On Sunday, August 7's "Meet the Press," of everybody at the table, only Alan Greenspan came close to truth, and host David Gregory quickly moved the conversation away from it. The pre- and post-debt ceiling debacle argument about economic policy has been firmly framed as (A) spend more, borrow more and tax the rich more to stave off the bankruptcy the spending and borrowing must inevitably bring, versus (B) cut spending, shrink government to live within its income and reduce taxes to liberate economic recovery, slow as it must now be. It's a false debate de-linked from the chief, true... continue reading
To hear MSNBC's new class clown Lawrence O'Donnell explain it, most voters "don't really know anything about the economy." If he's correct, then we can lay the blame squarely on the media and the left for years of twisting and misreporting economics and the nation's financial picture. Just look at recent events. We have a president who blamed ATMs as one of the "structural issues with our economy." To Obama, technological advancement and convenience are problems. I guess I should go back and look at his last tax filing and see if he still has stock in buggy whip manufacturers,... continue reading
In a letter to the editor, published in the Northern Wyoming Daily News, Bruce L. Hargraves, USN Retired, wrote: "I object and take exception to everyone saying that Obama and Congress are spending money like a drunken sailor. As a former drunken sailor, I quit when I ran out of money." It is obvious they have no intention of scaling back, let alone quitting until they have run out of everybody's money and credit . The debt ceiling war wound up a meaningless and petty duel between two political parties. Both were still committed to cutting little and to pushing... continue reading
Happy Birthday to me, Happy Birthday to me, I'm narcissistic you see, Happy birthday to me. It's the perfect romance: a man who loves to be loved and, well, his biggest fan - himself. It's hard to tell if we should mark August 4 as Barack Obama's 50th birthday or his 50th anniversary with himself. In ordinary times, a concept now long-forgotten in Washington, we'd commemorate the president's birthday with cake and candles. This anniversary is appropriately marked by the red ink of debt - trillions more than ever before. "One nation under debt" should be our new motto as... continue reading
While we have been arguing about how many more trillions to borrow - and spend as fast as we can - based on the asinine premise that taking on more debt should be reassuring about our solvency, reports in The Washington Post, Wall Street Journal and elsewhere have painted a picture of Afghan bureaucrats, contractors and bankers daily boarding airplanes with suitcases stuffed with tens of millions of dollars of our cash. More than $2-billion of U.S. money intended for Afghan construction has been funneled right to the Taliban, and U.S. Treasury agents at the Afghan central bank abandoned attempts... continue reading
On the FOX financial show, "Cashin' In," on July 11, a discussion broke out over a new scheme to subsidize employers' hiring of ex-convicts. The plan would give employers $2,400 in tax credits and some new, free, government insurance against theft by the ex-cons. Now, nobody said as much, but this may be response to the sudden surge in the ex-con population, as bankrupt states with overcrowded prisons voluntarily or by court order are emptying cells early, wholesale. It may even be a good idea, given that recidivism is costly and the number one factor in recidivism, particularly for first... continue reading
This past week, Little Timmy the Treasury Secretary made a remarkable public confession, which of course the mainstream media barely noticed. He said that the administration was trying different things and experimenting with their best ideas about the economy. Trying. Experimenting. The Obama administration has traveled far, from arrogant campaign certainties to admitting that they're running experiments - the experiments of amateurs, turning out badly. We have to appreciate Tim's sudden burst of honesty. It's refreshing to hear Obama's pick for running the entire economy (despite being guilty of tax evasion) confess the obvious, that they haven't the faintest idea... continue reading
Actor David Schwimmer, best known as the sad-sack Ross Geller on the hit '90s sitcom 'Friends,' is now bemoaning the sex-saturated Hollywood business atmosphere and its corrosive effects on society, and women in particular. The first question many Hollywood critics should ask: Isn't it curious that Schwimmer would care about this issue - after he earned a million dollars per episode on one of the most sex-obsessed sitcoms of all time? Schwimmer granted an interview to the British newspaper the Telegraph promoting his new film'Trust,' which opened July 8. 'Sex sells and unfortunately there's this inbuilt hypocrisy in our society:... continue reading
Two years ago, UN researchers were claiming that it would cost "as much as $600 billion a year over the next decade" to go green. A new UN report has more than tripled that number to $1.9 trillion a year for 40 years. That's $76 trillion, or more than five times the entire Gross Domestic Product of the United States ($14.66 trillion a year ). It's all part of a "technological overhaul" "on the scale of the first industrial revolution" called for in the annual report. Except the UN will apparently control this next industrial revolution. The new 251-page report... continue reading
Last week I wrote about the FDA's big announcement of its new labeling requirements for sun tan lotion. It was clearly an urgent priority worth whatever months and millions devoted, at this time when every penny of government spending that can be cut or delayed should be. On the heels of that vital accomplishment, comes the asinine applying of photographs of cancer-riddled, suffering victims to cigarette packages. Some in the media gently questioned whether such drama would actually discourage smokers, but I heard no one ask the more profound question: what in the devil are we doing expending dollars we... continue reading