Profile of Jim DeMint’s replacement, new South Carolina Senator Tim Scott: “One of the most threatening places to be in politics is a black conservative…there are so many liberals who want to continue to reinforce a stereotype that doesn’t exist about America. That somehow, some way, if you’re a Republican you’re a racist and if you’re black, there’s no chance for you in society.”
35 years ago, the Chicago Sun-Times exposed the city’s corruption in the Mirage tavern series. Does anyone think Chicago is any less corrupt today? Why don’t they have the balls to do something like that now? (Hat tip: Dwight.)
Judging from the Fiscal Cliff votes, the United States appears to be eager to follow in the footsteps of Greece and California, rushing to unsustainable spending, crushing debt loads and inevitable bankruptcy, rather than following the lead of Texas and the Red State model of debt-free limited government and free enterprise. So let’s see where the two states are, shall we?
Via Reason comes a link to the website Pension Tsunami, which contains much of interest for those charting California’s decline.
One method California cities are using to continue funding their heroin outrageous pension spending habit is issuing Pension Obligation Bonds, where they sell bonds to pay for pension obligations and then invest them. Indeed, some that got burned by the tactic in the 1990s (like Oakland) are trying again. “Bonds issued in 1997 were, on average, underwater in 2007, even before the stock market crash…’That’s like a compulsive gambler telling you that he has to bet it all on red to make up for his past losses.’”
“Bankruptcy is the best bet most cities have for getting out of their crushing health and retirement obligations to public workers….Government employee compensation, mostly for health and retirement, is at the heart of nearly all the current and looming municipal bankruptcies across the country.”
Over at TPPF, Chuck Devore wonders why Californians don’t stage a tax revolt. “In the meantime, Texas will be more than happy to receive into its welcoming arms people who want to work hard, invest, and create jobs.”
“Good afternoon, and welcome to the Lipsky Extreme Lobbying Seminar. And by ‘Extreme,’ I mean both our proven seminar methods and the profits you’ll be raking in after you get out of here.”
“Is that why we’re wearing the shock collars?”
“Got it in one! Immediate, painful correction is necessary for maximum learning in minimum time. You’ll learn more here in three hours than three years of law school. Now, on to the topic at hand: Emergency funding bills. Today’s example: the relief bill for Superstorm Sandy. Now, let me ask you bright boys and girls a question: What should go in an emergency relief bill. Mr. Smith?”
“Uh, emergency relief for victims of AGGGHHHHHHHHHHH!!!!!”
“Sorry, Mr. Smith, but Mr. Shock Collar says you’re mistaken. Anyone else? Mr. Dewey?”
“Whatever a lobbyist client pays for?”
“Ding ding ding! Correct on all counts! Now, can someone give me an example of an ideal item to put in an emergency spending bill? Mr. Smith?”
“Uh, $5 million for emergency power generAGGHHHHHHHHHH!”
“Sadly, it appears that Mr. Smith is a slow learner. Ms. Cheathum?”
“$150 million for Alaskan fisheries?”
“Correct! Mr. Howe?”
“$188 million for Amtrack?”
“Excellent! Mr Smith?”
“$20 million for tearing down flood damaged AGGGGGGHHHHHHHHHHH! Why does learning have to be so painful???”
“Pain is just stupidity leaving the body. Mr. Solitary?”
“$600 million for a global warming slush fund?”
“Brilliant! That’s thinking big! Mr. Smith, care to give it one last try?”
“$188 million for hurricane cleanAGGGHHHHHHHHHH I mean tunnels! Random tunnels!”
“I’m glad to see that my proven learning methods have finally gotten through to Mr. Smith. Class dismissed.”
In addition to both Texas Senators (John Cornyn, who should have known better, and the retiring Kay Baily Hutchison, who came in like a lion and is going out like a RINO; thank God Ted Cruz is replacing her), four Republican Texas congressmen voted for the “Fiscal Cliff” tax hike deal:
Write your senators and congressmen to let them know you oppose any “Fiscal Cliff” deal that doesn’t include substantial entitlement reform and real spending cuts, not dummy out-year cuts that will never happen. Write them now, because they will come under tremendous pressure to cave into big spending, big taxing Democrats desperate to keep that deficit spending heroin flowing.
Deficit spending will destroy our economy. The problem is not that we’re undertaxed, the problem is that the federal government spends insanely more money than we have in order to fund a vast array of crony capitalists, special interest groups, and permanent dole underclass for Democrats to milk for votes. If we continue down the current road, we will end up like Greece. There’s time to avoid going over the falls, but it’s getting shorter all the time.
Without spending reform, there’s a good chance that this nation of the people, by the people and for the people may very well perish from this earth.
I hope you’ve been enjoying your mythical Mayan Apocalypse.
But there’s a real, slow motion apocalypse that’s been going on all around you, and nobody is panicking about it, at least not in the open. I’m not talking specifically about the fiscal cliff, which is only a symptom of the problem rather than the problem itself.
The real apocalypse is out-of-control federal spending, and the tsunami of debt it’s creating. And I don’t feel “apocalypse” is too strong a word. Excessive debt destroys economies. When the money printing presses run unchecked for years on end, hyperinflation is the inevitable result.
The only reason we’re not suffering from hyperinflation right now is that Europe is sucking worse than we are. The Spanish economy is failing. The Greek economy has already failed. Were it not for that, it’s likely our huge budget deficits and the Fed’s printing presses would have already caused the Euro to replace the dollar as the world’s reserve currency. And, as Mark Steyn is fond of pointing out, Germany’s economy is big enough to bail out Greece and Spain. No one’s economy is big enough to bail us out.
Obama and the Democratic Party has wagered our future on the proposition that they can run trillion dollar deficits for years on end without destroying the value of the American dollar. If they’re right, they deserve to win, since everything we know about economics is wrong, and we can just print dollars until we’re all rich.
But the fundamental laws of economics haven’t been repealed. A reckoning is coming, and it’s going to destroy savings, economies and lives. And professional politicians, the Democratic Party, lobbyists and their mainstream media enablers would prefer to talk about anything else but the looming catastrophe. No wonder they want to talk about gun control and “the war on women.” Anything to keep the con game going until they’ve sucked the body politics dry. Just keep that deficit spending heroin coming.
The only question about that reckoning is exactly when it’s coming, and exactly how bad it will be. If we’re lucky, it will only be as bad as Argentina 2001. If we’re not, then we’re talking Weimer Germany 1921-23.
“Why would you leave $25 million on the table?” Oh gee, I don’t know, but maybe because you have to pay back $34 million on your risky $2.5 million loan? Math, liberal! Do you speak it?
Speaking of TPPF, they linked to this Dallas Fed report, which shows that the Texas economy continues to hum along. “Texas added 22,900 jobs in October, lowering its unemployment rate in October to 6.6 percent, down from 6.8 percent in September and 1.3 percent below the national average of 7.9 percent.”
Krauthammer: Republicans would be insane to take the “taxes now with a promise to consider cuts later” non-deal Obama is offering.
Especially since Obama’s tax hike “would have reduced the 2012 deficit from $1.10 trillion to $1.02 trillion.”
The national election was disappointing, but here in Texas Republicans continues to make gains. “Overall we have 796 more Republican elected officials in the State of Texas today than we did in 2008.”
Former Texas Democratic congressman Jack brooks has died.
And in case it got lost in the election night news, Steve Stockman, the Republican who retired Brooks in the 1994 election, is returning to congress representing the 36th district.
Displaying a willingness to perceive reality heretofore unguessed at, the Michigan senate passes right-to work legislation. Tomorrow: David Letterman’s Cold Day in Hell Special.
School goes into lockdown because a student brought…a thermometer.
Save the life of a fellow employee at AutoZone? That’s a firing. (Hat tip (last two): Alphecca.)
Once you find out that PSY once sang “Kill those f*cking Yankees who have been torturing Iraqi captives/Kill those f*cking Yankees who ordered them to torture/Kill their daughters, mothers, daughters-in-law and fathers/Kill them all slowly and painfully,” suddenly “Gangnam Style” doesn’t seem quite so amusing.
Lots of larger pieces in various stage of construction, but rather than put them up when everyone is getting ready for Thanksgiving, here’s a quick LinkSwarm:
Former Sen. Warren Rudman dead at age 82. Gramm-Rudman-Hollings really worked at controlling the deficit. That’s why Democrats had to kill it.
Israel and Hamas agree to a ceasefire. Pretty much ensuring that we’ll go through this whole charade again a year or two down the road.
The Bakery, Confectionery, Tobacco and Grain Millers Union, having been given a second chance by a federal judge, decided that the first hole in their foot just wasn’t big enough and decided to shoot again. Hostess is still dead.
Two weeks after wining reelection, and facing an FBI probe for corruption, Jesse Jackson, Jr. resigns. Like father like son.
Another quick update on the respective fates of our nation’s two biggest states:
In case you didn’t notice, California Democrats now have a super-majority in the legislature, which means they can raise taxes to their heart’s content. That should only heighten the difference between California’s Blue State model and Texas’ Red State model.
California spends far more money on its welfare state that Texas, but has greater income inequality.