Tag: bankruptcy

A Democratic voter discovers he’s actually a tea party racist.

4:48 pm

A Democratic voter discovers he’s actually a tea party racist.

Today was a bad day. After meeting with my tax accountant, I am now cutting a very large check to the State of California, all of which resulted from Proposition 30 and the “retroactive tax” that was levied on my 2012 income. This despite the fact that I already paid my 2012 taxes back in September.

While the law stipulates that I must surrender this money, I refuse to acknowledge this as a tax at all. This is not a tax. This is an asset seizure plain and simple. The term “retroactive tax” is a despicable euphemism. It is no different than when Hugo Chavez used the benign-sounding “nationalize” to describe his seizure of private property in Venezuela.

He then notes that he is not a tea party member or even a Republican and that he voted for Obama twice.

Wanna bet that in the next election he’ll still vote Democratic? Based on the history of the past three decades, I expect that even after this experience, he will still refuse to abandon the faction he has adopted (the Democratic Party) and change his vote.

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Cyprus has agreed to confiscate a percentage of the savings of large depositors in order to satisfy demands from the European Union creditors..

10:10 am

The day of reckoning looms: Cyprus has agreed to confiscate a percentage of the savings of large depositors in order to satisfy demands from its European Union creditors..

This is only a hint of what’s coming for us here in the U.S. Like the European Union, eventually the federal government is going to go bankrupt, and when that happens it (being the politicians in charge) will then decide that the savings and pensions of private citizens will have to save them somehow.

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The Democrats in the Senate passed their first budget in four years yesterday.

9:19 am

Pigs fly! The Democrats in the Senate passed their first budget in four years yesterday.

The budget cuts practically nothing while increasing taxes by almost $1 trillion, which essentially illustrates how little the Democrats want to bring the debt under control. That four Democrats who face a tough election in 2014 voted against the budget also suggests that the Democrat’s traditional spendthrift approach might finally be becoming dangerous at the polls.

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NASA has issued a clarification specifically excluding its press announcements from the suspension of all public outreach efforts.

9:00 am

NASA has issued a clarification specifically excluding its press announcements from the suspension of all public outreach efforts due to sequestration.

I am not surprised. These budget cuts are aimed at grabbing the most publicity as possible, without harming NASA’s ability to lobby for funding. Ironically, the truth is that much of NASA’s education and outreach work can be cut, will not be missed, and so these cuts should illustrate this fact quite effectively.

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Obamacare may cost small business as much as 65% of their profits.

8:44 am

Obamacare may cost small business as much as 65% of their profits.

At these levels, the question that will soon occur to the business owner is “Why am I bothering?” If he can shrink his business to less than 50 employees and avoid the Obamacare costs, he will.

And in related news: Health insurers are privately warning brokers that premiums may double next year for many individuals and small businesses due to Obamacare.

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According to a federal report, businesses nationwide remain reluctant to hire because of Obamacare.

9:51 pm

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.

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NASA has clamped down on travel expenses, reducing it by 30 percent in the past year.

7:11 pm

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.

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The budget battle at NASA

10:49 am

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

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The Democrats in the Senate are about to introduce their legally required annual budget — for the first time in four years.

9:16 am

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.

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The dirty little secret of electric cars.

6:17 pm

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.

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One week before the sequester cuts took effect, the TSA issued a $50 million contract for new uniforms.

9:14 am

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.

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The Democratically controlled Senate is about to mark up its first budget in four years!

7:20 pm

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.

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Hail Armageddon

8:59 am

“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.

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A new GAO report says that Obamacare will increase the federal government’s long term debt by $6.2 trillion.

11:45 am

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.”

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The head of the Transportation Department threatens long delays if the sequestration cuts take place March 1.

11:42 am

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.

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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.

1:03 pm

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.

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