Category Archive 'Federal Deficit'
12 Nov 2011

Rep. Mike Kelly Tells Congress Off

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09 Sep 2011

Game Over, Liberals

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James Lileks tells the liberals why their time on top is rapidly drawing to a conclusion.

Because that old world is over. . . .

A half-century experiment in draping steam­ship anchors around the necks of the productive class and expecting them to run a four-minute mile has ended in failure. The confiscation of rights and property, the moral impoverishment of generations caused by the state’s usurpation of parental obligations, the elevation of a credentialed elite that believes academia’s fashions are a worthy substitute for knowledge of history and human nature, and above all the faith in a weightless cipher whose oratorical panache now consists of looking from one teleprompter screen to the other with the enthusiasm of a man watching someone else’s kids play tennis–it’s over, whether you believe in it or not. It cannot be sustained without reducing everyone to penurious equality, crippling the power of the United States, and subsuming the economy to a no-growth future that rations energy.

To which some progressives respond: You say that like it’s a bad thing.

Hat tip to Bird Dog.

08 Sep 2011

US Downgraded to 5th Most Competive Economy

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The Obama Presidency by Winslow Homer

MSNBC records the passing of another landmark on the road to ruin for the current administration.

The U.S. has tumbled further down a global ranking of the world’s most competitive economies, landing at fifth place because of its huge deficits and declining public faith in government, a global economic group said Wednesday.

The announcement by the World Economic Forum was the latest bad news for the Obama administration, which has been struggling to boost the sinking U.S. economy and lower an unemployment rate of more than 9 percent.

Switzerland held onto the top spot for the third consecutive year in the annual ranking by the Geneva-based forum, which is best known for its exclusive meeting of luminaries in Davos, Switzerland, each January.

Singapore moved up to second place, bumping Sweden down to third. Finland moved up to fourth place, from seventh last year. The U.S. was in fourth place last year, after falling from No. 1 in 2008.

The rankings, which the forum has issued for more than three decades, are based on economic data and a survey of 15,000 business executives.

21 Aug 2011

Obama, Pay Your ****** Bills!

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NSFW. Foul language warning, but amusing.

Hat tip to Mike Lawler.

09 Aug 2011

The Democrat Party Left Looks Exactly Like a Coyote Just Now

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One of my left-wing classmates this morning was blaming the federal credit downgrade on the Tea Party, describing Tea Party-ers as worse than 19th century Know Nothings and referring to them as “Talibanic zealots.” He attacked the patriotism of the Tea Party movement, and predicted that the American masses would wake up when the New Deal safety net began to unravel. All this, he said, made his stomach churn.

I replied:

It is grotesque in the extreme to find political Philistines, oblivious to the philosophic foundations and the Constitutional intent of the founders of their own country, a group of reactionary ideologues clinging to outdated, historically-refuted late-19th-century Utopian visions of heaven on earth and equality of economic results between the provident and the reckless, the educated and the uneducable, the law-abiding and the criminal, the industrious and the idle achieved by the rule of scientism through the medium of socialism and collectivist statism, referring to people with a far more sophisticated and accurate understanding of economics, political philosophy, and America history as primitive zealots.

With a very special kind of irony, we find today all the patriots who stabbed their own contemporaries fighting for freedom overseas in the back, the same people who waved North Vietnamese flags and chanted “Ho, Ho, Ho Chi Minh…,” the patriots who are always telling us how disgraceful American history was until they came along, now waving the flag and demanding that we support their fiscal excesses out of patriotism.

The safety net constructed since collectivism’s heyday in America is already unraveling. It was always a Ponzi scheme and it has arrived at the inevitable endpoint of all such schemes. Demographics is no longer working on its side. It was only in the imaginations of ideologues that all this was ever permanently sustainable. Reality has refuted the left’s theories again.

You can pray aloud and whistle in the dark and spout this kind of nonsense about the masses “awakening” to agree with your own insanity, but the reality is that the apolitical, pragmatic mass portion of the country has already had its rude awakening. They elected the second leftist president in our adult lifetimes, and his regime has succeeded in surpassing the debacle of his predecessor. What you are going to get is a landslide election that will consign Obama, the democrat party, and the welfare entitlement state to the rubbish-heap of history to repose discarded beside the rest of the entire collection of intellectual dead ends and political mistakes. Well might your stomach churn.

Cartoon via Theo.

07 Aug 2011

Amilya Antonetti Is Not Happy With Barack Obama

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A female CEO speaks critically of another leader’s job performance.

07 Aug 2011

18 Countries Currently Have a Better Credit Rating Than the USA

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Barack Obama has achieved his goal of presiding over a humbler, more modest America.

From Gateway Pundit via Glenn Reynolds.

07 Aug 2011

It’s Later Than You Think

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Rembrandt, Belshazzar’s Feast, 1635, National Gallery, London

Mark Steyn, in his customarily brilliant manner, reflects on the scope and significance of the federal debt.

The fecklessness of Washington is an existential threat not only to the solvency of the republic but to the entire global order. If Ireland goes under, it’s lights out on Galway Bay. When America goes under, it drags the rest of the developed world down with it. When I go around the country saying stuff like this, a lot of folks agree. Somewhere or other, they’ve a vague memory of having seen a newspaper story accompanied by a Congressional Budget Office graph with the line disappearing off the top of the page and running up the wall and into the rafters circa mid-century. So they usually say, “Well, fortunately I won’t live to see it.” And I always reply that, unless you’re a centenarian with priority boarding for the ObamaCare death panel, you will live to see it. Forget about mid-century. We’ve got until mid-decade to turn this thing around.

Otherwise, by 2020 just the interest payments on the debt will be larger than the U.S. military budget. That’s not paying down the debt, but merely staying current on the servicing — like when you get your MasterCard statement and you can’t afford to pay off any of what you borrowed but you can just about cover the monthly interest charge. Except in this case the interest charge for U.S. taxpayers will be greater than the military budgets of China, Britain, France, Russia, Japan, Germany, Saudi Arabia, India, Italy, South Korea, Brazil, Canada, Australia, Spain, Turkey, and Israel combined.

When interest payments consume about 20 percent of federal revenues, that means a fifth of your taxes are entirely wasted. Pious celebrities often simper that they’d be willing to pay more in taxes for better government services. But a fifth of what you pay won’t be going to government services at all, unless by “government services” you mean the People’s Liberation Army of China, which will be entirely funded by U.S. taxpayers by about 2015. When the Visigoths laid siege to Rome in 408, the imperial Senate hastily bought off the barbarian king Alaric with 5,000 pounds of gold and 30,000 pounds of silver. But they didn’t budget for Roman taxpayers picking up the tab for the entire Visigoth military as a permanent feature of life.

Read the whole thing.

I think myself that Mark is overlooking the obvious detail: that when, as he puts it, “you get your MasterCard statement and you can’t afford to pay off any of what you borrowed but you can just about cover the monthly interest charge,” before much longer you wind up stiffing all your credit cards and burning your credit rating for the next decade. The government equivalent of stiffing credit cards consists of inflating your currency, so you can pay your debts after all using funny money worth a small fraction of what it was at the time those debts were incurred.

The US Government has not overlooked this solution. Remember Quantitative Easing? It is already underway and in process. I’m not sure who it was that remarked “Inflation is the cruelest tax,” but he was clearly right. Inflation rewards the improvident and punishes the responsible. Inflation strips the middle class of its accumulated savings in order to relieve the government of its debt.

06 Aug 2011

So, Whom Do You Believe?

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Reuters delivered the bad news.

The United States lost its top-tier AAA credit rating from Standard & Poor’s on Friday in an unprecedented blow to the world’s largest economy in the wake of a political battle that took the country to the brink of default.

S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government’s budget deficit and rising debt burden. The action is likely to eventually raise borrowing costs for the American government, companies and consumers.

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Cornell Law Professor William A. Jacobson says:

Democrats own the downgrade. They fought Republicans and Tea Party supporters every step of they way, and forced a deal which was insufficient. They played class warfare and race politics against arguments that we needed to drastically change our spending habits.

This is Barack Obama and Harry Reid’s crowning achievement.

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Paul Krugman blames Tea Party Republicans.

[Y]es, it is the madness of the right: if not for the extremism of anti-tax Republicans, we would have no trouble reaching an agreement that would ensure long-run solvency.

Krugman then proceeds to argue that the S&P ratings agency has neither the right nor the authority to make ratings(!).

04 Aug 2011

“You’re Gonna Pay”

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Another of the videos from Power-line’s contest. This one has rapidly attracted over 35,000 views.

03 Aug 2011

“The Spending Is Nuts”

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Winner of a Power-Line contest.

02 Aug 2011

“Are All of You Completely Crazy?”

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A small businessman tells the DC political class where to get off.

From Bird Dog.

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