Archive for the ‘Budget’ Category
Thursday, October 3rd, 2013
Liberals have staged another one of their regular hissy fits over the government shutdown. What they don’t seem to realize is that this is exactly how divided government is supposed to work. The Founding Fathers were tremendously suspicious of investing too much power in any one person, which is exactly why they set up the executive legislative and Judicial branches in opposition to each other. This is why the executive and legislative have to work together to pass laws, and why the House and Senate must agree with each other. If everyone gets a veto on the process, then no one portion of the federal government can seize power over another. By refusing to go to conference, Harry Reid is shirking the legislative branches constitutional duty to pass a budget.
Forcing the White House and the Senate to come together and negotiate is part of the constitutional design. This is why Ronald Reagan and Tip O’Neill had to negotiate compromises during several shutdowns in the 1980s.
But Obama, as he’s proven time and time again, is no Reagan.
Tags:Budget, Harry Reid, Obama, ObamaCare, shutdown
Posted in Budget | No Comments »
Tuesday, August 6th, 2013
Still catching up, so enjoy your complimentary LinkSwarm and beverage (minus the beverage):
No, the IRS did not target liberal groups like they targeted conservatives.
The scary truth about state and local debt.
The U.S. government has $70 trillion in unfunded liabilities. I don’t happen to agree with everything in that assessment (a situation in which the FDIC would actually have to make good on all $7 trillion in deposit guarantees would pretty much be tantamount to the complete collapse of civilization), but the rest is scary enough.
Powerline’s John Hindraker wonders what the Benghazi cover-up is really about. I still think the secret CIA interrogation center that David Petraeus’ mistress Paula Broadwell claims was there is a strong possibility.
Thanks to ObamaCare, insurance premiums will increase in most states.
How liberals managed to turn wealthy Connecticut into just another broke Blue State.
Obama’s Nixonian scandals just keep churning.
The Black Hole in China’s shadow banks
Washington Post to be sold to Jeff Bezos. But he wasn’t stupid enough to take over existing pension liabilities. Bezos seems to be a liberal, but isn’t an overly active donor for a billionaire.
“Coming this fall on Cinemax: Leathers and Slutbag! They both got nailed by the same slimeball, and now they’re out for justice! Democratic politician not paying you your promised hush money? Call Leathers & Slutbag!”
Tawana Brawley finally starts paying for her 1987 rape hoax.
Liberal race-hustler Rep. Charlie Rangel takes time out of his busy schedule of defrauding the American taxpayer to suggest Tea Partiers are the “same group” who fought for segregation during the Civil Rights movement. Hey, Rep. Rangel, you know what the name of the group that fought for segregation was? The Democratic Party.
Attorney general Greg Abbott nails Texas Planned Parenthood for Medicaid fraud In fact, it was $4.3 million worth of fraud. More from Holly Hansen.
More show trails in Turkey.
Advocates of “green” energy cronyism seem to have found some Tea Party patsies.
On the differences between Austin and Texas.
Ace of Spades offers up an epic takedown of movie critic Andrew O’Hehir. “The man masturbates stupid and ejaculates embarrassment.”
And then does the same on Amanda Marcotte’s theory that men men hate sex and only use it to procreate.
Liberals get firebrand Twitter Gulag Defense Network founder Todd Kincannon’s Twitter account suspended. For all of two days.
Heh:
Tags:abortion, Amanda Marcotte, Benghazi, Budget, Charlie Rangel, China, cronyism, Greg Abbott, Holly Hansen, Jeff Bezos, LinkSwarm, Media Watch, Obama Scandals, ObamaCare, Planned Parenthood, Powerline, Tea Party, Todd Kincannon, Turkey, Washington Post
Posted in Budget, Media Watch, Obama Scandals, ObamaCare, Texas | No Comments »
Thursday, July 18th, 2013
Stockton, California can now breath a small sigh of relief. It’s no longer the largest American city to declare bankruptcy. Detroit has filed for Chapter 9 bankruptcy.
Bonus: The city has more than 100,000 creditors.
This is the endpoint of the cradle-to-grave welfare state. Certainly Detroit got there faster than most will, thanks to endemic corruption, horrific mismanagement, and an overwhelmingly unionized (and thus expensive and inflexible) manufacturing base workforce. But the problem of overspending, bloated government, overregulation, declining population and cronyism are endemic to blue states and members of the European Union. Greece’s future is Detroit (with possibly fewer race riots), California’s future is Greece, and deficit spending continues, eventually the United States’ future is that of California.
Tags:Budget, Crime, Democrats, Detroit
Posted in Budget, Crime, Democrats | No Comments »
Thursday, July 11th, 2013
The hot days of summer are here. Texas is now into its usual 100° summer days. However, if it’s any consolation, Death Valley hit a record 129° in June.
Texas’ business climate is a lot like our summers: hot, hot, hot! California’s business climate is a lot like Death Valley: Still and oppressive.
On to the Texas vs. California roundup:
Unemployment claims are up in California.
You know all that talk of California having a small budget surplus? That doesn’t count the $10.3 billion California owes the federal government for unemployment compensation, an amount that is not expected to be paid off until 2020.
Between 2007/8 and 2013/14, “the officially reported unfunded pension liability for state workers through the California Public Employees Retirement System (CalPERS) grew from $31.7 billion to $57.2 billion, an 80.1% increase.”
He, remember that short-lived BART strike? How horribly were the employees “underpaid?” “BART employees — including management and nonunion workers — earn an average of about $83,000 annually in gross pay, contribute nothing toward their retirement and $92 monthly to health insurance. Their pay and total compensation are both the highest in the Bay Area among transit agencies.”
BART’s highest paid employee in 2012? Someone who earned $333,000 and never worked a day that year.
California’s coming health insurance death spiral.
California writer explains why he and his family relocated to Texas.
Did taxes help Dwight Howard decide to leave the Los Angeles Lakers for the Houston Rockets?
Rick Perry retiring means the Texas is losing on of its greatest pitchmen to the business community.
California, bluest of blue states, forcibly sterilized female prisoners. Well, liberal’s love of eugenics goes back at least as far as Margaret Sanger…
Tags:California, eugeneics, Margaret Sanger, ObamaCare, Texas, unemployment, unions, waste, Welfare State
Posted in Budget, ObamaCare, Texas, unions, Waste and Fraud, Welfare State | No Comments »
Wednesday, July 10th, 2013
The ongoing European Debt Crisis hasn’t ended, it’s merely undergoing a summer hiatus while the various bankers and Eurocrats involved in the shell game take their customary 8 week vacations. As such, expect a new round of crisis headlines to come rolling in during the fall.
Remember: The purpose of the shell game is to let insiders unload their bad debts onto taxpayers. (Look how it was done in Ireland for pointers.) The shell game will continue as long as the insiders can get away with buying off restive electorates with an unsustainable cradle-to-grave welfare state.
Europe’s present is our future.
Once again, Greece is being given money to pretend to reform. Look for more fake austerity, and another bailout in six months.
“Greece will never repay the money it’s been lent to ‘save’ it. The current debate over whether Greece has done enough by way of reform, tax hikes and spending cuts to have earned the next tranche of bailout funds is largely beside the point. If Greece is cut loose, or walks away, its euro-zone creditors will lose their money. The Greeks and the Germans are surely both aware of this. They’re also aware that Greece’s external debt position is far worse than when the bailouts began—when its debt stood at a mere 129% of GDP—and that any talk of debt sustainability in Greece has become a joke.” It’s now at 157% of GDP.
Predictably, Greek unions respond to more fake austerity and staff cuts by extending strikes.
Europeans realize that their governments are corrupt. Those who think they’re not corrupt? “In Spain that number is just 8 percent. In Italy, it’s 13 percent. And Greeks and Portuguese have the least trust in the world regarding their governments’ efforts: Just 1 percent of respondents say their government is making strides against corruption.”
And just how corrupt is Greece? “Politicians and journalists are viewed as on the take by most Greeks with 50 percent also saying they’ve had to bribe public officials to get services.”
Eurozone unemployment hits all time highs.
The EU is preparing a banking union bill. No word on whether it will require depositors to take haircuts like those in Cyprus in the event of a bank failure.
And speaking of bank failures, there are rumblings that Slovenia will require a bailout.
Portugal is still trudging through their own bank bailout…
…despite which they may still need another bailout.
Italy could be forced to beg for a bailout in six months.
UK actually proposes to roll back some 35 EU laws. This may be the first sign that Cameron’s wet Tories have actually noticed how effectively Nigel Farge’s UKIP is eating into their base…
UKIP itself says it’s a threat to the entire political class Well, let’s hope so…
Latvia is now set to join the Euro on January 1, 2014.
Tags:Budget, Euro, Europe, European Debt Crisis, Greece, unions, waste, Welfare State
Posted in Budget, Economics, Foreign Policy, unions, Waste and Fraud, Welfare State | No Comments »
Thursday, June 27th, 2013
Time for another update of just how hard Texas is kicking California’s ass:
Chuck DeVore has the skinny on California’s recent “growth:”
The BEA revised California’s real GDP growth downward from 2009 to 2011 in each of three years by a cumulative 2.6 percent, the third-largest negative revision in the nation.
In other words, California’s economy shrank an additional 2.6 percent before it grew 3.5 percent.
So, in the past five years California’s real GDP contracted 0.3 percent, one of ten states where economic activity was less in 2012 than it was in 2008.
By contrast, the BEA revised Texas’ growth upward by 0.5 percent from 2009 to 2011.
Texas’ newly revised real GDP growth from 2009 to 2012 was 13 percent.
From 2009 to 2012, California’s share of the U.S. economy shrank from 13.1 percent to 12.9 percent while Texas’ portion of the American economy increased from 8.2 percent to 9 percent.
Walter Russell Mead joins in:
What should be the Federer vs. Nadal of state-level competition has become a lopsided trouncing: Texas has humiliated its opponent in straight sets. The federal Bureau of Economic Analysis is out with its state-by-state economic growth numbers for 2012, and Texas is dancing the two-step all over California’s “recovery.”
“Texas and California provide real-world results from the so-called laboratory of democracy — the states. The results aren’t even close. Texas wins and has been winning for years. California, champion of the big government blue state model, is in a death spiral. Texas, champion of the small government red state model, continues to grow and lead the way.”
California Democrats lose their supermajority, so they have to get one last “screw you” tax hike in.
California’s legislature has the highest salary in the country. (By contrast, Texas legislators make $600 per month, plus a per diem that’s currently $139 for every day the Legislature is in session.)
The Nanny State wants to regulate nannies. “Yo dawg, I heard you liked nanny states, so I put the nanny state in charge of your nannies so the nanny state nannies can nanny nannies.”
Billionaire Texas Democrat seeks to reform California pensions. Might want to pop some popcorn for this one. (Arnold does indeed give primarily to Democrats, but recently he’s also made contributions to Ted Cruz ($2400 in 2011), Tom Coburn and the RNC, plus a relatively paltry $200 donation to John McCain in 2010.)
Remember: If you’re going to kill somebody, it’s far better to do it in California than Texas. “At the pace the state has executed inmates over the last 35 years – roughly one execution every three years – it would take the state about 2,000 years to clear its backlog.” Why is why rail-traveling serial killer Angel Maturino Resendiz was executed after 7 years in a Texas prison, but “Night Stalker” Richard Ramirez spent 23 years living at the expense of California taxpayers before dying of natural causes.
California city of Atwater avoids bankruptcy by the skin of its teeth. Naturally, public employee unions are saying that now is the time to get raises…
Speaking of unions, even they are having problems with ObamaCare.
United Farm Workers picket United Farm Workers. No, that’s not a typo.
Tags:Atwater, California, Chuck DeVore, Crime, death penalty, ObamaCare, Texas, unions, Walter Russell Mead, Welfare State
Posted in Budget, Crime, ObamaCare, Texas, unions, Welfare State | No Comments »
Monday, June 17th, 2013
Time for another Texas vs. California roundup!
California’s mullet budget: conservative in the front, but with a long greasy, tangled mane of liberal spending and debt in the back.
“Public pension costs are increasing simply because liabilities are growing faster than assets….To meet the rate at which pension liabilities were growing in 1999, Calpers needed the Dow to reach 30,000 by now.”
“California still has a mammoth long-term pension gap. If it used the same pension accounting standards as private companies must, its total debts would be a terrifying $1 trillion.”
What does the future look like in California? Well, take a look at Detroit, another one-party liberal Democrat fiefdom, where decades of chronic overspending and mismanagement are leading to a bankruptcy filing which will screw bond-holders and pensioners alike.
Speaking of bankrupt cities that can’t pay their bills, Stockton is paying out $5.1 million in settlements for retirees who are losing their health benefits due to the bankruptcy.
Some inside baseball news on maneuverings in the Stockton and San Bernardino bankruptcies.
Due the huge looming deficits, California’s public employee unions have had to accept wage cuts. Ha, just kidding! They’re getting raises.
California’s highest court rules that privacy rights don’t apply to you if public employee unions want your money.
Despite high electric rates, California is shuttering one of its nuclear power plants.
Thanks to California’s implementation of ObamaCare, Aetna is exiting the individual insurance market there.
Rick Perry travels to Connecticut to woo gun manufacturers to relocate to Texas.
Why NBA All-Star Dwight Howard might join the Houston Rockets: Texas’ lack of a state income tax.
Tags:Budget, California, Democrats, Detroit, nuclear power, San Bernardino, Stockton, Texas, unions, waste, Welfare State
Posted in Budget, Democrats, Texas, unions, Waste and Fraud, Welfare State | No Comments »
Monday, May 27th, 2013
Forbes makes the same point that I have made repeatedly: Austerity has not been tried and failed in Europe, it has been found difficult and left untried.
The official figures show that PIIGS governments embarked on massive spending sprees between 2000 and 2008. During this period, their combined general government expenditures rose from 775 billion Euros to 1.3 trillion – a 75 percent increase. Ireland had the largest percentage increase (130 percent), and Italy the smallest (40 percent). These spending binges gave public sector workers generous salaries and benefits, paid for bridges to nowhere, and financed a gold-plated transfer state. What the state gave has proven hard to take away as the riots in Southern Europe show.
Then in 2008, the financial crisis hit. No one wanted to lend to the insolvent PIIGS, and, according to the Keynesian narrative, the PIIGS were forced into extreme austerity by their miserly neighbors to the north. Instead of the stimulus they desperately needed, the PIIGS economies were wrecked by austerity.
Not so according to the official European statistics. Between the onset of the crisis in 2008 and 2011, PIIGS government spending increased by six percent from an already high plateau. Eurostat’s projections (which make the unlikely assumption that the PIIGS will honor the fiscal discipline promised their creditors) still show the PIIGS spending more in 2014 than at the end of their spending binge in 2008.
Remember: Real austerity is cutting budgets until receipts match outlays. In Europe this hasn’t been tried outside the Baltic states. Meanwhile, Japan has been trying Keynesian stimulus for two decades and has nothing to show for it but a mountain of debt.
Or take this abstract (I’m still working through the actual paper) from German Institute for Economic Research economist Georg Erber: “The core thesis of the paper is that taking a close look at the actual statistics available from Eurostat on the PIIGS-countries plus Cyprus, one finds little empirical evidence that the governments there have de facto reduced their total public expenditures.”
Keynesian pump-priming hasn’t worked in Europe. Could real austerity (i.e., cutting budgets until they’re balanced) work to restore growth in Europe (and here)?
Why not actually try it and see?
Tags:Budget, Economics, European Debt Crisis, PIIGS, Welfare State
Posted in Budget, Economics, Welfare State | No Comments »
Tuesday, May 21st, 2013
Who’s next on the California bankrupt city hit list? Well, USA Today has been kind enough to take a stab at it, and offers up the following likely candidates, listed alphabetically:
Atwater
Asuza
Compton
Fresno
Hercules
Mammoth Lakes
Monrovia
Oakland
San Jose
Vernon
Wait, Vernon? Vernon hasn’t already declared bankruptcy? The city that would probably win “Most Corrupt City in California” if not for stiff competition from Bell?
If I had to wager, I’d pick Vernon, though Compton and Mammoth Lake are also good candidates…
Tags:bankruptcy, Bell, California, Democrats, Vernon
Posted in Budget, Democrats | 2 Comments »
Friday, May 10th, 2013
For a shocking change of pace, the Friday LinkSwarm will be on Friday:
“How can we ‘gun people’ honestly be expected to come to the table with anti-gunners when anti-gunners are willfully stupid about guns, and openly hate, despise and ridicule those of us who own them?” Read the whole thing.
Sheila Jackson Lee wants a National Gun Registry.
The lovely qualities of Jihadi Facebook pages: “The further I crawled down the extremist rabbit hole and the more caved-in skulls and headless corpses I saw.”
Union politics helped create the Baltimore Booty House.
“The Euro cannot be destroyed by any craft that we here possess. It was made in the fires of Frankfurt. Only there can it be unmade.” What does it say when Sauron wants the ring, er, Euro destroyed as well? Though once again: Austerity hasn’t failed in Europe, it hasn’t been tried.
“It was one thing to do amnesty during the white hot Reagan economy of the mid to late 80s. It’s quite another to do it in the midst of the Obama depression.”
Harry Reid unwilling to bargain in raising the debt ceiling? I say fine and dandy. Just cut government spending across the board until the budget is balanced.
“Detroit in worse shape than previously thought.” I don’t see how that statement can be true for any story that doesn’t include the word “cannibalism.”
London mayor Boris Johnson thinks it would be a good thing for democracy if the UK were to just walk away from the EU.
Travis County Democratic District Attorney Rosemary Lehmberg is out of the clink after serving half a 45 day sentence for DWI. A jury will evidently determine “whether her drunken driving was habitual or whether the recent arrest was the result of a one-time event.” Because lots of people without alcohol problems suddenly decide “Hey, I’m going to go cruising around town with an open bottle of vodka and a blood alcohol level of .239! That sounds like a great idea!” I might believe that…if Lehmberg was 21.
Ted Cruz 1, Obama 0:
Tags:amnesty, Boris Johnson, Budget, Crime, Detroit, Euro, Guns, Illegal Aliens, Obama, Rosemary Lehmberg, Sheila Jackson Lee, Ted Cruz, unions
Posted in Austin, Budget, Crime, Guns, Texas | No Comments »