on-the-Potomac is great fun if you are yourself a player, but the rest of us recognized a good while back that we have the House, they have the Senate and the White House, and they hate us and vice versa, so no major substantive reform of the entitlement state, no permanent long-term resolution of excess federal spending can be expected to be possible until, and unless, the American public gives us a decisive mandate in 2012 (which I think they will). In the meantime, Republicans should resist raising taxes, avoid selling out to democrats, but also avoid letting conservatives and Republicans getting saddled with the blame for all this. Jim Garaughty, in his emailed Morning Jolt today, was marvelling, and poking fun, at the way conservatives are presently quarreling among ourselves about how all this should be handled.
29 Jul 2011
Ramirez on the Debt Ceiling NegotiationsBarack Obama, Cartoon, Federal Deficit, Federal SpendingHat tip to Theo. 22 Jul 2011
Democrats Are Doomed!2012 Election, Democrats, Federal Deficit, Federal Spending
Richard Miniter, in Forbes, notes that we have no choice, we are going to have to stop increasing the beast’s rations. But that is a real problem for democrats, whose entire raison d’etre is the delivery of more federal money in return for support.
Read the whole thing. Hat tip to Scott Drum. 22 Jul 2011
“Spenditol”Federal Deficit, Federal Spending, Political CommercialsA parody commercial from Concerned Women for America Legislative Action Committee (CWALAC). 22 Jul 2011
The Federal Deficit and the Purposes of GovernmentFederal Deficit, Federal Spending, Political TheoryDaniel Greenfield has an excellent, must-read editorial on the real meaning of the raising-the-debt-ceiling debate and “social justice” as a form of addiction.
Be sure to read the whole thing. Hat tip to the Barrister. 20 Jul 2011
How Do You Get From $6.31 Trillion to $9.65 Trillion in Debt in 27 Months?Barack Obama, Federal Budget, Federal Deficit, Federal Spending, Paul RyanAll you need to do is elect Barack Obama. From Paul Ryan’s House Budget Committee, A Brief History of President Obama’s Fiscal Record: January 20, 2009 President tells the American people in his Inaugural Address: “Those of us who manage the public’s dollars will be held to account, to spend wisely, reform bad habits, and do our business in the light of day, because only then can we restore the vital trust between a people and their government.” Debt Held By Public = $6.31 trillion February 17, 2009 The stimulus adds $821 billion in new spending according to the Congressional Budget Office (CBO). The White House promises this infusion of spending and borrowing would keep unemployment rate below 8%. As millions of Americans are painfully aware, that promise was broken. Debt Held by Public = $6.48 trillion February 26, 2009 The President’s budget adds $2.7 trillion in new debt in FY2010 and imposes $1.4 trillion in new taxes. Debt Held by Public = $6.58 trillion———————————————————- March 11, 2009 The massive spending bill includes 8,696 earmarks at a cost of $11 billion. The spending bill adds $19 billion in new spending above the baseline – an 8.6% spending increase. Debt Held by Public = $6.66 trillion April 29, 2009 The Congressional Democrats’ budget calls for a $2 trillion debt increase in 2010, and another 8.9% increase in non-defense discretionary spending. The reconciliation process is abused to later pave the way for health care overhaul to be jammed into law. Of note: this is the last time Congressional Democrats will bother budgeting. Debt Held by Public = $6.85 trillion February 2, 2010 The President’s budget more than doubles the debt; pushes the FY2011 deficit to a new record of $1.6 trillion; drives spending to a new record of $3.8 trillion in fiscal year 2011; and raises taxes by more than $2 trillion through 2020, under the administration’s own estimates. Debt Held by Public = $7.85 trillion March 23, 2010 The massive new law adds $1.4 trillion in new spending over the next decade, and over $2.5 trillion once the law is fully implemented. Despite sluggish economic growth and high unemployment, the law imposes over $500 billion in new tax hikes. CBO Director Elmendorf would later testify that the law would reduce employment by roughly half a percent – a reduction of approximately 800,000 jobs. Debt Held by Public = $8.18 trillion ———————————————————- April 15, 2010 The 1974 Budget Act requires Congress to pass a budget each year by April 15. In an unprecedented budget failure, House Democrats not only failed to pass a budget – they opted to not even propose a budget. Debt Held by Public = $8.39 trillion July 21, 2010 In addition to heightened regulatory uncertainty, the massive new law adds $10.2 billion in new spending. Debt Held by Public = $8.69 trillion February 14, 2011 The President’s budget yet again calls for the doubling of the debt in five years, and tripling the debt in ten years. The President’s budget spends $47 trillion over the next decade, imposes over $1 trillion in new tax hikes, and fails to address the drivers of the debt. Debt Held by Public = $9.45 trillion ———————————————————- April 13, 2011 The President appears to abandon his own budget by offering a ‘framework’ that calls for additional tax increases, defense spending cuts, and Medicare price controls – yet lacks sufficient detail to back-up claims of deficit reduction. Debt Held by Public = $9.65 trillion 19 Jul 2011
Government As Writer of ChecksDependency, Federal Deficit, Federal Spending, SocialismMichael A. Walsh, in the New York Post, identifies the key issue in the current political crisis, something at stake even more important than economic prosperity: the choice for America of freedom versus dependency.
Via Jim Geraghty. 16 Jul 2011
National Debts ComparedFederal Budget, Federal Deficit, Federal Spending, Graphics, National DebtHat tip to Theo. 14 Jul 2011
Obama Blows His CoolBarack Obama, Eric Cantor, Federal Budget, Federal Deficit
Politico quotes Rep. Eric Cantor (R- VA) on the presidential temper tantrum that concluded the latest round of budget negotiations between the White House and Republicans.
——————————————————————- Reuters adds a hilarious quotation from Mr. Obama.
——————————————————————- Bringing to mind a skit broadcast a few months back by Jay Leno: 14 Jul 2011
The Left’s ProgressFederal Budget, Federal Deficit, Federal Spending
Republicans, these days, are finding themselves feeling exactly like the parental character in some old-fashioned moralizing English novel. Americans worked hard and lived responsibly and produced as cherished offspring and heir, the liberal elite. Our child, the liberal elite which we shall refer to henceforward as “Algernon,” it turns out, has grown up not into the sturdy young hero we desired, but rather into a vain, irreligious, and totally irresponsible habitué of the most extreme fashionable demimonde, a rake, and a spendthrift. Inevitably, we learn that Algernon has exceeded his very generous allowance and run up massive debts. There is no possibility that Algernon can ever meet his obligations. Disgrace, dishonor, and debtors’ prison loom as gloomy prospects. Young Algy has consequently returned to the family home he previously despised to beg his disappointed and estranged parent to intervene to save him. The scene is easily pictured. There is the sad, but still loving, grey-haired pater familias. There is the slightly crest-fallen, but still arrogant, young Corinthian. The father is theoretically willing to retrench and mortgage the estate and sacrifice for long years to come to save his son’s honor and keep him from prison, but he naturally considers himself obliged to make such assistance conditional upon genuine repentance and a complete break with the young man’s bad associations and pernicious habits. It turns out, of course, that his life of iniquity in the fleshpots of the metropolis has coarsened young Algernon and fed his arrogance. Algy feels completely entitled to the life he has led, and has plans underway for even more ambitious forms of debauchery. Algy regards his father’s estate as already his own, and simply demands that his father assume responsibility for all his current debts and increase his allowance. Sadly, the unhappy father explains that meeting even the current obligations Algernon has assumed is impossible with the income of the entire estate. To pay Algernon’s debts, land must be sold, the manor-house rented to strangers, tenants evicted and the commons converted to new enterprises to increase income. The entire family will have to curtail its expenses and live on a much more restricted scale for years. But the wicked and ungrateful Algernon refuses to hear any of this. He bangs his fist on the table, abuses his father, and demands everything he asked for. Sadly, the father explains that his son’s attitude, his hardened habits of iniquity, and his lack of responsibility make rescuing him impossible. As an alternative to prison, the father can only offer him a boat ticket to Australia and a small remittance for so long as he remains out of England. 13 Jul 2011
The McConnell ManeuverFederal Deficit, Federal Spending, Mitch McConnellThe Wall Street Journal thinks Mitch McConnell’s “Eat Your Own Darn Peas” manuever is an appropriate way to end the stalemate in the absence of good faith negotiating intentions from the other side.
11 Jul 2011
Barack Obama Says Now is the Time to “Eat Our Peas”Barack Obama, Commerce Clause, Federal Budget, Federal Deficit, US ConstitutionFrom PackerBronco (one of Ann Althouse’s commenters): These days, when the President says that we have to “eat our peas,” I no longer know whether he’s offering a metaphor or invoking the Commerce Clause. “Eat our peas” occurs around 1:05 11 Jul 2011
“If You Ain’t Got No Money, Take Your Broke Ass Home”End of the Entitlement State, Federal Budget, Federal Deficit, Federal SpendingThe American Progressives’ project of erecting a European-style welfare state is over, and it may be ending in default. Chriss W. Street points out what the country’s real budget looks like (before Obamacare):
Read the whole thing. He has some good explanations of how we got here. |