I’ve got a cold and my dog had major dental surgery yesterday, so pardon me if I seem out of it.
LinkSwarm for February 6, 2015
February 6th, 2015Greece’s Insoluble Problem
February 5th, 2015Greece’s left-wing Syriza party was swept into power by promising voters they could have their cake and eat it too. The problem is that not only is there no cake to eat, but Greek already owes more money than it can repay on all the cake they’ve already eaten.
The European Central Bank announced that it will no longer accept junk-rated Greek bonds as collateral. That may be why Greece’s new finance minister is already backtracking on election promises:
His party, Syriza, told voters it would demand a debt reduction; now Mr. [Yanis] Varoufakis says it will settle for a debt restructuring. Syriza said it would end austerity; Mr. Varoufakis now says he will run a primary budget surplus even if that means dropping other commitments in the party’s campaign manifesto.
Will Syriza keep promises made to the EU and the ECB any more than they kept their promises to Greek voters? Of course not. Greece is addicted to excessive government spending the way a junkie is addicted to heroin. In this sense, Syriza’s willingness to shamelessly lie to both voters and Eurocrats is what makes them the embodiment of modern Greece.
Running an actual budget surplus, as Varoufakis is almost pledging, would go a long way toward solving Greece’s problems. (My understanding is that he means Greece will have a budget surplus before debt payments are taken into account, which means they’ve really slowed down the rate at which they’re digging their own grave…) But neither Greece’s voters nor its ruling class want the nation to live within its means. As I have noted time and time again, Greece has never practiced real austerity, which is cutting government outlays to match receipts. Greece’s budget deficit was 12.2% of GDP in 2014. (If it seems like I repeat a lot of this information in many of my updates on Greece’s debt crisis, it’s because I do, mainly because MSM reports seem to omit mention of these centrally crucial facts…)
Greece’s participation in the Euro has harmed it by distorting its economy and making its export uncompetitive. That’s a problem, but that’s not Greece’s central problem, which is a dogged unwillingness to live within its means. It’s that addiction to deficit spending that has Syriza talking of defaulting on its debts. And it’s addicted to deficit spending because the modern European cradle-to-grave welfare state is unsustainable.
But here’s the kicker: Neither leaving the Euro nor defaulting solves Greece’s central problem, or even provides temporary relief.
Leaving the Euro doesn’t solve the problem, because Greece’s debts will still be denominated in Euros. Creditors who hold Greek debt won’t be content to be paid in devalued drachmas, so Greece will still be on the hook for what they’ve already spent.
Defaulting will only make their predicament worse, because then no one will be willing to lend Greece money to continue their ruinous deficit spending.
Doing both and printing drachmas to continue spending will only result in hyperinflation. The Greeks can ask Venezuela how that’s working out for them.
If any Greek political party pledged to undertake real reform, reign in the Greek welfare state and end deficit spending, it’s escaped my attention. I suspect Greeks will have to experience a lot more economic pain, and no small measure of ruin, before undertaking the only obvious path to fiscal stability.
John B. Judis Turns 180º, Proclaims Coming Republican Advantage
February 4th, 2015John B. Judis is most famous for proclaiming that rising minority populations would make Democrats America’s natural majority party before too long, a theme he expounded upon in The Emerging Democratic Majority (with Ruy Teixeira) in 2002.
Now Judis has taken a look at trends from the last few elections and said Whoa! Not so fast Jose…
At the time, some commentators, including me, hailed the onset of an enduring Democratic majority. And the arguments in defense of this view did seem to be backed by persuasive evidence. Obama and the Democrats appeared to have captured the youngest generation of voters, whereas Republicans were relying disproportionately on an aging coalition. The electorate’s growing ethnic diversity also seemed likely to help the Democrats going forward.
These advantages remain partially in place for Democrats today, but they are being severely undermined by two trends that have emerged in the past few elections—one surprising, the other less so. The less surprising trend is that Democrats have continued to hemorrhage support among white working-class voters—a group that generally works in blue-collar and lower-income service jobs and that is roughly identifiable in exit polls as those whites who have not graduated from a four-year college. These voters, and particularly those well above the poverty line, began to shift toward the GOP decades ago, but in recent years that shift has become progressively more pronounced.
The more surprising trend is that Republicans are gaining dramatically among a group that had tilted toward Democrats in 2006 and 2008: Call them middle-class Americans. These are voters who generally work in what economist Stephen Rose has called “the office economy.” In exit polling, they can roughly be identified as those who have college—but not postgraduate—degrees and those whose household incomes are between $50,000 and $100,000. (Obviously, the overlap here is imperfect, but there is a broad congruence between these polling categories.)
The defection of these voters—who, unlike the white working class, are a growing part of the electorate—is genuinely bad news for Democrats, and very good news indeed for Republicans. The question, of course, is whether it is going to continue. It’s tough to say for sure, but I think there is a case to be made that it will.
Never mind that Judis is a fairly hardcore Democratic Party partisan, or that some of his “advice” to Republicans is off-base. To basically reverse himself on his biggest prediction is rather like Charles Murray going “I’ve changed my mind, the Great Society welfare programs were great!”
The piece is heavy on demographic shifts and very light on the causes of those shifts. He makes some noises on tax burdens (which I’m sure is true), but makes little or no mention of ObamaCare’s deep unpopularity, widespread opposition to illegal alien amnesty, or the counterproductive, alienating effects of the Democratic Party’s Social justice Warrior cadres alienating “core swing voters,” i.e. the “70 to 75 percent” of middle class voters who are white.
Maybe Judis is using this as an opportunity for concern trolling (as when he suggests the GOP’s ideal 2016 nominee “soft-pedals social issues, including immigration”). But for him to not only say he was wrong before, but to come to conclusions that can’t help but alienate significant fractions of the Democratic Liberal Mediopolitical Complex, he must be seeing something in the data even more momentous than what he’s already describing, and he wants to get ahead of the curve…
Dan Patrick Sends Three Second Amendment Bills On To Committee
February 3rd, 2015Lt. Governor Dan Patrick announced that he’s sending three pro-Second Amendment bills to the Senate State Affairs Committee:
Except for the effectivity date, the campus carry bill is essentially identical to Birdwell’s SB 182 in the 83rd legislative session, which was killed in 2013.
SB342 provides for essentially unlimited constitutional carry, while SB346 would authorize open carry only for CHL holders. I think it’s canny of Patrick to advance both at the same time. Some squishy republicans may balk at universal carry, but voting for SB 346 will allow them to split the difference and still appear pro-gun.
One possible snag for any pro Second Amendment bill: the Senate Criminal Justice Committee is still headed by Democrat John Whitmire. However, since Whitmire is considerably more pro-gun than the average Democrat this may not be a problem.
Will Speaker Joe Straus kill pro-Second Amendment bills in the House? He’s killed some in the past, but he’s also been very careful not to leave his fingerprints on the knife. Given how Straus has crowed about endorsements from the NRA and the Texas State Rifle Association, I’m guessing he won’t go to the mat to kill popular Second Amendment bills supported by a clear majority of senators. Straus is another reason I think SB 346 is more likely to pass than SB 342.
Who Is Behind “Texas Citizens Coalition”?
February 2nd, 2015Back in the middle of January I got a four-page flyer form an outfit calling itself the “Texas Citizens Coalition.” The group is headed up by Rosenberg realtor Gary Gates.
Their ostensible goals sound conservative enough:
1. A smaller role for government at all levels
2. The elimination of over-reach and reduced regulation
3. A pro-business, pro-capitalism environment
4. Personal responsibility
All well and good. But why drop a flyer two months after the election?
My working theory is that Texas Citizens Coalition is another group created with the express purpose of supporting Speaker Joe Straus against his conservative critics.
Supporting evidence for the theory:
If anyone has an alternate explanation, I’d be happy to hear it. Here’s the flyer itself:
LinkSwarm for January 30, 2015
January 30th, 2015Already the end of January? How did that happen?
Some links:
Andrew Sullivan retiring to spend more time with the Sarah Palin homunculus that lives inside his head http://t.co/Cu9yYZOPu6
— David Burge (@iowahawkblog) January 28, 2015
More than 2500 here in Austin rallying for #SchoolChoice #txlege #scw pic.twitter.com/m2RtVl3iHO
— Brendan Steinhauser (@bstein80) January 30, 2015
Did Megyn ask her for her lucky charms? RT @daveweigel: pic.twitter.com/0CFzMRY0bo
— Sonny Bunch (@SonnyBunch) January 28, 2015
Gunman Forces Dutch News Off the Air
January 29th, 2015Dutch news agencies reported on Thursday that a man with a gun had entered the offices of the national broadcaster NOS and was demanding to go on air.
The RTL press agency reported that a building belonging to NOS was being cleared. An 8 p.m. (2.00 p.m. EST) NOS broadcast displayed a message reading “In connection with circumstances, no broadcast is available at this time”.
Could be a lone nut. Or it could be a member of a certain religion that’s not Christianity, Buddhism or Judaism…
Update: Seeing reports he’s been arrested.
Update 2: Sky News confirms gunman’s arrest.
Texas vs. California Update for January 29, 2014
January 29th, 2015To a certain extent, this Texas vs. California roundup is incomplete, since we’re hot and heavy into the new legislative session and I haven’t had a chance to fully digest the proposed budget numbers yet. By the Legislative Budget Boards numbers, they’re only projecting a 1.5% increase in the 2016-2017 biennium budget over 2014-2015. But see the first link…
Ted Cruz’s Speech At The Iowa Freedom Summit
January 28th, 2015Why yes, I am feeling a bit lazy today. Why do you ask?
Sorry for the audio buzz, but it seems to be from the event itself rather than a video artifact.



