Clever. And sobering.
Barack Obama, Economy, Fleecing the Taxpayers, government bailouts, Washington D.C. / No Comments
the French start sounding more sensible than the Americans on economic policy.
Read about President Sarkozy’s comments on capitalism here. The Newsmax piece starts with this:
French President Nicolas Sarkozy says that the economic maelstrom that has captivated the world’s attention for the last 17 months is “not a crisis of capitalism” but, in actuality, a breakdown of a system that has “drifted away from capitalism’s most fundamental values.”
For a re-cap of how the U.S. drifted, here’s a pretty good (short) op-ed from the WaPo (August). Title: Is Capitalism Dead? The market that failed was not exactly free.
Barack Obama, Economy, Energy Policy, Harry Reid, Yucca Mountain / No Comments
Harry Reid said the following in a newsletter to his constituents yesterday:
“In his budget request for 2010, President Obama will announce plans to devise a new strategy to find another solution to deal with the nation’s nuclear waste that does not include storing it in Nevada.”
This is a shame if so. The Yucca Mountain project currently employs hundreds of people and stands to employ thousands more, not to mention the nearly $100 billion it would bring into the hurting state economy.
The operation of nuclear energy plants and the transportation, recycling, and storage of spent nuclear fuel can be done quite safely these days - in fact is done safely all over Europe - but apparently Harry Reid is not going to let the facts get in the way of politics-per-usual and a Wednesday press release. (More on the latest with Yucca here.)
This is the second time in less than three weeks an Obama agenda item has dealt a heavy blow to Nevada’s economy. What was the first, you ask? This offhand comment recently made at a townhall meeting:
“You are not going to be able to give out these big bonuses until you’ve paid taxpayers back, you can’t get corporate jets, you can’t go take a trip to Las Vegas or go down to the Super Bowl on the taxpayers dime.”
Rich Becker wrote an excellent piece on the fallout of that comment, which summed up is this:
Companies are now scrambling to avoid the “stigma” of holding company functions in Las Vegas and millions of dollars have been lost due to cancelled rooms and convention events. (These organizations aren’t really cancelling the events; they’re just relocating them. To sunny California, mostly.) And the tremendous loss of room revenue, convention business, enertainment dollars, and gaming revenue is going to lead to even more layoffs than Nevada’s already seen.
So where are Harry Reid (and Dina Titus) with their outrage and big press releases when Nevada’s economy really needs them? Busy rubbing elbows with a president who clearly doesn’t give a damn about the what’s best for the Silver State.
I guess Nevada is now “blue” in more ways than one.
But don’t just stand there and cry, good citizens. You can do something:
Congress, Economy, Fleecing the Taxpayers, government bailouts, Government Spending, Taxation / No Comments
Leslie Carbone, on tomorrow’s Stimulus anti-Stimulus vote in the House, that is.
2008 Elections, Balanced Budgets, Barack Obama, Economy / No Comments
Like many Americans last week, I tuned in for the 30-minute Barack-o-mercial.
In between the anecdotal close-ups of struggling American families – a widow working two jobs and raising two kids; a husband and father worried about his job at the Ford plant – I noted that Obama’s megacommercial failed to present hard data on the cost of his proposed programs and said nothing about our huge federal deficit and the corresponding budget pressures he will face once in office.
Obam’s description of his health care plan – which “includes improving information technology, requires coverage for preventive care and pre-existing conditions, and lowers health care costs for the typical family by $2,500 a year” – sounds very nice, but there has been no independent economic analysis confirming that costs will really be reduced by that (or any) amount.
Obama simply Hopes that spending $50 billion on his proposed Changes over the next five years will save the system money. But even if his optimistic estimates prove out, Obama’s plan does not stipulate that the net savings by insurance and health care providers will result in lower premiums for consumers.
And then we have Obama’s promises to “cut taxes for every working family making less than $200,000 a year… Give businesses a tax credit for every new employee they hire… Eliminate tax breaks for companies that ship jobs overseas… Help homeowners by freezing foreclosures for 90 days… Provide low-cost loans to help small businesses pay their workers and keep their doors open…”
Independent analysts have estimated that combined with our current budget shortfalls, these and other of Obama’s proposals will likely result in a $1 trillion deficit next year. That being unthinkable, some purging will be necessary. But which of his programs will Obama cut, and why has he been promising all of them if he knows at least some must go?
Though much of his infomercial focused on the “hard realities” of life for select American families, Obama seems unwilling or unable to face reality himself. It seems he could stand to learn something from that widowed mother of two who has to settle for half instead of whole gallons of milk when the money runs short – and doesn’t promise her family otherwise on the way to the store.
According to Yahoo! Finance, Nevada is behind only California, Arizona, and Florida in terms of total state budget shortfall.
Nevada’s budget gap is 16% of the total state budget or $1.2 billion.
Nevada has the worst foreclosure rate in the nation, and falling tourism and gambling revenues has slowed the economy dramatically.
A special legislative session in June resulted in budget caps and cuts, but it’s quite likely another special session will have to be called – after the elections in November.
Adapted by Elizabeth Crum - E!! - from “A kingdom for a stage” by William Shakespeare [from Henry V]
O for a Muse of moderation, that would ascend
The brightest netwave of invention,
A kingdom for a sage, senators to act
And bloggers to behold the swelling scene!
Then should the warlike pol, like Reagan,
Assume the port of Mars; and at his heels,
Leash’d in like hounds, should dollar and dividend
Crouch for employment. And pardon not, O Blogivists,
The doltish congressmen who dare
On their unworthy stage to recommend forth
Their idiotic plans: can that intellectual vacuum hold
The vasty notions of fiscal responsibility? Or will we cram
Within this week the very blunders
That did affright the kings of Wall Street?
O, pardon! since a crooked politician may
Protest while pocketing a million;
So let us, Bloggers in this great sphere,
Type, click and upload on screens galore.
Today within the corridors of Congress
We see confined two indistinguishible parties,
Whose egos are exceeded only by their greed
And perilous corruption splits all asunder:
Piece out their imperfections with your posts;
Into a thousand parts divide their rhetoric,
And make it clear to all who rule this realm:
The Blogosphere, in all its glory rides
Printing our apt remarks i’ the receiving Web;
For ’tis our thoughts that now shall thump our kings,
Chase them here and there; Twittering and
Turning the empty accomplishment of many years
Into pithy posts: for the further supply of which
Welcome us Bloggers to this great Webstory;
We pundit-like your online reading pray,
Bookmark our blogs, and kindly judge our daily Play.