Tag: bankruptcy
Out of Ideas, Governments Try a Bank Heist
According to a federal report, businesses nationwide remain reluctant to hire because of Obamacare.
According to a federal report, businesses nationwide remain reluctant to hire because of Obamacare.
Earlier this month, the Fed released its latest “beige book” – a monthly report on economic conditions across the country. The book noted that employers across the country have “cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff.”
And it is only going to get worse. Read the whole article. The new taxes imposed by Obamacare are going to crush the healthcare industry.
According to a federal report, businesses nationwide remain reluctant to hire because of Obamacare.
Earlier this month, the Fed released its latest “beige book” – a monthly report on economic conditions across the country. The book noted that employers across the country have “cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff.”
And it is only going to get worse. Read the whole article. The new taxes imposed by Obamacare are going to crush the healthcare industry.
“[We] don’t think there’s a problem.”
The Democratic Party leadership: “The debt is not endangering us a bit — not at all.”
And then there’s this comment on Wednesday from President Obama: “We don’t have an immediate crisis in terms of debt.”
The Democratic Party leadership: “The debt is not endangering us a bit — not at all.”
And then there’s this comment on Wednesday from President Obama: “We don’t have an immediate crisis in terms of debt.”
The first Democratic Party budget from the Senate in four years calls for a 62% increase in federal spending over the next ten years.
Fiddling while Rome burns: The first Democratic Party budget from the Senate in four years calls for a 62% increase in federal spending over the next ten years.
The worst aspect of this story is that this is what the voters requested in the November elections. Bankruptcy, here we come!
Fiddling while Rome burns: The first Democratic Party budget from the Senate in four years calls for a 62% increase in federal spending over the next ten years.
The worst aspect of this story is that this is what the voters requested in the November elections. Bankruptcy, here we come!
The top ten organizations slashing jobs and hours in order to deal with Obamacare.
The top ten organizations slashing jobs and hours in order to deal with Obamacare.
And we’ve only just begun!
The top ten organizations slashing jobs and hours in order to deal with Obamacare.
And we’ve only just begun!
NASA has clamped down on travel expenses, reducing it by 30 percent in the past year.
My heart bleeds: NASA has clamped down on travel expenses, reducing it by 30 percent in the past year.
I’ve been to too many science conferences where there was a whole slew of NASA engineers and scientists from all across the country, there because they were getting a free ride from the taxpayer. Often it was absolutely worthwhile for NASA engineers or scientists to be there. More often, it was a complete waste of money that could have been used elsewhere to better effect.
In related news: NASA’s inspector general has suggested the agency could save a lot more money by closing many of its almost 5,000 facilities nationwide.
Here too I’ve visited many NASA operations and found the work being done there redundant, completely unnecessary, or there was no real work being done at all. In the last case a lot of what I’ve seen is featherbedding, this time imposed by Congress to keep the money flowing to their constituents as pork. Unfortunately this last fact will probably make it very difficult to shut any of these facilities, as our representatives, from both parties, appear completely uninterested in serving the country. They’d rather act as union reps for these government employees.
My heart bleeds: NASA has clamped down on travel expenses, reducing it by 30 percent in the past year.
I’ve been to too many science conferences where there was a whole slew of NASA engineers and scientists from all across the country, there because they were getting a free ride from the taxpayer. Often it was absolutely worthwhile for NASA engineers or scientists to be there. More often, it was a complete waste of money that could have been used elsewhere to better effect.
In related news: NASA’s inspector general has suggested the agency could save a lot more money by closing many of its almost 5,000 facilities nationwide.
Here too I’ve visited many NASA operations and found the work being done there redundant, completely unnecessary, or there was no real work being done at all. In the last case a lot of what I’ve seen is featherbedding, this time imposed by Congress to keep the money flowing to their constituents as pork. Unfortunately this last fact will probably make it very difficult to shut any of these facilities, as our representatives, from both parties, appear completely uninterested in serving the country. They’d rather act as union reps for these government employees.
Hoyer told employees at the Goddard Space Flight Center yesterday that sequester might force some layoffs there.
My heart bleeds: Congressman Steny Hoyer (D-Maryland) told employees at the Goddard Space Flight Center yesterday that sequester might force some layoffs there.
So, who does Hoyer work for, the employees at Goddard or the taxpayer? He apparently thinks he is the union rep for government employees.
My heart bleeds: Congressman Steny Hoyer (D-Maryland) told employees at the Goddard Space Flight Center yesterday that sequester might force some layoffs there.
So, who does Hoyer work for, the employees at Goddard or the taxpayer? He apparently thinks he is the union rep for government employees.
The budget battle at NASA
Two stories today highlight not only the budget problems at NASA, but also illustrate the apparent unwillingness of both Congress and Americans to face the terrible budget difficulties of the federal government. In both cases, the focus is instead on trying to fund NASA at levels comparable to 2012, before the Obama administration or sequestration had imposed any budget cuts on the agency.
It is as if we live in a fantasy world, where a $16 trillion dollar debt does not exist, and where money grows on trees and we can spend as much as we want on anything we want.
» Read more
According to conservatives sources in the House, the Republican leadership killed a measure to defund Obamacare.
According to conservatives sources in the House, it was the Republican leadership that killed a measure to defund Obamacare.
With friends like these, who needs enemies?
According to conservatives sources in the House, it was the Republican leadership that killed a measure to defund Obamacare.
With friends like these, who needs enemies?
The Democrats in the Senate are about to introduce their legally required annual budget — for the first time in four years.
Pigs fly! The Democrats in the Senate are about to introduce their legally required annual budget — for the first time in four years.
Not that this budget will do much to solve the federal debt, as it will likely continue the out-of-control spending and is expected to be loaded with new taxes galore.
On that note, has anyone but me noticed this tendency of the modern Democratic Party to grab and grab and grab? They want a blank check in spending, for their own uses, while repeatedly demanding as much money from everyone else as possible. In another time, this behavior would have been perceived as somewhat power-hungry, even tyrannical.
And then there’s this: “We don’t have a spending problem.” Guess who said it.
Pigs fly! The Democrats in the Senate are about to introduce their legally required annual budget — for the first time in four years.
Not that this budget will do much to solve the federal debt, as it will likely continue the out-of-control spending and is expected to be loaded with new taxes galore.
On that note, has anyone but me noticed this tendency of the modern Democratic Party to grab and grab and grab? They want a blank check in spending, for their own uses, while repeatedly demanding as much money from everyone else as possible. In another time, this behavior would have been perceived as somewhat power-hungry, even tyrannical.
And then there’s this: “We don’t have a spending problem.” Guess who said it.
The dirty little secret of electric cars.
The dirty little secret of electric cars.
A 2012 comprehensive life-cycle analysis in Journal of Industrial Ecology shows that almost half the lifetime carbon-dioxide emissions from an electric car come from the energy used to produce the car, especially the battery. The mining of lithium, for instance, is a less than green activity. By contrast, the manufacture of a gas-powered car accounts for 17% of its lifetime carbon-dioxide emissions. When an electric car rolls off the production line, it has already been responsible for 30,000 pounds of carbon-dioxide emission. The amount for making a conventional car: 14,000 pounds. …
So unless the electric car is driven a lot, it will never get ahead environmentally. And that turns out to be a challenge. Consider the Nissan Leaf. It has only a 73-mile range per charge. Drivers attempting long road trips, as in one BBC test drive, have reported that recharging takes so long that the average speed is close to six miles per hour—a bit faster than your average jogger.
In other words, government subsidies for electric cars are nothing more than another feel-good program, accomplishing nothing.
The dirty little secret of electric cars.
A 2012 comprehensive life-cycle analysis in Journal of Industrial Ecology shows that almost half the lifetime carbon-dioxide emissions from an electric car come from the energy used to produce the car, especially the battery. The mining of lithium, for instance, is a less than green activity. By contrast, the manufacture of a gas-powered car accounts for 17% of its lifetime carbon-dioxide emissions. When an electric car rolls off the production line, it has already been responsible for 30,000 pounds of carbon-dioxide emission. The amount for making a conventional car: 14,000 pounds. …
So unless the electric car is driven a lot, it will never get ahead environmentally. And that turns out to be a challenge. Consider the Nissan Leaf. It has only a 73-mile range per charge. Drivers attempting long road trips, as in one BBC test drive, have reported that recharging takes so long that the average speed is close to six miles per hour—a bit faster than your average jogger.
In other words, government subsidies for electric cars are nothing more than another feel-good program, accomplishing nothing.
What Obama won’t cut: Calligraphers, 77,000 empty buildings, junkets, and robot squirrels.
What Obama won’t cut: Calligraphers, 77,000 empty buildings, junkets, and robot squirrels.
What Obama won’t cut: Calligraphers, 77,000 empty buildings, junkets, and robot squirrels.
An email from the Obama administration confirms their effort to make the sequester cuts as painful as possible, even if it isn’t necessary.
Irresponsible: An email from the Obama administration confirms their effort to make the sequester cuts as painful as possible, even if it isn’t necessary.
Irresponsible: An email from the Obama administration confirms their effort to make the sequester cuts as painful as possible, even if it isn’t necessary.
One week before the sequester cuts took effect, the TSA issued a $50 million contract for new uniforms.
Someone’s lying: One week before the sequester cuts took effect, the TSA issued a $50 million contract for new uniforms.
I find these quotes from the article most interesting:
The TSA employs 50,000 security officers, inspectors, air marshals and managers. That means that the uniform contract will pay the equivalent of $1,000 per TSA employee over the course of the year.
…
The TSA provides uniforms to new employees, but requires its employees to buy their own replacements. “You will be measured for your new uniforms at your first orientation session,” the fact sheet says. “TSA will provide your initial uniform issue consisting of 3 long sleeve shirts, 3 short sleeve shirts, 2 pairs of trousers, 2 ties, and one belt, sweater, socks, and jacket.”
$1,000 per uniform? And only for first time employees? At a time Janet Napolitano is claiming they will be forced to lay off workers because of sequestration? As I said, someone is lying. Or they are so incompetent words fail me.
Someone’s lying: One week before the sequester cuts took effect, the TSA issued a $50 million contract for new uniforms.
I find these quotes from the article most interesting:
The TSA employs 50,000 security officers, inspectors, air marshals and managers. That means that the uniform contract will pay the equivalent of $1,000 per TSA employee over the course of the year.
…
The TSA provides uniforms to new employees, but requires its employees to buy their own replacements. “You will be measured for your new uniforms at your first orientation session,” the fact sheet says. “TSA will provide your initial uniform issue consisting of 3 long sleeve shirts, 3 short sleeve shirts, 2 pairs of trousers, 2 ties, and one belt, sweater, socks, and jacket.”
$1,000 per uniform? And only for first time employees? At a time Janet Napolitano is claiming they will be forced to lay off workers because of sequestration? As I said, someone is lying. Or they are so incompetent words fail me.
The true national debt.
The day of reckoning looms: The true national debt.
Depending on what you include, the number could be as high as $31 trillion, twice what is normally mentioned. Worse, I’ve read other reports that suggest that even this number is low.
But don’t worry! Homeland Security has got us covered with its new fleet of armored vehicles!
The day of reckoning looms: The true national debt.
Depending on what you include, the number could be as high as $31 trillion, twice what is normally mentioned. Worse, I’ve read other reports that suggest that even this number is low.
But don’t worry! Homeland Security has got us covered with its new fleet of armored vehicles!
The sequester in one chart.
We are doomed, but not because of the sequester, but because of how meaningless it is compared to the scale of the debt.
We are doomed, but not because of the sequester, but because of how meaningless it is compared to the scale of the debt.
The Democratically controlled Senate is about to mark up its first budget in four years!
Gasp! The Democratically controlled Senate is about to mark up its first budget in four years!
It appears that sequestration and the expiration at the end of this month of the most recent continuing resolution is finally forcing the Democrats to act responsibly and actually do their job. If (and that’s a very big word) the Republicans stand firm in the House, they might be able to force the Democrats in the Senate to write a reasonable budget. For one thing, if a real budget is passed instead of the continuing resolutions we’ve been stuck with for the past four years — because of the Senate’s refusal to pass a budget — we might finally be able to stop paying for Obama’s so-called onetime 2009 stimulus bill, year after year after year.
Gasp! The Democratically controlled Senate is about to mark up its first budget in four years!
It appears that sequestration and the expiration at the end of this month of the most recent continuing resolution is finally forcing the Democrats to act responsibly and actually do their job. If (and that’s a very big word) the Republicans stand firm in the House, they might be able to force the Democrats in the Senate to write a reasonable budget. For one thing, if a real budget is passed instead of the continuing resolutions we’ve been stuck with for the past four years — because of the Senate’s refusal to pass a budget — we might finally be able to stop paying for Obama’s so-called onetime 2009 stimulus bill, year after year after year.
Hail Armageddon
The Obama administration has every incentive to make the sky fall, lest we suffer that terrible calamity — cuts the nation survives. Are they threatening to pare back consultants, conferences, travel and other nonessential fluff? Hardly. It shall be air-traffic control. Meat inspection. Weather forecasting.
A 2011 Government Accountability Office report gave a sampling of the vastness of what could be cut, consolidated and rationalized in Washington: 44 overlapping job training programs, 18 for nutrition assistance, 82 (!) on teacher quality, 56 dealing with financial literacy, more than 20 for homelessness, etc. Total annual cost: $100 billion-$200 billion, about two to five times the entire domestic sequester.
Are these on the chopping block? No sir. It’s firemen first. That’s the phrase coined in 1976 by legendary Washington Monthly editor Charlie Peters to describe the way government functionaries beat back budget cuts. Dare suggest a nick in the city budget, and the mayor immediately shuts down the firehouse. The DMV back office, stacked with nepotistic incompetents, remains intact. Shrink it and no one would notice. Sell the firetruck — the people scream and the city council falls silent about any future cuts.
After all, the sequester is just one-half of 1 percent of GDP. It amounts to 1.4 cents on the dollar of nondefense spending, 2 cents overall.
The only reason sequestration will cause a shut down of government services will because Barack Obama and his administration choose to do so. Keep that in mind if you discover that lines at the airport have suddenly grow to hours.
The Obama administration has every incentive to make the sky fall, lest we suffer that terrible calamity — cuts the nation survives. Are they threatening to pare back consultants, conferences, travel and other nonessential fluff? Hardly. It shall be air-traffic control. Meat inspection. Weather forecasting.
A 2011 Government Accountability Office report gave a sampling of the vastness of what could be cut, consolidated and rationalized in Washington: 44 overlapping job training programs, 18 for nutrition assistance, 82 (!) on teacher quality, 56 dealing with financial literacy, more than 20 for homelessness, etc. Total annual cost: $100 billion-$200 billion, about two to five times the entire domestic sequester.
Are these on the chopping block? No sir. It’s firemen first. That’s the phrase coined in 1976 by legendary Washington Monthly editor Charlie Peters to describe the way government functionaries beat back budget cuts. Dare suggest a nick in the city budget, and the mayor immediately shuts down the firehouse. The DMV back office, stacked with nepotistic incompetents, remains intact. Shrink it and no one would notice. Sell the firetruck — the people scream and the city council falls silent about any future cuts.
After all, the sequester is just one-half of 1 percent of GDP. It amounts to 1.4 cents on the dollar of nondefense spending, 2 cents overall.
The only reason sequestration will cause a shut down of government services will because Barack Obama and his administration choose to do so. Keep that in mind if you discover that lines at the airport have suddenly grow to hours.
A new GAO report says that Obamacare will increase the federal government’s long term debt by $6.2 trillion.
Who woulda thunk it? A new GAO report says that Obamacare will increase the federal government’s long term debt by $6.2 trillion.
The worse part of this is that these government predictions of debt are always wrong, but in the wrong direction. If this is the prediction, the actual increase in debt caused by Obamacare is likely to be far higher.
Note also that this is no surprise to the Republicans who opposed this bill. It also proves just how much Obama was either incompetent or simply lying when he said this:
“I will not sign a plan that adds one dime to our deficits — either now or in the future,” Obama told a joint-session of Congress in September 2009. “I will not sign it if it adds one dime to the deficit, now or in the future, period.”
Who woulda thunk it? A new GAO report says that Obamacare will increase the federal government’s long term debt by $6.2 trillion.
The worse part of this is that these government predictions of debt are always wrong, but in the wrong direction. If this is the prediction, the actual increase in debt caused by Obamacare is likely to be far higher.
Note also that this is no surprise to the Republicans who opposed this bill. It also proves just how much Obama was either incompetent or simply lying when he said this:
“I will not sign a plan that adds one dime to our deficits — either now or in the future,” Obama told a joint-session of Congress in September 2009. “I will not sign it if it adds one dime to the deficit, now or in the future, period.”
A new poll finds that the public opposes cuts to virtually all types of spending.
We are doomed: A new poll finds that the public opposes cuts to virtually all types of spending.
We can make believe we can keep spending as we have, but reality always wins.
We are doomed: A new poll finds that the public opposes cuts to virtually all types of spending.
We can make believe we can keep spending as we have, but reality always wins.
The head of the Transportation Department threatens long delays if the sequestration cuts take place March 1.
Chicken Little report: The head of the Transportation Department today threatened long delays if the sequestration cuts take place March 1.
Either he is lying or he has decided to make the most harmful cuts to hurt the public the most. Sequestration will lower the budget of the FAA by 8.2 percent, which will cut that agency’s budget from $18.7 to $17.2 billion, which is still more than the FAA got in 2009, by $300 million. I don’t remember long delays and limited airport operations at that time, do you? See here for my sources.
There is no reason to shut down operations or cause significant travel delays, unless LaHood wants to cause pain so that the money flow keeps pouring in.
Update: One more comment. It took me all of five minutes of research to come up with the past budgets of the FAA to give the sequestration cuts some context. I think it disgraceful that the reporter for this story couldn’t do the same.
Chicken Little report: The head of the Transportation Department today threatened long delays if the sequestration cuts take place March 1.
Either he is lying or he has decided to make the most harmful cuts to hurt the public the most. Sequestration will lower the budget of the FAA by 8.2 percent, which will cut that agency’s budget from $18.7 to $17.2 billion, which is still more than the FAA got in 2009, by $300 million. I don’t remember long delays and limited airport operations at that time, do you? See here for my sources.
There is no reason to shut down operations or cause significant travel delays, unless LaHood wants to cause pain so that the money flow keeps pouring in.
Update: One more comment. It took me all of five minutes of research to come up with the past budgets of the FAA to give the sequestration cuts some context. I think it disgraceful that the reporter for this story couldn’t do the same.
Two days ago the Congressional Budget Office increased its projection for the cost of Obamacare by 29 percent, while also saying that seven million workers will lose their health insurance due to the law, almost twice as many as previously estimated.
Not fit to print: Two days ago the Congressional Budget Office increased its projection for the cost of Obamacare by 29 percent, while also saying that seven million workers will lose their health insurance due to the law, almost twice as many as previously estimated.
As noted at the link, not one news organization has seen fit to mention this juicy tidbit in their news reports. I wonder why?
Meanwhile, we will go bankrupt. This law, and the government that is imposing it on us, is unsustainable.
Not fit to print: Two days ago the Congressional Budget Office increased its projection for the cost of Obamacare by 29 percent, while also saying that seven million workers will lose their health insurance due to the law, almost twice as many as previously estimated.
As noted at the link, not one news organization has seen fit to mention this juicy tidbit in their news reports. I wonder why?
Meanwhile, we will go bankrupt. This law, and the government that is imposing it on us, is unsustainable.
“Doomsday never arrived, apparently.”
“Doomsday never arrived, apparently.”
The topic isn’t meteorites, but something more critical to our survival as a society.
“Doomsday never arrived, apparently.”
The topic isn’t meteorites, but something more critical to our survival as a society.
NASA has now agreed to contribute equipment and researchers to a European dark energy mission.
The check is in the mail: NASA has now agreed to contribute equipment and researchers to a European dark energy mission.
And why should Europe have any expectation that NASA will follow through? Europe’s ExoMars project was screwed badly when NASA pulled out last year. Nor was that the first time the U.S. government reneged on a deal with Europe.
Considering the fragile nature of the U.S. federal budget, I wouldn’t depend on anything from NASA or any U.S. government agency for the foreseeable future. And this includes the various private space companies such as SpaceX and Orbital Sciences that are using NASA subsidies to build their spaceships. Get those things built, and quickly! The government money could disappear very soon.
The check is in the mail: NASA has now agreed to contribute equipment and researchers to a European dark energy mission.
And why should Europe have any expectation that NASA will follow through? Europe’s ExoMars project was screwed badly when NASA pulled out last year. Nor was that the first time the U.S. government reneged on a deal with Europe.
Considering the fragile nature of the U.S. federal budget, I wouldn’t depend on anything from NASA or any U.S. government agency for the foreseeable future. And this includes the various private space companies such as SpaceX and Orbital Sciences that are using NASA subsidies to build their spaceships. Get those things built, and quickly! The government money could disappear very soon.
An expensive Frankenstein in space
The European Space Agency and NASA have confirmed that the Europeans will be building the service module for Orion.
Several points:
» Read more
According the the inspector general, the Post Office will go out of business this year unless Congress bails it out.
The day of reckoning looms: According the the inspector general, the Post Office will go out of business this year unless Congress bails it out.
And where will Congress and President Obama find the cash? Print it of course, which of course they plan to do with all their other budget problems. Get ready for inflation, gang!
The day of reckoning looms: According the the inspector general, the Post Office will go out of business this year unless Congress bails it out.
And where will Congress and President Obama find the cash? Print it of course, which of course they plan to do with all their other budget problems. Get ready for inflation, gang!
“The toll collectors on the road to serfdom.”
Health premiums to double under Obamacare.
Finding out what’s in it: Health premiums to double under Obamacare.
Finding out what’s in it: Health premiums to double under Obamacare.
The future of the social security program is worse than you think.
The future of the social security program is worse than you think.
For the first time in more than a quarter-century, Social Security ran a deficit in 2010: It spent $49 billion dollars more in benefits than it received in revenues, and drew from its trust funds to cover the shortfall. Those funds — a $2.7 trillion buffer built in anticipation of retiring baby boomers — will be exhausted by 2033, the government currently projects.
And this is from the New York Times, of all places! Of course, as soon as any politician suggests instituting any of the reforms suggested in the article the Times will then start screaming bloody murder in protest. They are very good at appearing nuanced and thoughtful about the debt, until someone actually suggests doing something about it.
The future of the social security program is worse than you think.
For the first time in more than a quarter-century, Social Security ran a deficit in 2010: It spent $49 billion dollars more in benefits than it received in revenues, and drew from its trust funds to cover the shortfall. Those funds — a $2.7 trillion buffer built in anticipation of retiring baby boomers — will be exhausted by 2033, the government currently projects.
And this is from the New York Times, of all places! Of course, as soon as any politician suggests instituting any of the reforms suggested in the article the Times will then start screaming bloody murder in protest. They are very good at appearing nuanced and thoughtful about the debt, until someone actually suggests doing something about it.
To avoid Obamacare, companies are turning more employees into part-timers while also cutting back on hires.
Surprise surprise! To avoid Obamacare, companies are cutting back, turning more employees into part-timers while also refusing to hire new employees.
And we’ve only just begun. The cost of this bad law is so high it will squelch everything it touches.
Surprise surprise! To avoid Obamacare, companies are cutting back, turning more employees into part-timers while also refusing to hire new employees.
And we’ve only just begun. The cost of this bad law is so high it will squelch everything it touches.